Reliance Industries reported an 8.9% decline in net profit to ₹20,589 crore compared to ₹22,611 crore earlier, despite revenue rising 12.9% to ₹3.25 lakh crore from ₹2.88 lakh crore. The company's board recommended a dividend of ₹6 per share for FY26. Axis Bank posted a slight 0.6% decline in profit to ₹7,071 crore versus ₹7,117.5 crore, while net interest income increased 4.7% to ₹14,457.2 crore from ₹13,810.5 crore. IndusInd Bank turned profitable with ₹532.71 crore profit compared to a loss of ₹2,236 crore earlier, with net interest income surging 43.4% to ₹4,371.5 crore from ₹3,048.3 crore. RBL Bank recorded a sharp 234% rise in profit to ₹230 crore from ₹69 crore, while net interest income grew 7% to ₹1,671 crore compared to ₹1,563 crore.
M&M Financial Services saw a 55% increase in profit to ₹873 crore versus ₹563.1 crore, alongside a 13.2% rise in revenue to ₹4,800 crore from ₹4,240.8 crore. L&T Finance posted a 26.8% rise in profit to ₹806.6 crore from ₹636.2 crore, while net interest income jumped 24.8% to ₹3,024 crore compared to ₹2,423 crore. Can Fin Homes reported a 47.8% jump in profit to ₹345.7 crore versus ₹233.9 crore, with net interest income rising 20.7% to ₹441.1 crore from ₹365.3 crore. India Cements posted a strong 142% increase in profit to ₹59.5 crore compared to ₹24.6 crore, while revenue grew modestly by 2.6% to ₹1,228.65 crore from ₹1,197.6 crore.
Axis Bank reported a marginal decline in net profit to ₹7,071 crore for Q4 FY26, compared to ₹7,118 crore in the previous year. The decline was primarily attributed to provisions rising 139% year-on-year to ₹3,522 crore from ₹1,359 crore, which included a one-off additional provision of ₹2,001 crore as a buffer against potential risks from geopolitical uncertainties. Operating profit fell 7% year-on-year to ₹10,013 crore from ₹10,752 crore, hurt by a ₹606 crore trading loss and higher operating expenses. However, net interest margin declined to 3.62% from 3.97% a year earlier, while net interest income grew 5% despite the margin compression. The bank also received a tax write-back of ₹580 crore during the quarter.
The markets continued their corrective trend, declining for the third consecutive day to close with a net loss of 275.10 points (-1.14%). The Nifty opened with a minor cut but soon slipped further, with weakness intensifying throughout the session. At no point did the markets show any intention to recover, closing near their low point. According to technical analysts, the pharma space continues to show relative strength amid the broader market weakness. Despite the challenging market conditions, select stocks in the pharma and specialty chemical sectors are being identified for potential momentum plays, with technical analysis suggesting 8.1% upside potential for a major pharma stock and 6% rise expected for a mid-cap specialty chemical stock.
NTPC is planning to set up two 700 MW nuclear units in Banka district, Bihar with an estimated investment of around ₹25,000 crore. Hindustan Petroleum said a leak likely caused the fire at its Rajasthan JV refinery, with restoration expected in three to four weeks and CDU restart in the second half of May. Adani Green Energy plans to invest about ₹15,000 crore to add over 10 GWh of battery energy storage capacity in the current financial year. Persistent Systems is considering a 'sizeable acquisition' in Europe, while Pine Labs acquired Shopflo for ₹88 crore. Adani Enterprises will set up a ₹2,500 crore defence arms manufacturing plant in Kolaras area of Guna district.
