Stocks to Watch on Wednesday: The market extended its northward journey for the third consecutive session with the benchmark indices climbing 0.4 per cent, supported by banks, auto, and metal stocks. The BSE Sensex rose 246 points to 54,768, while the Nifty50 jumped 62 points to 16,340.
Wipro, IndusInd Bank, Havells India, Ceat, Century Plyboards, Gland Pharma, Syngene International, Tata Communications, Hathway Cable & Datacom, JSW Ispat Special Products, Lloyds Steels Industries, Mastek, Agro Tech Foods, MIC Electronics, Newgen Software Technologies, Oracle Financial Services Software, Rane Engine Valve, Reliance Industrial Infrastructure, Sagar Cements, Sasken Technologies, and Som Distilleries & Breweries will be in focus ahead of quarterly earnings on July 20.
Stocks in Focus Today
The FMCG major recorded an 11 per cent year-on-year growth in profit at Rs 2,289 crore for the quarter ended June 2022, with underlying volume growth of 6 per cent, but EBITDA margin contracted 100 bps YoY to 23.2 per cent amid unprecedented inflationary headwinds. Revenue grew by 20 per cent to Rs 14,272 crore during the same period YoY.
The cement maker registered a 25.5 per cent year-on-year decline in consolidated profit at Rs 865.44 crore for the quarter ended June 2022 (Q2CY22), impacted by higher power & fuel cost, and freight & forwarding expenses. However, revenue increased 15.1 per cent YoY to Rs 8,033 crore for the quarter.
The company said the board has approved second interim dividend of Rs 19.50 per equity share on face value of Re 1 per share for the financial year 2022-23. The dividend is amounting to Rs 7,250 crore. The record date for payment of dividend is July 27, 2022.
The Aditya Birla Group flagship company said the board has approved a foray into B2B e-commerce platform for the building materials segment with an investment of Rs 2,000 crore over the next 5 years. This investment adds a new high-growth engine with clear adjacencies within Grasim’s standalone businesses as also that of its subsidiaries and associate companies.
ICICI Lombard General Insurance Company
The general insurance company reported a 80 per cent year-on-year growth in profit at Rs 349 crore for the quarter ended June 2022. Total income grew by 3.8 per cent to Rs 3,978.3 crore compared to year-ago period, and net premium earned jumped 10% to Rs 3,468 crore.
L&T Finance Holdings
The non-banking finance company has clocked a 47.4 per cent year-on-year growth in profit at Rs 262 crore for the quarter ended June 2022, driven by fall in impairment on financial instruments. Revenue from operations declined 2.1 per cent to Rs 2,988.40 crore during the same period YoY. The company reported highest-ever quarterly retail disbursements at Rs 8,938 crore, up 148 per cent YoY.
The company received order from Rajasthan Medical Education Society (Directorate of Medical Education), for supply, installation, operation and maintenance of CT Scan Center at Raj – MES Medical College at Churu, Rajasthan on public private partnership (PPP) basis. As per the tender awarded, the company will set up a CT Scan machine 64 slice scanner at MES Medical College. The tenure of contract will be 10 years.
The Tata Group company recorded a 18.1 per cent year-on-year decline in profit at Rs 67.5 crore for the quarter ended June 2022, impacted by higher raw material cost. However, revenue increased 16.5 per cent YoY to Rs 862.8 crore in Q1FY23 backed by 17.1 per cent growth in domestic crop care business and 51 per cent growth in exports.
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