Analyst bullish on Sun Pharma, Piramal Pharma up 13.5 percent post Q4 results
Written by - Fisdom Research
May 25, 2023 4 minutes
Daily Snippets Date: 25th May 2023
SENSEX 61,873 (+0.16%)▲
NIFTY 18,321 (+0.20%)▲
The key equity indices ended with small gains on Thursday, with the Nifty closing above the 18,300 level.
Gains were capped due to negative global cues.
The market was volatile throughout the day, due to expiry of May 2023 futures and options (F&O) contracts.
Shares of real estate, FMCG, and consumer durables were in demand.
Shares of public sector banks and healthcare stocks were under pressure.
The Dow Jones index futures were down 119 points, indicating a weak opening in the US stocks today.
Markets in Europe and Asia declined on Thursday, following a downward revision to gross domestic product (GDP) in Germany and concerns over the U.S. debt ceiling.
The Bank of Korea held its benchmark interest rate steady at 3.5%, in line with expectations.
US stocks fell on Wednesday as investor concerns over the debt ceiling mounted. Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch, citing ongoing debt ceiling negotiations.
Federal Reserve officials were divided on the need to raise interest rates, with a decision to increase rates at the next meeting ultimately hinging on upcoming data releases.
Stocks in Spotlight:
The Life Insurance Corporation of India (LIC) has identified profitable growth as its primary objective. In line with this objective, LIC intends to cultivate a portfolio of high-margin products that will be actively promoted. By focusing on products with favorable profit margins, LIC aims to sustain its growth trajectory and enhance its financial performance. This strategic approach underscores LIC’s commitment to maximizing profitability while meeting the evolving insurance needs of its customers.
Investors welcomed the impressive earnings recovery of Piramal Pharma as the company’s shares surged by 13.5 percent. The drugmaker showcased remarkable financial performance in the quarter ending on March 31, 2023, with its highest margin and revenue recorded in FY23’s fourth quarter. After experiencing a net loss of Rs 90 crore in Q3, Piramal Pharma made a substantial turnaround, reporting a net profit of Rs 50 crore during the reviewed quarter
Sun Pharmaceutical Industries is anticipated to report impressive growth figures for the quarter ending March 2023, primarily propelled by its specialty business and strong sales in the domestic market. Additionally, the company is expected to benefit from the sales of the generic version of Revlimid, a medication prescribed for the treatment of multiple myeloma, in the US market.
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