Market this week 8-7-2022

Market this week 8-7-2022

On strong Q1 results, the share price of Bajaj Finance increases. See what the brokerages have to say

posted improved results for the June 2022 quarter. In the first quarter of FY23, Bajaj Finance saw the highest-ever quarterly growth in its client base of 2.7 million, and new loans booked during the period totaled 7.4 million, up from 4.6 million a year earlier.

By June 30, 2022, the core assets under management (AUM) had increased by 31% year over year to about Rs 2,04,000 crore from Rs 1,56,115 crore. As of June 30, 2022, its capital adequacy ratio (CRAR) was 26.2 percent.

The company invested Rs 2,500 crore during the quarter in equity shares of Bajaj Housing Finance Ltd., one of its wholly owned subsidiaries. The company’s deposit book increased by 22% year over year to about Rs 34,100 crore from Rs 27,972 crore.

Shares of SpiceJet decrease by 2%

its aircraft have been experiencing technical issues recently. The airline’s stock fell 2.33 percent to settle at Rs 37.65 a share on the BSE on July 5, when its flight to Dubai was diverted to Karachi due to a fuel indicator malfunction.

The stock, which opened at Rs. 38.50, reached a low of Rs. 37.45 during the day. It achieved a 38.95 rupee intraday high throughout the session. The carrier’s stock has a 52-week low of Rs. 37.15.

The 30-share benchmark Sensed fell little over 100 points to settle at 53,134.35 points on July 5, putting the overall market in the red.

Strong loan growth in the June quarter propels Yes Bank higher.

After the lender revealed significant growth in lending operations for the three months ending in June, Yes Bank’s stock price increased on July 5. The loan book of the State Bank of India subsidiary increased by 3.1 percent quarter over quarter and 14 percent year over year in the reported quarter, demonstrating the robust demand for loans in the economy.

Additionally, the lender’s deposits increased 18.3% annually to Rs 1.93 lakh billion. On a sequential basis, however, the same fell by 2%. Despite indications of the potential addition of strategic investors like Brookfield and BlackRock to the bank as it attempts to further bolster its capital base, the lender’s stock has lagged the Nifty Bank index thus far in 2022.

JPMorgan criticises ONGC as its shares decline further following a windfall tax.

Oil & Natural Gas Corporation (ONGC) shares continued to slump on July 4 after plummeting more than 13% on Friday as a result of brokerage firm JPMorgan India downgrading the stock following the implementation of the new windfall tax.

Investors were taken aback on Friday when the government increased the country’s crude oil output excise levy by $240 per tonne. The implementation of the special tax follows the recent surge in global crude oil prices to levels not seen in eight years.

JPMorgan, a brokerage firm, lowered the stock’s recommendation from ‘buy’ to ‘neutral’ and lowered its price objective from Rs 185 to Rs 155 because it expects future profit estimates to be sharply reduced. The set extra tax, according to the brokerage, has a significant negative impact on the stock. Given that the tax is a fixed amount rather than an ad valorem tax that is based on the actual sales of the corporation, analysts feel that it will place a significant financial burden on ONGC.

On strong Q1 results, the share price of Bajaj Finance increases. See what the brokerages have to say

After the company released stronger results for the quarter that ended in June 2022, Bajaj Finance’s share price increased in the early trading hours of July 6. In the first quarter of FY23, Bajaj Finance saw the highest-ever quarterly growth in its client base of 2.7 million, and new loans booked during the period totaled 7.4 million, up from 4.6 million a year earlier.

By June 30, 2022, the core assets under management (AUM) had increased by 31% year over year to about Rs 2,04,000 crore from Rs 1,56,115 crore. As of June 30, 2022, its capital adequacy ratio (CRAR) was 26.2 percent.

The company invested Rs 2,500 crore during the quarter in equity shares of Bajaj Housing Finance Ltd., one of its wholly owned subsidiaries. The company’s deposit book increased by 22% year over year to about Rs 34,100 crore from Rs 27,972 crore.

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