US Stock Reports, Quotes and News
PAT estimates are most conservative in case of JM Financial at Rs 10,441 crore (8.2%) while Yes remains most bullish at Rs 10,876 crore, seeing a 12.7% YoY growth. As for NII in the said quarter, Nomura\’s figures remain most bullish at Rs 19,700 crore while JM\’s numbers are most conservative at Rs 19,253 crore.
ICICI Bank Q1 Results: The net interest margin was 4.36% in Q1 compared to 4.40% in Q4 of FY24 and 4.78% in Q1 of FY24. NII was in line with ET Now poll estimates while PAT was above expectations.
ICICI Bank reported a 14.6% increase in Q1 net profit, reaching Rs 11,059 crore, surpassing expectations. Net interest income rose, and treasury income surged. While gross NPA ratio improved, slippages increased marginally.
Benchmark indices show positive momentum for the second consecutive day with lower volatility compared to the results day. Hero MotoCorp, ICICI Bank, ITC, PB Fintech, Tata Chemicals, and Indian Oil are in focus for various news developments. Allcargo Terminals, Bajaj Finserv, RVNL, Muthoot Microfin, and Pidilite Industries have also made significant announcements.
The brokerage has set a target price of Rs 1,075 for the stock. Bharti Airtel continues to be its chosen pick. ICICI Securities has assigned a 15% premium to Bharti India’s valuations. It stands by its hypothesis of ‘small, but beautiful’ for BHL.
ICICI Direct, India\’s fifth largest broker, faced a technical glitch, affecting traders\’ access. Initially, a maintenance message appeared, delaying trading. The platform resumed around 10:20 am. Technical issues have plagued brokers like Groww and Zerodha recently.
The private sector lender reported a healthy performance in Q4, with 17% year-on-year (YoY) growth in profit amid contained opex and provisions. The pace of NIM contraction decelerated, down 3 bps quarter-on-quarter (QoQ) at 4.4%.
ICICI Bank, India\’s second-largest private lender, saw its market capitalization (m-cap) exceed the 8 lakh crore mark as its shares surged to a new 52-week high. The buying action also propelled Nifty Bank to a new record high.
Manu Rishi Guptha and minority shareholders have challenged ICICI Bank\’s delisting bid for ICICI Securities at NCLT. Shareholders had approved merger with ICICI Bank but Quantum MF has is also considering legal action against the bank. ICICI Securities has reported robust financials. According to the proposed delisting scheme, ICICI Securities shareholders are slated to receive 67 shares of ICICI Bank for every 100 shares held.
India\’s second largest private lender ICICI Bank today reported a standalone net profit of Rs 10 707.53 crore for the quarter ended March 31, 2024 which was up by 17.38% from Rs 9121.87 crore reported in the year ago period.
ICICI Prudential saw a lower new business margin in Q4, hurt by a persistent decline in demand for high-value policies and as customer preferences shifted towards low-margin products. Value for new business (VNB), the expected profit from new policies, fell 19% to Rs 2,227 crore for the year ended March 31, dragging the VNB margin to 24.6% from 32% a year earlier.
The value of new business (VNB) declined 26.4% to ₹776 crore versus ₹1,055 crore in the corresponding quarter previous year. The company reported a 17% growth in net premium income to ₹14,788 crore against ₹12,629 crore in Q4FY23.