Apollo Tyres rolls down 5% & More on today’s Market

Indiabulls Real Estate falls

On the afternoon of August 11, Indiabulls Real Estate's trading saw a 2 percent decline as it reacted to the news of a loss amounting to Rs 679.5 crore in the June quarter, marking a significant expansion from the Rs 52 crore loss in the same period the previous year. This increase in loss was primarily attributed to an exceptional charge of Rs 629 crore, which was included in the financial results to account for the outstanding amount from Clivedale Overseas Limited, a UK-based firm controlled by the former promoters of Indiabulls Real Estate, as clarified in an investor presentation. The company's financial performance has been characterized by consecutive quarterly losses since December 2021, except for Q2FY23. In Q1FY24, the company managed to achieve a 29.2 percent Year-over-Year growth in revenue, reaching Rs 195.8 crore. However, the Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss expanded to Rs 57.7 crore, compared to Rs 36.3 crore in the same period the previous year.

Zydus Lifesciences Q1 results

On August 11, Zydus Lifesciences announced an impressive 109 percent surge in its consolidated net profit, reaching Rs 1,086.9 crore during the April-June quarter of the fiscal year 2023-2024. This substantial growth marked a significant contrast from the net profit of Rs 518.3 crore recorded in the same period of the preceding year. The company's revenue for the quarter also demonstrated a noteworthy increase, totaling Rs 5,139.6 crore, which stood at a remarkable 29.6 percent higher than the Rs 3,964.3 crore in the corresponding quarter of the previous fiscal, as stated in an official exchange filing. These figures surpassed CNBC TV-18's expectations of Rs 880.7 crore for net profit and Rs 5,075.8 crore for revenue. Zydus Lifesciences, headquartered in Ahmedabad, reported a robust earnings before interest, taxes, depreciation, and amortization (EBITDA) figure of Rs 1,503.3 crore, marking a significant rise from Rs 833 crore in the same period of the prior year. Additionally, the company's EBITDA margin saw substantial growth, climbing from 20.5 percent in the year-ago quarter to 29.3 percent.

Hero MotoCorp shares skid even after Q1 net zooms over 32%

Despite announcing a robust 32.1 percent year-on-year rise in net profit to reach Rs 824.7 crore for the first quarter ending on June 30, 2023, shares of Hero MotoCorp Limited faced a 1 percent decline, settling at Rs 3,009 by 10 am on August 11. The premier two-wheeler manufacturer in the country surpassed CNBC-TV18's predictions by reporting a total revenue of Rs 8,767 crore during the reviewed period, as opposed to the Rs 8,392 crore recorded in the corresponding period of the previous fiscal year. This disclosure was made through an exchange filing on August 10.

Apollo Tyres rolls down 5%

Around 10:50 am on August 11, Apollo Tyres Limited experienced a significant decline of more than 5 percent in its shares, reaching Rs 413, despite announcing strong financial results for the April-June quarter. The prominent tire manufacturer disclosed a remarkable twofold increase in consolidated net profit for the first quarter, totaling Rs 397 crore, attributed to robust sales across various markets. Interestingly, while both Apollo and CEAT encountered negative returns in the past month, MRF managed to maintain a positive trajectory with a gain of 4 percent.

Conclusion

In conclusion, the Indian stock market faced a downward trend on August 11, with both the Nifty 50 and Sensex closing lower by 0.59% and 0.56% respectively, while the Nifty Bank index declined by 0.77%. This decline was attributed to a mix of factors including concerns about rising inflation, global economic recession worries, and the cautious stance of the Reserve Bank of India. Among the notable market developments, Indiabulls Real Estate observed a 2 percent decline in trading following news of a significant loss in the June quarter, largely attributed to an exceptional charge. Conversely, Zydus Lifesciences reported an impressive 109 percent surge in consolidated net profit during the April-June quarter, accompanied by substantial revenue growth and an increased EBITDA figure. Despite a robust 32.1 percent YoY rise in net profit for the first quarter, Hero MotoCorp's shares experienced a 1 percent decline. Similarly, Apollo Tyres faced a substantial decrease of over 5 percent in its shares despite strong financial performance. As market volatility persists, investor attention remains directed towards global market cues.

Source - Moneycontrol