The Nifty metal index rallied 4.7 percent, while the PSU bank index was the only loser.
The market closed in the green for the third consecutive session, with the Nifty50 rising 98.40 points to 14,823.20 and the BSE Sensex up 256.71 points at 49,206.47, led by a rally in metals stocks. The Nifty metal index rallied 4.7 percent, while the PSU bank index was the only loser.
HDFC | CMP: Rs 2,491.35 | The stock price gained over 2 percent after the company reported net profit at Rs 3,180 crore against CNBC-TV18 Poll of Rs 2,816 crore. Individual gross NPA was at 0.99 percent against 0.98 percent (QoQ). Non-individual gross NPA at 4.77 percent was up from 4.35 percent in the previous quarter. NII at Rs 4,065 crore was a tad higher than CNBC-TV18 poll of Rs 4,028.6 crore. The company also announced a dividend of Rs 23 per share.
Tata Steel | CMP: Rs 1,183.60 | The share price jumped over 7 percent after foreign broking houses raised the target price after the announcement of the March quarter earnings. The company on May 5 posted a consolidated profit of Rs 6,644.1 crore for the quarter ended March 2021 compared to a loss of Rs 1,481.3 crore in the year-ago quarter. Morgan Stanley has an overweight rating with the target raised to Rs 1,630 from Rs 1,000. Citi has a buy rating, with the target raised to Rs 1,375 from Rs 1,200 per share.
Raymond | CMP: Rs 336.95 | The stock added over 2 percent after the fabric and fashion retailer on May 6 reported a consolidated net profit of Rs 58.36 crore for the fourth quarter ended March 2021. The company had posted a net loss of Rs 69.10 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing. However, its total income was up 9.03 percent to Rs 1,407.45 crore as against Rs 1,290.87 crore in the corresponding period of the previous fiscal.
Tata Consumer | CMP: Rs 629.95 | The share was down over 3 percent despite the company reporting a profit of Rs 53.9 crore for the March 2021 quarter against a loss of Rs 76.49 crore in the year-ago quarter. The stock ended in the red as the numbers missed analysts’ expectations. Net profit of Tata Tea and Tata Salt maker dipped 44 percent sequentially to Rs 133.34 crore in the January-March period, according to an exchange filing.
Hero MotoCorp | CMP: Rs 2,855 | The scrip shed 2 percent on May 7, a day after two-wheeler maker reporteda healthy growth in March 2021 quarter earnings as standalone profit shot up 39.4 percent year-on-year (YoY) to Rs 865 crore, driven by strong revenue and operating performance. Goldman Sachs has a neutral rating with the target at Rs 3,100. The Q4 was ahead of expectations, led by surprise revenue beat, possibly by spares. The higher/lower-than-expected growth for entry-level motorcycles is a key risk. The rural demand will also be in focus, it said.
Dabur India | CMP: Rs 534.70 | The share price ended in the red on May 7 even after the company’s consolidated net profit grew 34 percent at Rs 377.3 crore against Rs 281.6 crore (YoY). Consolidated revenue was up 25.3 percent at Rs 2,337 crore against Rs 1,865.4 crore (YoY). Consolidated EBITDA gained 25.6 percent at Rs 442.5 crore against Rs 352.3 crore (YoY). The consolidated EBITDA margin was flat at 18.9 percent YoY.
Steel Strips Wheels | CMP: Rs 760 | The stock was down over 4 percent on May 7. The company reported a net profit at Rs 44.6 crore against a loss of Rs 5.2 crore (YoY). Revenue jumped 80.8 percent at Rs 699.9 crore against Rs 387.1 crore (YoY). EBITDA came in at Rs 86.1 crore against Rs 31.4 crore (YoY). EBITDA margin stood at 12.3 percent against 8.1 percent (YoY).
JSW Steel | CMP: Rs 754.50 | The scrip jumped over 3 percent after the company signed a memorandum of understanding to conduct a feasibility study with JFE Steel Corporation, a strategic alliance partner, to establish a grain-oriented electrical steel sheet manufacturing and sales joint-venture company in India.
UltraTech Cement | CMP: Rs 6,506.20 | The stock ended in the green ahead of its Q4 results. The largest cement manufacturer in India is expected to report more than 50 percent year-on-year growth in March quarter profit, driven by revenue and operating performance. Revenue from operations in Q4 FY21 is likely to grow in the range of 25-30 percent, with volume growth likely at over 20 percent compared to the year-ago quarter. The blended realisations could grow around 2 percent YoY but decline around a percent on a sequential basis.
Adani Transmission | CMP: Rs 1,179.80 | The share price was up over 4 percent after the company reported a higher consolidated profit at Rs 238.42 crore in Q4FY21 against Rs 94.30 crore in Q4FY20. However, revenue fell to Rs 2,726.61 crore from Rs 3,186.96 crore YoY.
Sandip Das
