Share price of Reliance Industries and ICICI Bank opened higher by 0.56 per cent and 2.33 per cent respectively on Monday, after the two companies reported record profits for the fourth quarter of FY 2023-24

Shares of Yes Bank, however , were down at 9.30 am by 1.73 per cent with the bank reporting 45 per cent dip on profit.

RIL and ICICI Bank were trading at ₹2362 and ₹904 respectively compared to ₹2348 and ₹884 at close on Friday.   Yes Bank opened at ₹15.94 on the BSE compared to ₹16 at close on Friday..

RIL saw its consolidated net profit in the March quarter rise 19 per cent year-on-year to ₹19,299 crore, while its revenue rose 2.1 percent to ₹2.2-lakh-crore, led by a rise in retail and digital service revenue. “Reliance Industries seems to be hitting all the right nerves across its businesses during the January-March period ie. Q4FY ‘23. Despite being topline flat YoY, the company posted its highest-ever quarterly profits of Rs 19,299 crores, a jump of 19% YoY,” said Parul Rao, Research Analyst, SAMCO Securities.

Yes Bank’s profit after tax for Q4 fell 45 per cent YoY to ₹202 crore, owing to accelerated provisions made by the bank during the quarter. Sequentially, the net profit was three-fold higher. The net profit for FY23 was ₹717 crore

ICICI Bank had  announced that its net profit during Q4 FY23 rose 30 per cent year-on-year (YoY) to ₹9,122 crore, its highest ever quarterly profit. For FY23, the profit after tax was 37 per cent higher at ₹31,896 crore.

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