The Indian benchmark indices broke a three-day winning streak to end lower on February 3, with Nifty 17,600 dragged down by capital goods, realty, IT and oil & gas stocks. At close, the Sensex was down 770.31 points, or 1.29%, at 58,788.02, and the Nifty ended 219.80 points, or 1.24%, lower at 17,560.20.
HDFC | CMP: Rs 2,521.50 | The scrip fell more than 3 percent on February 3. The firm has reported an 11.4 percent YoY rise in net profit at Rs 3,260.7 crore for the quarter ended December, which was sharply higher than analysts’ estimate of Rs 2,524.9 crore. The country’s biggest housing finance company’s bottomline was aided by lower tax expenses at Rs 787.5 crore as against Rs 826.7 crore in the year-ago quarter. Credit Suisse has kept “outperform” call on the stock with the target at Rs 3,350, while Morgan Stanley has an ‘overweight’ call with the target at Rs 3,340 a share.
Zee Entertainment | CMP: Rs 286.65 | The share price slipped over 2 percent after the company reported a weak set on numbers for the quarter ended December 2021. The firm reported a consolidated net profit of Rs 298.98 crore for the December quarter, down from Rs 398.01 crore in the year-ago period, the company said in a BSE filing. Total income during the quarter was Rs 2,130.44 crore, lower than Rs 2,756.93 crore in the corresponding quarter of the previous year. CLSA has maintained a “buy” call, with the target at Rs 427 as the Q3 revenue was in-line, led by ad revenue.
Jubilant Foodworks | CMP: Rs 3,203.35 | The scrip was down 3 percent on February 3. The firm, which operates Domino’s Pizza, reported a 7.5% rise in December quarter consolidated net profit to Rs 133.20 crore from Rs 123.92 crore a year ago. The board also approved a stock split of 5:1. Revenue from operations grew 13.2% to Rs 1,210.77 crore from Rs 1,069.28 crore in the year-ago period. CLSA has downgraded the stock to sell and cut target price to Rs 3,190 from Rs 3,920 as the competition intensifies and slow progress on new initiatives.
TV18 Broadcast Limited | CMP: Rs 65 | The stock price jumped over 6 percent on buzz that US telecom conglomerate Comcast may join media titans James Murdoch and Uday Shankar in acquiring a stake in Viacom 18. The Times of India reported that Comcast may want to become a part of the deal as they are running out of opportunities to enter the Indian media market. Moneycontrol could not independently verify the news. Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Titan Company | CMP: Rs 2,464 | The share ended in the green in a weak market on February 3. The company reported a 135.6 percent year-on-year growth in net profit to Rs 987 crore for the quarter ended December, sharply beating analysts’ estimate of Rs 847 crore. The consumer discretionary company reported a 30.6 percent on-year growth in revenue from operations to Rs 9,515 crore, which was also above Street’s expectations of 9,337 crore.
