Following the development, global brokerage JP Morgan downgraded the stock from 'overweight' to 'neutral' with a September 2023 price target of Rs 455.
Beginning next week, India Inc will start delivering July to September quarter results for this fiscal year. We delve into what investors should expect from the Q2 earnings season
At 10:59 am; TVS Motor Company's market capitalisation stood at Rs 50,312 crore, the BSE data shows.
Ball-bearing maker expects gains on margin front in the second half of FY23
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Till 09:30 am; a combined 126 million equity shares or 21.56 per cent of Sona BLW total equity changed hands on the BSE (92.24 million) and NSE (33.76 million shares), the exchanges data show.
In the financial year 2022-23 (FY23), the BSE Auto index has outperformed the market by surging 26 per cent
Looking ahead in to Q2FY23, the management expects stable performance across both the domestic and export markets despite uncertainty arising from the macro- economic headwinds.
The company's net profit soared 157.5 per cent YoY to Rs 610.66 crore in Q1FY23, while total income surged 64.4 per cent to Rs 3,446.12 crore.
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The bullishness stems from a positive long-term outlook for automakers
In the past three months, the stock of TVS Motor outperformed the market as it surged 46 per cent, as compared to marginal 0.34 per cent rise in the S&P BSE Sensex.
The demand for MHCV Trucks is expected to increase, driven by pickup in fleet utilization levels and supported by replacement demand in-line with recovery in economic activity and government spending.
Bajaj Auto Q1 review: Auto major Bajaj Auto clocked 8.3 per cent rise year-on-year (YoY) in total revenue from operations to Rs 8,004.97 crore in June quarter results (Q1FY23) on a standalone basis.
Analysts, on average, expect the revenue to fall up to 7 per cent quarter-on-quarter (QoQ) to Rs 7,416 crore in Q1FY23.
Shares of TVS Motor and Eicher Motors have rallied up to 20 per cent each in the last one month as against a 6 per cent rise on the Sensex.
Tata Steel, Power Grid, HCL Technologies, Wipro, Dr Reddy's and Axis Bank were the laggards
Analysts expect 2Ws to reflect strong volumes in Q2FY23 amid strong pent-up demand, and improved mobility in June quarter 2022 (Q1FY23)
CLOSING BELL: Axis Bank, HCL Tech, SBI, Tech M, TCS, Wipro, Infosys, and Ultratech Cement were the top large-cap laggards
Stocks to watch today: Tata Elxsi, L&T Infotech will report their June quarter results 2022 on Thursday July 14; Mindtree posted 37.3 per cent rise in net profit to Rs 471.6 crore for Q1FY23.