The benchmark indices closed at a record high on June 3 amid buying in infra, oil & gas, metal and realty names. At close, the Sensex was up 382.95 points, or 0.74 percent, at 52,232.43, and the Nifty was up 114.20 points, or 0.73 percent, at 15690.40. The midcap index also ended at a record high.
Snowman Logistics | CMP: Rs 56.75 | The share price jumped 10 percent after the company announced a partnership with Dr Reddy’s for the delivery of Sputnik COVID-19 vaccine across India. “In a strategic partnership with Hyderabad-based Dr Reddy’s to provide temperature-controlled end-to-end logistics solutions for the delivery of the two-dose Sputnik COVID-19 vaccine across India,” the company said in the release.
Motherson Sumi Systems | CMP: Rs 250.50 | The stock shed over 6 percent on June 3, a day after the company reported a net profit of Rs 713.62 crore in the quarter ended March 2021 against Rs 183.38 crore in the year-ago period. Its revenue rose 17.57 percent to Rs 16,971.91 crore against Rs 14,434.48 crore YoY. Nomura has downgraded the stock to neutral with the target raised to Rs 301, while Jefferies has downgraded the stock to underperform with the target at Rs 205.
PVR | CMP: Rs 1,355 | The scrip added 2 percent on June 3. The multiplex player on June 2 reported a wider loss of Rs 289.1 crore for the January-March quarter of the financial year 2021 against a loss of Rs 74.5 crore in the corresponding quarter of the previous financial year. ICICI Direct has upgraded the stock to “buy” from “hold”, as it believes that recovery with increased vaccination push will be sharp. It assigned FY23E EV/EBITDA multiple of 12.5x (vs. 11x, earlier) with a target price of Rs 1,540 a share (earlier target Rs 1,440).
Muthoot Finance | CMP: Rs 1,508.20 | The stock jumped 6 percent a day after the gold loan finance company reported a 22 percent jump in standalone profit after tax at Rs 996 crore for the three months to March 2021. According to research and broking firm Motilal Oswal, the Q4 numbers were in line with estimates. Strong loan growth, despite falling gold prices, was the key surprise in Q4 FY21. “We increase our FY22E/23E EPS estimate by 3-4 percent and maintain our buy rating with a target of Rs 1,725 per share (3x FY23E BVPS),” it said.
Balrampur Chini |CMP: Rs 312.90 | The stock was up over 3 percent as the government has brought forward the target date for achieving 20 percent ethanol-blending with petrol by two years to 2023 to help reduce the country’s dependence on costly oil imports. The company reported a 2.46 percent year-on-year decline in consolidated profit during the quarter ending March 31 at Rs 235.50 crore.
Titan Company | CMP: Rs 1,694 | The scrip gained over 6 percent on June 3. Rising gold prices are also seen as a positive for Titan shares as consumers buy jewellery in anticipation that gold prices may continue to rise in the days to come. A strong balance sheet, wider market reach and an array of products are Titan’s strength against its peers, say experts.
Panacea Biotec | CMP: Rs 400.45 | The stock shed 3 percent after the company reported consolidated loss at Rs 54.14 crore in Q4FY21 against Rs 68.39 crore in Q4FY20, revenue rose to Rs 168.27 crore from Rs 125.36 crore YoY.
Cadila Healthcare | CMP: Rs 634.30 | The share price ended in the green on June 3. Zydus Cadila said it received tentative approval from the US health regulator to market Osimertinib tablets, used to treat lung cancer. The company has received tentative approval from the US Food and Drug Administration (USFDA) to market Osimertinib tablets in the strengths of 40 mg and 80 mg, Zydus Cadila, part of the Cadila Healthcare group, said in a regulatory filing.
Persistent Systems | CMP: Rs 2,409.85 | The stock was down over 2 percent on June 3. The company said it plans to expand its relationship with IBM to help fuel open hybrid cloud adoption, core IT modernisation and digital transformation for customers across the enterprise.
Lupin | CMP: Rs 1,232.50 | The share price ended in the red on June 3. Lupin’s board of directors has approved the company’s entry into the digital healthcare space with the focus on a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity in the name of Lupin Digital Health Limited, as a wholly owned subsidiary, which will undertake this.