State Bank of India Q1 Result & more on market news

Here are some of the key factors that influenced the markets today:

Positive global cues:

The Asian markets closed mostly higher today, which helped to boost sentiment on Dalal Street.

Strong earnings:

Some of the major companies that reported strong earnings today include HDFC Bank, Infosys, and ITC..

Continued buying by FIIs:

Foreign institutional investors (FIIs) continued to buy Indian equities today, which also supported the market.

State Bank of India Q1 Net Profit seen up 122.8%

State Bank of India is expected to report a strong first quarter of 2024, with net profit up 122.8% year-on-year and net interest income up 28.5%. Pre-provision operating profit is also expected to rise by 73.1%. The brokerage house Nirmal Bang has estimated that SBI's net profit will be Rs. 13,520.8 crore in the first quarter of 2024, up from Rs. 5,990.7 crore in the same quarter of 2023. Net interest income is expected to increase to Rs. 40,097.5 crore from Rs. 31,126.1 crore, and pre-provision operating profit is expected to rise to Rs. 22,071.2 crore from Rs. 12,700.4 crore

Bank of Baroda Q1 Net Profit seen up 106.1%

Nirmal Bang, a brokerage house, has released its earnings estimates for the Banking sector for the first quarter of April to June 2024. According to their analysis, Bank of Baroda is expected to report a net profit of Rs. 4,469.2 crore, marking a significant increase of 106.1% compared to the previous year, although it reflects a decrease of 6.4% compared to the previous quarter. Nirmal Bang also predicts that the Net Interest Income (NII) of the bank will increase by 32% year-on-year, reaching Rs. 11,670.3 crore, with a slight quarter-on-quarter growth of 1.3%. Additionally, the Pre-Provision Operating Profit (PPOP) is anticipated to rise by 60.1% year-on-year, amounting to Rs. 7,249.8 crore, despite a quarter-on-quarter decline of 10.2%.

Wholesale inflation falls further to -4.12%

According to data released by the commerce ministry on July 14, India's wholesale prices continued to experience deflationary pressure for the third consecutive month in June. The Wholesale Price Index (WPI) inflation further declined to -4.12 percent, down from -3.48 percent in May. This latest reading marks the lowest WPI inflation rate since October 2015 when it stood at -4.76 percent. The release of wholesale inflation data follows the statistics ministry's announcement on July 12 that headline retail inflation had risen more than expected to 4.81 percent in June, ending a four-month decline. The increase in Consumer Price Index (CPI) inflation last month was attributed to the fading of a favourable base effect that had contributed to a 25-month low of 4.25 percent in May. Retail prices also recorded a month-on-month rise, with the general CPI index increasing by 1 percent in June compared to May.

Jio Financial Services shares to enter FTSE indices from July 20

On July 13, FTSE Russell announced the inclusion of Jio Financial Services (JFS), the demerged entity of Reliance Industries, in several of its indices, including the FTSE All-World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index, FTSE All-World ex CW Balanced Factor Index, Russell RAFI Global Index, Russell RAFI Global Large Company Index, Russell RAFI Emerging Index, Russell RAFI Emerging Large Company Index, Russell RAFI Global ex US Index, and Russell RAFI Global ex-US Large Company Index. The addition will be effective from July 20, 2023, according to a separate release by FTSE Russell reported by Business Today.

Source - Moneycontrol