Stock Market Update 22 July 2024 | Highlights | Keep Investing and Grow Your Wealth
Share Market Update 22 July 2024
IOB: Earning Alert
Indian Overseas Bank reports 26.5% YoY rise in Q1 net profit to Rs 632.8 crore, driven by strong business momentum.
LICI: Positive Outlook Alert
LIC shares jump 3% to Rs 1143.80 on healthy business outlook and substantial increase in group premiums.
IRCON: Infrastructure Alert
Analysts at InCred Equities and StoxBox have identified IRCON International as a key beneficiary of India's infrastructure investments, with the company showcasing a strong financial performance and robust order book.
POWERGRID: Capex Alert
According to Fisdom, Power Grid Corporation of India Ltd is among the top stocks to watch due to likely increase in capex spending. No specific details were provided.
ITC: Rating Alert
Global brokerage firm Macquaire assigned an Outperform rating on ITC shares, expecting EPS to grow at a CAGR of 11% between FY25 and FY27. Anand Rathi's Head Fundamental Research also recommended ITC as a top Budget pick. Macquaire predict non-cigarette EBIT growth of 30-45% over the next decade for ITC due to strong FMCG and hotel portfolios.
SUZLON: Expansion Alert
Brockerage firm Anand Rathi has maintained its Buy rating on Suzlon Energy, citing the company's significant growth prospects in the wind energy sector. The firm visited Suzlon's Daman plant and expects strong YoY performance for the June quarter. Anand Rathi has increased Suzlon's target price to Rs 58 and value the stock at 35x FY26e PE ratio.
WIPRO: Earning Alert
Wipro reported a Q1FY25 net profit beat but gave a flat sequential growth guidance of -1 to 1%. Nomura maintained its buy call on Wipro citing early signs of discretionary demand recovery. Shares fell the most in over four years due to bleak Q2 earnings outlook.
IOC: Growth and Investment Alert
Indian Oil Corporation aims to become a $1 trillion company by 2047, investing in fossil fuels and clean energy avenues.
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