Except PSU bank, metal and power, all sectoral indices ended in the red. Auto, FMCG, IT, bank, healthcare, realty and capital goods shed 1-2 percent on another day of losses for Indian shares
The Indian benchmark indices ended lower for the third day in a row on February 7 amid selling in auto, FMCG, IT, bank, healthcare, realty and capital goods stocks. At close, the Sensex was down 1,023.63 points, or 1.75%, at 57,621.19, and the Nifty was down 302.70 points, or 1.73%, at 17,213.60.
Interglobe Aviation | CMP: Rs 2,161 | The stock price of the IndiGo parent jumped over 9 percent after the firm reported a surprise profit for the December quarter. The company on February 5 reported a profit of Rs 129.79 crore after posting losses for seven consecutive quarters. IndiGo had reported a loss of Rs 621.80 crore in the corresponding quarter of the previous fiscal. Net revenue increased 89 percent to Rs 9,294.77 crore from Rs 4,909.98 crore a year ago. Its passenger ticket revenues came in at Rs 8,073.10 crore, up 98.4 percent, while ancillary revenue stood at Rs 1,141.70 crore, an increase of 41.3 percent compared to the year-ago quarter.
Tata Steel | CMP: Rs 1,184.95 | The stock ended in the green in a weak market after the steelmaker reported a consolidated net profit of Rs 9,573 crore for the third quarter ended December 2021, up 159 percent from Rs 3, 697 crore in the year-ago period. The company’s post-tax profit in the previous quarter was at of Rs 11,918 crore. CLSA has a “buy” call on the stock with the target at Rs 1,820 a share. JP Morgan, too, has an “overweight” call but with the target at Rs 1,850.
State Bank of India | CMP: Rs 533.90 | The scrip ended in the green after the bank on February 5 reported a 62 percent year-on-year (YoY) rise in net profit to Rs 8,431.9 crore for the quarter ended December, which was above analysts’ expectations of Rs 7,957.4 crore. Credit Suisse has maintained an overweight call on the stock and raised the target price to Rs 640. JPMorgan, too, has an overweight rating with the target at Rs 650 a share.
One97 Communications | CMP: Rs 955 | The share price ended in the green on February 7 after falling 5 percent in the morning session. Brokerage firm Macquarie Research in its note said it remained “underperform” on the stock and cut the target price to Rs 700, down 22% from the current rate. Paytm reported a loss of Rs 780 crore in the quarter due to large costs of Rs 390 crore on ESOPs (employee stock options) granted before IPO. Goldman Sachs upgraded the stock to “buy” and increased the target price to Rs 1,460, up 53% from its current rate.
Union Bank of India | CMP: Rs 47.60 | The stock price ended in the red on February 7. The bank’s gross NPA was reported at 11.62% against 12.64% (QoQ). Net NPA at 4.09% against 4.61% (QoQ). Net profit jumped 49.3% at Rs 1,085.4 crore against Rs 726.8 crore (YoY). NII grew 8.9% at Rs 7,174.4 crore against Rs 6,589.5 crore (YoY).
Sandip Das
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