Eicher Motors Q1 Results
Eicher Motors has posted profit of Rs 610.6 crore in the quarter ended June 2022 against Rs 237.1 crore and revenue was up 72.1% at Rs 3,397.5 crore against Rs 1,974.3 crore, YoY.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty recently surpassed the 78.6% retracement of the Apr – June decline, which is near 17500. On August 10, the Nifty started on a positive note however there was no follow through buying. Consequently, the index consolidated its recent gains near 17500 throughout the day.
Although there is weakness in the short term momentum indicators, the price action is maintaining the upward trajectory. Minor degree dips are getting support near the 20 hour moving average.
As long as the index trades above the near term support zone of 17360-17300 it is expected to hold the short term positive stance. Thus, going ahead, the Nifty can test 17750-17800 in the short term.
Rupak De, Senior Technical Analyst at LKP Securities:
Nifty has confirmed the resilience of the up trend by closing above the previous congestion high on the daily chart. The important moving averages are lying comfortably below the current index value confirming the uptrend again.
The trend may remain bullish over the short term as long as it remains above 17350. However, the rally towards 17750-17800 is likely to attract selling pressure.
Vinod Nair, Head of Research at Geojit Financial Services.
Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting.
The US CPI inflation during July is projected to remain high, in line with June inflation levels. This, along with strong job data, will compel the FED to keep taking a tough approach to rein in high inflation levels.
Indiabulls Housing Finance Q1 Earnings:
Indiabulls Housing Finance has posted consolidated net profit at Rs 286.6 crore against Rs 281.7 crore and revenue was down 10.6% at Rs 2,075 crore versus Rs 2,321 crore, YoY.
Market Close: In the volatile session, the Indian benchmark indices ended on flat note on August 10.
At Close, the Sensex was down 35.78 points or 0.06% at 58,817.29, and the Nifty was up 9.70 points or 0.06% at 17,534.80. About 1501 shares have advanced, 1817 shares declined, and 119 shares are unchanged.
Hindalco Industries, UPL, Apollo Hospitals, Coal India and Tata Steel were among the major Nifty gainers. The losers included Bajaj Finance, NTPC, ONGC, HCL Technologies and Adani Ports.
Among sectors, Capital Good index rose 1 percent and Metal index added nearly 2 percent, while Information Technology index shed 1 percent.
BSE midcap and smallcap indices ended on flat note.
Indian rupee ended higher by 14 paise at 79.51 per dollar versus Monday’s close of 79.65.
Buzzing:Narayana Hrudayalaya clocked a 45% YoY growth in consolidated PAT at Rs 110.6 crore for the quarter ended June FY23. Revenue for the quarter grew by 20.2% YoY to Rs 1,033.4 crore and EBITDA increased 42.5% to Rs 200 crore compared to corresponding period last fiscal.
Vedant Fashions Q1 profit jumps 123%Vedant Fashions registered a 123% YoY growth in profit at Rs 100.87 crore for the quarter ended June FY23 on a low base. The Q1FY22 earnings were affected by second Covid wave. Revenue grew by 103% to Rs 325 crore compared to corresponding period last fiscal.
Dilip Buildcon bags project in Madhya Pradesh
Dilip Buildcon through joint venture Dilip Buildcon-Skyway Infraprojects has received letter of acceptance (LOA) for new project ‘Gandhisagar-2 multi-village water supply scheme’ in Madhya Pradesh. The order is worth Rs 1,400.04 crore.
Dilip Buildcon was quoting at Rs 247.00, up Rs 2.05, or 0.84 percent.
JUST IN | Bank of Baroda hiked lending rates by 5-20 bps, reported CNBC-TV18.
CLSA View On Adani Ports
The traffic recovering fast, led by coal imports.
The company is on track to meet its muted guidance of 12-15% traffic growth in FY23.
CLSA has unhedged USD 4 bullion FX debt led to a MTM hit of Rs 1,200 crore, reported CNBC-TV18.
Adani Ports and Special Economic Zone was quoting at Rs 791.50, down Rs 9.75, or 1.22 percent.