BSE Midcap index gained 1.46 percent and Smallcap index jumped 2.53 percent. Experts feel the market is expected to remain range-bound in the coming truncated week as well and will keep a close watch on COVID spread, earnings season and global cues.
The BSE Sensex climbed 424.11 points to 49,206.47 and the Nifty50 was up 192.05 points at 14,823.15 during the week, while the broader markets outpaced frontliners as the BSE Midcap index gained 1.46 percent and Smallcap index jumped 2.53 percent. Experts feel the market is expected to remain range-bound in the coming truncated week as well and will keep a close watch on COVID spread, earnings season and global cues.
Tata Steel | The stock added over 14 percent after the company 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. Consolidated revenue from operations stood at Rs 49,977.4 crore, up 38.8 percent YoY. CLSA has a buy rating with target at Rs 1,150 while Jefferies also has a buy rating with target at Rs 1,125.
Adani Gas | The scrip gained over 13 percent last week. The company reported a 19 percent rise in its March quarter net profit as the firm expanded operations in newer geographies, resulting in higher sales volumes. Net profit in the January-March quarter of FY21 was Rs 145 crore compared to Rs 122 crore in the same period of the previous fiscal, it said. The company’s board recommended a dividend of Rs 5 per equity share for the financial year 2020-21.
Hikal | The stock price jumped over 22 percent last week after the company signed a 10-year multi product deal with a global pharmaceutical company. The company signed a multi-year contract with a leading global pharmaceutical company. This contract entails the development and supply of a portfolio of niche APIs over a period of 10 years,” the company said in the release. The company reported quarterly net profit at Rs. 50.92 crore in March 2021 up 108.09 percent from Rs. 24.47 crore in March 2020.
Coforge | The scrip added over 17 percent after the IT firm reported robust Q4 numbers. Consolidated revenue grew 7.1 percent sequentially in dollar terms to USD 172.1 million during the January-March quarter. Revenue in constant currency (CC) terms grew 5.1 percent over the preceding quarter. In rupee terms, revenue was up by 6 percent sequentially and up by 13.7 percent year-on-year (YoY) at Rs 1,261 crore during Q4FY21. The Board recommended an interim dividend of Rs 13 per share. The record date for the payout is May 19, 2021, the company said.
Caplin Point Laboratories | The stock price gained over 16 percent after the company reported net profit which jumped 35.75 percent YoY at Rs 66.37 crore. Net profit margins improved from 22.72 percent in March 2020 quarter to 23.81 percent in the March 2021 quarter.
Marico | The share was up 14 percent in the week gone by. The FMCG company reported a 14.1 percent year-on-year growth in consolidated profit at Rs 227 crore for the quarter ended March 2021, driven by volume-led strong revenue growth but lower-than-expected margin and one-time loss limited growth. Revenue from operations shot up 34.5 percent to Rs 2,012 crore compared to the year-ago quarter.
IDBI Bank | The share price rose 10 percent last week after the Cabinet Committee on Economic Affairs CCEA) gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank. The CCEA statement said that LIC’s Board has passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank Ltd through divesting its stake along with strategic stake sale envisaged by the government with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policyholders.
Vedanta | The stock added 10 percent in the week gone by. CRISIL Ratings assigned its ‘CRISIL AA-/Stable’ rating to non-convertible debentures (NCDs) of Vedanta (Vedanta; part of the Vedanta group) aggregating Rs 2,500 crore, while reaffirming its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings on the bank facilities and other debt instruments.
Bandhan Bank | The stock price shed over 9 percent. The private sector lender reported a steep 80.1 percent year-on-year decline in profit at Rs 103 crore in March 2021 quarter, missing analysts’ expectations due to a sharp spike in bad loan provisions but supported by other income and operating income. Numbers were below analysts’ estimates. Profit was estimated at Rs 441.5 crore and net interest income at Rs 2,012 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Sandip Das
