The market snapped a four-day losing streak and closed with seven-tenth of a per cent gains on July 15, aided by positive global cues. Auto, financial services, FMCG, and HDFC group stocks supported the market. The BSE Sensex rallied 345 points to 53,761, while the Nifty50 rose 110.5 points to 16,049.
HeidelbergCement India, Nelco, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Housing Corporation, Onward Technologies, Sudal Industries, Tanfac Industries will be in focus ahead of quarterly earnings on July 18.
Stocks to Watch
The country’s largest private sector lender reported a 19% year-on-year growth in standalone profit at Rs 9,196 crore for the quarter ended June 2022, led by fall in provisions for bad loans. Net interest income rose 14 percent YoY to Rs 19,481.4 crore, driven by loan growth of 22.5 percent and deposits increase of 19.2%. Pre-provision operating profit increased 14.7 percent YoY to Rs 15,367.8 crore during the quarter.
The state-owned defence company clocked a 1,401 percent year-on-year growth in consolidated profit at Rs 366.33 crore for the quarter ended June 2022, driven by strong operating income. The base was low in year-ago quarter due to second Covid wave. Revenue in Q1 grew by 90.5 percent to Rs 3,140.6 crore compared to corresponding period last fiscal.
ICICI Prudential Life Insurance Company
The insurance company swung to a standalone profit of Rs 155.7 crore in quarter ended June 2022, against loss of Rs 185.73 crore in same period last year. Net premium income grew by 4.3 per cent to Rs 6,884.2 crore compared to same period last year.
The company posted a wider net loss of Rs 48.3 crore for the quarter ended June 2022, against loss of Rs 3.5 crore in same period last year, driven by other income which stood at Rs (-60) crore for the quarter due to mark-to-market (MTM) losses on treasury portfolio owing to significant increase in bond yields (135-150 bps QoQ for 2-3 year AAA bonds) during the quarter. Operating revenue at Rs 185.6 crore grew by 12.2 per cent YoY in Q1FY23.
The Mumbai-based real estate company reported a five-fold year-on-year increase in Q1FY23 profit at Rs 403.48 crore as against Rs 80.81 crore in same period last year. Revenue tripled to Rs 934.81 crore from Rs 294.77 crore during the same period, and EBITDA surged nearly four-fold to Rs 513.87 crore from Rs 135.39 crore in the same period.
Jindal Steel & Power
The steelmaker reported 23 per cent year-on-year decline in Q1FY23 adjusted profit at Rs 1,929 crore on lower operating profit, partially offset by lower finance costs. Funds from JPL divestment further strengthened company’s balance sheet with consolidated net debt declining further by Rs 1,149 crore in Q1FY23 to end the quarter at Rs 7,727 crore. Consolidated gross revenues increased 26 per cent YoY to Rs 14,738 crore during the quarter. The numbers adjusted for one-off forex gain of Rs 446 crore.
Medplus Health Services
The company has incorporated a wholly-owned subsidiary namely, MedPlus Insurance Brokers. The subsidiary will carry on the business of direct insurance broking business in life and general insurance, and all kinds of guarantee and indemnity business.
The digital cable TV service provider reported a 69 per cent year-on-year decline in consolidated profit at Rs 12.71 crore in the quarter ended June 2022, dented by lower revenue and weak operating performance. Revenue fell 6.5 per cent YoY to Rs 283.36 crore in Q1FY23.
L&T Technology Services
The engineering services company clocked a 27 percent year-on-year growth in Q1FY23 profit at Rs 274 crore, while revenue grew by 23 per cent YoY to Rs 1,874 crore during the quarter. The revenue in dollar terms increased 20 per cent YoY to $239.5 million and topline in constant currency grew 20 percent YoY. During the quarter, LTTS won a $50 million plus deal.