The uptrend is expected to continue in the coming truncated week too along with stock-specific action will be amid the ongoing June quarter earnings season, experts feel.
BSE Sensex climbed 753.87 points to 53,140.06, and the Nifty50 rallied 233.60 points to 15,923.40, while the broader markets also participated in the weekly run as the BSE Midcap index was up 1.4 percent and Smallcap index gained 2.3 percent. Banks, capital goods, healthcare, technology, and metals stocks supported the market, while realty stocks outperformed every index.
Angel Broking | The stock price surged over 31 percent last week after the company reported 19 percent increase in consolidated net profit at Rs 121.37 crore in Q1 FY22 over Q4 FY21. The stock broker’s consolidated net profit jumped 156.6 percent while revenue from operations jumped 94 percent in Q1 FY22 over Q1 FY21. Total income stood at Rs 474.5 crore in Q1 FY22 as against Rs 418.9 crore in Q4 FY21, a growth of 13 percent QoQ. Its income growth was aided by strong growth in client base and high client activity. Profit before tax increased by nearly 14 percent QoQ and 154.7 percent YoY to Rs 162.16 crore in Q1 FY22. The board, in its meeting held on July 15 also approved the change of name of the company from ‘Angel Broking Limited’ to ‘Angel One Limited’ or Angel One Fintech Limited’ or any other name as may be approved by the Central Registration Center of Ministry of Corporate Affairs.
Cyient | The share was up over 24 percent after the company declared its Q1 results. The IT firm on July 15 reported a 41.3 percent rise in consolidated net profit to Rs 115 crore for the April-June quarter of this year. The Hyderabad-based company had posted a net profit of Rs 81.4 crore in the year-ago period, it said in a regulatory filing. Its revenue increased 6.7 percent to Rs 1,058.2 crore for the period under review as against Rs 991.7 crore in the first quarter of 2020-21.
Happiest Minds | The stock price was up over 23 percent in the week gone by. Ruchit Jain, Senior Analyst- Technical and Derivatives at Angel Broking is of the view that the stock continues its dream run since the month of February and has seen a remarkable outperformance in this period. The trend still continues to be positive and the supports are shifting higher with a sustained rally in prices. The recent up move has also been supported by good volumes indicating buying interest in this counter. Hence, one should continue to hold existing positions and ride the trend. The immediate supports for the stock are now placed around Rs. 1245 and Rs. 1195. The Bengaluru-based IT firm reported Rs 36.05 crore net profit for the quarter ending March 2021, a significant rise on a year-on-year (YoY) basis. The company’s net profit for the same quarter last year stood at Rs 5.3 crore. However, the revenue fell on sequential basis by 14.5 percent. The company reported Rs 220.71 crore in revenues for the quarter, up 18.4 percent YoY, against Rs 186.35 crore for the same period last year.
Sobha | The scrip gained over 18 percent after the Bengaluru-based realty firm’s sales bookings rose by 40 percent to Rs 682.9 crore during the first quarter of this fiscal on better demand for its properties despite the second wave of COVID-19. The company had clocked sales bookings of Rs 487.7 crore in the year-ago period. “Achieved total sales volume of 895,539 square feet of super built-up area valued at Rs 6.83 billion,” Sobha said in an operational update for the April-June quarter of FY’22. In terms of volume, sales bookings rose to 8,95,539 sq ft in the first quarter of this fiscal, from 6,50,400 sq ft in the corresponding period of the previous year.
L&T Tech | The stock price gained 15 percent after the technology firm reported an 84.5 percent year-on-year (YoY) jump in its June quarter net at Rs 216.2 crore. It reported an 84.5 percent year-on-year (YoY) jump in its June quarter net at Rs 216.2 crore. Its overall revenue increased by 19.42 percent YoY to Rs 1,562.6 crore for the reporting quarter, while the operating profit widened 5.20 percent to 17.3 percent, its highest ever. Apart from the numbers, the revenue growth guidance boosted investor sentiment. The company has upped its revenue growth guidance to 15-17 percent in FY22 as against the earlier 13-15 percent. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities is of the view that as long as the stock is trading above Rs 3,300, and the uptrend texture is likely to continue up to Rs 3,500-Rs 3,575, and on the flip side, dismissal of Rs 3,300 could possibly trigger a quick short-term correction up to Rs 3,200-Rs 3,100.
JSW Energy | The share added over 15 percent in the week gone by. The company said it will seek shareholders approval to raise up to Rs 5,000 crore via equity shares, bonds and other such securities in its annual general meeting on August 4, 2021. The proposed resolution enables the board of directors to issue securities for an aggregate amount not exceeding Rs 5,000 crore or its equivalent in any foreign currency, the notice for the AGM said. The company will also seek shareholders approval for pledge of shares held by it in JSW Hydro Energy Ltd (JSWHEL) and creation of security by JSWHEL over its substantial assets.
Sunteck Realty | The stock gained over 10 percent after the company reported a 74 percent YoY increase in bookings at Rs 176 crore for the quarter ended June. The rise in bookings was led by the performance of its mid-income and affordable housing projects. Collections for the quarter was up 165 percent from the year-ago quarterr to Rs 172 crore, the company said in its regulatory filing. Its collection efficiency improved to 98 percent of pre-sales during the quarter as against 64 percent a year ago. Global research firm CLSA has maintained a buy on the stock and has raised the target to Rs 440 from Rs 425 per share.
Wipro | The share price added 10 percent after the IT services firm reported consolidated net profit of Rs 3,242.6 crore for the Q1FY22, up 35.7 percent year-on-year (YoY) and 9 percent quarter-on-quarter (QoQ). The company had reported a net profit of Rs 2,390.4 crore in Q1FY21 and Rs 2,972.3 crore in Q4FY21. Revenue for the quarter under review came in at Rs 18,252.4 crore, up 22 percent against Rs 14,913.1 crore in the year-ago period. “Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, sectors and GBLs. Our sequential revenue growth of 12.2 percent was well ahead of the top-end of our guidance range, both organically and with Capco,” said Thierry Delaporte, CEO and Managing Director, Wipro.
HDFC AMC | The scrip was up over 6 percent last week after the company reported over 14 percent surge in profit after tax to Rs 345.45 crore for the three months ended June 30. The asset management firm had posted a profit after tax (PAT) of Rs 302.36 crore in the same quarter preceding fiscal, HDFC AMC said in a regulatory filing to the stock exchanges. The company’s total income rose to Rs 607.99 crore in the June quarter, from Rs 491.31 crore in the year-ago period.
Info Edge | The stock price shed over 5 percent in the week gone by. Zomato’s Rs 9,375-crore public offer comprises fresh issuance of equity shares of Rs 9,000 crore, and an offer for sale of Rs 375 crore by existing selling shareholder, Info Edge. Info Edge holds a stake of about 18.55 percent in the food delivery platform. It has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opening. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.
Sandip Das
