Sensex falls 123 pts as investors book profit in RIL, banks, auto stocks

The broader markets, however, outperformed the frontline indices with the BSE MidCap and SmallCap indices adding 0.06 per cent and 0.34 per cent, respectively.

9:23 AM

Earnings Reaction :: ITC trades in the green

> The company reported a 28.6 per cent YoY growth in standalone profit at Rs 3,013.5 crore for Q1FY22, partly driven by low base in the year-ago quarter.

9:22 AM

Result Impact :: RIL trades marginally higher

> Mukesh Ambani-led Reliance Industries reported a consolidated net profit of Rs 12,273 crore for the three months ended June 30, 2021 (Q1FY22), down 7.2 per cent from Rs 13,233 crore posted in the same period last year (Q1FY21). However, last year's June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 per cent growth in adjusted profit after tax over last year's Rs 8,267 crore.

 

9:20 AM

Sector Watch :: Bank, financial stocks bleed

9:19 AM

Sensex Heatmap | Top gainers & losers at opening tick

9:18 AM

First Trade :: Nifty tests 15,800

9:17 AM

OPENING BELL :: Sensex slides 150 points

9:07 AM

COMMODITY CHECK

9:06 AM

Sensex Heatmap | Top gainers & losers in pre-open trade

9:05 AM

Nifty tops 15,900 in pre-open session

9:04 AM

Pre-open session :: Sensex rises 140 points

9:02 AM

Kotak Securities on ITC

Reco: BUY | TP: Rs 275

ITC’s 1Q print was on expected lines – (1) cigarette revenues declined 13% qoq impacted by the second wave of Covid. The management has called out faster recovery of volumes as compared to the first wave with most markets returning to normalcy, and (2) FMCG grew 10% yoy (~5% LFL excluding Sunrise Foods); EBIT margin at 4.7% was decent in the context of steep RM inflation. ITC offers a combination of decent growth, dividend yield and inexpensive valuation. We maintain estimates, roll over and revise FV to Rs 275 (Rs257 earlier).

9:01 AM

Kotak Securities on ICICI Bank

Reco: BUY | TP: Rs 770

ICICI Bank reported a solid ~80% yoy earnings growth on the back of 60% yoy decline in provisions. The bank has reported solid loan growth (17% yoy) and healthy NIM (3.9%), leading to 23% yoy operating profit growth. Slippages were high but from segments where the time for recovery is fast and recovery rates are likely to be high (secured loans). ICICI Bank is well-positioned in this leg of the cycle and closer to delivering best-in-class returns.

8:59 AM

Kotak Securities on RIL

Reco: ADD | TP: Rs 2,260

RIL’s EBITDA was in line with our expectations in 1QFY22 as better-than-expected delivery by O2C, Jio and upstream businesses, was offset by a significant Covid-related impact on the retail segment. Robust additions to Jio’s subscriber base and growth in the new commerce business were encouraging, while the unrelenting pace of capex remained an area of concern. We raise FY2022-24E EPS by 3-4% for below-EBITDA changes and retain ADD with a revised FV of Rs2,260 on rollover.

8:56 AM

Top stocks to watch today

ICICI Bank: The private sector lender reported a 78 per cent YoY rise in standalone net profit at Rs 4,616 crore for June quarter compared with Rs 2,599 crore in the same quarter last year.

 

ITC: The company reported a 28.6 per cent YoY growth in standalone profit at Rs 3,013.5 crore for Q1FY22, partly driven by low base in the year-ago quarter. READ MORE

8:54 AM

Sharekhan on Biocon

Reco: BUY | TP: Rs 470

We retain Buy on the stock of Biocon with an unchanged price target (PT) of Rs. 470.

Q1FY22 was a weak quarter and results missed estimates. Performance was impacted due to 2nd wave of Covid in India.

Growth outlook across all the business is strong with Biologics segment expected to be the key growth driver. In the near term interchangeability status for Semglee and approval for bAspart, if received could be the key triggers

After a weak performance in Q1FY22, management has shared a promising growth outlook which augurs well from a growth perspective.