The market remained in the bear trap for the second consecutive session ahead of the Federal Open Market Committee (FOMC) meeting, as the BSE Sensex fell nearly 500 points to 55,268 on July 26, dragged by selling in most sectors. The Nifty50 declined 147 points to 16,483.80.
Results Today
Maruti Suzuki India, Tata Motors, Bajaj Finance, Biocon, Colgate-Palmolive, Aarti Drugs, CG Power and Industrial Solutions, Clean Science and Technology, Coromandel International, Dixon Technologies, EIH, Fino Payments Bank, Home First Finance Company India, JK Lakshmi Cement, Latent View Analytics, Laurus Labs, Novartis India, Poonawalla Fincorp, Schaeffler India, TeamLease Services, United Breweries, VIP Industries, and Welspun India will be in focus ahead of June quarter earnings on July 27.
Stocks in News
Larsen & Toubro
The engineering and infrastructure major posted consolidated profit after tax of Rs 1,702 crore, a robust 45 per cent growth over the corresponding quarter of the previous year. It achieved consolidated revenues of Rs 35,853 crore in Q1FY23, recording YoY growth of 22 per cent with strong execution witnessed in the infrastructure segment and riding on the sustaining growth momentum in the IT&TS portfolio. The company secured orders worth Rs 41,805 crore at the group level during the quarter ended June 2022, registering a growth of 57 per cent YoY.
Tata Power Company
The power generation and distribution company recorded a 90 per cent year-on-year growth in consolidated PAT before exceptional items at Rs 884 crore for the quarter ended June 2022, against Rs 466 crore in Q1FY22, due to improved performance across all businesses, mainly profit from coal companies. Consolidated revenue grew by 48 per cent to Rs 14,776 crore during the same period.
Wipro
The IT services provider has announced a new five-year strategic engagement with Nokia, the world’s leading multinational, networking, telecommunications and consumer electronics company. The new agreement builds on a partnership originally established over 20 years ago.
Aditya Birla Sun Life AMC
The asset management company reported a 33.6 per cent year-on-year decline in consolidated profit at Rs 102.84 crore for the quarter ended June 2022, dented by a loss at other income, and tepid topline growth. Revenue from operations grew by 0.44 per cent to Rs 304.50 crore compared to the year-ago period. Mutual fund QAAUM (quarterly average assets under management) witnessed growth of 2 per cent YoY to Rs 2.81 lakh crore in Q1FY23.
Axis Bank
Axis Bank and Citi Bank deal has received approval from the Competition Commission of India. Axis Bank has decided to acquire Citibank’s India consumer business from Citibank N.A. and the NBFC consumer business from Citicorp Finance (India).
United Spirits
The company reported a massive 419 per cent year-on-year growth in consolidated profit at Rs 261.10 crore for the quarter ended June 2022, aided by strong operating performance and topline growth. Revenue increased by 15.6 per cent YoY to Rs 7,131.3 crore in the same period.
KEI Industries
The company reported a 54 per cent year-on-year growth in consolidated profit at Rs 103.76 crore for June 2022 quarter, driven by strong operating performance and topline. Revenue during the quarter stood at Rs 1,565.41 crore, a 54 per cent growth compared to Rs 1,017.56 crore in the same period last year.
Ethos
The company recorded a significant growth of 1,430 per cent in consolidated profit at Rs 12.80 crore for the June 2022 quarter against Rs 0.84 crore in the same period last year, led by healthy operating performance and topline. Revenue at Rs 173.56 crore grew by 95 per cent over Rs 88.94 crore during the same period last year.
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