Experts expect the rangebound trade to continue in the coming week too and feel the banking sector and global cues are key for any directional move going ahead, and earnings season, auto sales data & PMI numbers could drive stock specific movements.
Indian market remained under pressure for the second consecutive week amid mixed global and domestic cues. BSE Sensex fell 388.96 points to end at 52,586.84, while the Nifty50 was down 93.05 points to end at 15,763 levels. BSE Midcap index was up 0.29 percent while the Smallcap index added 1.3 percent. Here are 10 stocks that moved the most last week:
Tech Mahindra | The stock price gained 7 percent after the IT firm reported a 30.8 percent jump in its first-quarter (April-June) net profit to Rs 1,353.2 crore against Rs 1,081.4 crore in the quarter ended March 2021. The company’s rupee revenue rose 4.8 percent to Rs 10,197.6 crore versus Rs 9,729.9 crore QoQ. Its earnings before interest and tax (EBIT) was down 3.6 percent at Rs 1,545.3 crore versus Rs 1,603.7 crore and the margin was at 15.2 percent versus 16.5 percent QoQ. The dollar revenue was up 4.1 percent at $ 1,383.6 million against $ 1,329.6 million. The constant currency revenue growth stood at 3.9 percent.
Sun Pharma | The scrip was up 11 percent after the drug major reported a net profit of Rs 1,444.17 crore for the quarter ended June 30, 2021. The company had posted a net loss of Rs 1,655.60 crore for the corresponding period of the previous fiscal. Consolidated revenue from operations stood at Rs 9,718.74 crore for the quarter under consideration.
Vedanta | The share price added over 12 percent after the company reported over a four-fold jump in its consolidated profit after tax (PAT) to Rs 4,280 crore during the June quarter, boosted by higher income. During the year-ago quarter, the company’s “net profit after taxes before exceptional items” was at Rs 1,033 crore, Vedanta Limited said in a BSE filing. Total income in the April-June period of the ongoing financial year surged to Rs 29,151 crore from Rs 16,998 crore in the same quarter a year ago.
SRF | The stock gained over 9 percent after the company reported a strong operational performance for the quarter ended June 2021 (Q1FY22). Quarterly net profit came in at Rs 395.28 crore in June 2021 up 123.21% from Rs. 177.09 crore in June 2020. EBITDA stands at Rs. 685.33 crore in June 2021 up 83.56% from Rs. 373.35 crore in June 2020 while net sales came in at Rs 2,699.40 crore in June 2021 up 74.7% from Rs. 1,545.15 crore in June 2020.
Coforge | The share rose over 8 percent in the week gone by. The IT firm reported a 54.7 percent jump in consolidated net profit at Rs 123.6 crore in the three months to June. It had posted a net profit of Rs 79.9 crore in the year-ago period, Coforge said in a regulatory filing. Its consolidated revenue rose 38.3 percent to Rs 1,461.6 crore in the first quarter of FY’22, as against Rs 1,057 crore in the year-ago period.
PVR | The share price was up over 6 percent after the firm reported a net loss of Rs 219.4 crore in the first quarter ended June 2021 against a loss of Rs 225.7 crore in the same quarter last fiscal. The multiplex chain’s revenue for the quarter was up at Rs 59.4 crore from Rs 12.7 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) loss stood at Rs 90.9 crore against a loss of Rs 116 crore. Covid-19 continued to adversely impact operations and financial performance of the company in the first quarter, the company said.
Zomato | The stock gained 6 percent in the week gone by. UBS initiated coverage on Zomato this week with a buy rating and set a target price of Rs 165, a gain of about 17 percent from the July 29 close. The Swiss brokerage expects Zomato to deliver CAGR of over 40 percent in revenue, making it one of the fastest-growing internet companies in the region. The food delivery market is at a nascent stage compared with global peers. Domestic brokerage firm JM Financial, which initiated coverage on Zomato with a buy rating and a 12-month target price of Rs 170, expects the company to deliver GOV/revenue CAGR of 48 percent over FY21-26 in its flagship food delivery business.
Alembic Pharma | The share price fell over 16 percent amid weakness in its US business during the June quarter. The company missed analysts’ estimates on earnings despite robust domestic growth. The company reported a 57 YoY growth in its domestic formulations business, which contributes more than a third to its overall revenues.
Firstsource Solutions | The scrip shed over 11 percent in the week gone by. Net profit of Firstsource Solutions rose 51.68 percent to Rs 134.51 crore in the quarter ended June 2021 as against Rs 88.68 crore during the previous quarter ended June 2020. Sales jumped 40.27 percent to Rs 1478.01 crore in the quarter ended June 2021 as against Rs 1053.72 crore during the previous quarter ended June 2020.
Sandip Das
