Daily Snippets – 25 July 2022

• The domestic equity benchmark ended with modest losses.
• Fears of global economic slowdown along with the reaction to a slew of major quarterly earnings dictated the trend in the domestic market. Financials were a pocket of interest with corporate India de-leveraging and a buoyant year last fiscal for several metal companies.

Day Leader Board

? Infosys profit up 3.2% for Q1FY23, Raises revenue guidance  Infosys declined 0.23%. The IT major’s consolidated net profit dropped 5.7% to Rs 5360 crore on 6.8% rise in revenue to Rs 34470 crore in Q1 FY23 over Q4 FY22. On a year on year (YoY) basis, Infosys’ net profit and revenue in Q1 FY23 increased 3.2% and 23.6%, respectively. In dollar terms, the company reported revenues of $4,444 million, registering a growth of 17.5% YoY for the quarter ended 30 June 2022.

? Kotak Mahindra bank misses net profit estimates despite higher core income Kotak Mahindra Bank fell 1.74%. The bank reported 26% rise in standalone net profit to Rs 2071 crore on 19% rise in net interest income to Rs 4697 crore in Q1 June 2022 over in Q1 June 2021. Profit before tax advanced 26.2% year on year to Rs 2,759.67 crore in Q1 June 2022.

? Tata Steel consolidated profit falls 13% yoy On a sequential basis, the PAT witnessed a decline of 20.4 percent from Rs 9,756 crore achieved during the January – March quarter. The performance for the quarter was impacted by the higher pet coke prices which resulted in an increase in operating costs, while the export duty imposed by the Government of India, choked up the exports which had a negative impact on the volumes.

• Zomato share price declined by 11% as IPO lock-in period expires
• Gujarat Polysol Chemicals get SEBI’s go ahead to float IPOs
• PKH Ventures get SEBI’s go ahead to float IPOs