The market lost half a per cent in the last session after rising nearly five per cent in previous six consecutive sessions, dragged by auto, pharma, select banks, FMCG and financial services stocks. The market seems to be cautious ahead of Federal Reserve’s policy meeting. The BSE Sensex fell more than 300 points to 55,766, while the Nifty50 declined 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 be in focus ahead of June quarter earnings on July 26.
Stocks In Focus Today
Tata Steel
The company has reported nearly 13 per cent year-on-year decline in consolidated profit at Rs 7,765 crore for the quarter ended June 2022, impacted by higher input cost and tax expenses. Revenue during the quarter increased by 18.6 per cent YoY to Rs 63,430 crore during the quarter. Consolidated EBITDA stood at Rs 15,047 crore, despite the sharp rise in input costs especially coking coal and gas prices in Europe, down by 7 per cent YoY.
Axis Bank
The private sector bank clocked 91 per cent year-on-year growth in profit at Rs 4,125 crore driven by lower provisions, but other income fell 11 per cent and pre-provision operating profit declined 5 per cent YoY. Net interest income grew 21 per cent to Rs 9,384 crore during the same period.
Lupin
The pharma company has received approval from US FDA for its abbreviated new drug application (ANDA), Azilsartan Medoxomil tablets, to market a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals Inc, in the US. The product will be manufactured at Lupin’s facility in Nagpur, India.
Tech Mahindra
The IT services provider reported a 24.8 per cent sequential decline in consolidated profit at Rs 1,132 crore for the quarter ended June 2022 impacted by weak operating performance. Revenue grew by 4.9 per cent QoQ to Rs 12,708 crore during the same period and EBITDA fell 10 per cent QoQ to Rs 1,880 crore. Dollar revenue grew by 1.5 per cent QoQ to $1,632 million and revenue growth in constant currency was 3.5 per cent QoQ.
Sonata Software
The company said the board has approved a bonus issue of one equity share for every three equity shares held by the shareholders of the company as on the record date. The bonus issue of equity shares will be subject to approval by the shareholders. The company reported 24 per cent year-on-year growth in consolidated profit at Rs 107.76 crore and revenue grew by 40.2 per cent to Rs 1,778.86 crore YoY.
Tanla Platforms
The company reported a 4 per cent year-on-year decline in profit at Rs 100.4 crore for the quarter ended June 2022, dented by weak operating performance. Revenue was strong, rising 27.7 per cent to Rs 800.1 crore during the same period. EBITDA fell by 2.8 per cent to Rs 130.70 crore and margin contracted to 16.3 per cent from 21.5 per cent in the same period.
Macrotech Developers
The real estate company has recorded a 69 per cent year-on-year growth in profit at Rs 271.26 crore for the quarter ended June 2022, driven by strong topline growth. Revenue grew by 66.67 per cent to Rs 2,675.75 crore in the same period. It was the best ever first quarter with Rs 2,814 crore of pre-sales from its India business.
Craftsman Automation
The company clocked a 135.3 per cent year-on-year growth in consolidated profit at Rs 56.64 crore for the quarter ended June 2022, supported by higher top line and operating income. Revenue jumped 55.55 per cent YoY to Rs 676.96 crore during the same period.
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