Except FMCG and metal, all other sectoral indices ended in the green. BSE midcap and smallcap indices rose 0.7-0.8 percent.
The benchmark indices ended in the green in a volatile session on May 24, helped by financial names. At close, the Sensex was up 111.42 points, or 0.22 percent, at 50,651.90, and the Nifty was up 22.40 points, or 0.15 percent, at 15,197.70.
State Bank of India | CMP: Rs 411 | The stock price gained over 2 percent after the country’s largest lender on May 21 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 Q4 FY20. The jump in profit was supported by net interest income and other income,, while the low base in the year-ago quarter aided the bounce.
Natco Pharma | CMP: Rs 1,086 | The stock jumped over 9 percent after the Drug Controller General of India (DCGI) approved applications of five companies, incuding Natco Pharma, to begin production of antifungal drug Amphotericin B liposomal injection, which is critical in the treatment of mucormycosis, also called ‘black fungus’. In another release, Natco said marketing partner Breckenridge Pharmaceutical Inc (BPI) has received the final approval for its ANDA for Everolimus tablets (generic for Zortress) from the regulator.
JSW Steel | CMP: Rs 682.50 | The stock was down over 2 percent on May 24. The steel maker posted a jump in its consolidated net profit at Rs 4,191 crore for the quarter ended March 31, 2021 and said it will spend over Rs 25,000 crore on projects in Odisha, Karnataka and Jammu & Kashmir. Domestic brokerage firm Kotak Institutional Equities has downgraded the stock to reduce from buy as valuations are rich. It has a target of Rs 640 per share.
Birlasoft | CMP: Rs 295 | The stock jumped 10 percent after the IT services company reported a 43.3 percent rise in consolidated net profit at Rs 98.9 crore for the March 2021 quarter. It had posted a profit of Rs 69 crore in the year-ago period, Birlasoft said in a regulatory filing. Research and broking firm Anand Rathi said that the company expects double-digit growth in FY22 and is looking to keep its EBITDA margins at 15 percent+.
YES Bank | CMP: Rs 13.85 | The share added over 3 percent after the Securities Appellate Tribunal (SAT) ordered an interim stay on a Securities and Exchange Board of India (SEBI) order which had slapped a penalty of Rs 25 crore on Yes Bank and three of its executive—Rs 1 crore on Vivek Kanwar and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga.
The Ramco Cements | CMP: Rs 971 | The stock price ended lower by 2 percent on May 24. The company’s standalone net profit jumped 46.6 percent at Rs 214.4 crore against Rs 146.2 crore (YoY). Standalone revenue was up 19 percent at Rs 1,630.6 crore against Rs 1,370.3 crore (YoY). Standalone EBITDA jumped 72.9 percent at Rs 449.1 crore against Rs 259.7 crore (YoY). Standalone EBITDA margin at 27.5 percent against 19 percent (YoY).
Cadila Healthcare | CMP: Rs 622.75 | The stock added over a percent on May 24. Zydus Cadila launched Trastuzumab Emtansine, the first antibody drug conjugate (ADC) biosimilar and a highly effective drug for treating both early and advanced HER2 positive breast vancer, under the brand name ‘Ujvira’, Cadila Healthcare said in a release.
Dr Reddy’s Labs | CMP: Rs 5,276 | The scrip ended in the green after the pharma company earmarked a capex of around Rs 1,000 crore for the current fiscal as it remains positive about sustaining its growth trends in the current fiscal and beyond, a top company official said.
India Cements | CMP: Rs 195.65 | The share price fell over 3 percent on May 24. The company reported a consolidated net profit of Rs 43.97 crore for the fourth quarter ended March 2021, on the back of strong sales. The board of directors of the company also approved a dividend of Re 1 per equity share of Rs 10 each for the year 2020-21, the filing said.
Canara Bank | CMP: Rs 153.75 | The stock ended in the green on May 24. A board meeting of Canara Bank is to be held on May 28 to consider and approve the capital raising plan of the bank for FY 2021-22 through Qualified Institutional Placement (QIP) issue / Follow-on Public Offer (FPO) / Rights Issue / Preferential Issue or any other mode or through a combination thereof and / or through issue of BASEL III Bonds or such other securities.
Sandip Das
