The market seems to be on a strong footing as the benchmark indices extended their strong rally for a third consecutive session on July 29, with the Nifty50 decisively closing above the psychological 17,100 mark, backed by FII inflow and buying across sectors after the Federal Reserve signalled slowing the pace of rate increases. The BSE Sensex rallied 712 points or 1.25 percent to 57,570, while the Nifty50 climbed 229 points.
ITC, UPL, Zomato, Arvind, Bajaj Consumer Care, Barbeque-Nation Hospitality, Carborundum Universal, Castrol India, Escorts Kubota, Eveready Industries India, Indo Count Industries, Kansai Nerolac Paints, Max Financial Services, Prudent Corporate Advisory Services, Punjab & Sind Bank, The Ramco Cements, RateGain Travel Technologies, Thyrocare Technologies, Triveni Turbine, and Varun Beverages will be in focus ahead of June quarter earnings on August 1.
Stocks in News
Bank of Baroda
The public sector lender reported 79.4 per cent year-on-year growth in standalone profit at Rs 2,168 crore for the quarter ended June 2022, despite fall in other income and pre-provision operating profit. The significant decline in bad loans provisions aided the bottom line. Net interest income grew by 12 per cent YoY to Rs 8,838.4 crore in Q1FY23, with credit growth at 18 per cent and 10.9 per cent YoY increase in global deposits.
IDFC First Bank
The bank recorded highest-ever standalone profit of Rs 474.33 crore in Q1FY23, against a loss of Rs 630 crore in corresponding period of the previous fiscal. The increase in core operating income and fall in provisions aided the profitability, with the sequential growth in profit at 38 per cent. Net interest income grew by 26 per cent to Rs 2,751.1 crore YoY during the quarter, with 39 bps YoY improvement in net interest margin at 5.89 per cent for the quarter. But there was 38 bps decline in net interest margin on a sequential basis.
Dr Reddy’s Laboratories
The pharma major entered into a licensing agreement with Slayback Pharma to obtain exclusive rights in the first-to-file ANDA for the private label version of Lumify in the US. Lumify is an over-the-counter (OTC) eyedrop that can be used to relieve redness of the eye due to minor eye irritations. The agreement also provides Dr Reddy’s exclusive rights to the product outside the US.
The company recorded a 184 per cent year-on-year increase in consolidated profit at Rs 668.50 crore for the quarter ended June 2022, driven by healthy top line and operating performance. Revenue grew by 52 per cent to Rs 5,540.6 crore due to solid growth in average blended realisation for carbon and advanced material sales, though volumes declined. Operating profit grew by 78.5 per cent to Rs 1,210.5 crore during the same period.
Zee Entertainment Enterprises
The company has received no objection letters from BSE and National Stock Exchange of India, for the proposed Composite Scheme of Arrangement amongst Zee Entertainment, Bangla Entertainment, and Culver Max Entertainment (formerly Sony Pictures Networks India). These observation letters permit the company to file the Composite Scheme of Arrangement with National Company Law Tribunal, Mumbai.
The bank is going to raise Rs 8,898.47 crore from The Carlyle Group and Verventa Holdings (affiliate of Advent) by selling up to 10 per cent stake each. The board of directors has approved to allot 369.61 crore equity shares at a price of Rs 13.78 per share and 256.75 crore warrants exchangeable into equity shares, at a price of Rs 14.82 per share, through preferential allotment on a private placement basis, which is subject to approval of shareholders and RBI. The Carlyle Group and Verventa Holdings (affiliated of Advent) will pour in money into the bank against 184.8 equity shares each and 128.37 crore warrants each.
The pharma company recorded a 4 per cent year-on-year decline in consolidated profit at Rs 686 crore for the quarter ended June 2022 as EBITDA fell by 15 per cent YoY to Rs 1,143 crore and revenue fell by 2.3 per cent to Rs 5,375 crore in the same period. India business declined 8.4 per cent to Rs 2,483 crore and North American business grew by 15.5 per cent to Rs 1,199 crore in Q1FY23.
Subsidiary JSW Energy (Barmer) owned 1,080 MW power plant at Barmer retained access to uninterrupted supply of lignite for its operations. The Rajasthan Government informed Barmer Lignite Mining Company Limited (BLMCL) that it is in receipt of ex-post facto- previous approval from the Central Government for transfer of two lignite mining leases (Kapurdi and Jalipa in Rajasthan) from Rajasthan State Mines and Minerals Limited (RSMML) to BLMCL with effect from the date of transfer of the said mining leases. Accordingly, the previous letters issued by the Rajasthan Government directing BLMCL to stop mining operations at the two lignite mines stand withdrawn.
The real estate developer reported a 36 per cent year-on-year increase in profit at Rs 470 crore for the quarter ended June 2022. Consolidated revenue at Rs 1,516 crore grew by 22 per cent YoY in the same period with net sales bookings rising 101 per cent YoY to Rs 2,040 crore.
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