Gainers & Losers: 10 stocks that moved the most on July 21

The equity benchmarks broke their all-time high streaks on July 21, with the Sensex ending 1.31 percent lower at 66,684.26, and the Nifty ending 1.0 percent lower at 19,779.80. About 1,565 shares advanced, 1,721 declined and 116 remained unchanged.

Infosys Ltd. | CMP Rs 1331.60 | Shares of information technology major Infosys plummeted 8 percent on July 21 as the company slashed its FY24 revenue guidance. On top of that, the company’s net profit for the April-June quarter also missed the Street’s expectation, which also fanned the weak sentiment. In a negative surprise for the Street, the IT major slashed its revenue growth guidance for the current fiscal to 1-3.5 percent from 4-7 percent, a cut that was steeper than expected by market participants. The firm cited a challenging macroeconomic environment as the reason behind the cut in guidance. ‘Buy’ calls from analysts on the stock tumbled from 28 to 21 overnight.

PVR INOX Ltd. | CMP Rs 1504.10 | PVR Inox shares were trading 4 percent higher on July 21 as the company launched its 12-screen cinema theatre in South Bengaluru. PVR Inox announced the opening of Superplex featuring the first ICE theatres format in South India at Forum Mall, Kanakapura Road, Bengaluru. The cinema is equipped with the best-in-class theatrical solutions with SP4K Laser projectors, advanced Dolby Atmos audio, and RealD 3D screens.

Persistent Systems Ltd. | CMP Rs 4749.60 | Share price of Persistent Systems fell nearly 6 percent on July 21, a day after the Pune-based IT company reported 9 percent sequential fall in net profit at Rs 228.8 crore for the quarter ended June. Persistent Systems’ revenue in rupee terms grew by 3 percent QoQ to Rs 2,321.2 crore and topline in dollar terms also increased by 3 percent to $282.90 million for the quarter. The topline and bottom line numbers missed Street estimates.

Larsen & Toubro Ltd. | CMP Rs 2586.25 | Shares of Larsen & Toubro (L&T) gained 4 percent on July 21 after the company announced its first share buyback in its history. L&T will discuss a proposal for equity share buyback and a special dividend on equity shares for the financial year 2023-24 during its board meeting on July 25. The stock also reached a new 52- week high of Rs 2595.00 on the same day.

United Spirits Ltd. | CMP Rs 1039.05 | Shares of United Spirits Ltd rose by 6.5 percent on July 21 following the company’s announcement of its financial and operating results for the first fiscal quarter ending June 30, 2023. The stock hit a record high of Rs 1,044 after the company reported a healthy operational performance in June quarter (Q1FY24). Diageo-owned liquor firm United Spirits Ltd (USL) on Thursday, July 20, reported an 82 percent year-on-year (YoY) jump in consolidated net profit at Rs 476.7 crore for the first quarter that ended June 30.

Indiamart Intermesh Ltd. | CMP Rs 3144.80 | Indiamart Intermesh share price surged 8.5 percent on July 21 after the company posted better earnings for the quarter ended June 2023. The company reported a 78 percent year-on-year growth in profit at Rs 83 crore for the June FY24 quarter. Revenue from operations grew by 26 percent to Rs 282 crore compared to the year-ago period, primarily driven by a 16 percent increase in number of paying subscription suppliers. On the operating front, Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter grew by 20 percent to Rs 77 crore YoY. The margin has dropped 200 bps YoY to 27 percent. The company has received board approval for share buyback of up to Rs 500 crore at a price of Rs 4,000 per share. The Indiamart stock also hit a 52-week high of Rs 3355.55 on the same day.

MphasiS Ltd. | CMP Rs 2330.85 | Mphasis shares slipped nearly 1 percent in morning trade on July 21 after the IT services company posted lacklustre results for the first quarter of this fiscal amid global macro headwinds. The Bengaluru-based company’s revenue fell 4.6 percent YoY to Rs 3,252 crore in the quarter ended June, according to an exchange filing on July 20. Net profit declined 1.2 percent to Rs 396 crore from Rs 401 crore in Q1 FY23. EBIT margin was flat at 15.3 percent. New deal wins stood at USD 707 million. By close, the share recovered losses and ended over 5 percent higher.

Union Bank of India Ltd. | CMP Rs 90.35 | Shares of Union Bank jumped 4 percent on July 21 post solid Q1 numbers. Union Bank of India on July 20 reported more than 107 percent on-year rise in its standalone net profit to Rs 3,236.44 crore in the first quarter of the current financial year, as investors were enthused by an improvement in the asset quality, lower provisions and increase in net interest income. The bank’s net profit rose 16.32% QoQ. Net interest income increased 16.6% YoY and 7.14% QoQ to Rs 8,840 crore. Non-interest income surged 38.57% YoY to Rs 3,903 crore but fell sharply over 25% QoQ. Net interest margins reached 3.13% in the June quarter, up 13 bps YoY and 15 bps QoQ. One basis point is one hundredth of a percentage point.

Coforge Ltd. | CMP Rs 4640.30 | Coforge shares gained 4 percent on July 21 following its earnings report for the April-June quarter. Despite challenging macroeconomic conditions, the company maintained its growth guidance for FY24. Mid-cap IT player’s Q1 FY24 revenue increased 2.4% QoQ to Rs 2,221 crore, with net profit growing 43.9% YoY to Rs 165.3 crore, largely due to a lower base from an exceptional expense in the previous quarter, while maintaining the revenue guidance for the year at 13-16%. Brokerage dfirms HSBC, Nomura and Nuvama have given buy ratings for the stock with target prices at Rs 5640, Rs 5300 and Rs 5520 respectively. Jefferies and Motilal Oswal have a neutral stance on the stock with TPs at Rs 4550 and Rs 4460 respectively.

Oriental Hotels Ltd. | CMP Rs 89.50 | Oriental Hotels shares were down 2.5 percent on July 21 after a tepid set of first quarter earnings. On July 20, Oriental Hotels reported a 10 percent increase in net profit year-on-year to Rs 12.2 crore in the April to June quarter. Total revenue for the company also increased 6 percent to Rs 96.79 crore in Q1FY24 as compared with the same period a year before. Earnings Before Income Tax Depreciation and Amortisation (EBITDA), however, remained unchanged at Rs 26.83 crore during the same period.