Eicher Motors Up on Strong Q1 Results, Lupin Rises After JPMorgan Upgrade, Cochin Shipyard Gains on Robust Quarterly Performance

Written by - Fisdom Research

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August 9, 2024 3 minutes

Indian markets:

On August 9, Indian equity indices rebounded, recovering from previous losses with a gain driven by buying across various sectors.
All sectoral indices were in the green, with auto, capital goods, IT, power, realty, PSU Bank, and media sectors rising by 1-2 percent.
Broader indices mirrored the main indices’ performance, with the BSE Midcap index increasing by 1 percent and the Smallcap index rising by 0.8 percent.

Asian markets closed mostly higher, with gains led by technology stocks in China and Japan. The Nikkei 225 and Shanghai Composite saw upward movement, driven by positive economic indicators and corporate earnings.
Major U.S. indices are mixed, with the S&P 500 up slightly due to positive economic data and corporate earnings, though rising interest rate concerns are impacting sentiment.
European indices are generally higher, supported by strong corporate earnings and reduced economic worries, with the Euro Stoxx 50 and FTSE 100 showing gains.
Oil prices are trading higher due to supply constraints and geopolitical tensions. Gold prices remain steady as investors seek safe-haven assets amid market uncertainties.
The U.S. dollar is stronger against major currencies, driven by expectations of further rate hikes by the Federal Reserve. The Euro and British Pound have both seen slight declines against the dollar.

Eicher Motors Shares surged nearly 6% after the company reported better-than-expected results for the April-June quarter. The consolidated net profit rose 20% year-on-year to Rs 1,101 crore, driven by favorable commodity prices, inventory benefits, and positive volume growth in the Royal Enfield (RE) segment. Total revenue from operations increased by 10.2% to Rs 4,393 crore, up from Rs 3,986 crore in Q1FY24.

Lupin Shares climbed over 3% after JPMorgan upgraded its rating on the stock to ‘Overweight’ and increased its price target to Rs 2,400, following the company’s strong Q1FY25 results.

Cochin Shipyard Shares rose 3% as investors reacted positively to the company’s strong results for the quarter ended June 2024. The company reported a 77% increase in net profit, reaching Rs 174.2 crore. Revenue from operations surged 62.1% year-on-year to Rs 771.47 crore for the quarter.

FirstCry IPO share allotment likely soon
Saraswati Saree’s Rs 160 crore IPO opens on August 12
Unicommerce eSolutions IPO is likely to be finalized later today or tomorrow morning

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