

Adani Ports & SEZ, Titan Company, Tata Motors, Bajaj Auto and Apollo Hospitals were among Nifty stocks that jumped post Q3 results. Some of these stocks have managed to hold on most of those gains till February 16. Tata Steel, UltraTech Cement, Hindustan Unilever and Divi's Labs remained some Nifty stocks that fell following their December quarter results.
In case of Adani Ports, its December quarter results came on February 7. The scrip rose 8.3 per cent on February 8. The stock has cut those gains, but is still up 4.3 per cent since earnings.
Shares of Titan Company went up by 6.7 per cent post earnings on February 2. This stock has extended gains to 9.3 per cent till Thursday. Tata Motors gained 6.3 per cent tracking its better-than-expected quarterly earnings on January 25. The scrip is holding on to the gains and is up 5.4 per cent since Q3 results.
Bajaj Auto (up 5.9 per cent post Q3 earnings), Apollo Hospitals (up 5.1 per cent), Britannia Industries (up 4.6 per cent) and Bajaj Finance (up 4.5 per cent) also jumped following their Q3 results. Among these stocks, Bajaj Finance has extended gains to 11.7 per cent. Apollo Hospitals is up 8.8 per cent, Bajaj Auto 5.1 per cent and Britannia 4.6 per cent since then.
On the flip side, shares of Tata Steel fell 5.1 per cent following its December quarter results on February 6. The scrip has cut losses, but is still down 4.6 per cent since quarterly earnings.
Shares of UltraTech Cement went down by 4.6 per cent post earnings on January 21. This stock has recovered fully as of Thursday's closing. Divi's Labs fell 3.8 per cent tracking its less-than-expected quarterly earnings on March 3. The scrip has recovered fully.
Britannia Industries, Coal India, NTPC, Reliance Industries and JSW Steel were some of the results that came ahead of Elara Securities in terms of adjusted PAT. The biggest miss came from Tata Steel, Hindalco Industries, Divi’s Laboratories, Apollo Hospitals and ONGC.
“Reliance Industries, Axis Bank, Britannia Industries, State Bank of India, and Housing Development Finance saw the highest FY23 PAT upgrade, with Apollo Hospitals, Divi’s Laboratories, Hindalco Industries, UPL, and JSW Steel posting the sharpest FY23 PAT downgrade,” the brokerage said.
Market outlook
Kotak Institutional Equities said it sees a period of further consolidation in the Indian market given rich valuations of ‘growth’ stocks across consumption, investment and outsourcing sectors, high likelihood of earnings downgrades in the discretionary consumption sectors and low probability of interest rate cuts over the next 3-4 quarters.
The December quarter net income for Nifty50 was marginally below expectations, it said.
“We believe, sustained strength in earnings will continue to provide downside protection to the markets, even as FIIs’ country rotation to China, relatively rich valuations (12m forward P/E at 18X) and ongoing liquidity withdrawal pose headwinds. While this could keep markets range-bound for some more quarters, expect a back-ended recovery in markets,” said Elara Securities.
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