Till the afternoon on Friday, the BSE Sensex was up by 360.75 points or 0.61% at 59563.65, and the Nifty 50 had inched up 89.30 points or 0.51% to be at 17653.30.
Amid the rising market, here are two large-cap stocks that brokerages are bullish on post their quarterly results for an upside of up to 33%:
IndusInd Bank Limited
The shares of IndusInd Bank were trading marginally lower at Rs 1,151 levels till the afternoon on Friday. In the past month, the stock has shed approximately 6 per cent but so far this year it has gained 27percent YTD.
In Q2FY22, the company reported a total Net Interest Income of Rs 4,302 crore which is an increase of 18 per cent Year on Year (YoY) from Rs 3,658 Crores in Q2FY21. On a sequential basis, their Net Interest Income rose by 4 per cent to Rs 4,125.26 Crores.
Their net profit jumped by 57 per cent to Rs Rs 1,805.22 crore in the quarter under review from Rs 1146.73 Crores in the year-ago period. On a quarter-on-quarter basis, their net profit grew by 11 per cent up from Rs 1,631.02 crore.
Global brokerage Jefferies has a ‘Buy’ tag on IndusInd Bank shares with a target price of Rs 1,530 which represents an upside of 33% from the current levels.
IndusInd Bank Limited is an Indian bank that offers commercial, transactional, and electronic banking products and services.
UltraTech Cement Limited
The shares of UltraTech Cement were trading 1.5 per cent higher at Rs 6,394 levels till the afternoon on Friday. So far this year, the stock has declined by approximately 17 per cent YTD.
In Q2FY22, their revenue increased by 16 per cent to Rs 13,893 crore up from Rs 12,017 crore in Q1FY21. Compared to the previous quarter, their revenue declined by 8 per cent from Rs 15,164 crores.
In the quarter under review, the company reported a 42 per cent decline in its consolidated net profit at Rs 759 crore for the quarter that ended September 30, 2022, from Rs 1,310 crore in the year-ago period. In the previous quarter, their profit stood at Rs 1,581 crores.
Brokerage firm HDFC Securities has a ‘Buy’ call on UltraTech Cement with a target price of Rs 7,615 which represents an upside of 20% from the current levels.
UltraTech Cement Limited, part of the Aditya Birla Group, is the largest cement manufacturer in India. It is the only company in the world to have a capacity of over 100 million tonnes in a single country, outside of China.
Written by Anoushka Roy
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