A Close Look at the Fortunes of Biocon, Sterlite Technology & Tata Elxsi

5 August 2022
3 mins read
A Close Look at the Fortunes of Biocon, Sterlite Technology & Tata Elxsi

Today let’s look at the performance of some stocks post their trading. Given the volatility of the stock market and its corresponding ups and downs, we’re focussing on the fortunes of three stocks, Biocon, Tata Elxsi and Sterlite Technology.

Get the details here!

Biocon Surge

Morgan Stanley has upgraded this stock of Biocon from overweight to equal weight. The stock has risen over 5% after this broker made the change. They have set a target price of Rs. 465. The last traded value of this stock was Rs. 366.

Previously, Biocon’s stock was down 20% and has gained only 10% over the previous 3 years. However, it looks like things will change soon for this company as Morgan Stanley has revised the target price.

The latest news is that this biotech major has reported a 17.48% increase in consolidated profit for this third quarter, which ended on 31 December 2021.

Shares of Biocon Ltd. traded at a high of 2% on Friday after this company posted strong numbers in its December financials. The stock opened at Rs. 364 and reached a high point of Rs. 371.55. Morgan Stanley believes Biocon is at an inflexion point and is expected to grow.

Tata Elxsi’s Rise

After posting solid numbers for the December quarter, this stock from the Tata stable has hit an all-time high of Rs. 7,170. It hit this number on Wednesday, 19 January 2021.

In addition, the company has released a statement that this quarter revenue grew 33.2%, and the net profit rose 43.5% during this period. Moreover, this company has surpassed the Rs. 200 crores PBT and Rs. 150 crores PAT benchmarks.

Why has there been such firm growth?

It is because of these strides taken in these automotive markets. Several essential deals have taken place with both suppliers and automakers.

Moreover, this company said it was entering the fourth quarter with a firm order book.

Sterlite Tech

The broadband tech firm Sterlite Tech has posted a loss of Rs. 137 crore, causing widespread disappointment among its investors. This company explained that the loss occurred because of the payment of dues to a client. Following the announcement, the stock took a dip of 8%.

Bottom Line

These were some of the news doing the rounds in trading. For more news, stay tuned to Angel One’s blogs.

Source: The Economic Times

Frequently Asked Questions

  1. By what percentage did the Sterlite Tech stock rise last year?
    Ans. This Sterlite Tech stock rose 47% in the last year.
  1. What is the net profit of Biocon Ltd.?
    Ans. Biocon posted a net profit of Rs. 186.6 crores.
  1. What was the revenue posted by research services?
    Ans. Revenue posted by the research services is Rs. 641.4 crores.

Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.