All the sectoral indices ended higher with the Nifty Bank and Nifty PSU Bank indices rising over 3 percent each. BSE midcap and smallcap indices added more than 0.5 percent each.
The benchmark indices posted strong gains on May 21 led by the banking and financial stocks. At close, the Sensex was up 975.62 points, or 1.97 percent, at 50,540.48, and the Nifty was up 269.30 points, or 1.81 percent, at 15,175.30.
State Bank of India | CMP: Rs 404 | The share price jumped over 5 percent after the country’s largest lender reported a standalone profit of Rs 6,450.7 crore for the quarter ended March 2021 against a profit of Rs 3,580.81 crore in Q4FY20. The jump in profit was supported by net interest income and other income, while the low base in the year-ago quarter added to the jump. SBI has declared a dividend of Rs 4 per share for the financial year ended March 2021.
Havells India | CMP: Rs 1,026.25 | The stock shed over 4 percent on May 21. The electrical goods major posted a 71 percent year-on-year (YoY) increase in its March quarter (Q4) consolidated net profit at Rs 303.83 crore. The total income for Q4 was up 50.8 percent at Rs 3,375.87 crore. The company said in its investor presentation that Q4 sustained the growth momentum gained in Q3 with the highest quarterly sales. Global research firm CLSA has a sell call on the stock with the target at Rs 960 a share. It is of the veiw that weak demand and margin pressure is likely to affect near-term performance and the management has cautioned on near-term margin pressure.
Hindalco Industries | CMP: Rs 389.10 | The scrip ended in the green after the steel maker’s Q4 net profit was up 51.8 percent at Rs 495 crore against Rs 326 crore. Its revenue was up 44.2 percent at Rs 14,412 crore against Rs 9,992 crore, YoY.
Garware Hi-Tech Films | CMP: Rs 803.55 | The share price jumped over 6 percent after ace investor Ashish Kacholia raised his shareholding in Garware, one of the largest exporters of polyester films in India. Kacholia raised his shareholding in Garware Hi-Tech Films, earlier known as Garware Polyester, by 0.55 percent to 2.58 percent on May 20. The bulk deals data available on the BSE showed that Kacholia acquired 1.28 lakh equity shares in the company (representing 0.55 percent of total paid-up equity) at Rs 755 per share on May 20.
JK Lakshmi Cement | CMP: Rs 489 | The stock jumped 5 percent after the company reported a higher consolidated profit of Rs 152.91 crore in Q4FY21 against Rs 99.15 crore in Q4FY21. Its revenue rose to Rs 1,424.32 crore from Rs 1,137.47 crore YoY.
Torrent Power | CMP: Rs 451.50 | The share price rose over 4 percent after the company reported a consolidated profit of Rs 398.1 crore in Q4FY21 against a loss of Rs 273.94 crore in Q4FY20. Its revenue rose to Rs 3,084.13 crore from Rs 2,983.5 crore YoY.
Hindustan Petroleum Corporation | CMP: Rs 276.50 | The stock price gained over 3 percent after the state-run oil retailer reported a 28.2 percent sequential growth in standalone profit at Rs 3,018 crore in the quarter ended March 2021. Profit in the December 2020 quarter stood at Rs 2,345.6 crore. The standalone revenue from operations increased by 10.1 percent sequentially to Rs 85,203.55 crore in Q4FY21.
Sterling And Wilson Solar | CMP: Rs 244.05 | The scrip ended in the green on May 21. Sebi is investigating suspected financial irregularities at the Shapoorji Pallonji Group company, sources told Mint. The probe follows allegations by a few SW Solar shareholders last year that Shapoorji Pallonji and Co. Pvt. Ltd may have utilized funds raised in SW Solar’s August 2019 public share sale for purposes other than those mentioned in its share sale documents.
The South Indian Bank | CMP: Rs 11.10 | The stock ended in the red after the bank’s Q4 net profit came in at Rs 6.8 crore against loss of Rs 143.7 crore in the year-ago quarter. Its NII was down 5.9 percent at Rs 560.5 crore against Rs 595.8 crore, YoY.
Wheels India | CMP: Rs 511.60 | The stock added over 3 percent after the company’s Q4 net profit came in at Rs 26.6 crore against Rs 2.8 crore in the year-ago period. Its revenue rose 57.6 percent at Rs 927.4 crore against Rs 588.6 crore, YoY.
Sandip Das
