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Dalal Street snapped a two-day losing trend to end nearly 1% higher, led by gains in index heavyweights ahead of the US Fed’s rate decision scheduled later in the day. The Sensex jumped 0.99% and the Nifty 50 index rose 0.96%.
The Nifty Midcap 100 increased 1.11% and the BSE Smallcap edged up 0.38%.
Top Nifty sectoral gainers were Pharma [2.33%], Media [2.12%], PSU Bank [2.01%], IT [1.68%] and Bank [1.07%]. All other Nifty sectoral indices ended in the green.
Indian rupee fell 12 paise to 79.90 against the US dollar on Wednesday.
Stock in News Today
Maruti Suzuki India (MSI): The carmaker’s standalone net income jumped to Rs 1012.8 crore in Q1FY23, from Rs 440.8 crore in Q1FY22. Its consolidated revenue increased to Rs 26,499.80 crore in the quarter under review, as against Rs 17,770.7 crore in the year-ago period. The company posted an EBITDA of Rs 1,912.1 crore in Q1FY23, compared with Rs. 821.1 crore in Q1FY22.
India’s largest car manufacturer sold 467,931 units of vehicles during the quarter ending June 2022, as against 353,616 units sold in the same period last fiscal.
Bajaj Finance: The company reported a consolidated net profit of Rs 2,596 crore in Q1FY23 as against Rs 1002.44 crore in the year-ago period. Total income rose to Rs 9,283 crore in the reported quarter, compared with Rs 6,743.25 crore in the corresponding quarter last year. Gross NPA fell 1.25% during the reported quarter, compared with 1.6% in the fourth quarter of FY22.
Laurus Labs: The pharmaceuticals company company said its consolidated revenue rose 20% to Rs 1,539 crore in Q1FY23, from Rs 1,279 crore in the corresponding quarter last fiscal. Its net profit rose 4% to Rs 251 crore in Q1FY23, as against Rs 241 crore in the same period of FY22. The company’s EBITDA increased 15% to Rs 454 crore in the reported quarter, from Rs 395 crore in the year-ago period.
GAIL: The state-owned company has approved one bonus share issue for every two held. The issuance is subject to approval of shareholders at the AGM, which is scheduled for August 26.
Genesys International: Shares of engineering and IT solutions provider closed 5% higher after the company announced partnership with Google. Both the companies have joined hands to launch Google Street View across India. Genesys is one of the first firms that introduced street imaging maps in India and the company plans to cover all of urban India street imaging over the next 12 months, spanning over 1 million kilometres.
V-Guard: The electrical manufacturer said its Q1FY23 standalone net income nearly doubled to Rs 54.02 crore, from Rs 24.63 crore in the year-ago quarter. Its revenue climbed to Rs 1,009.64 crore in the quarter under review, from Rs 560.72 crore in the year-ago period. Its EBITDA stood at Rs 84.16 crore in Q1FY23, as against Rs 46.22 crore in the same period last year.
Sanofi India: Shares of the company fell more than 3% after it reported Q1FY23 results. The pharma company’s consolidated net profit fell 33% YoY to Rs 120.4 crore in Q1FY23, from Rs 178.3 crore in the year-ago period. Its revenue fell 11% to Rs 699.3 crore in the reported quarter, from Rs 789.1 crore in the same quarter last fiscal. The company’s EBITDA fell 35% YoY to Rs 161.10 crore, compared with Rs 247.1 crore in Q1FY22.
The company also announced one-time special dividend of Rs 193 per share of Rs 10 each for the financial year ending December 31, 2022. The company has fixed August 8 as the record time for the payment of special interim dividend.
Sansera Engineering: Shares of the company closed 7.45% lower after the company said, in an exchange filing, an earlier order awarded by a North American OEM was cancelled.
Zomato: The online food delivery platform has allotted nearly 4.66 crore shares to its employees from its employee stock option plan (ESOP) pool at the face value of Rs 1 per equity share and the entire allotment is worth around Rs 200 crore.