Anand Rathi Wealth Profits Soar 32%, TCS Bets on Generative AI, Wipro Faces Selling Pressure
October 18, 2024HDFC Life's stock has appreciated by approximately 5% over the past month, reflecting positive market sentiment.
The operating profit margin (OPM) for the quarter improved to 23.99%, up from 22.03% in the previous year, indicating enhanced operational efficiency.
Analysts are optimistic about strong performance driven by large deal ramp-ups, the integration of its subsidiary Intech, and a recovery in the banking and financial sectors.
Bandhan Bank Ltd experienced a substantial trading volume increase, with 1021.39 lakh shares traded, reflecting a 9.47 times rise over its two-week average, alongside a stock price increase of 9.78%.
In September 2024, profit before depreciation and tax (PBDT) surged to Rs 0.17 crore, marking a remarkable 325% increase from Rs 0.04 crore in the same month last year.
Despite these gains, the company's net profit for the quarter decreased to Rs 11,909 crore, down from Rs 12,040 crore in the previous quarter.
In the equity markets, Deputy CEO Feroze Azeez noted a surge in investor interest, leading to record-high new investments.
HDFC Asset Management Company, recognized as one of India's most profitable mutual fund managers, continues to thrive with a diverse asset class mix and extensive distribution network.
The Nifty Financial Services index, which includes HDFC AMC, has also seen a modest rise of about 0.47% in the last month.
Amish Mehta, CEO of CRISIL, pointed out the contrasting global growth patterns, with the U.S. economy slowing while India demonstrates robust GDP growth amid geopolitical uncertainties.
In a significant legal development, the Supreme Court reinstated Adani Power's Rs 27,000 crore insolvency resolution for the KSK Mahanadi project, which is crucial for lender recovery.
LTTS, a subsidiary of Larsen & Toubro, continues to lead in engineering and technology services, showcasing resilience in a competitive market.
Summary based on 158 sources
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Sources
Business Standard • Oct 17, 2024
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