Pre-provision operating profit for the private sector lender stood 48% higher at Rs 611 crore.

Its net interest margin for the quarter was at Rs 4.29%, up 45 basis points year-on-year. Net interest income rose 32% at Rs 765 crore.
The bank has a healthy asset quality with gross non-performing assets ratio being at 0.69%, improved 53 basis points year-on-year.
Its gross advances grew 27% year-on-year to Rs 57306 crore while deposits rose 20% to Rs 64409 crore at the end of June.

Shares of SAP SE jumped Monday morning, climbing 6.77% to $170.86 on the New York Stock Exchange, extending a powerful rebound that began late last week as the German software giant’s strong quarterly results and a newly activated stock buyback program continued to reshape investor sentiment.

The stock added $10.83 in early trading, building on a rally that has now stretched across multiple sessions and pulled shares sharply away from a 52-week low touched earlier this month.

Two Catalysts Converge

Monday’s gains were driven by a combination of factors working in tandem. SAP formally activated the second tranche of its €10 billion share buyback program at market open, while investors continued to reprice the stock higher following a strong set of second-quarter 2026 results released earlier in the week. The second tranche of the buyback, originally announced in January 2026, kicked off at its earliest possible purchase date, with SAP authorized to repurchase shares via Germany’s Xetra exchange at a total cost of up to €2.6 billion through January 2027.

A leadership insider purchase reported on July 25 added a further vote of confidence from within the company, while SAP ranked among the top gainers on Germany’s DAX 40 index, which was trading around 25,403 points during the session. A broadly positive tone across global equity markets, with U.S. indices also advancing, provided a constructive macro backdrop for European technology names.

A Blowout Cloud Quarter

The rally traces back to SAP’s second-quarter earnings report, which significantly exceeded the market’s cautious expectations heading into the print. The company posted a record current cloud backlog of €22.9 billion, up 27% year-over-year, while overall cloud revenue climbed 22% and its Cloud ERP Suite revenue rose 25%, pointing to accelerating momentum across its core cloud business.

Second-quarter earnings per share improved to €1.59 from €1.50 a year earlier, on revenue of €9.88 billion versus €9.03 billion in the prior-year period, with cloud backlog up 26% at constant currency, supported by the company’s Autonomous Enterprise and Business AI initiatives. Management reaffirmed its full-year 2026 cloud revenue target of €25.8 billion to €26.2 billion, though it trimmed non-IFRS profit guidance slightly to reflect dilution from the company’s Dremio and Prior Labs acquisitions, while still pointing to strong double-digit growth and higher free cash flow.

Wall Street Stays Bullish

Major brokerages largely maintained positive views on the stock following the results. BMO nudged its price target higher to $177, while TD Cowen and Barclays kept positive ratings on the stock with only minor target adjustments, signaling continued confidence in SAP’s cloud transition. Street price targets have ranged roughly from $175 to more than $205, with some analysts setting targets as high as $255, reflecting rising conviction in the company’s Autonomous Enterprise and AI product suite.

A Sharp Reversal From Recent Lows

The scale of the rebound stands out given how far the stock had fallen just days earlier. SAP shares had touched a 52-week low of €127.50 on July 23, their weakest level since November 2023, meaning the earnings release served as a direct and dramatic sentiment reversal. Ahead of the quarterly numbers, there had been significant anxiety on Wall Street that SAP could disappoint and send the stock lower still, but the figures came in better than feared, triggering a sharp recovery from the prior week’s lows.

Taken together, a deeply oversold stock, a cloud backlog beat that directly refuted investor skepticism about demand deceleration, and a reaffirmed revenue growth outlook combined to produce one of SAP’s sharpest single-session recoveries in recent memory, against a muted broader market backdrop that amplified the company-specific nature of the move.

