Market this week 21-1-2022

Market this week 21-1-2022
  • Prestige Estates Projects reaches a 52-week peak in quarterly sales and collections.
  • The share price of Maruti Suzuki has dropped after a multinational brokerage maintained its ‘sell’ rating, implying a 25% drop.
  • Rakesh Jhunjhunwala sells 0.81 percent of his Jubilant Ingrevia stock.
  • Tatva Chinta Pharma is down over 9% at the open due to a drop in margins.
  • The stock of Bhansali Engineering has dropped 10% as a result of poor third-quarter results.

Prestige Estates Projects reaches a 52-week peak in quarterly sales and collections.

Prestige Estates Projects’ stock rose 8% intraday to a 52-week high of Rs 553.40 after the company reported record quarterly sales for October-December.

The company reported sales of Rs 4267.6 crore, up 111 percent year on year, and quarterly revenues of Rs 2431.6 crore, up 70 percent year on year.

Sales were a record Rs 7113.4 crore in the nine months to December, with collections at Rs 5,005.4 crore, up 97 and 51 percent year on year. Today, the BSE Realty index increased by almost 1% to 4,134.43. It’s down almost 70% from its all-time high of 13,848.09 set in 2008.

The share price of Maruti Suzuki has dropped after a multinational brokerage maintained its ‘sell’ rating, implying a 25% drop.

The shares of Maruti Suzuki India plummeted more than 2% in the morning session of January 18 after CLSA maintained its sell recommendation on the stock. At 10:18 a.m., the stock was trading at Rs 8,028.50, down Rs 236.20 or 2.86 percent. It traded at a high of Rs 8,255 and a low of Rs 7,992.20 during the day.

The stock has a ‘sell’ recommendation from a worldwide brokerage firm, with a target price of Rs 6,420 per share, a drop of roughly 25% from the current market price. According to the research group, automotive safety standards are expected to be strengthened, with six airbags being essential in cars. The cost of vehicles will rise by Rs 16,000 if airbags are added, with Maruti being the hardest hit. Hatchbacks and entry-level sedans account for 70% of its domestic sales.

Rakesh Jhunjhunwala sells 0.81 percent of his Jubilant Ingrevia stock.

According to the December quarter shareholding pattern report on the BSE, ace investor Rakesh Jhunjhunwala sold 1.3 million shares in Jubilant Ingrevia Ltd, reducing his position in the business by 0.81 percent.

According to today’s share price, Jhunjhunwala sold shares for Rs 79.44 crore. The stock of Jubilant Ingrevia is currently trading at Rs 616 per share, down 3.3 percent. Jhunjhunwala now owns 50 lakh shares in the company, or a 3.14 percent interest.
Jhunjhunwala reduced his ownership in the company for the second quarter in a row. He sold 1.21 million shares in the September 2021 quarter. Jubilant Lifescience received NCLT clearance in December 2020 for its demerger proposal to split its pharma and LSI (Life Science Ingredients) operations into two distinct entities. Specialty intermediates, nutritional goods, and life science chemicals are all part of the LSI business. Jubilant Ingrevia was the name given to it when it was placed on stock exchanges.

Tatva Chinta Pharma is down over 9% at the open due to a drop in margins.

Tatva Chintan Pharma Chem Ltd’s stock fell more than 9% in the first hour of trading on Tuesday after the company reported a sequential drop in sales and operating margins for the December quarter.
Intraday, the shares fell to Rs 2597.05. The stock was trading at Rs 2655 on the BSE at 9.20 a.m., down 7.4 percent from its previous close.

In the December quarter, the company recorded Ebitda margins of 27.26 percent, down from 31.31 percent the prior quarter. Ebitda was Rs 28.53 crore, down 26.87 percent from the previous quarter. From 25.64 percent a quarter earlier, the net profit margin has dropped to 21.79 percent.

According to analysts, the drop in operating margins was caused by an increase in input expenses. Consumption costs increased by 6% quarter over quarter, but they increased by almost 66 percent year over year. The company’s net profit for the period was Rs 22.81 crore, down 29.62 percent from the previous quarter, while revenue fell 15.33 percent to Rs 104.67 crore.

The stock of Bhansali Engineering has dropped 10% as a result of poor third-quarter results.

Bhansali Engineering Polymers’ stock dropped more than 10% intraday on the BSE on January 17 to Rs 160.25 after the business revealed dismal results for the quarter ending December 2021.

Bhansali Engineering Polymers’ consolidated net profit fell 44.4 percent to Rs 75.7 crore in Q3FY22, down from Rs 136.3 crore the previous quarter. The company’s revenue fell 17% to Rs 341.5 crore in the December 2021 quarter, down from Rs 411.3 crore the previous quarter. Consolidated EBITDA was down 47% to Rs 97.7 crore, while the margin was down 28.6% year on year.

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