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The IT services company reported a consolidated net profit of Rs 1,151 crore for the quarter ended June, which was higher by 4%, compared with Rs 1,106 crore in the same quarter last year. Revenue from operations during the first quarter rose 14% year-on-year (YoY) to Rs 8,702 crore. Both profit and revenue were slightly below the estimates. ET Now poll saw the profit figure around Rs 1,194 crore, while revenue was seen at Rs 8,770 crore.

Singh said that the markets have continued to trade on the theme of the Fed hike in July to be the last rate hike in this tightening cycle. "Participants will construe any weak data to be cementing a possibility of rate cuts early next year.

Sun Pharmaceutical Industries, incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 257424.65 Crore) operating in Pharmaceuticals sector.

The stock quoted a 52-week high price of Rs 3940.0 and a 52-week low of Rs 2575.0.

Largecap stocks that pay high and frequent dividends reward investors with consistent payouts. They also come with less volatility compared with small and midcaps.

The stock rose from Rs 100 as on 13th April 2023 to Rs 127 recorded on 14th July 2023 which translates into an upside of about 27%. The momentum helped the stock to hit a record high of Rs 128.80 on 13th July.

A total of 210,925 shares changed hands on the counter till 10:57AM (IST)

As of 31-Mar-2023, promoters held 0.0 per cent stake in the company, while FIIs held 39.63 per cent and domestic institutional investors had 33.18 per cent.

The brokerage estimates a 10% YoY drop in the bottomline to Rs 16,160 crore, and a 16% fall sequentially. The consolidated revenue may decline 7% YoY and 4% sequentially to Rs 2.08 lakh crore.In the preceding March quarter, the company posted a 19% rise in its net profit at Rs 19,299 crore, while revenue for the same period grew 2% to Rs 2.16 lakh crore.

The banking major is trading in an ascending triangle pattern and nearing the breakout zone of the said pattern. The positive momentum is intact in the stock with parameters like MACD & Relative strength supportive of further up move.