Oil & gas, metal, FMCG, power, realty and PSU Bank indices fell 1-2 percent. BSE midcap and smallcap indices shed nearly 2 percent each.
Indian benchmark indices ended lower in a volatile session on May 9 amid weak global cues. At close, the Sensex was down 364.91 points or 0.67% at 54,470.67, and the Nifty was down 109.40 points or 0.67% at 16,301.90.
Reliance Industries: CMP: Rs 2,508 | The stock fell over 4 percent on May 9. RIL on May 6 reported a 22.5 percent year-on-year growth in its consolidated net profit to Rs 16,203 crore, which was below expectations of Rs 17,167 crore. The oil-to-telecom conglomerate’s consolidated revenue from operations surged 36.8 percent year-on-year to Rs 2.1 lakh crore in line with Street’s estimate. The company’s board also recommended a dividend of Rs 8 a share for the financial year ended March. Goldman Sachs has kept a buy rating on Reliance Industries, with a target of Rs 3,200 a share, as it sees the company as a unique energy transition story.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Equitas Holdings | CMP: Rs 108.80 | The share price added 2 percent after The Reserve Bank of India on May 6 cleared the Equitas Holdings and Equitas SFB merger, Equitas Small Finance Bank said in an exchange filing. The scheme of amalgamation between Equitas Holdings Limited (EHL), Equitas SFB Limited (ESFB), and their respective shareholders had been submitted to the stock exchanges and the RBI for their approval/ no-objection confirmation on March 21.
Campus Activewear | CMP: Rs 372.65 | The stock ended the first day of trading with a gain of 27 percent on May 9. The lifestyle-oriented sports and athleisure footwear company started off first day trade with a 23.29 percent premium, which was along expected lines, given the robust IPO subscription and strong position in economy and mid-segment with sound management.
Tata Power | CMP: Rs 229.95 | The scrip was down over 6 percent on May 9. Global brokerage CLSA has given a ‘sell’ call for the stock, with a target price of Rs 212 per share. It was disappointed by the performance of its coal business division which again had a dismal quarter rocked by regulations and weather. Both the volume and average selling price was down for Indonesia coal QoQ. CLSA believes that overall businesswise it was a weak quarter but the numbers were pepped up by the tax break on CGPL merger. The brokerage finds the valuations expensive at 24x FY24 EPS. Domestic brokerages like Elara Capital and Sharekhan however, are positive about the stock and have given a ‘buy’ rating with a target prices of Rs 258 and Rs 297, respectively.
Shipping Corporation of India | CMP: Rs 117.30 | The stock price dipped 6 percent on May 9 despite the company recording a massive 77.4 percent year-on-year growth in consolidated profit at Rs 152 crore in the quarter ended March 2022 on strong topline and operating income. Revenue from operations grew by 50 percent to Rs 1,314.5 crore during the same period.
UPL | CMP: Rs 776.65 | The share price ended in the red on May 9. The company reported a 29.7 percent jump in its Q4 net profit at Rs 1,379 crore versus Rs 1,063 crore and revenue was up 24% at Rs 15,861 crore versus Rs 12,796 crore, YoY. It reported one-time loss at Rs 168 crore versus loss of Rs 80 crore, YoY, reported CNBC-TV18.
DCB Bank | CMP: Rs 80.25 | The scrip was up 3 percent after the bank clocked 46 percent year-on-year growth in profit at Rs 113 crore in the quarter ended March 2022 driven by lower provisions with improved asset quality and higher net interest income. Net interest income during the period increased by 22.2 percent to Rs 380 crore in Q4.
Mangalam Cement | CMP: Rs 325 | The share shed 5 percent on May 9 after the company registered a 50.6 percent year-on-year decline in profit at Rs 17.47 crore in March 2022 quarter due to higher input cost, and power and fuel expenses. However, its revenue increased by 10 percent to Rs 451.6 crore during the same period.
BASF | CMP: Rs 2,848 | The stock price surged 10 percent after the firm reported net profit at Rs 149.8 crore against Rs 55.8 crore (YoY). Revenue was up 20.8% at Rs 3,389.5 crore against Rs 2,805.6 crore (YoY). EBITDA slipped 2% at Rs 215.1 crore against Rs 219.4 crore (YoY). EBITDA margin at 6.3% against 7.8% (YoY).
Mold-Tek Packaging | CMP: Rs 700 | The scrip was down over 4 percent after the firm’s net profit fell 4% at Rs 17.3 crore against Rs 18 crore (YoY). Revenue went down 10.5% at Rs 178 crore against Rs 161 crore (YoY).
Sandip Das
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