Market this week 19-8-2022

Market this week 19-8-2022

Shares of Bharat Gears are up 17% as the board considers issuing bonus shares.

The morning of August 17 saw a 17 percent increase in the price of Bharat Gears’ stock as the company’s board was expected to discuss issuing bonus shares.

On August 19, 2022, the finance committee of the board of directors of Bharat Gears will meet to discuss the issuance of bonus shares to the company’s shareholders via capitalization of reserves.

The “Trading Window” for dealing in the company’s shares for promoters, directors, key managerial personnel, designated persons, and connected persons shall be closed from August 16 until the period ending 48 hours after the date of receipt of trading approval for the bonus shares from the exchanges, in accordance with the Code for Prevention of Insider Trading read with the SEBI (Prohibition of Insider Trading) Regulations, 2015.

As Macquarie analyst Suresh Ganapathy upgrades the stock, LIC rises.

After upgrading the stock following its June quarter earnings, Suresh Ganapathy of Macquarie Capital Securities increased the price of Life Insurance Corporation of India (LIC) shares by more than 3% on August 16.

According to Macquarie, the stock’s upgrade from “neutral” to “outperform” was motivated by the scrip’s low value. The brokerage firm reduced its price objective by 15% to Rs 850 to reflect the company’s discounted valuation as a result of government ownership, but now expects less upside in the stock than in the past.

The life insurance behemoth’s 2021–22 enhanced disclosures, according to brokerage company Macquarie, also contributed to an upward revision of its embedded value and value of new business (VNB) predictions. The embedded value of a life insurer serves as a representation of its corporate value, which is significant in determining what its shareholders would receive if the company were to be sold.

Shares of Hero MotoCorp increase as Q1 profits increase by 131% to Rs 590 crore.

After the firm released stronger results for the quarter ending in June 2022, Hero MotoCorp’s share price increased in the early hours of trading on August 16.

Hero MotoCorp announced on August 12 that its consolidated net profit for the first quarter ended in June 2022 increased by 131% to Rs 590 crore from Rs 256 crore the previous year.

Sequentially, the profit decreased by 3.4 percent from the Rs 611 crore earned between January and March. Compared to the same quarter last year, the combined income increased by 54 percent to Rs 8,448 crore from Rs 5,503 crore. In comparison to the previous quarter’s revenue of Rs 7,497 crore, the revenue is up 12.7% sequentially.

Shares of Shriram City Union Finance are sold by Dynasty Acquisition (FPI) Ltd. for Rs. 447 crore.

In open market transactions on Friday, Dynasty Acquisition (FPI) Ltd sold 22,37,001 shares of Shriram City Union Finance Ltd for Rs 447 crore.

According to bulk deal data made available by the two exchanges, the business sold 12,85,734 shares on NSE and 9,51,406 shares on BSE for an average price of Rs 2,000 each.

In total, the trades are worth Rs 447.42 crore. Dynasty Acquisition (FPI) Ltd owned 20.12% of the company as of the end of June. Shriram City Union Finance shares dropped 5.26% to settle at Rs 1,887.60 a share on the BSE. On the NSE, it dropped 4.74 percent to Rs 1,896.

Following strong results in the June quarter, Apollo Tyres shares reached a five-month high and increased by 9%.

Thanks to the company’s quarterly results scorecard that was released over the previous weekend, Apollo Tyres’ share price increased by as much as 9% intraday on August 16 and reached a higher level than it had in more than five months.

The stock reached its highest level since March 2021 and closed at Rs 250.15 on the NSE, a 6% increase. In fact, it has eclipsed the October 2021 swing high. It had a gap-up opening on last Tuesday and, after forcefully breaching the lengthy downward-sloping resistance line abutting March 3, 2021, October 18, 2021, and January 18, 2022, established a sizable bullish candlestick pattern on the daily charts with substantial volumes.

Despite increasing input costs, Apollo Tyres increased its consolidated profit by 49% year over year to Rs 190.7 crore for the quarter ended June FY23. This was made possible by strong topline performance. The tyre manufacturer was also helped by the low base because the second Covid wave had an impact on Q1FY22 earnings. The bottom line saw a 68 percent increase sequentially.

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