After a sharp rally last week, there could be some consolidation initially, but overall the bulls are expected to have the upper hand with a focus on earnings season, coronavirus updates, economic data and primary market action, experts feel.
Indian market finally broke out from its two-month consolidation and rose to all-time high levels in the week gone by. BSE Sensex rose 1,690.88 points (3.21 percent) to close at 54,277.72, while the Nifty50 added 475.15 points (3 percent) to end at 16,238.2 levels. Here are 10 stocks that were in focus last week:
IIFL Wealth Management | The stock jumped 15 percent in the week gone by after the company’s net profit rose 42.03 percent to Rs 116.85 crore in the quarter ended June 2021 as against Rs 82.27 crore during the previous quarter ended June 2020. Sales of the company was up 9.47 percent to Rs 382.55 crore in the quarter ended June 2021 as against Rs 349.46 crore during the previous quarter ended June 2020.
Piramal Enterprises | The share was up 15 percent last week. The firm reported a 7.71 percent rise in its consolidated net profit to Rs 533.79 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 495.56 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a regulatory filing. Consolidated revenue from operations of the company stood at Rs 2,908.68 crore for the quarter under consideration against Rs 2,937.34 crore for the same period a year ago, it added.
CG Power | The stock added over 9 percent after the firm posted a consolidated net profit of Rs 48 crore for June quarter 2021-22 mainly on the back of higher revenues. The company had reported a net loss of Rs 262.88 crore for the year-ago period, it said in a BSE filing. Total income rose to Rs 1,062.24 crore in the quarter from Rs 434.84 crore in the same period a year ago. There was no material impact on the Group due to COVID-19, it said.
Bharti Airtel | The scrip gained 8 percent last week. 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. The company’s revenue for the quarter came in at Rs 26,854 crore. EBITDA was at Rs 13,189 crore, while the EBITDA margin was at 49.1 percent during the quarter under review. Rohan Patil, Technical Analyst at Bonanza Portfolio suggests buying the stock with target of Rs 607 per share. “RSI plotted on the weekly time can be seen above the 50-mark. It is moving higher towards the overbought levels, indicating the presence of bullish momentum as the prices move higher,” he said.
Tata Power | The stock price was up over 8 percent after the company’s consolidated net profit jumped nearly 74 percent to Rs 465.69 crore in the June 2021 quarter. The company’s consolidated net profit had stood at Rs 268.10 crore in the corresponding quarter of the last financial year, according to a BSE filing. Total income during April-June 2021 increased to Rs 10,145.89 crore, compared with Rs 6,540.42 crore in the year-ago period.
HDFC | The stock price added over 7 percent. HDFC on August 2 posted a 1.7 percent fall in its Q1FY22 standalone net profit at Rs 3,000.7 crore. The company had posted a profit of Rs 3,051.5 crore in the year-ago period. The profit number was above the market estimates, as a CNBC-TV18 poll of analysts had expected Q1 profit at Rs 2,898.7 crore. Total revenue from operations for the quarter came at Rs 11,657.47 crore, down 10.45 percent from Rs 13,017.68 of Q1FY21. Vidnyan Sawant of GEPL Capital has a buy on the stock with target of Rs 3065 per share. “On the weekly timeframe, the stock has formed a triple bottom pattern near Rs 2,350 and moved up and sustained above its multi-month high which confirms positive sentiment for the stock for the medium term to long term,” he added.
Adani Ports | The scrip gained over 5 percent 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. Adani Ports and Special Economic Zone Limited had clocked a consolidated net profit of Rs 757.83 crore in the corresponding period of the previous fiscal, according to a regulatory filing. 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. Goldman Sachs has a buy rating with target at Rs 790 per share.
Vodafone Idea | The stock fell 14 percent in the week gone by. Aditya Birla Group Chairman Kumar Mangalam Birla, who owns around a 27 percent stake in VIL, has offered to sell his share to the government to keep the company operational. Vodafone Idea share price has been in focus 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 reported.
Birla Corp | The share was down over 7 percent last week. The company posted quarterly net profit at Rs 141.51 crore in June 2021 up 115.16 percent from Rs 65.77 crore in June 2020. Net sales came in at Rs 1,749.11 crore in June 2021 up 43.14 percent from Rs. 1,221.97 crore in June 2020. EBITDA of the company stands at Rs 352.90 crore in June 2021 up 39.95 percent from Rs 252.16 crore in June 2020.
Coforge | The share price shed over 5 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. Nomura India Investment Fund Mother Fund acquired a stake in the IT solutions company. It acquired 3.5 lakh equity shares or 0.57 percent stake in the company at Rs 4,710 per share, according to bulk deal data on NSE.
Sandip Das
