Indian market ended marginally lower in a truncated week amid mixed cues and rising concerns over Delta variant of COVID, but better earnings from India Inc capped losses.
Indian market ended marginally lower in a truncated week amid mixed cues and rising concerns over Delta variant of COVID, but better earnings from India Inc capped losses.
JSW Energy | The stock jumped over 27 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.
Angel Broking | The scrip added over 23 percent last week. The firm 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. 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.
Jubilant Foodworks | The share price was up 15 percent after the company declared its Q1 results. The firm beat analyst expectations to report a net profit of Rs 63 crore for the June quarter (Q1FY22) against a net loss of Rs 74 crore during the corresponding period in FY21. Global brokerage firm Morgan Stanley has an overweight call on the stock with target at Rs 3,236 per share.
ACC | The stock gained over 10 percent after the company reported an over two-fold jump in consolidated net profit to Rs 569.45 crore for the second quarter ended June 2021, helped by a lower base, increase in sales and cost efficiency. The company, which follows the January-December financial year, had posted a profit of Rs 270.95 crore in the April-June quarter a year ago, ACC said in a BSE filing. Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in feels that existing investors who bought at much lower levels should hold with a stop below Rs 2170 on a closing basis and look for a target of Rs 2690.
Havells India | The share price rose 10 percent after the company reported robust set of numbers for the quarter ending June 2021. The electrical equipment company posted a 268.5 percent year-on-year (YoY) rise in its consolidated net profit at Rs 235.78 crore for the June quarter of the current fiscal year (Q1FY22) on the back of a 76 percent YoY growth in consolidated revenue at Rs 2,609.97 crore for the first quarter. Global research firm HSBC has a buy on the stock with target raised to Rs 1,215 per share.
IDFC | The stock price was up over 9 percent after the RBI allowed the company to exit as the promoter of IDFC First Bank. IDFC Limited said on July 21 it can now exit as the promoter of IDFC First Bank as the five-year lock-in period had ended. IDFC holds a 36.56 percent stake in the bank that commenced operations in October 2015, which means it completed five years last year.
Gland Pharma | The share gained over 7 percent in the week gone by after the pharma company said it is on track to begin production of Sputnik V COVID-19 vaccines from October-November. Technology transfer of the drug substance to its manufacturing facility is under way, the company said. A dedicated manufacturing unit at Pashamylaram near Hyderabad is ready for commercial production. The company reported an 11.83 percent increase in its consolidated net profit for the quarter ended June 30, 2021. Consolidated revenue from operations of the company stood at Rs 1,153.9 crore for the quarter under consideration. It was Rs 884.2 crore for the same period a year ago, it added.
Vodafone Idea | The stock price shed over 9 percent after the Supreme Court rejected telecom firms’ including Bharti Airtel, Vodafone Idea and Tata Teleservices’ application seeking re-computation of the adjusted gross revenue (AGR)–related dues. According to the DoT, Vodafone Idea has a balance payment of more than Rs 50,000 crore.
Indiabulls Housing Finance | The stock gained 6 percent last week. Ace investor Rakesh Juhunjhunwala picked up a stake in the company in the June quarter. Jhunjhunwala acquired a 2.2 percent equity stake in the leading mortgage lender in the June quarter. He bought 1 crore equity shares, or 2.17 percent, of the paid-up equity capital of Indiabulls Housing, the shareholding pattern for the June 2021 quarter published on July 21 shows.
Burger King | The scrip was up over 7 percent in the week gone by. Brokerage firm Motilal Oswal Financial Services has initiated coverage of the stock with a ‘buy rating and a target price of Rs 210. The brokerage firm expects all listed Indian quick-service restaurants to be significant beneficiaries of the strengthening tailwinds (led by COVID-19).
Sandip Das
