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Overweight on financials and banks, underweight on IT sector: Rupesh Patel
"In terms of sectoral positioning, we have significant overweight in on financials in our portfolio, and within that banks and large banks, they are the significant overweight," Rupesh Patel, Nippon India MF said to CNBC-TV18. "If we look at large banks, then in current environment, when interest rates are going up, they have strong CASA franchisee which helps them in terms of their cost of funding. If we look at credit costs, then NPAs of last cycle, they are very well recognized and provided for and broad economic momentum in India seems pretty good and we do not feel that in the near term, there is any risk as far as credit costs are concerned."
However, Patel is underweight on IT Sector. "We generally tend to be underweight on sectors companies, which have global orientation as far as their growth is concerned. So, one sector where we are maintaining we had and we still continue to have underweight position is information technology." Patel said that while these companies did very well in post-COVID world, there are concerns on slowdown or recession in developed world. "IT budgets, there seem to be some uncertainty around that. So, considering the risks involved, this is one sector and I mean generally companies which have which have global orientation we have underweight stance in our portfolios."
Market At Close | Sensex ends 491 pts higher and Nifty50 reclaim 17,300
--Sensex and Nifty end at day's high as financial stocks lead market rebound
--Nifty Bank jumps two percent, Nifty PSU Bank up four percent
--Bajaj Auto gains after reporting better-than-expected results — stock jumps nearly two percent
--ACC reports subdued set of earnings - stock three percent off lows
--City Union Bk, Canara, BoB, Ambuja, Bharat Forge, PNB Top Midcap Gainers
--Navin Fluorine, Vednata, Syngene, Nalco, MGL Amongst Top Midcap Losers
--Oberoi slips five percent, Tata Elxsi over eight percent on weak quarter two earnings, Shree Cements closes in the red but off lows post weak financial results
--Electronics Mart makes a strong debut, closes at Rs 83.7 against an issue price of Rs 59/sh
--Market breadth in favour of declines
We are consistently trying to improvise overall picture of the bank: Shyam Srinivasan of Federal Bank
Federal Bank reported 53 percent rise in net profit at Rs 703.71 crore for the July-September period. Here's what the lender said on its future outlook (Read more)
Shree Cement expects cost pressure to ease only from next year
Shree Cement’s net profit for the July to September quarter fell over 67 percent to Rs 183.24 crore due to higher power and fuel cost, which the cement maker believes will only start to fall at the start of the 2023-2024 fiscal. (Read more)
Buy City Union Bank, Bajaj Finserv, FDC: Himanshu Gupta
Here are some recommendations by Himanshu Gupta of Globe Capital:
-- Buy City Union Bank for a target of Rs 200-202 with a stop loss at Rs 188
-- Buy Bajaj Finserv for a target of Rs 1,760-1,780 with a stop loss at Rs 1,685
-- Buy FDC for a target of Rs 320-325 with a stop loss at Rs 288
Bank of Maharashtra at day's high after reporting Q2 earnings
Anup Engineering reports Q2 earnings
-- Net profit down 17.9 percent at Rs 12.9 crore against Rs 15.7 crore year-on-year
-- Revenue up 14.4 percent at Rs 101 crore vs Rs 89.1 crore year-on-year
-- EBITDA down 9.8 percent at Rs 20.4 crore against Rs 22.7 crore year-on-year
-- Margin at 20.3 percent vs 25.5 percent year-on-year
Oriental Hotel reports Q2 earnings
The company reported a net profit of Rs 11 crore against a loss of Rs 4.8 crore in the year-ago period. Companies revenue rose 69.7 percent year-on-year, and EBITDA stood at Rs 23.3 crore. Margin rose to 26.3 percent vs 8.9 percent in the corresponding period a year ago.
Buy Punjab National Bank, Mphasis: Jay Thakkar
Here are two recommendations by Jay Thakkar of Marwadi Shares and Finance:
-- Buy Punjab National Bank for a target of Rs 38.70 – 39.50 with a stop loss at Rs 35.50
-- Buy Mphasis for a first target of Rs 2,360 and second target of Rs 2,440 with a stop loss at Rs 2,030