Bosch Q1 profit jumps 22.4% & more on today’s market

IRB Infrastructure shares trade 3% lower

AIRB Infrastructure's shares experienced a 3 percent decline in early trade on August 1, prompted by disappointing quarterly results. The company recorded a substantial 63 percent year-on-year drop in net profit, amounting to Rs 133.77 crore, while its revenues also decreased by nearly 12 percent, reaching Rs 1745.47 crore. The decline in post-tax profit for the April-June quarter was attributed to reduced income, with the company's total income dropping to Rs 1,745.47 crore compared to Rs 1,995.40 crore from the corresponding period last year. At 11:26 am, the stock was trading 2.3 percent lower at Rs 25.85 on the NSE.

Bosch Q1 profit jumps 22.4% YoY

On August 1, Bosch witnessed a nearly 2 percent surge in its shares during early trade, following robust Q1 results. At 9:50 am, the stock was trading 1.01 percent higher at Rs 19,190 on the NSE. Despite a weak operating margin, the technology and services provider achieved a notable 22.4 percent year-on-year growth in consolidated profit, reaching Rs 408.9 crore for the quarter ending June FY24. This impressive performance was attributed to increased sales of exhaust gas temperature (EGT) components in both the passenger car and commercial vehicle segments, which led to a 17.3 percent year-on-year rise in revenue from operations, totaling Rs 4,158.4 crore. The company's positive results were further supported by higher other income and a strong top-line.

Oberoi Realty stock trades 3% down

During early trade on Monday, Oberoi Realty shares experienced a 3 percent decline as the real estate developer disclosed a 20.35 percent year-on-year decrease in net profit for Q1FY24, amounting to Rs 321.36 crore. By 11:30 am, the stock was trading at Rs 1,090.30 apiece, down by 2.61 percent on the NSE. The company's revenue from operations remained nearly unchanged at Rs 910 crore, registering a slight 0.32 percent decline. However, the operating profit margins for the same period decreased by 200 basis points to 52 percent year-on-year. While the revenue from projects, which serves as the major revenue generator, experienced a 7.41 percent decline to Rs 715.22 crore, the earnings from the hospitality segment witnessed a 13.35 percent increase, reaching Rs 39.22 crore.

UCO Bank to join CBDC pilot project by September 2023

UCO Bank, based in Kolkata, is set to participate in the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) pilot project by September 2023, according to MD & CEO Ashwani Kumar. Initially, the bank will join the pilot in the retail segment and may consider other segments in the future, depending on the opportunities. The RBI had already launched the first pilot of the digital rupee on October 31, 2022, focusing on the wholesale segment, and nine banks, including State Bank of India (SBI), Bank of Baroda (BoB), Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC, were identified as participants in the initial phase.

Conclusion

In conclusion, the Indian stock markets opened with a muted performance, with the Nifty50 and Sensex closing marginally lower. Bosch reported a significant 22.4 percent year-on-year growth in Q1 profit, supported by increased sales in the automotive segments. However, IRB Infrastructure and Oberoi Realty faced challenges with declining profits in their respective quarters, resulting in a drop in their share prices. On the other hand, UCO Bank is gearing up to join the RBI's CBDC pilot project, aiming to participate in the digital currency initiative by September 2023. Investors and market participants are keeping a close eye on these developments as they navigate the dynamic landscape of the Indian stock market.

Source - Moneycontrol