The market lost half a percent in the last session after rising nearly five percent in the previous six consecutive sessions, swept up by auto, pharma, select banks, FMCG and financial services stocks. The market appears to be cautious ahead of the Federal Reserve’s policy meeting. The BSE Sensex fell more than 300 points to 55,766, while the Nifty50 fell 88.5 points to 16,631.
Results today
Larsen & Toubro, Asian Paints, Bajaj Finserv, Bajaj Auto, Tata Power Company, Union Bank of India, Aditya Birla Sun Life AMC, United Spirits, Ujjivan Small Finance Bank, UTI Asset Management Company, Greenlam Industries, Ramco Systems, Symphony, Sanofi India, Shoppers Stop, Apollo Pipes, EIH Associated Hotels, EPL, Ethos, KEI Industries, Mahindra EPC Irrigation, PNB Gilts, SIS, South Indian Bank and TTK Healthcare will focus on June’s quarterly results on July 26.
Stocks in focus today
Tata Steel: The company reported a nearly 13 percent year-over-year decline in consolidated profit of Rs 7,765 crore for the quarter ended June 2022, impacted by higher input costs and tax costs. Revenue during the quarter increased 18.6 percent year-on-year to Rs 63,430 crore during the quarter. Consolidated EBITDA was Rs 15,047 crore, despite the sharp increase in input costs, especially the price of coking coal and gas in Europe, down 7 percent year-on-year.
Axis Bank: The private sector lender posted 91 percent year-on-year profit growth from Rs 4,125 crore, driven by lower provisions, but other revenues declined 11 percent and operating profit before provision declined 5 percent year-on-year. Net interest income rose 21 percent to Rs 9,384 crore in the same period.
Lupine: The pharmaceutical company has received approval from the US FDA for its abbreviated new drug application (ANDA), Azilsartan Medoxomil Tablets, to market a generic equivalent of Edarbi Tablets from Azurity Pharmaceuticals Inc, in the US. The product will be manufactured at Lupine’s facility in Nagpur, India.
Tech Mahindra: The IT service provider reported a 24.8 percent sequential decline in consolidated profit of Rs 1,132 crore for the quarter ended June 2022, impacted by weak operating performance. Revenue grew 4.9 percent QoQ to Rs 12,708 crore in the same period and EBITDA fell by 10 percent QoQ to Rs 1,880 crore. Dollar sales grew 1.5 percent quarter on quarter to $1,632 million and constant currency sales growth was 3.5 percent quarter on quarter.
Sonata Software: The company said the board of directors has approved a bonus issue of one share of stock for every three shares held by the company’s shareholders as of the record date. The bonus issue of shares must be approved by the shareholders. The company reported 24 percent year-over-year growth in consolidated profit of Rs 107.76 crore and sales grew 40.2 percent to Rs 1,778.86 crore year on year.
Tanla Platforms: The company reported a 4 percent year-over-year profit decline from Rs 100.4 crore for the quarter ended June 2022, affected by weak operating performance. Sales were strong, rising 27.7 percent to Rs 800.1 crore in the same period. EBITDA fell 2.8 percent to Rs 130.70 crore and the margin shrank from 21.5 percent in the same period to 16.3 percent.
Macrotech Developers: The real estate company has posted 69 percent annualized profit growth of Rs 271.26 crore for the quarter ended June 2022, driven by strong revenue growth. Revenue grew 66.67 percent to Rs 2,675.75 crore during the same period. It was the best ever first quarter with Rs 2,814 crore in pre-sales from its Indian operations.
Craftsman Automation: The company posted 135.3 percent year-over-year growth in consolidated profit of Rs 56.64 crore for the quarter ended June 2022, supported by higher sales and operating income. Sales increased by 55.55 percent year-on-year to Rs 676.96 crore during the same period.
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