By Mr. Vaibhav Vidwani, Research Analyst, BONANZA PORTFOLIO LTD
Nifty closed on a positive note, most indices were in green where Nifty PSU, Nifty FMCG, Nifty infra, outperformed today. PSU banks reported healthy numbers on the back of good availability of deposits, high demand for advances in market and continued improvement in asset quality which is increasing investors' confidence in public banks.
Punjab National Bank reported a staggering 307% growth in Net profit at Rs 1,255.4 crore in Q1FY24 against Rs 308.4 crore on YoY basis and Net Interest Income (NII) was up by 26% at Rs 9,504.3 on YoY basis. While asset quality improved at GNPA of 7.73% in Q1FY24 from 11.2% in Q1FY23.
Through a tender offer, Larsen & Toubro launched a repurchase scheme of Rs 10,000 crore, where 3.33 crore shares, or 2.4% of the fully paid-up equity share capital, would be included in the repurchase, which will be conducted at a maximum price of Rs 3,000 per share.
Hindalco Industries, JSW Steel, Tata Steel, NTPC and UltraTech Cement were top gainers while the losers were Asian Paints, ITC, Britannia Industries, IndusInd Bank and Larsen and Toubro.