The volatility is expected to continue this week, too, due to the expiry of April futures & options contracts and the ongoing earnings season. Stock-specific action is likely to be seen apart from continued focus on the Ukraine war, Covid situation in China and global markets performance, experts say
The BSE Sensex tanked 1,142 points, or 1.96 percent, to end the week at 57,197, and the Nifty50 fell 304 points, or 1.74 percent, to 17,172, but the broader markets smartly outpaced benchmarks. The Nifty Midcap 100 index gained 3.6 percent and the smallcap 100 rose 2.7 percent.
HDFC Bank | The stock price was down over 7 percent. HDFC Bank reported a 23 percent year-on-year (YoY) growth in standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022 as bad loans provisions declined 29 percent, with further improvement in asset quality. Net interest income (NII), the difference between interest earned and interest expended, increased 10.2 percent YoY to Rs 18,872.7 crore in Q4, with credit growth of nearly 21 percent and 16.8 percent growth in deposits YoY. The bank declared a 1,550 percent, or Rs 15.50 a share, dividend to its shareholders for the financial year 2021-22, the lender said in a regulatory filing. This is subject to the approval of the shareholders at the ensuing annual general meeting, it said. The record date for determining the eligibility of members entitled to receive the dividend on equity shares is May 13, 2022, it said.
Maruti Suzuki | The share price gained over 5 percent last week. The country’s top carmaker has on an average increased by 1.3 percent the prices of all its models (ex-showroom Delhi), CNBC-TV18 reported on April 18. The company had said on April 6 that it would increase prices during the month to offset the rising in input costs. It launched a new version of its multi-purpose vehicle XL6 as it gears up to bring a slew of new products this fiscal and take the challenges of prevailing uncertainties head-on.
Rallis India | The stock shed over 10 percent in the week gone by after Tata Chemicals reported a consolidated loss of Rs 14 crore for the March quarter due to multiple challenges, including in seeds business. Rallis India is a subsidiary of Tata Chemicals. The company had posted a consolidated profit after tax of Rs 8 crore during the corresponding quarter of the previous financial year. ICICI Direct has revised the rating downward from “hold” to “reduce” on the back of input cost inflation pressure. It values Rallis India at 19x P/E FY24E EPS to arrive at a revised target price of Rs 235 a share from Rs 305.
L&T Tech | The share price declined 9 percent in the week gone by. The firm reported a consolidated profit after tax (PAT) of Rs 262 crore for the quarter ended March 2022, up 34.7 percent from Rs 195 crore in the corresponding quarter of the previous financial year. The profit for the quarter improved by 5.3 percent from the reported profit of Rs 249 crore in the December 2021 quarter. Consolidated revenue came in higher by 21.9 percent at Rs 1,756 crore for the quarter from Rs 1,441 crore in the year-ago period. Revenue during the quarter was higher by 4 percent from Rs 1,688 crore registered in the previous quarter. For the full year, the EBIT margins jumped 380 bps to 18.3 percent from 14.5 percent last year.
Sterlite Tech | The scrip added over 9 percent in the week gone by after a report said that the promoter is looking to rope in strategic investors for three major verticals. Anil Agarwal-owned Sterlite Tech is offering 25 percent stake each in optical fibre manufacturing, telecom network services and software services. Vedanta Group chairman Agarwal told Hindu BusinessLine that they are looking for a valuation of $ 2 billion for each of the verticals. At that valuation, Sterlite Tech will have a market capitalisation of close to Rs 45,000 crore, which is over five times the current Rs 8,860 crore. The company recently appointed three chief executives for the verticals. Pravin Cherian was tapped to lead the network services, while Raman Venkatraman took over software services.
VRL Logistics | The share price was up 12 percent after the company signed a memorandum of understanding (MoU) with Ratna Cements for the transfer of the wind power (sale of power) on a slump sale basis. The windmill division recorded revenue of Rs 17.57 crore (0.99% of the standalone revenue of the company, with an EBIT of Rs 80.83 lakh). The management of the company is looking to dispose of this undertaking considering the limited balance life of the said machines as also to focus on its goods transport, business which is the major business segment, VRL Logistics said.
Angel One | The scrip was up over 12 percent after the company reported an income of Rs 685.321 crore during the period ended March 31, 2022 as compared to Rs 607.106 crore during the period ended December 31, 2021. Angel One reported 64.28% growth YoY in total revenue for the quarter. It also declared a fourth interim dividend of Rs 7 a share and a final dividend of Rs 2.25 a share.
Adani Power | The stock was up 16 percent in the week gone by. The Adani Group has become India’s third conglomerate to cross $ 200 billion in market capitalisation, with the shares of five of its seven listed companies soaring to all-time highs. Analysts said stock prices of Adani Group firms surged after they expanded and diversified into multiple businesses leading to earnings visibility in the future. Adani Power surged on expectations of better financials in the fourth quarter amid an increase in power demand as the temperature soared across the country. Recently, Adani Power received dues with interest totalling Rs 3,000 crore from a state-run power distribution company in Rajasthan.
NHPC | The share price gained over 12 percent last week. The state-owned firm signed a memorandum of understanding with the district administration of Chamba in Himachal Pradesh for the development of green hydrogen technologies to produce hydrogen. “Under the project, a 300-kilowatt solar plant will be set up and its energy will be utilised for electrolysis of water to generate green hydrogen.
Sandip Das
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