Daily Snippets – 1 August 2022

The Markets Today in a nutshell

• The domestic equity benchmark ended with robust gains for fourth straight session.
• Positive global cues and net buying by foreign institutional investors (FIIs) in the past few sessions boosted the sentiment. In July, foreign investors bought $650 million worth of equities, for the first time since October 2021.

Day Leader Board

Capital Flows

News you could use

?Auto stocks rally after July sales data
Auto stocks rose again buoyed by strong monthly sales data. The largest Indian maker of utility vehicles M&M gained after recording 100,000 orders for the all-new Scorpio-N within 30 minutes of the commencement of bookings. The index has been making higher highs and higher lows since mid-May despite volatility in benchmark indices, rising more than 35 percent since March lows.

?Sun Pharmaceutical Industries stock price tanks 3%, Global brokerages remain positive
Sun Pharma reported a 43 percent growth in consolidated net profit at Rs 2,061 crore in the first quarter of the financial year 2022-23 against a profit of Rs 1, 444 crore in the year-ago period. HSBC, Nomura have maintained ‘buy’ rating where as Credit Suisse call remains ‘neutral’.

?IDFC First bank returns to profit
IDFC First Bank zoomed over 13 percent after the lender reported better than expected numbers for the June quarter. The lender on July 30 said its net profit grew to Rs 474 crore in Q1FY23 as against a net loss of Rs 630 crore in the same quarter last year. Its net interest income (NII) grew by 26 percent year-on-year (YoY) to Rs 2,751 crore. Net Interest Margin (NIM) improved to 5.89 percent from 5.50 percent.

News from the IPO world?

• Utkarsh Small Finance Bank files draft papers.
• IndiaFirst Life Insurance IPO likely in March.
• Recently listed eMudhra has rallied 35% in a week; up 33% that its IPO price.

Numbers? that matter