Maruti Suzuki India
and Bajaj Auto
from automobiles, Tata Consultancy Services (TCS) and Infosys from IT, YES Bank
and Kotak Mahindra Bank and Hindustan Unilever (HUL) and Asian Paints from consumption sector have outperformed the Sensex by gaining 6% to 9% during this period.
Reliance Industries, Mahindra & Mahindra (M&M), Wipro, Housing Development Finance Corporation (HDFC) and HDFC Bank were up 3% to 5%.
As regards Maruti, analysts at Edelweiss expect the company to report a year-on-year growth of 27% in revenues driven by volume growth of 24% YoY and favorable mix.
"We expect operating margins to expand 50bps sequentially to 14.9% as benefits of favorable mix and lower staff costs are likely to offset higher commodity costs," they said in a results preview note.
However, Sun Pharmaceutical Industries was the top gainer in the Sensex pack, with the drug maker surging 20% during this period. On June 12, Sun Pharma
company announced the resolution of regulatory compliance issues at Halol plant, which was served a warning letter by US Food and Drug Administration (USFDA) in December 2015. No new products manufactured at the facility have been approved since September 2014 when it
received adverse observations from the US regulator.
Meanwhile, YES Bank
gained 4% to Rs 367 on Monday, and has rallied 9% in past three trading sessions, after the bank said that it
has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (SEBI) to commence its mutual fund business.
"YES has had two favorable developments - last night its credit rating was upgraded to 'AAA' for the first time by CARE Ratings, and a few days back it
received a licence from SEBI to run a mutual fund. The former benefits incremental borrowing cost by about 30-40 bps and helps the bank compete on better terms and could be NIM-accretive, while the latter is another cog in the wheel in its retail journey. Retain Buy with a price target of Rs 440," write Nilanjan Karfa and Harshit Toshniwal of Jefferies in a report.