Daily Snippets – 26 July 2022

• The domestic equity benchmark ended with losses amid selling across sectors, with investors worried about a big rate hike by the US Federal Reserve.
• The Fed’s meeting, which is expected to maintain its aggressive rate hike of 75 bps, weighed on recession fears, especially in western markets.

?Bajaj Finserv to consider stock split and/or bonus issue Bajaj Finserv surged 5.58%. The company said its board will consider a stock split and/or bonus issue of equity shares on 28 July 2022. On the same day, the board will also consider the unaudited financial results for the quarter ended 30 June 2022.

?Bajaj Auto net profit climbs 11% The stock price was down over 2 percent after the company declared its Q1 earnings. Tajaj Auto registered a net profit of ₹1,173 crore in the quarter ending June 30, 2022 (Q1FY23) compared to ₹1,061 crore of the same quarter last year – recording a growth of 11%. However, Q1 PAT declined by 20% from ₹1,469 crore in the preceding quarter.

?Tech Mahindra profit slides 16% yoy The IT services company on July 25 reported a 24.8 percent sequential decline in profit at 1,132 crore for the quarter ended June 2022 due to pressure in margin performance amid wage hikes and an increase in travel and visa costs.  Jefferies has maintained “hold” rating on the stock. The revenue growth was slightly ahead of estimates.

• Sterlite Power awaits favourable equity markets for Rs. 1,250 crore IPO.
• Gujarat Polysol Chemicals get SEBI’s go ahead to float IPOs.
• PKH Ventures get SEBI’s go ahead to float IPOs.