Steady Institutional Buying

Trading patterns in the days following the earnings report suggested more than just short-term speculative buying. Intraday trading has shown steady bid support and tight price ranges, signaling controlled, institutional-style accumulation rather than speculative spikes. SAP’s stock has been in a firm uptrend since the earnings report, with the weekly chart showing a rebound from the mid-$140s back toward the $160 area, with afternoon trading sessions showing clustered, orderly buying typical of institutions adding to positions rather than day traders chasing momentum.

Balance Sheet Strength Backs the Rally

Beyond the headline growth figures, SAP’s underlying financial position has also supported investor confidence. The company holds roughly €8.22 billion in cash with a leverage ratio of 1.6, while a dividend yield of approximately 2% adds a modest income component without altering the stock’s overall growth profile. Cloud metrics remain a standout, with current cloud backlog up 27% to €22.9 billion and cloud revenue growth of 22% to 24%, materially outpacing most large-cap software and European technology peers.

What’s Ahead for SAP

Looking to the second half of 2026, SAP plans to focus on expanding cloud revenue, improving operating leverage, scaling AI-powered autonomous enterprise capabilities, and strengthening customer trust through governance and data sovereignty initiatives.

With shares now trading well above their July lows, investors will be watching closely to see whether SAP can sustain this rebound heading into the back half of the year, particularly as the company works to fully integrate its recent acquisitions and continues to scale its AI-driven cloud offerings against a competitive landscape that includes Oracle, Microsoft and other major enterprise software providers. The combination of a reaffirmed growth outlook, an active buyback program and continued institutional buying interest has, for now, given the stock enough momentum to reverse what had been one of its most difficult stretches in recent years.

James Picerno is the director of analytics at The Milwaukee Co., a wealth manager that is the adviser to The Brinsmere Funds, a pair of global asset allocation ETFs. He also edits CapitalSpectator.com and The US Business Cycle Research Report (CapitalSpectator.com/premium-research). He is the author of three books, including “Quantitative Investment Portfolio Analytics In R: An Introduction To R For Modeling Portfolio Risk and Return.” Previously he was a financial journalist at Bloomberg and before that at Dow Jones.

Its net profit stood at Rs 316 crore in the year-ago period.

The company’s total income rose to Rs 4,311 crore in the first quarter of this fiscal from Rs 3,815 crore in the corresponding period of the preceding year, according to a regulatory filing.

Tata Chemicals, which is part of business conglomerate Tata Group, is a leading supplier to the glass, detergent, industrial and chemical sectors.

The company has a strong presence in the crop protection business through its subsidiary company, Rallis India.

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Tata Chemicals has R&D facilities in Pune and Bangalore.

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Shares of IonQ Inc. surged more than 10% in Monday morning trading, extending a volatile summer for the quantum computing sector as investors position ahead of the company’s second-quarter earnings report next week.

The stock traded at $36.42, up $3.58, or 10.90%, as of 10:16 a.m. Eastern time, according to real-time NYSE-Nasdaq pricing. The move continues a pattern of sharp swings that has defined IonQ’s trading throughout 2026, a year in which the company has alternated between steep rallies and equally steep pullbacks as investors try to reconcile explosive revenue growth with continued heavy losses.

A Sector Prone to Big Swings

IonQ’s jump comes against a backdrop of persistent volatility across quantum computing stocks. Shares of IonQ had already climbed 3.7% in one recent session as the sector rebounded alongside broader technology markets, with the Nasdaq Composite breaking a three-session losing streak. That earlier rally was not tied to any company-specific news but instead reflected a broader resurgence in quantum computing names, with peers such as Rigetti Computing and Infleqtion posting even larger single-day gains.

Quantum computing stocks as a group tend to be highly sensitive to shifts in overall market risk appetite, since their valuations rest largely on long-term technology potential rather than current profitability. That dynamic has made IonQ, Rigetti, D-Wave Quantum and Quantum Computing Inc. some of the most volatile names on Wall Street this year, prone to double-digit moves in either direction within a single session.

