Markets

Stocks that are making news today

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KEY HIGHLIGHTS

  • BofA Maintains Underperform On Bharat Forge
  • IEX July Volumes Down 1.7% YoY At 7,151 Mn Units
  • Sources: AU SFB Closed QIP Issue Of `2,000 Cr

Let’s talk about a few stocks that are in focus today.

1 – PI INDUSTRIES

Q1 Revenue up 29.2% at ₹1543 cr vs ₹1194 cr. Net profit up 40.1% at ₹262 cr vs ₹187 cr. EBITDA up 39% at ₹346 cr vs ₹249 cr. The company is confident of delivering 20%+ revenue growth in FY23.

2 – BOROSIL, LA OPALA

Borosil & La Opala were buzzing in trade today, on the back of the central government’s announcement of extending anti-dumping duty on the Opal Glassware imported from China and the United Arab Emirates.

3 – BHARAT FORGE

BofA maintains underperform on Bharat Forge keeping a target of ₹620. Truck orders have dropped and CAT machine sales have turned negative. Class 8 continues a downward trajectory.

4 – REDINGTON

Q1 Revenue at ₹16803 cr vs ₹13454 cr, up 24.9%. Net Profit at ₹316 cr vs ₹237 cr, up 33.3%. EBITDA at ₹461 cr vs ₹344 cr, up 34%.

5 – IEX

July volumes were down 1.7% YoY at 7,151 million units. Market clearing price at ₹5.41/unit, down 17% MoM.

6 – AU SMALL FINANCE BANK

Sources have said that the company has closed its QIP issue of ₹2,000 cr. Demand was 4 times the book size and was ~70% driven by FIIs.

7 – SOM DISTILLERIES

Beer sales in Uttar Pradesh in July 2022 were approximately up 75% on an MoM basis. This positive development reflects the acceptability of brands in a new and competitive market like Uttar Pradesh.

8 – INDUSTRIALS SECTOR PLAYS

Morgan Stanley has initiated coverage on 3 high-growth midcaps – Astral, Kajaria and Polycab. The brokerage house believes that the companies can potentially double their top line.

9 – ADANI TRANSMISSION

Q1 Revenue at ₹3049 cr vs ₹2499 cr, up 22%. Net Profit at ₹168 cr vs ₹433 cr, down 61.2%. Reported EBITDA at ₹1326 cr vs ₹1496 cr, down 11.4%.

10 – STAR HEALTH

IRDAI has proposed an upper limit on EoM for general and health insurers. The cap will be the lower of 30% or an average of the past 3 year’s expense rates. Any failure to meet the expense cap could increase solvency requirements or restrict the variable pay of senior management.

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