Asian Paints | CMP: Rs 3,145 | The share price shed over 2 percent on October 20 despite the company reporting a 32 percent year-on-year (YoY) growth in consolidated net profit at Rs 803 crore for the quarter ended September 2022, aided by price hikes. Net profit stood at Rs 605 crore in the same quarter last fiscal. Sequentially, the profit declined 22 percent from Rs 1,036 crore recorded in June quarter of FY23. The net profit figure is sharply below analyst expectations of Rs 1,068 crore.
IndusInd Bank | CMP: Rs 1,158 | The stock price declined 5 percent on October 20. IndusInd Bank posted a 57 percent year-on-year rise in net profit this September quarter. Its net profit stood at Rs 1,805.3 crore in Q2FY23 against Rs 1,146.7 crore in Q2FY22. The private lender's net profit rose 10.6 percent quarter-on-quarter (QoQ) from Rs 1,631 crore in Q1FY23. Operating profit has gone up 10 percent year-on-year (YoY) and 3 percent sequentially to Rs 3,554 crore. CLSA has downgraded the stock to outperform with target at Rs 1,400 per share. It is of the view that close to fair multiples and liability improvement will be the key. NIM was largely stable and will improve materially while asset quality improvement continues. Credit costs over the next 12-18 months is not a concern, the brokerage firm said.
Canara Bank | CMP: Rs 259.30 | The stock gained over 4 percent after its September quarter numbers came in ahead of analysts' expectations despite elevated provisions. The public sector lender recorded an 89.5 percent year-on-year growth in standalone profit at Rs 2,525 crore for the quarter ended September FY23, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality.
Delhivery | CMP: Rs 473 | The stock tumbled over 15 percent after the logistics company said it expects moderate growth of shipment volumes for the rest of FY23 due to high inflation, average user spends, and total active shoppers remaining flat or declining during the ongoing festive season. With Delhivery being one of the major players in third-party e-commerce logistics, the company's guidance on flat festive sales and moderate growth in FY23 is expected to have an impact on the outlook for the broader e-commerce segment.
Cigniti Technologies | CMP: Rs 584 | The scrip jumped over 5 percent after the firm posted 87.4 percent jump in its Q1 net profit at Rs 41.5 crore versus Rs 22.2 crore, YoY.
IndusInd Bank | CMP: Rs 1,158 | The stock price declined 5 percent on October 20. IndusInd Bank posted a 57 percent year-on-year rise in net profit this September quarter. Its net profit stood at Rs 1,805.3 crore in Q2FY23 against Rs 1,146.7 crore in Q2FY22. The private lender's net profit rose 10.6 percent quarter-on-quarter (QoQ) from Rs 1,631 crore in Q1FY23. Operating profit has gone up 10 percent year-on-year (YoY) and 3 percent sequentially to Rs 3,554 crore. CLSA has downgraded the stock to outperform with target at Rs 1,400 per share. It is of the view that close to fair multiples and liability improvement will be the key. NIM was largely stable and will improve materially while asset quality improvement continues. Credit costs over the next 12-18 months is not a concern, the brokerage firm said.
Canara Bank | CMP: Rs 259.30 | The stock gained over 4 percent after its September quarter numbers came in ahead of analysts' expectations despite elevated provisions. The public sector lender recorded an 89.5 percent year-on-year growth in standalone profit at Rs 2,525 crore for the quarter ended September FY23, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality.
Delhivery | CMP: Rs 473 | The stock tumbled over 15 percent after the logistics company said it expects moderate growth of shipment volumes for the rest of FY23 due to high inflation, average user spends, and total active shoppers remaining flat or declining during the ongoing festive season. With Delhivery being one of the major players in third-party e-commerce logistics, the company's guidance on flat festive sales and moderate growth in FY23 is expected to have an impact on the outlook for the broader e-commerce segment.
Cigniti Technologies | CMP: Rs 584 | The scrip jumped over 5 percent after the firm posted 87.4 percent jump in its Q1 net profit at Rs 41.5 crore versus Rs 22.2 crore, YoY.
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