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"Some tactical measures of cost controls and streamlining business processes have led to the rationalization of the costs, which has resulted in savings resulting in improved profitability. We continue to focus on the cloud kitchen vertical with our established brands for the delivery business with low capital requirements and better return on investments.

“Today the State Bank of India’s mortgage rates and the personal loan rates are linked to the EBLR already. There the rate hike transmission will be almost instantaneous with a very limited time gap. As far as deposits are concerned, there will be some gap but it will also catch up.”

The company had on July 26 announced preferential issue of 62.85 crore shares, being the discharge of total purchase consideration of Rs 4,447 crore for the acquisition of up to 33,018 shares of Blink Commerce Private.

“On the project finance side, here and there, some slippages are there in this quarter. For the entire year – 2022-23 – there will be remarkable improvement in our performance as far as the NPAs are concerned. The provisions also will be more or less stable in the days to come in FY2022-23.”

The Nifty IT index closed 0.64 per cent up at 29973.55.

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However, the total income declined to Rs 3,796.59 crore, as against Rs 4,539.08 crore in first quarter of the previous fiscal, UCO Bank said in a regulatory filing.Interest income during the quarter under review increased to Rs 3,851.07 crore, from Rs 3,569.57 a year ago.

Total expenses of the company also got reduced to Rs 6,556.09 crore in the first quarter of this financial year, from Rs 6,769.62 crore a year ago.In a separate statement, REC said its loan book has increased to Rs 3.88 lakh crore as on June 30, 2022.REC Ltd, under the Power Ministry, is a non-banking financial company (NBFC), focusing on power sector financing and development across India.

The stock traded at a P/E multiple of 4.37, while the price-to-book value ratio stood at 1.08.

"The FMCG major missed expectations on sales with negative volume growth. The promising outlook is already priced in. Inflation continues to hurt the bakery industry," said the brokerage firm.Another foreign broker Morgan Stanley kept its overweight stance intact on the stock with a target price of Rs 3,892 despite the muted results by the FMCG major.