Stocks in focus today: Market to remain range bound with positive bias driven by results from index heavyweights. Bajaj Auto, Tata Consumer Products, Bajaj Finance, and Maruti Suzuki are among the stocks to watch on Wednesday, Apri 26, 2023.
Share Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty 50 opened lower on Tuesday, and traded nearly flat. Financial shares trade with gains, while chemical share trade in the red. Investors await more of financial results from India Inc for domestic cues, with Bajaj Auto and Tata Consumer due to post their earnings later in the day. Nestle reported its quarterly numbers earlier in the day.
Two-wheeler maker Bajaj Auto on Thursday reported a 1.6 per cent year-on-year (YoY) growth in standalone net profit at Rs 1,332.07 crore for March quarter of FY21 (Q4FY21). The same was Rs 1,310.3 crore in the year-ago period. On a quarterly basis, the profit tumbled 14.4 per cent from Rs 1,556.3 crore. On a consolidated basis, the profit grew 14.5 per cent to Rs 1,551.28 crore from Rs 1,353.99 crore logged in March quarter of FY20. The revenue of the firm, however, clocked a 26.11 per cent improvement over previous year’s revenue of Rs 6,815.9 crore and stood at Rs 8,596.10 crore. Sequentially, it was down 3.5 per cent from Rs 8,909.9 crore. The numbers were in-line Street estimates which was factoring-in nearly 25 per cent growth in revenue led by a double digit increase in sales volume. Global brokerage Nomura, for instance, expected revenue to grow 25 per cent YoY to Rs 8,528.2 crore led by volume growth of 23 per cent YoY and price hikes of nearly 1.5 per cent QoQ. On t