Tata Chemicals, IndusInd Bank shares surge up to 11% post q4 results; Here is what brokerages say on these counters

Shares of Tata Chemicals and IndusInd Bank rose up to 11% post strong q4 earnings in intraday trade on the BSE on Monday.  

The Tata group company has reported a 221 jump in Consolidated PAT from continuing operations for the year FY2022 stood at Rs. 1,400 crore. Tata Chemicals consolidated income from operations for the year FY2022 stood at Rs 12,622 crore, up by 24%. The company had also announced a of Rs 12.50 per share.  

At 10.20 am, share of Tata Chemicals were locked in 11% upper circuit at Rs 1046.65 per share on back of strong q4 numbers.  

Brokerage house raised FY23/FY24 EBITDA estimate by 5% each on robust operating performance across key geographies, however, maintained a neutral rating.  

"Factoring the strong operating performance in 4QFY22, We maintain our Neutral rating with a SoTP-based TP of Rs 1,045/share," said the brokerage. 

Meanwhile, shares of IndusInd Bank rose nearly 3% to Rs 1025.95 apiece on the BSE afte the company reported a growth of 51.2 percent year-on-year in its consolidated profit after tax (PAT) of Rs 1,400.5 crore as compared to Rs 926.07 crore profit registered during the same period last year.  

IndusInd Bank has reported a good set of numbers, said LKP Securities post q4 results. "We believe the bank has made adequate provisioning against potential stress and expect credit cost normalization to begin. Thus, we have a positive outlook on the bank with BUY rating," it said.