Daily Snippets – 5 August 2022

The Markets Today in a nutshell

• The domestic equity benchmark ended modest gains.
• IT, banks and financial services stocks were in demand. On the other hand, auto, consumer durables and media stocks were under pressure. Weak European shares put pressure on domestic shares. Meanwhile, the Reserve Bank of India (RBI) increased the interest rate by 50 basis points to 5.4% and retained the FY23 GDP growth forecast at 7.2%.

Day Leader Board

Capital Flows

News you could use

👉Titan reports one of the highest profits
Titan Company reported a steep rise in its Q1 FY23 net profit at Rs 793 crore compared with Rs 61 crore in the same quarter last year. Total income for the quarter was Rs 8,649 crore, a growth of 199%, compared to Rs 2,890 crore of Q1 FY22 (excluding bullion sale). The company recorded one of the highest profit before taxes (PBT) of Rs 1,066 crore for the quarter in comparison to Rs 82 crore in Q1 FY22.

👉M&M fell 2 percent; Miss analyst estimates
M&M reported a 67 percent year-on-year rise in net profit at Rs 1,430.2 crore for the quarter ended June, missing analysts’ estimate of Rs 1,556 crore. It reported a 67 percent year-on-year rise in revenue from operations at Rs 19,612.6 crore, which was in line with Street’s expectations.

👉Gujarat Gas declines after CLSA retains ‘sell’ rating
The company rolled out its June quarter earnings, missing profit estimates. CLSA has maintained a sell rating on the stock and has cut target price. The brokerage firm is of the view that eight percent miss on net profit was due to lower margin and volume while two percent volume miss was led by industrial and residential business.

News from the IPO world🌐

• Startup unicorns eyeing IPOs talk tech with India’s top mutual funds.
• Infurnia Holdings files DRHP to raise Rs. 38.2 cr via IPO.
• Bharat Pe profitability in 10 months, IPO in 2 year.
   

Numbers📈 that matter