4 Factors Why Stock Markets Surged, Bajaj Auto's June Quarter Performance, and Buzzing Stocks Today

Fri, 23 Jul Pre-Open

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Indian share markets ended on positive note yesterday.

Benchmark indices snapped their three-day losing run and closed over 1% higher yesterday, as signs of a strong corporate earnings season and expectations that the central banks will stick to a dovish stance, at least in the near-term, lifted demand for risky equities.

At the closing bell yesterday, the BSE Sensex stood higher by 639 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 192 points (up 1.2%).

JSW Steel and Tech Mahindra were among the top gainers.

Hindustan Unilever and Asian Paints, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up 1.5%.

Sectoral indices ended on a positive note with stocks in the telecom sector, metal sector and engineering sector witnessing most of the buying interest.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 47,410 per 10 grams at the time of closing stock market hours yesterday.

Here are 4 Factors That Helped the Market Rally

Positive Global Cues: Major global markets rose yesterday and the positive sentiment spilled to the Indian bourses too.

Asian stocks climbed on Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups.

The Hang Seng and the Shanghai Composite ended the day up by 1.8% and 0.3%, respectively.

The Nikkei ended up by 0.6%.

US stock futures were trading higher yesterday.

Bond Yields: Yields climbed partly due to positive corporate earnings, as investors largely overlooked apprehension about the Delta coronavirus variant and inflation and bought risky assets.

June Quarter Earnings in Line: The June quarter earnings are broadly in line with analysts' estimates.

Asian Paints excellent numbers indicate that there are pockets of business coming out with flying colours in these pandemic times.

The country's largest fast-moving consumer goods company Hindustan Unilever (HUL) today reported 9.6% growth on its net profit at Rs 20.6 bn for the April-June quarter on a year on year (YoY) basis.

Bajaj Auto and UltraTech Cement delivered strong set of numbers for the first quarter of the financial year 2022.

Sectoral Gains: Market participants bought shares across the board with metal, telecom and banking- all indices witnessing strong gains yesterday.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains why natural gas prices will follow crude oil downwards, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Gland Pharma.

Shares of Gland Pharma rallied 8% on the BSE yesterday after the company's net profit jumped 12% year on year (YoY) to Rs 3.5 bn for the June 2021 quarter.

It had posted a net profit of Rs 3.1 bn in the year ago period.

The stock was trading at its highest level since the company listed on the exchanges on 20 November 2020. In the past month, it has outperformed the Sensex by surging nearly 30% as against a 0.4% gain in the index.

The company also reported revenue growth of 3% YoY at Rs 11.5 bn for the quarter compared to Rs 8.8 bn in the June 2020 quarter.

Gland Pharma said the growth in revenue was due to the launch of new products and volume growth in existing products.

The company's key markets such as US, Canada, Europe and Australia registered a growth of 16% YoY driven by the growth of key products such as Micafungin, Enoxaparin, Heparin, Dexmedetomidine.

This accounted for 61% of the total revenue.

On the other hand, India witnessed a 77% YoY growth for the quarter and accounted for 20% of the total revenue.

The rest of the world's markets saw a robust growth of 5% in line with the company's increased focus on geographic expansion. The company also said that its board has approved the appointment of Udo Johannes Vetter as an independent director, with effect from 21 July 2021 for a tenure of five years.

Bajaj auto share price will also be in focus today.

Bajaj Auto's April to June quarter standalone net profit jumped 101.2% year on year (YoY) to Rs 10.6 bn in the first quarter of 2022, on the back of healthy exports and low base of last year.

It had clocked a net profit of Rs 5.3 bn in the previous year period.

Sequentially, the profit slumped 20.3% from Rs 13.3 bn reported in fourth quarter of 2021 as the quarter saw limited economic activity and fewer sales dispatches domestically due to state-specific lockdowns amid the second wave of Covid-19.

On a consolidated basis, the profit after tax (PAT) grew to Rs 11.7 bn from Rs 4 bn YoY but down from Rs 15.5 bn logged in the last quarter of 2021

Separately, the company announced formation of a wholly-owned subsidiary to venture into electric mobility segment.

The company's board of directors at its meeting held today, has approved the incorporation of a wholly owned subsidiary of the company.

The wholly owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the company venture into the manufacturing of electric and hybrid vehicles in the 2-wheeler, 3-wheeler and light 4-wheeler categories.

Wipro to Invest US$ 1 bn in Cloud Services Over Next 3 Years

Bengaluru-based IT major Wipro said that it will invest US$ 1 bn in cloud technologies, capabilities, acquisitions and partnerships over the next three years.

It has also launched Wipro Full Stride Cloud Services to cater to the cloud needs of clients.

The announcement comes days after its CEO Thierry Delaporte alluded to the big announcement during the company's earnings call last week.

Wipro Full Stride Cloud Services is a collaboration between Wipro's Chief Growth Office and existing Global Business Lines to create an integrated and comprehensive cloud transformation capability for customers, partners and cloud experts.

The idea is to work with clients to better align business and IT with the cloud imperative, create significant business value and increase competitive differentiation.

It will also help companies optimise their technology investments in favor of change and innovation.

The company said in a statement,

• This commitment builds on Wipro's existing and extensive cloud business with clients and significantly expands the investment with its partners and hyperscalers, creating industry solutions that accelerate results for mutual clients.

Wipro has seen consistent growth in its cloud business and today employs over 79,000 cloud professionals and more than 10,000 people certified by leading cloud service providers.

Over the past twelve months, Wipro has announced significant cloud-related wins with Telefónica Germany/O2, Verifone, and E.ON in addition to METRO AG, one of the largest deals in Wipro's history.

Glenmark Life Sciences IPO Opens Next Week

Glenmark Life Sciences, the subsidiary of pharma major Glenmark Pharma, will open its initial public offering (IPO) for subscription on 27 July.

The offer will close on 29 July.

This is the 29th public offering to hit the primary markets in the current year 2021.

The price band for the offer has been fixed at Rs 695-720 per equity share.

The IPO comprises a fresh issue of Rs 10.6 bn and an offer for sale (OFS) of 6.3 m equity shares by promoter Glenmark Pharma.

The company has strong market share in select specialized APIs.

About 12 years before Glenmark Life Sciences filed its draft red herring prospectus (DRHP) for an IPO, its wholly-owned entity, Glenmark Generics had filed its draft prospectus and had even received approval from the market's regulator.

But the IPO was eventually cancelled along with other planned issues as the market conditions were not conducive.

Back then, Glenmark Generics housed Glenmark's generics and active pharmaceutical ingredients (API) business. This was eventually amalgamated into the parent firm, reversing the decision to hive off the business in fiscal 2009.

In the same fiscal year, another hive-off was done, but only of the API business into Glenmark Life Sciences.

Once listed, Glenmark Life Sciences will join peers Divi's Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma.

How the IPO of Glenmark Life Sciences sails through remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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