Among sectors, metal and realty indices fell 3 percent each, and the IT index was down 2 percent; however, the power index rose 0.5 percent. BSE midcap and smallcap indices fell 2 percent each.
Benchmark indices fell 1.5 percent on May 6 with the Nifty closing below 16,500 on worries over interest rate hikes. At close, the Sensex was down 866.65 points or 1.56% at 54,835.58, and the Nifty was down 271.40 points or 1.63% at 16,411.30.
Mindtree, L&T Infotech | The share prices ended in the red – down over 3 percent each on May 6. Construction and engineering major Larsen & Toubro (L&T) on May 6 announced the merger of its two software companies, Larsen & Toubro Infotech (LTI) and Mindtree. The name of the combined entity will be “LTIMindtree”. The Company shall issue and allot 73 (Seventy-three) fully paid up equity shares of face value Re 1 (one) each of the Company, for every 100 (Hundred) fully paid up equity shares of face value Rs. 10 (ten) in Amalgamating Company.
Reliance Industries CMP: Rs 2,628 | The stock ended in the red on May 6 ahead of its Q4 earnings. The company is expected to report bumper earnings for the quarter ended March led by its refining, telecom, and retail business even as the petrochemical operations may exhibit some weakness. The conglomerate is expected to report a 38 percent year-on-year rise in consolidated net profit at Rs 17,167 crore for the quarter ended March, according to an average of six brokerages polled by Moneycontrol.
Voltas | CMP: Rs 1,065 | The scrip was down 8 percent on May 6. Voltas has posted a 23.5 percent fall in its Q4 net profit at Rs 182.7 crore versus Rs 238.7 crore and revenue was up 4.1% at Rs 2,666.6 crore against Rs 2,561.7 crore, YoY. Earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 8.4% at Rs 261 crore versus Rs 240.8 crore and the margin was at 9.8% versus 9.4%, YoY.
TVS Motor Company | CMP: Rs 631.60 | The scrip ended in the green on May 6. The firm reported a 5 percent year-on-year decline in standalone profit after tax (PAT) at Rs 275 crore as compared to a profit of Rs 289 crore achieved during the corresponding quarter of the previous financial year. On a sequential basis as well, the profit declined 5 percent from Rs 288 crore recorded in the previous quarter. Brokerage firm Citi has maintained a ‘sell’ rating on TVS Motor Company while raising the target price to Rs 590 per share. Brokerage house Jefferies has kept a buy rating on TVS Motor Company and raised the target price to Rs 800 per share.
Jindal Worldwide | CMP: Rs 310.50 | The stock ended in the green after Jindal Worldwide acquired Mumbai-based electric vehicle start-up Earth Energy EV through its subsidiary Jindal Mobilitric. In addition, Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad which will supplement the existing Earth Energy manufacturing facility in Maharashtra, the company said in its release.
Federal Bank | CMP: Rs 91.90 | The scrip shed 2 percent on May 6. Net profit of the bank grew 13.1% at Rs 540.5 crore against Rs 477.8 crore (YoY). NII was up 7.4% at Rs 1,525.2 crore against Rs 1,420.4 crore (YoY). Gross NPA stood at 2.80% against 3.06% (QoQ) while net NPA came in at 0.96% against 1.05% (QoQ). Provisions at Rs 75.2 crore against Rs 213.98 crore (QoQ) and against Rs 254.5 crore (YoY). Loan growth at 9.9% (YoY). Slippages at Rs 399 crore against Rs 453 crore (QoQ). Restructured book at Rs 3,963 crore against Rs 4,181 crore (QoQ). Net interest margin at 3.16% against 3.27% (QoQ).
Ratnamani Metals | CMP: Rs 2,350 | The stock jumped 7 percent after the firm received new domestic orders aggregating to Rs 206 crore, to be executed within the Financial Year 2022-23.
Tribhovandas Bhimji Zaveri | CMP: Rs 63.95 | The stock fell over 6 percent after the company reported a 72 percent fall in its profit after tax to Rs 2.43 crore as compared to Rs 8.6 crore reported during the same period last year due to the impact of the pandemic and geopolitical crisis on the overall demand. The revenues; however, improved 18 percent on year to Rs 431 crore compared to Rs 366 crore during the year-ago period.
SJVN | CMP: Rs 28.30 | The stock ended in the green on May 6 after the firm bagged its first-ever 30 MW Wind-Solar Hybrid project through a tender floated by Solar Energy Corporation of India Limited (SECT). The project was bagged at Rs 2.54/Unit on Build, Own, and Operate basis in the Tariff-based competitive bidding process. The tentative cost for the Construction and Development of the project is Rs 195 crore and the project is expected to generate 79 MU’s in the 1st year and on a cumulative basis, approximately 1,860 MU’s would be generated over a period of 25 years.
Ceat | CMP: Rs 1,106 | The stock added a percent in a weak market on May 6. The revenues of the firm increased 13 percent on year to Rs 2,592 crore. For the full year period, the profit was lower by 84 percent to Rs 71 crore compared to Rs 432 crore in FY21. Revenues for FY22 increased 23 percent to Rs 9,363 crore. The company declared a dividend of Rs 3 per equity share for FY22.
Sandip Das
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