Bikaji stock price jumps 4 percent on strong Q2 results

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Investors sold stocks post the Reserve Bank of India (RBI)s repo rate hike. Selling was triggered after the RBI slashed its GDP forecast to 6.8% from an earlier estimate of 7% for the current fiscal. The MPC also decided to remain focused on the withdrawal of the accommodative stance to ensure that inflation remains within the target going forward while supporting growth.

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? Bikaji stock price jumps 4 percent on strong Q2 results
The company reported 43.5 percent year-on-year growth in net profit to Rs 40.92 crore. In the same quarter last year, net profit stood at Rs 28.5 crore. Revenue for the quarter grew by 32 percent to Rs 577 crore compared to year-ago period. EBITDA margin came in at 11.4 percent as against 10.6 percent in Q2FY22.

? Foreign investor planning to sell entire stake in HDFC AMC
Abrdn Investment Management, formerly Standard Life Investments, is planning to sell its entire 10.21 percent stake in the company. Consequent to the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory filing. The stock closed 3.7 percent higher today.

? Siemens becomes lowest bidder for electric locomotives
The company said it has emerged as the lowest bidder for 1200 electric locomotives of 9000 HP in Dahod, Gujarat. The cost of the project is reportedly around Rs 20,000 crore. Macquarie has an Outperform call on the stock.

News from the IPO world?

• Abans Holdings sets IPO price band at Rs. 256-270
• Concord Biotech gets SEBI’s approval to float IPO
• SEBI approves IPO of Vaibhav Gems

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