- ITC gets a thumbs up from global brokerages as the government keeps tobacco levies in place, with a potential upside of up to 30%.
- Sun Pharma shares are slightly higher on Budget Day, following an increase in Q3 profit; brokerages expect a 27 percent gain.
- In the December quarter, Britannia Industries’ stock price increased as sales increased.
- CLSA enhances Reliance Industries’ rating and raises its target price, causing the stock to rise nearly 2%.
- On the back of strong Q3 earnings, Laxmi Organic Industries has locked in the upper circuit.
ITC gets a thumbs up from global brokerages as the government keeps tobacco levies in place, with a potential upside of up to 30%.
ITC stock rose slightly in the morning session on February 2, a day after Finance Minister Nirmala Sitharaman’s Budget for the fiscal year 2022-23 maintained levies on cigarettes and other tobacco goods unchanged.
Because the cigarette or tobacco business accounts for more than 40% of the company’s sales, the Street is always wary of the stock in the run-up to the Budget, fearful of a tax hike.
Sitharaman, on the other hand, made no modifications to the tax code, which analysts said was a good thing for the ITC. At 09:52 a.m. on the BSE, the stock was trading at Rs 230, up Rs 2.30, or 1.01 percent. It has traded between a high of Rs 233 and a low of Rs 229.50 during the day.
Sun Pharma shares are slightly higher on Budget Day, following an increase in Q3 profit; brokerages expect a 27 percent gain.
The stock of Sun Pharmaceutical Industries rose in the morning session on February 1, a day after the business announced its December quarter results.
The pharmaceutical company’s overall net profit increased by 11% to Rs 2,058.80 crore in the December quarter. It generated a net profit of Rs 1,852.50 crore in the same period previous year.
The company’s consolidated net sales climbed 11.41 percent year over year to Rs 9,814.17 crore. The total cost increased by 12% to Rs 7,829.38 crore. Operating EBITDA margin fell to 17.12% in the quarter, down from 20.43 percent the previous quarter and 20.97 percent a year ago.
In the December quarter, Britannia Industries’ stock price increased as sales increased.
After the business announced its December quarter earnings last week, Britannia Industries’ stock gained 3% intraday to Rs 3,629.95.
Britannia Industries announced a total net profit of Rs 371 crore for the third quarter ended December 2021 on January 28, down 19% from Rs 456 crore the previous year.
In the preceding quarter, the company had a post-tax profit of Rs 384 crore. One of the country’s oldest biscuit manufacturers recorded consolidated income from operations of Rs 3,575 crore, up 13% from Rs 3,165 crore the previous year. The previous quarter’s revenue was Rs 3,607 crore.
CLSA enhances Reliance Industries’ rating and raises its target price, causing the stock to rise nearly 2%.
On January 31, the share price of Reliance Industries (RIL) rose about 2% intraday to Rs 2,374.35 after global research company CLSA improved the rating and target price.
Reliance Industries’ rating has been upgraded to ‘buy,’ with the target price hiked to Rs 2,955 from Rs 2,850. “The company is presently within 15% of our cautious value after a dramatic drop,” the rating agency said. “It’s at a fantastic price to play its long-term potential across various major India topics.”
Reliance Industries announced a consolidated profit after tax (PAT) of Rs 18,549 crore for the quarter ended December 2021 on January 21, up 42 percent from Rs 13,101 crore a year earlier. In the September 2021 quarter, the corporation had a profit of Rs 13,680 crore
On the back of strong Q3 earnings, Laxmi Organic Industries has locked in the upper circuit.
After posting strong quarterly earnings in Q3FY22, specialty chemical maker Laxmi Organic Industries got stuck in a 5% upper circuit on February 2.
With a market capitalization of Rs 12,596.49 crore, the stock began and closed at Rs 477.75 on the BSE, up 5%. Laxmi Organic has risen 267 percent from its issue price of Rs 130 a share, making it one of the biggest gainers among the firms that debuted on the bourses in 2021.
The chemical company’s consolidated profit increased by 82 percent year over year to Rs 82.1 crore in the quarter ending December 2021, owing to strong performance in two segments: acetyl intermediates (AI) and speciality intermediates (SI).
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