Kotak Mahindra Bank share price rallies on Q3 results

The Markets Today in a nutshell

• Domestic stock market ended on a positive note.
• Positive cues from global peers. Banks and financial stocks were in demand after strong Q3 results. IT stocks were also in the limelight. Strong corporate earnings reported by banks boosted appetite for financial stocks.

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News you could use

? Axis Bank reports 27 percent growth in net profits
The private lenders net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) grew 32% YoY and 11% QoQ to Rs 11,459 crore. Net interest margin (NIM) for Q3 FY23 stood at 4.26%, up 73 basis points (bps) YoY and 30 bps QoQ.

? Kotak Mahindra Bank share price rallies on Q3 results
The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

? JSW Energy share price fell as company reports a decline in net profits
The company reported a 45 percent decline in its consolidated net profit to Rs 180 crore for the December 2022 quarter. Its consolidated profit after tax (PAT) stood at Rs 180 crore, which was lower compared to Rs 324-crore net recorded a year back, the company told exchanges.

News from the IPO world?

• Gautam Adani plans to take atleast five companies public
• Avalon Technologies, Udayshivkumar Infra get SEBI’s nod to float IPO

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