Stocks Buzzing: SBI, HDFC Bank, Bank of Baroda, Vedanta, and Others in News Today
The Indian stock market has been witnessing volatility in recent weeks due to various factors such as rising COVID-19 cases, inflation concerns, and geopolitical tensions. Here are some of the stocks that are making news today:
SBI - State Bank of India
The country's largest lender, SBI, reported a 13.6% rise in its net profit for the quarter that ended in December 2021. The bank's net profit came in at Rs 6,793 crore ($914 million) as compared to Rs 5,986 crore ($807 million) in the same period last year. SBI's total income rose to Rs 83,310 crore ($11.2 billion) from Rs 76,029 crore ($10.2 billion) a year ago.
HDFC Bank
HDFC Bank, the country's largest private sector lender, reported a 20.1% year-on-year rise in its net profit for the quarter that ended December 2021. The bank's net profit came in at Rs 8,928 crore ($1.2 billion) compared to Rs 7,416 crore ($998 million) in the same period last year. HDFC Bank's total income rose to Rs 35,862 crore ($4.8 billion) from Rs 33,447 crore ($4.5 billion) a year ago.
Bank of Baroda
Bank of Baroda, one of the country's leading public sector banks, reported a 50.7% year-on-year rise in its net profit for the quarter that ended December 2021. The bank's net profit came in at Rs 1,609 crore ($216 million) as compared to Rs 1,067 crore ($143 million) in the same period last year. Bank of Baroda's total income rose to Rs 20,194 crore ($2.7 billion) from Rs 19,025 crore ($2.6 billion) a year ago.
Vedanta
Shares of Vedanta, a diversified natural resources company, rose over 5% after the company announced plans to buy back up to 18.5 crore shares at a price of Rs 320 ($4.3) per share, amounting to a total of Rs 5,920 crore ($796 million). The buyback offer represents 4.14% of the total paid-up equity share capital of the company.
Adani Ports and SEZ
Adani Ports and SEZ, the country's largest port operator, reported a 32.7% year-on-year rise in its net profit for the quarter that ended December 2021. The company's net profit came in at Rs 1,707 crore ($230 million) compared to Rs 1,287 crore ($173 million) in the same period last year. Adani Ports' total income rose to Rs 4,634 crore ($623 million) from Rs 3,721 crore ($501 million) a year ago.
Tata Motors
Shares of Tata Motors, the country's largest automotive company, rose over 4% after the company reported a 73% year-on-year rise in its total domestic sales for January 2022. The company's total domestic sales came in at 74,436 units as compared to 42,892 units in the same period last year. Tata Motors' total sales (including exports) rose to 1,29,870 units from 97,494 units a year ago.
In conclusion, the Indian stock market remains volatile due to various factors. However, the recent positive earnings reports from major companies such as SBI, HDFC Bank, Bank of Baroda, and Vedanta have led to a surge in investor confidence. This has resulted in the benchmark indices Sensex and Nifty reaching all-time highs in recent weeks. Additionally, the government's push for privatization and disinvestment of state-owned companies has boosted the market.