Strong Revenue Growth, But Still Unprofitable

The rally comes as IonQ prepares to report second-quarter results. The company posted a 755% year-over-year revenue increase in the first quarter of 2026, though it remains unprofitable, with its next earnings report due out in early August. That first-quarter performance included record revenue of $64.7 million, an increase of 755% from a year earlier, and prompted management to raise its full-year 2026 revenue guidance to a range of $260 million to $270 million.

The company’s remaining performance obligations, a measure of contracted future business, reached $470 million, up 554% year-over-year, a signal of robust demand even as the company continues to post significant operating losses. IonQ’s first-quarter revenue beat Wall Street consensus targets by roughly 30%, even as the company’s overall market capitalization has fluctuated between roughly $12 billion and $19 billion over the course of the year.

Despite that growth, the stock has struggled to hold its gains for long. IonQ’s revenue surged 755% in the first quarter, yet the stock has lost more than a quarter of its value since the start of the year, with shares down roughly 60% from their 52-week high. Analysts have pointed to a widening gap between the company’s operational momentum and how the market has priced the stock, a tension that is expected to come to a head when second-quarter results are released.

Wall Street Remains Divided but Broadly Bullish

Analyst sentiment on IonQ has remained largely positive even amid the stock’s swings. Wall Street has maintained a Moderate Buy consensus rating on the stock, with an average 12-month price target of $69.88, nearly double where shares were trading before Monday’s jump. Rosenblatt Securities holds the Street’s most bullish call, with a $100 price target and a Buy rating, while Jefferies has set an $85 target. Northland Securities recently raised its target from $55 to $70 while maintaining an Outperform rating, and Wedbush also holds an Outperform rating with a $60 target. Across 17 analysts tracked, the consensus breaks down to 10 Buy ratings, six Hold ratings and one Sell rating.

A separate tally of 12 analysts pegged the average rating for IonQ as “Strong Buy,” with a 12-month price target implying more than 110% upside from recent trading levels.

Earnings on the Horizon

Investor attention is now shifting toward IonQ’s upcoming quarterly disclosure. The company’s second-quarter earnings release is scheduled for August 5, a date investors are treating as a critical test of whether revenue growth can keep pace with the company’s spending trajectory and whether its backlog is converting into cash fast enough to justify its valuation. Some market trackers have also noted that IonQ’s next earnings date falls on August 12, underscoring some disagreement across data providers on the exact reporting date, though most major outlets point to early August.

Adding to the broader market backdrop, the Federal Reserve is scheduled to meet later this week, a factor that tends to weigh heavily on high-growth, high-volatility stocks like IonQ that are sensitive to shifts in interest rate expectations.

A Volatile Year for Quantum Stocks

Monday’s surge is only the latest chapter in a year defined by outsized moves for IonQ. The stock jumped 21.7% in a single session earlier this year after fourth-quarter earnings and 2026 revenue guidance beat forecasts, with full-year 2025 revenue coming in at $130 million and 2026 guidance initially set between $225 million and $245 million. At the time, IonQ’s chief executive drew comparisons between the company’s growth trajectory and Nvidia’s early rise, while the company also announced plans for a 256-qubit system launch and an acquisition of SkyWater Technology.

IonQ, a leading name in trapped-ion quantum computing systems, has seen its stock swing sharply over the past several months, including a 31% gain over a recent 30-day stretch tied to its earnings beat and raised guidance, alongside a 71% gain over a broader quarterly window fueled partly by shareholder approval of the SkyWater acquisition. The company’s cash position, which exceeds $3 billion, has been cited by some analysts as a cushion supporting its continued growth investments despite ongoing losses.

As of Monday’s session, no company-specific announcement had been identified as the direct trigger for the morning’s gain, consistent with a pattern seen throughout the year in which quantum computing stocks have moved in tandem on shifts in broader market sentiment as much as on individual corporate news. Investors are now expected to keep a close watch on trading in IonQ and its quantum-computing peers heading into the company’s next earnings report and the Federal Reserve’s policy meeting later this week.