The domestic equity market remained under pressure by midday on July 21 as weakness in heavyweight financial stocks kept the benchmark indices in negative territory despite strong buying in select midcap counters following their June-quarter earnings. The Nifty 50 was hovering around the 24,170 level, while the Sensex was hovering near the 77,440 mark.
Here are the top movers and shakers at this hour:
Karur Vysya Bank
Karur Vysya Bank share price surged more than 11% by midday after the private sector lender reported a strong June-quarter performance, supported by healthy growth in interest income, higher profitability and lower provisions for bad loans. Net profit rose 45% year-on-year to Rs 755.70 crore, while interest income increased 19% to Rs 3,049.42 crore.
Net interest income climbed 31% to Rs 1,423 crore and the bank’s net interest margin improved to 4.34% from 3.86% a year earlier, indicating better earnings from its lending business. Provisions for bad loans declined 23.5% to Rs 90.30 crore during the quarter, helping support the overall earnings performance, although gross non-performing assets edged up marginally to 0.74% from 0.66% a year ago.
CMPDI
Central Mine Planning & Design Institute Ltd. share price climbed more than 7% by midday after the Coal India subsidiary reported a strong June-quarter performance, with higher profitability, improved operating margins and a dividend announcement supporting investor sentiment. Net profit attributable to shareholders increased 53.8% year-on-year to Rs 116.27 crore, while revenue from operations rose 17.6% to Rs 481.37 crore.
Operating EBITDA registered a 62% increase to Rs 168 crore, resulting in EBITDA margin expanding to 34.92% from 25.38% in the corresponding quarter last year. Profit margin also improved to 23.07% from 17.85%. Segment-wise performance remained healthy as planning and designing, exploration and environment businesses reported higher revenue during the quarter, although the geomatics segment witnessed a decline. The broad-based improvement in earnings and margins strengthened confidence that the company’s consulting and technical services business continues to benefit from higher project activity across the mining sector.
Emcure Pharmaceuticals
The share price of Emcure Pharmaceuticals traded in the green, up around 2% by midday after the company announced that its co-marketed semaglutide brand, Poviztra, will now be available for the treatment of non-cirrhotic metabolic dysfunction-associated steatohepatitis (MASH) following approval granted by the Central Drugs Standard Control Organisation. The approval allows the company to offer the new indication through Poviztra, which contains innovator rDNA-origin semaglutide manufactured by Novo Nordisk at its European facility.
UltraTech Cement
UltraTech Cement share price gained nearly 2% by midday after the country’s largest cement producer reported healthy June-quarter earnings, supported by higher sales volumes and continued expansion in revenue and profitability. Consolidated net profit increased 17% year-on-year to Rs 2,599 crore, while revenue from operations rose 16% to Rs 24,648 crore. EBITDA advanced 14% to Rs 5,016 crore.
Paytm
Stock price of One97 Communications Ltd. traded marginally lower by midday after giving up its early gains, even as the company’s June-quarter earnings received a favourable response from several brokerages. The fintech company reported a 28% year-on-year increase in revenue to Rs 2,448 crore, while EBITDA rose 182% to Rs 203 crore and profit after tax advanced 79% to Rs 220 crore, supported by broad-based growth across its payments and financial services businesses.
Goldman Sachs said the company delivered revenue growth ahead of expectations and an EBITDA performance that exceeded its estimates by around 20%, aided by market share gains in both offline and online payments and continued expansion in merchant loan distribution.
Pharma Stocks
Pharma stocks traded firmly higher by midday as buying interest returned to the defensive sector despite weakness in the broader market. The Nifty Pharma index advanced around 1.8%, with Torrent Pharmaceuticals gaining about 3%, Mankind Pharma rising nearly 2%, Cipla adding around 2%, while other frontline pharmaceutical stocks also traded in positive territory. The sector outperformed the broader market as investors preferred companies with relatively stable earnings prospects amid pressure on private banking stocks, elevated crude oil prices and geopolitical concerns.
