PRE-MARKET INDIAN STOCKS NEWS: Q2 earnings from HDFC Bank, ICICI Bank, Axis Bank and Yes Bank; India to cut prices of up to 137 cancer drugs

Axis Bank (AXSB IS) - Co. Q2 (INR) net profit rose 37.6% Y/Y to 70.03bln but missed estimates on higher costs; NII rose 11.8% Y/Y to 153.71bln. (Newswires) HDFC Bank (HDFCB IS) - Co. Q2 (INR) standalone net profit rose 4.7% Y/Y to 195.10bln, narrowly missing estimates as weaker treasury income and higher bad-loan provisions offset strong lending growth; Co. said Deputy MD Kaizad Bharucha will step down at the end of December, days before Anup Bagchi takes over as MD and CEO on 27th October. (Newswires) ICICI Bank (ICICIBC IS) - Co. Q2 (INR) standalone net profit rose 20.1% Y/Y to 148.43bln (exp. 142.51bln). (Newswires) Reliance Industries (RIL IS) - Maharashtra's food regulator named executives of Co. and Eternal (ETERNAL IS)-owned Blinkit in an expired-food probe and suspended five establishment licences. (Newswires) Yes Bank (YES IS) - Co. Q2 (INR) net profit rose 65% Y/Y to 10.80bln, but the figure does not reflect this week's Supreme Court ruling setting aside its 2020 write-off of INR 84bln of AT1 bonds; had the impact been recognised, Co. would have posted a quarterly loss of INR 52.17bln. Co. said it is evaluating the implications and weighing all legal remedies, including further proceedings before the Supreme Court. (Newswires) Other News India will cut prices of as many as 137 cancer drugs by 70% and cap trade margins at 30% of the maximum retail price, effective 9th November, the Ministry of Chemicals and Fertilizers said. (Newswires) India's food regulator proposed a ban on added sugars in infant foods. (Newswires)