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Equity benchmark indices continued to fall for the second day running on Tuesday. The BSE Sensex benchmark fell 282.85 points to open at 55,483.37 while the broader index, NSE Nifty declined 88.8 points to open at 16,542.20. 

Amid the declining markets, here are two blue-chip stocks that analysts are bullish on after they posted their Q1 results for an upside of up to 35%. 

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Reliance Industries Limited 

The shares of Reliance Industries were trading up by 0.61% at Rs 2,435 levels till 12.30 pm on Tuesday. The stock has been volatile for some time now and has shed more than 2.3% in a month. The stock has given approximately 17% return in a year. 

The decline is mainly because the company’s quarterly results failed to meet the expectation of Dalal street. However, analysts remain bullish on the stock and call this a buying opportunity for the long-term bulls. 

The company reported strong numbers for the first quarter of FY23. The oil-to-telecom giant’s revenue for the quarter jumped by 54.54 percent to Rs 2,23,113 crore from Rs 1,44,372 crore in the same quarter last year. 

It saw a 6.29 percent year-on-year (YoY) surge in consolidated net profit at Rs 17,955 crore this quarter compared with Rs 12,273 crore in the corresponding quarter last year. 

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Research firm Morgan Stanley has kept an overweight rating on the stock with a target at Rs 3,253 per share which represents an upside of 35% from the current levels. 

Reliance Industries Limited is an Indian multinational conglomerate that has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. 

UltraTech Cement Limited 

The shares of UltraTech Cement Limited were up by 1% and trading at Rs 6,446 levels till 12.30 pm on Tuesday. The stock has been on an uptrend for some time now and has gained more than 15% in a month. 

The large-cap company reported revenue of Rs 15,163.98 crore in Q1FY23 which was higher than Rs 11,829.84 crore which is reported in Q1 of FY22. 

Its net profit stood at Rs 1,582 crore for the quarter ended June 2022 which is 7.45 percent lower than Rs 1,700 crore which it earned in the same quarter of last year. 

ICICI Securities has a ‘Buy’ call on UltraTech Cement with a target price of Rs 8500 which represents an upside of 33% from the current levels.

UltraTech Cement Limited, a part of Aditya Birla Group is an Indian cement company. It is the largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement in India with an installed capacity of 116.75 million tonnes per annum. 

Written by – Anoushka Roy

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