Except banks, all sectoral indices ended in the red. Midcap and smallcap indices, too, hit record highs but later lost a percent each
Benchmark indices posted record highs for the second day running on August 4 powered by banking names. At close, the Sensex was up 546.41 points, or 1.02%, at 54,369.77, and the Nifty was up 128 points, or 0.79%, at 16,258.80.
State Bank of India | CMP: Rs 456.15 | The stock price added over 2 percent after the PSU banking major posted a 55.3 percent jump in its Q1 net profit at Rs 6,504 crore up from Rs 4,189.3 crore in the year-ago period, beating street expectations. Its net interest income was up 3.7% at Rs 27,638 crore versus Rs 26,641.6 crore, YoY.
Godrej Consumer Products | CMP: Rs 985.95 | The share shed over 3 percent after the company’s Q1 net profit rose 4.8% at Rs 413.6 crore versus Rs 394.9 crore. Its revenue was up 24.4% at Rs 2,894.4 crore from Rs 2,327.3 crore (YoY).
Vodafone Idea | CMP: Rs 6.00 | The share tumbled over 18 percent after Vodafone Chief Executive Officer Nick Read said the telecom major will not be infusing fresh equity into debt-ridden Vodafone Idea (Vi). Read made the comments during a conference call with investors on July 23, Business Standard has reported.
IIFL Wealth | CMP: Rs 1,574.95 | The scrip surged over 13 percent after the company’s net profit rose 42.03 percent to Rs 116.85 crore in the June 2021 quarter from Rs 82.27 crore during the year-ago period. Sales were up 9.47 percent to Rs 382.55 crore in the quarter ended June 2021 against Rs 349.46 crore during the year-ago period.
Bharti Airtel | CMP: Rs 574.60 | The stock shed a percent on August 4, a day after the telecom service provider posted consolidated net income (after exceptional items) of Rs 284 crore for the June quarter. The company had posted a loss of Rs 15,933 crore in the year-ago period. Goldman Sachs has a buy rating with the target at Rs 675, while Credit Suisse has an outperform rating with the target at Rs 750.
Adani Ports | CMP: Rs 693.50 | The stock ended in the red even after the country’s largest integrated logistics player reported a 77.04 percent rise in consolidated net profit at Rs 1,341.69 crore for the first quarter of the current fiscal. The company’s total income rose to Rs 4,938.43 crore in the latest June quarter from Rs 2,749.46 crore in the year-ago period.
PNB Housing Finance | CMP: Rs 717.85 | The stock jumped 5 percent after the Competition Commission approved Carlyle Group’s proposed Rs 4,000-crore investment in PNB Housing Finance. In the June quarter, PNB Housing’s net profit was down 5.4 percent at Rs 243.3 crore from Rs 257.2 crore (YoY). Revenue was down 9.5 percent at Rs 1,691.8 crore from Rs 1,870.1 crore (YoY).
Maruti Suzuki | CMP: Rs 7,120 | The stock shed a percent on August 4 after the company said chip shortage would hit production in August. The auto major said, “Owing to the semiconductor shortage situation, the company has been informed by its contract manufacturing company, Suzuki Motor Gujarat (SMG) Private Limited that production will be partially impacted in this month,” Maruti Suzuki India said in the release. SMG will tentatively not carry out production on three Saturdays (7th, 14th and 21st August). Some production lines may see a temporary reduction from two-shift to one-shift working, it added.
Tata Consumer Products | CMP: Rs 759 | The scrip ended in the red on August 4. The company posted a net profit of Rs 413.6 crore versus Rs 394.9 crore. Its revenue was up 24.4% at Rs 2,894.4 crore versus Rs 2,327.3 crore, YoY.
Bosch | CMP: Rs 15,099.90 | The stock ended in the red on August 4. The company has reported a net profit at Rs 260.3 crore in the June quarter against a loss of Rs 121.5 crore in the year-ago period. Revenue was at Rs 2,443.5 crore up from Rs 991.5 crore in the year-ago quarter.
Sandip Das
