MRF hits 52-week high & More on Today’s Market

MRF hits 52-week high on as Q1 profit soars 376%

MRF Limited hit a 52-week high on August 3 after the company reported a 376 percent year-on-year (YoY) increase in its net profit for the June quarter at Rs 588.75 crore.

At 2.15 pm, the stock was quoting at Rs 1,05,500 apiece, up by Rs 2910.80, or 2.84 percent on the NSE.

Today’s rise in the stock price of MRF, India’s most expensive stock, comes after a period of nearly three months of consolidation. The stock has the second-highest P/E of 36.27x amongst its peers.

In its results for Q1FY24, the company reported a 13.06 percent YoY increase in revenue from operations at Rs 6,440.29 crore.

Mahindra Finance disbursements rise 12% in July

Mahindra & Mahindra Financial Services has reported overall disbursements of Rs 4,400 crore for July, indicating a growth of 12 percent on-year.

"Healthy disbursement trends in the current period have led to business assets at Rs 88,100 crore, a growth of 6.4 percent over March 2023 and 28 percent over July 2022," the company said in an August 2 exchange filing.

The collection efficiency for the NBFC was at 96 percent for July 2023, compared to 95 percent a year back.

At 9:45am, the stock was quoting at Rs 290.95 on the NSE, lower by 0.7 percent from its previous close.

Central Bank trades flat post appointment of new CRO

Shares of Central Bank of India dropped nearly 1 percent in trade on August 3, post the appointment of a new Chief Risk Officer. At 12:09 pm, the Central Bank stock was trading 0.97 percent lower at Rs 29.85 on BSE.

Bhaskar Gorugantu has been appointed as Chief Risk Officer of the public sector lender with effect from August 3. Ashwini Kumar Shukla is ceased to be the Chief Risk Officer of the bank with effect from August 2 on completion of his tenure.

Public sector lender Central Bank of India on July 17 reported a net profit of Rs 418.4 crore for the April-June 2023 quarter, a jump from Rs 235 crore in the corresponding period last year. The bank's gross non-performing asset (GNPA) also improved to 4.95 percent from 8.44 percent last year. The lender's net NPA stood at 1.75 percent, improving from 1.77 percent in the corresponding quarter last year. This is the on back of improvements in asset quality and increase in net interest margins of the bank.

Mankind Pharma soars 9%

Mankind Pharma soared 9 percent in the early trade on August 3, a day after the company reported a stellar set of numbers for the April-June quarter.

The drugmaker's net profit surged 66.4 percent on year to Rs 486.9 crore. The bottomline was also supported by a robust increase in topline as revenue rose 18.3 percent on year to Rs 2,578.6 crore. The drugmaker clocked a revenue of Rs 2,180 in the base quarter.

At 9.28 am, Mankind Pharma was trading at Rs 1,835 on the National Stock Exchange, 5.5 percent higher from the previous close.

Conclusion

In conclusion, the Indian stock market closed lower on August 3, with the Sensex and Nifty ending in the red for the second consecutive day. The sell-off was broad-based, with all sectoral indices closing lower. However, amidst the bearish trend, MRF Limited stood out as it hit a 52-week high after reporting an impressive 376 percent year-on-year increase in net profit for the June quarter. In other market news, Mahindra & Mahindra Financial Services reported a 12 percent YoY growth in disbursements for July, showing positive signs of business growth and collection efficiency. Meanwhile, Central Bank of India witnessed a slight dip in its stock price following the appointment of a new Chief Risk Officer.

While the overall market performance was bearish, specific companies demonstrated strong financial performance, which is encouraging for investors. As with any market, it's essential to keep a close eye on developments and company-specific news to make informed investment decisions.

Source - Moneycontrol