The BSE Sen climbed more than 2,300 points to 56,072 and the Nifty50 jumped 670 points to 16,719 as all sectors contributed to this rally with IT, banks, capital goods, and metal being prominent gainers. The rally was also seen in the broader space as Nifty Midcap 100 and Smallcap 100 indices gained 3.7 and 4.6 percent respectively.
IndusInd Bank | CMP: Rs 942.45 | The share jumped over 15 percent after the bank reported a 60.5 percent year-on-year rise in net profit at Rs 1,631.1 crore for the quarter ended June, which was above the analyst expectations of Rs 1,423.5 crore. The rise in net profit was helped by a 30 percent on-year fall in provisions as well as a 16 percent growth in net interest income. Foreign broking house Credit Suisse has kept an 'outperform' call on the stock with a target price of Rs 1,150 per share. Jefferies has kept a 'buy' rating on the stock with a target price of Rs 1,250 per share.
Vedanta | CMP: Rs 258.35 | The stock gained over 13 percent after the company announced a hefty second interim dividend. The government’s decision to slash additional excise duty imposed on crude oil production also gave a boost to the stock. Vedanta announced a Rs 19.5 per share second interim dividend that will result in a dividend payout of Rs 7,250 crore. The company’s total dividend payout for 2022-23 is now close to Rs 19,000 crore. The stock also got a boost from the government slashing the fixed special excise duty on crude oil production to Rs 17,000 per tonne from Rs 23,250 per tonne from July 20.
RBL Bank | The scrip rose over 12 percent in the week gone by. The private sector lender reported a consolidated net profit of Rs 208.66 crore in the June quarter as against a loss of Rs 462.25 crore in the year-ago period. The lender had reported a net profit of Rs 164.77 crore in the preceding March quarter. On a standalone basis, post-tax profit came in at Rs 201.16 crore for the reporting quarter. Its core net interest income increased 6 percent to Rs 1,028 crore on a 7 percent growth in advances and net interest margin (NIM) remaining stable at 4.36 percent. The NIM, however, contracted when compared with 5.04 percent registered in the March quarter. During the reporting quarter, the lender saw wholesale advances climbing 22 percent, which included giving loans to clients who had ceased to be on the bank's list after the 2019 consolidation exercise and those who have recovered from the reverses of COVID, executives said.
UltraTech Cement | The stock price was up 11 percent last week. The largest cement manufacturer in India on July 22 reported a 6.8 percent decline in net profit at Rs 1,584 crore for the quarter ended June as against Rs 1,703 crore recorded a year back. On a sequential basis, the profit has gone down 35.6 percent. The company beat Street estimates for both profit and consolidated revenues. The consolidated revenues for the Aditya Birla Group flagship company rose 28.2 percent on-year to Rs 15,164 crore. On a sequential basis, the revenue was marginally lower by 3.8 percent.
L&T Technology Services | CMP: Rs 3422.25 | The share price rose over 10 percent after the firm reported a net profit of Rs 274 crore for the quarter ended June 30, up 27 percent year-on-year. Sequentially the profit was up 4.7 percent. Revenue for the company, which focuses on engineering services, grew 23 percent YoY at Rs 1,873 crore and 6.7 percent sequentially. The company also reaffirmed the FY23 revenue growth forecast of 13.5-15.5 percent. The firm's dollar revenue grew 3.2 percent to $239.5 million and 4.7 percent in constant currency terms. During the quarter, the company won a $50 million plus deal, four $15 million deals, and two deals with TCV of $10 million.
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