This pharma stock rallied 13% post Q1 earnings; here’s what brokerages advise
Shares of Torrent Pharma jumped 13 percent on Friday after the pharmaceutical company reported a strong set of numbers in the June-quarter amid a challenging environment. Brokerage firms are also positive on the stock post the Q1 numbers.
The stock rose as much as 13 percent to Rs 2,754.90 per share on BSE. The stock has jumped over 47 percent in 2020 so far and added 16 percent in July.
Pharma companies have been in the spotlight during this pandemic with the major firms focussing on developing COVID-19 treatments. The Nifty Pharma outperforming all major indices and benchmarks, up 37 percent as compared to a 9 percent fall in Nifty in 2020 YTD. Read more here
Earnings Update: SBI’s shares surge over 4 percent to Rs 194.20 per share on the NSE after the public lender reported 16 percent surge in net interest income and a 81 percent rally in its net profit for the quarter ended June 30. Net NPAs came down to 1.88 percent as against 2.23 percent last quarter. Provisions against bad loans also improved, came in at Rs 9,420 crore, down 19% YoY.
SC bars BS-IV vehicle registration till further notice
In a big move on Friday, the Supreme Court barred the registration of BS-IV vehicles till further order. It also said that something “fradulent” may have taken place.
The Justice Arun Mishra-led bench also expressed anger over large number of BS-IV vehicles sold in March 2020.
The apex court had recently recalled its March 27 order, which allowed the sale of BS-IV vehicles for 10 days across India. It had permitted automobile manufacturers to sell 10 percent of the unsold BS-IV vehicles to make up for the six-day loss amid the nationwide lockdown on March 25.
“Do not take advantage of this court by playing fraud”, the bench had warned earlier also while hearing the matter via video conference.
Moreover, the court had made it clear on October 2018 when it said that no BS-IV vehicles will be sold or registered in India from April 1, 2020.
There are many people who purchased BS-IV vehicles in December last year could…
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