Market this week 15-4-2022

Market this week 15-4-2022
  • Jefferies maintains its ‘buy’ rating on Infosys ahead of Q4 earnings.
  • Glenmark Pharma’s stock rose after the DCGI approved a clinical trial for a “novel” small molecule.
  • The stock of Hindustan Aeronautics has risen to a 52-week high after the company submitted the lowest bid for an ISRO project.
  • Cholamandalam Investment reaches a 52-week high thanks to improved results.
  • After receiving positive feedback from brokerages, Jindal Steel & Power has reached a 52-week high.

Jefferies maintains its ‘buy’ rating on Infosys ahead of Q4 earnings.

The stock of Infosys surged 1% in early trading on April 13 as the firm prepares to release its fourth-quarter earnings later today.

In the quarter ended March, Infosys is expected to report a 15-20 percent increase in consolidated profit after tax and a 24 percent increase in consolidated revenue. When the Bengaluru-based firm announces its results on April 13, it is expected to make a profit of Rs 5,950 crore on revenue of Rs 32,700 crore.

In the quarter ending March 2021, Infosys made a profit of Rs 5,076 crore on revenue of Rs 26,311 crore. Revenue was Rs 31,867 crore and profit was Rs 5,809 crore in the three months ended December 2021.

Glenmark Pharma’s stock rose after the DCGI approved a clinical trial for a “novel” small molecule.

On April 11, Glenmark Pharmaceuticals’ stock rose more than 1% intraday after the firm acquired approval from the Drug Controller General of India (DCGI) for a Phase 1 clinical trial of a “novel” small chemical.

Glenmark Pharmaceuticals announced that the Indian drug regulator, the Drug Controller General of India (DCGI), has given its subsidiary Glenmark Specialty S.A. (Glenmark) permission to conduct a Phase 1 clinical trial of its novel small molecule, GRC 54276, a hematopoietic progenitor kinase 1 (HPK1) inhibitor.

GRC 54276 is one of many unique compounds developed by Glenmark’s resident Innovative Medicines Group, led by Chief Scientific Officer Dr. Nikhil Amin, who specialises in the development of novel molecular entities for important unmet medical needs.

The stock of Hindustan Aeronautics has risen to a 52-week high after the company submitted the lowest bid for an ISRO project.

The stock of Hindustan Aeronautics rose 3% intraday on April 11 to a 52-week high of Rs 1,669 after it was chosen as the lowest bidder to build five Polar Space Launch Vehicles (PSLVs) for the Indian Space Research Organisation (ISRO).

The Hindustan Aeronautics and L&T consortium has won the contract to build five Polar Space Launch Vehicles (PSLVs) for the Indian Space Research Organization (ISRO).

HAL is the principal partner, with L&T contributing equally to the project. Other vendors will participate in the consortium’s launch vehicle manufacturing as well. The deal, however, has yet to be formalized or awarded.

Cholamandalam Investment reaches a 52-week high thanks to improved results.

Cholamandalam Investment and Finance Company rose 9 percent intraday to a 52-week high of Rs 749.10 on April 8 after the company reported improved business figures for the March quarter and the fiscal year ended FY22.

Cholamandalam Investment and Finance Company’s disbursements for Q4 FY22 were about Rs 12,718 crore, up from Rs 8,071 crore in Q4 FY21, representing a 58 percent increase, and for FY22 were roughly Rs 35,489 crore, up from Rs 26,043 crore, representing a 36 percent increase.

In Q4FY22, disbursements in the auto finance industry increased by 43% to around Rs 8,785 crore, and by 26% in FY22 to around Rs 25,439 crore .In Q4FY22, loan against property business disbursements increased by 57% to about Rs 1,870 crore, and in FY22, they increased by 53% to roughly Rs 5,536 crore.

After receiving positive feedback from brokerages, Jindal Steel & Power has reached a 52-week high.

After Kotak Institutional Equities reiterated a buy call on Jindal Steel & Power (JSPL) and lifted the target price from Rs 565 to Rs 700 per share, the stock rose more than two percent intraday on April 11 to a 52-week high of Rs 577.70.

On full ramp-up, the coal blocks, with a capacity of 15 million tonnes per annum, may save Rs 1,500 per tonne. By the end of the fiscal year 2025, the company expects to have increased its steel capacity by 85 percent. Strong growth visibility is driving the re-rating.

In the last three months, Jindal Steel & Power has returned 45 percent, compared to two percent for the Nifty. Despite the stock’s quick rise, we remain bullish on it due to the company’s near-debt-free B/S, excellent development pipeline (63 percent capacity increase by fiscal year 2025), and considerable value addition from coal blocks bought at low prices.

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