Top Gainers, Losers: Bajaj Auto jumps on better Q3 results; analyst suggests buy on SBI, despite 4% drop

The stock markets plunged over 1 per cent on the monthly expiry day after starting flat. The benchmark indices drifted lower as the session advanced. The BSE Sensex and NSE Nifty50 settled at 60,205.06 and 17891.95 levels, respectively.

Banking & financial services stocks lost most amid selling pressure. They were followed by energy and realty counters.

The broader indices such as Nifty Mid and Small Cap 100 too traded in tandem with the trend and shed in the range of 1-1.5 per cent today.

Here are some of the blue-chip stocks that saw big moves on January 25:

Bajaj Auto

Bajaj Auto shares closed as a top Nifty gainer on Wednesday. The counter was up around 1.5 per cent to Rs 3740 per share on the NSE. The Two-wheeler maker reported higher-than-expected December quarter results on a year-on-year (YoY) basis today.

The company’s profit grew by 23 per cent YoY to Rs 1,491 crore and revenue from operations was up 3 per cent YoY to Rs 9,315 crore in Q3FY23. While the auto major registered muted performance sequentially. Kotak Institutional Equities give Reduce rating on stock with Rs 3600 per share target.

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Hindustan Unilever (HUL)

Hindustan Unilever shares ended as a top Sensex gainer on Wednesday. The counter jumped over 1 per cent to Rs 2628 per share on the BSE.

With raw material in softening phase, the royalty increase will not pinch much but will limit the margin expansion of HUL, as per HDFC Securities analyst Varun Lohchab. He added the demand pick-up will be gradual while margin recovery will be faster.

Valuing the stock on 47x P/E on Dec-24E EPS, HDFC Securities maintained a REDUCE rating with a target price of Rs 2,400 per share.

State Bank of India (SBI)

State Bank of India shares closed as a top Sensex loser on Wednesday. The stock tumbled over 4 per cent to Rs 568.80 per share on the BSE.

“We expect SBI to deliver over 17 per cent RoE aided by growth build-up, contained credit cost, and improving margin profile. Absence of treasury knock is likely to support operating profit growth of 27 per cent YoY and 12 per cent QoQ,” ICICI Securities analyst Kunal Shah said in his expectations.

The brokerage maintained a Buy rating with a target price of Rs 612 per share.

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