Bajaj Finance reported 88 percent growth in profits y-o-y

The Markets Today in a nutshell

• Domestic benchmark indices ended with modest gains.
• Indian markets were followed by tepid sentiment in other Asian markets for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will continue on its aggressive rate-hike path. buying in IT, energy and banking majors not only pared losses but also pushed the index in the green.

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? TATA Consumer reported a 36 percent yoy growth in profits
Sequentially, profit rose 28.4 percent. Consolidated revenue came in at Rs 3,363 for the quarter, an increase of 11 percent over the same period last year. Sequentially, revenue rose 1.1 percent from Rs 3,326 crore. For the quarter, the India Packaged Beverages business recorded 7 percent revenue decline due to pricing corrections and overall softness in the category. India Foods business registered 29 percent revenue growth, mainly on back of price hikes.

? Bajaj Finance reported 88 percent growth in profits y-o-y
Sequentially, net profit jumped 7 percent from Rs 2,596 crore. The company has reported the highest-ever consolidated quarterly profit after tax. Net interest income (NII) for the quarter increased by 31 percent YoY to Rs 7,001 crore from Rs 5,337 crore. New loans booked grew by 7 percent YoY to 67.6 lakh, the company said. Consolidated assets under management (AUM) rose 31 percent to Rs 2,18,366 crore as against Rs 1,66,937 crore in Q2FY22.

? Canara banks share price rise 4 percent on upbeat quarterly earnings
The public sector lender recorded an 89.5 percent year-on-year growth in standalone profit at Rs 2,525 crore for the quarter ended September FY23, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality. 

News from the IPO world?

• IndiaFirst Life insurance to file draft papers with SEBI in next few weeks
• Softbank and OYO founder have a year to launch OYO IPO
• Tracxn Technologies makes positive market debut at 4% premium

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