The bulls continued to control the markets, which rose half a percent in the previous session and continued the upward trend for the fifth straight session. It has risen more than 9 percent so far from the 52-week low reached in June. All sectors, except pharmaceuticals, contributed to the rally. The BSE Sensex climbed 284 points to 55,682 while the Nifty50 rose 84.5 points to 16,605.
Results today
Reliance Industries, UltraTech Cement, JSW Steel, HDFC Asset Management Company, Bandhan Bank, Coforge, Crompton Greaves Consumer Electricals, Finolex Industries, Andhra Cements, Atul, Bharat Gears, Gokaldas Exports, Greenpanel Industries, HFCL, Huhtamaki India, Mahindra CIE Automotive, Meghmani Organics, Sigachi Industries, Supreme Petrochem, Tinplate Company of India, Ugro Capital and Zenotech Laboratories will be the focus for June 2022 quarterly results on July 22.
Stocks in focus
NLC India
The company said the board of directors has approved an investment proposal for the establishment of Mine III (peak capacity-11.50 MTPA and normative capacity-8.71 MTPA) in Neyveli, Tamil Nadu at an estimated cost of Rs 3,755.71 crore, and also an investment proposal for the establishment of TPS II, the second expansion thermal power station (2 X 660 MW) in Neyveli, Tamil Nadu for Rs 11,189.20 crore.
ICICI Effects
The company recorded a 12 percent year-over-year decline in its consolidated profit of Rs 273.6 crore for the quarter ended June 2022 and its pre-tax profit was also lower by 12 percent at Rs 367 crore. Revenue grew 6.5 percent year-on-year to Rs 793.55 crore, supported by interest income and service income but impacted by lower brokerage revenue.
biocon
The US Food and Drug Administration completed a pre-approval inspection for Biocon’s Site 3 in Hyderabad in Telangana on July 20 with three observations. The company will be up and running in due time and is committed to the quality, safety and efficacy of its products.
JSW Energy
The energy company posted a 179 percent year-over-year increase in consolidated profit of Rs 560 crore for the quarter ended June 2022, supported by exceptional earnings and strong operating income, as well as top-line performance. Revenue grew 67.5 percent year-on-year to Rs 3,115 crore and EBITDA increased 34 percent to Rs 1,111 crore for the quarter.
IndiaMART InterMESH
The company reported a 47 percent year-over-year decline in consolidated profit of Rs 47 crore on lower operating income. Revenue grew 7 percent year-on-year to Rs 226 crore and EBITDA declined 28 percent to Rs 64 crore in the quarter ended June 2022. EBITDA margin shrank from 49 percent year-on-year to 29 percent.
Cyient
The company posted an annualized profit growth of 0.9 percent from Rs 116.1 crore for the quarter ended June 2022, while group sales of Rs 1,250.1 crore grew at 5.8 percent qoq and 18.1 percent year on year. Consistent growth in currency income was 4.4 percent quarter on quarter and 15.8 percent year on year. The group’s order intake and services grew by 18 percent year-on-year.
RBL Bank
The private sector lender has reported a profit of Rs 201 crore for the quarter ended June 2022, down from a loss of Rs 459 crore in the same period last year, aided by an 82 percent drop in provisions. Net interest income rose 6 percent year-on-year to Rs 1,028 crore, but other income declined 6 percent to Rs 614 crore for the quarter. Advances rose 7 percent and deposits grew 6 percent year-on-year.
SRF
The chemical company said its after-tax profit (PAT) rose 54 percent year-on-year to Rs 608 crore in Q1FY23, supported by revenue and operating performance. Consolidated revenue grew 44 percent year-on-year to Rs 3,895 crore in Q1FY23, and earnings before interest and taxes (EBIT) increased 58 percent year-on-year to Rs 938 crore during the quarter.
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