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    Pre-quarterly updates cheer up D-Street

    Synopsis

    Titan on Tuesday said it has reopened 83 per cent of its stores across all businesses.

    markets-shutterShutterstock.com
    Bajaj Finance said its assets under moratorium have reduced to 15.5 per cent as on June 30 from 27 per cent as on April 30.
    Mumbai: Pre-quarterly updates by some of the companies such as Bajaj Finance, Bandhan Bank, HDFC Bank, Titan and Godrej Consumer have boosted investor confidence as their June quarter numbers show India Inc is slowly getting back to business.

    HDFC Bank reported a 21 per cent on-year growth in advances while Bandhan Bank announced a sequential growth of 6 per cent in deposits. Bajaj Finance said its assets under moratorium have reduced to 15.5 per cent as on June 30 from 27 per cent as on April 30. Titan on Tuesday said it has reopened 83 per cent of its stores across all businesses.

    HDFC Bank
    India’s most valuable bank has reported a 21 per cent on-year growth in advances at 10,04,500 crore as on June 30, while its deposits jumped 25 per cent to 11,89,500 crore during the June quarter. The bank’s CASA (current account and savings account) ratio during the June 2020 quarter stood around 40 per cent, marginally higher from a year ago.

    Titan
    Titan reopened 83 per cent of its stores across businesses. Revenue from jewellery business for May and June declined around 20 per cent compared to a year ago. Revenues from watches for May and June were at 5 per cent and 20 per cent, respectively, of the level seen in the corresponding months of the previous year. However, the recovery rate at operational retail stores in June was around 45 per cent.
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    Bandhan Bank
    The lender reported a growth of 6 per cent in deposits on a quarter-on-quarter basis to 60,602 crore as on June 30. On a year-on-year basis, deposits rose 35 per cent. Its collection efficiency for the month of June stood at 84 per cent for non-micro banking advances.

    Bajaj Finance
    Assets under moratorium reduced to 15.5 per cent as on June 30 from 27 per cent as of April 30. The firm suggested that it was considering additional accelerated provisioning in the June quarter to further strengthen its balance sheet. Customer franchise as on June 30 stood at 4.3 crore compared with 3.69 crore in the year-ago quarter. The NBFC acquired 5 lakh new customers in the June quarter.

    Marico
    The company expects overall revenue to decline in double digits. In the June quarter, performance of Parachute coconut oil was reasonable while that of hair oils was impacted adversely. The foods segment did well, helped by the higher in-home consumption to an extent. The company said its global business saw a mid-single digit decline in constant currency terms in the quarter ended June.

    Godrej Consumer
    The company expects mid-single-digit volume-driven sales growth in the domestic business. In the international business, Godrej expects close to mid-single-digit constant currency sales growth in Indonesia, led by strong demand in the HI category. In Africa, the US and the Middle East, the sales decline is expected to be around 20 per cent in constant currency terms. Considering the weakness in its international business, the company expects absolute consolidated sales to be marginally lower year on year in rupee terms.

    Jindal Steel & Power
    The company reported a 12 per cent quarter-on-quarter growth in sales volumes and 8 per cent rise in standalone steel production during the June quarter. The company’s export sales contributed to 58 per cent of total sales volume during this period. Consolidated sales went up by 7 per cent quarter-on-quarter during Q1 FY21.

    Sobha Developers
    The realtor managed to clock 70 per cent of sales volume during the June quarter as compared to March despite the lockdown and demand disruption. Demand has remained consistent in all the cities where it operates in spite of uncertainties of Covid-19 and it continues to enjoy sufficient liquidity from banks / financial institutions to meet its obligations.

    Tata Steel
    The company has reported a 26 per cent decline in sales at 2.92 million tons of steel in the June 2020 quarter compared with the June 2019 quarter. Production of steel went down to 2.99 mt in the quarter under review compared to 4.5 mt in Q1FY20. Tata Steel said it has sustained production levels of more than 50 per cent despite the unprecedented situation arising out of the Covid outbreak.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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