Except FMCG, all other sectoral indices ended in the green with bank, capital goods, Information Technology, PSU Bank and realty up 1-2 percent.
Indian benchmark indices ended on strong note on August 11, with Nifty closing above 17600 led by IT, realty, banking names. At close, the Sensex was up 515.31 points or 0.88% at 59,332.60, and the Nifty was up 124.20 points or 0.71% at 17,659.
Bharat Forge | CMP: Rs 739.95 | The stock price jumped over 3 percent after the firm reported a consolidated net profit of Rs 160.37 crore for the first quarter ended June 30. The company had posted a consolidated net profit of Rs 152.75 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing. Its consolidated revenue from operations during the period under review stood at Rs 2,851.46 crore.
PB Fintech | CMP: Rs 580.70 | The share added over 3 percent on August 11. Policybazaar operator PB Fintech recorded consolidated loss at Rs 204.33 crore for the quarter ended June FY23, widening from loss of Rs 110.84 crore in corresponding period last fiscal due to weak operating performance. The company has reported a significant increase in employee expenses, and advertising & promotion expenses for the quarter.
ICICI Bank | CMP: Rs 859.70 | The stock ended in the green on August 11. ICICI Bank joined the elite club of companies with Rs 6 trillion market-cap, with shares hitting a record high. The lender became the seventh Indian stock to hit such a milestone. Shares of ICICI Bank hit an all-time high of Rs 866.15 on BSE in intraday trade with market-cap of Rs 6.01 trillion. The stock remained favourite of investors, after the lender continued to report better-than-expected earnings with improved asset quality and lower provisions.
Eicher Motors | CMP: Rs 3,177 | The scrip ended in the green on August 11. Eicher Motors Ltd reported a consolidated profit after tax (PAT) of Rs 610.66 crore for the quarter ended June 2022, up 157.5 percent year-on-year from Rs 237 crore in the same quarter of the previous fiscal year. On a sequential basis, the profit was flat against Rs 610 crore reported in the January-March quarter of FY22. Research firm CLSA has reiterated buy rating on the stock and raised the target price to Rs 3,763 from Rs 3,618 per share. Broking house Jefferies has maintained buy call and raised the target to Rs 3,700 from Rs 3,500 per share.
Va Tech Wabag | CMP: Rs 250 |The stock ended in the green after the firm recorded a 105 percent year-on-year increase in consolidated profit at Rs 29.88 crore for the quarter ended June FY23 despite weak topline and operating performance, driven by other income. Revenue, however, fell 4 percent to Rs 631.68 crore compared to year-ago period.
Hindalco Industries | CMP: Rs 432.40 | The scrip ended in the red on August 11 despite the firm reporting a 47.8 percent rise in its consolidated net profit at Rs 4,119 crore for the first quarter ended June 2022 as against Rs 2,787 crore recorded a year ago. On a sequential basis, the profit increased 7 percent from Rs 3,851 crore earned during the January – March period. This was by far the highest quarterly consolidated PAT for the company. Jefferies has kept hold rating on the stock and raised the target to Rs 380 from Rs 310 per share.
Mazagon Dock Shipbuilders | CMP: Rs 295 | The stock gained over 4 percent after the company reported a strong set of numbers for June quarter. The company that makes warships for the Indian Navy said it posted the highest ever revenue from operations for the June quarter at Rs 2230 crore, which was 84 percent higher from the same period last year. Its net profit also zoomed 134 percent year-on-year (YoY) to Rs 217 crore, he company said. It added that its annualised return on capital employed has increased to 33 percent from 19 percent in the comparable period last year.
Man Industries | CMP: Rs 90.50 | The share price fell over 5 percent after the company’s net profit was down 62.8 percent at Rs 9.8 crore against Rs 26.5 crore YoY. Revenue was down 16.8 percent at Rs 510.5 crore against Rs 613.8 crore YoY while EBITDA fell 45.6 percent at Rs 22.15 crore against Rs 40.7 crore YoY.
Trent | CMP: Rs 1,338 | The stock added 2 percent after the company reported net profit at Rs 115 crore against loss of Rs 138.3 crore YoY. Revenue came in at Rs 1,803 crore against Rs 492 crore YoY while EBITDA was at Rs 291.7 crore against loss of Rs 43.1 crore YoY.
Bata India | CMP: Rs 1,912 | The scrip ended in the green after the company posted net profit of Rs 119.3 crore in the quarter ended June 2022 against loss of Rs 69.5 crore. Its revenue was at Rs 943 crore versus Rs 267 crore, YoY.
Sandip Das
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