On the sectoral front, metal, power, oil and gas, healthcare, IT and realty indices declined 1-5 percent. On the other hand, bank index added 0.5 percent.
Indian benchmark indices ended on a negative note in the highly volatile session on May 10. At close, the Sensex was down 105.82 points or 0.19 percent at 54,364.85, and the Nifty was down 61.90 points or 0.38 percent at 16,240.
Sun Pharma | CMP: Rs 861 | The stock shed 2 percent after the company received 10 observations for its Halol plant from the United States Food and Drug Administration. The company is preparing a response to the observations, which will be submitted to the US FDA within 15 business days.
Voltas | CMP: Rs 978.50 | The share price fell over 6 percent after the company disappointed investors with March quarter earnings. It reported a weak set of numbers for the March quarter with a 24 percent year-on-year (YoY) decline in consolidated net profit at Rs 183 crore due to losses from joint ventures (JVs). Global research firm Credit Suisse has downgraded the stock to underperform from neutral and has cut the target to Rs 975 from Rs 1,255. It has also cut 2023/24E by 10/13 percent to Rs 21.7/26.6 respectively. CLSA has maintained a sell call on the stock and has cut the target to Rs 1,000. It is of the view that summer demand was strong but margin outlook was muted.
Asian Paints | CMP: Rs 3,091 | The stock gained over 2 percent on May 10. The firm reported half a percent year-on-year growth in consolidated profit at Rs 874 crore for the quarter ended March 2022, as higher input costs put pressure on operating profit margin. Exceptional loss of Rs 115 crore also hit the profit growth for the quarter. Revenue from operations grew by 18.7 percent to Rs 7,893 crore compared to the year-ago period, with domestic decorative business registering 8 percent volume growth. The final dividend announced by the company is Rs 15.50 per share for FY22, in addition to a dividend of Rs 3.65 per share in October 2021.
GMR Infra | CMP: Rs 33.45 | The scrip ended in the red after gaining almost 3 percent on May 10. The Supreme Court upheld a judgment of the Bombay High Court that had quashed a letter dated March 19, 2020, by MIHAN India annulling the bidding process for the Nagpur airport. The concession agreement for the Nagpur airport is expected to be executed at the earliest, the company said in a release.
Ramkrishna Forgings | CMP: Rs 170.45 | The share price ended in the red on May 10. The firm received an order worth Rs 105 crore per annum. Ramkrishna Forgings has received a multi-year export order from a manufacturer of chassis systems and components primarily for trailers as well as for trucks and buses in the US, the company said in its release. Supplies are expected to commence from 2023, it said.
Welspun India | CMP: Rs 76.55 | The share was down over 2 percent after the firm reported a 60 percent fall in its fourth-quarter net profit at Rs 52.2 crore versus Rs 130.1 crore and revenue was up 4.3 percent at Rs 2,227 crore versus Rs 2,135.7 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) were down 7.1 percent at Rs 166.5 crore versus Rs 179.3 crore and the margin was at 7.5 percent versus 8.4 percent, YoY.
Jet Airways | CMP: Rs 100.10 | The stock price spiked 5 percent after the company clarified that the successful resolution applicant is currently in the process of reviving the company and implementing the approved plan. As part of such revival, an application is required to be made to the Ministry of Civil Aviation regarding security clearance for change in the shareholding pattern. The said application was made on December 13, 2021, and its approval was received on May 6, 2022, the company said in its release.
MRF | CMP: Rs 69,255.10 | The scrip ended in the green on May 10. MRF posted a 50.6 percent fall in its Q4 net profit at Rs 157 crore versus Rs 317.3 crore and revenue was up 9.8 percent at Rs 5,200.3 crore versus Rs 4,738 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) were down 29.2 percent at Rs 527.5 crore versus Rs 745.6 crore and the margin was at 10.1 percent versus 15.7 percent, YoY.
PAGE Industries | CMP: Rs 40,700 | The share shed over 4 percent on May 10. A meeting of the board of directors of Page Industries is scheduled to be held on May 26, 2022, to consider and take on record the audited financial results of the company for the quarter and year ending March 31, 2022. The board also considered the declaration of the 4th interim dividend to the equity shareholders of the company for the financial year 2021-22.
Rainbow Children’s Medicare | CMP: Rs 450 | The stock tumbled over 16 percent on May 10, the first day of listing. The shares of the leading multi-specialty paediatric and gynaecology hospital chain operator listed at Rs 506, a 6.6 percent discount over the issue price but extended its losses. The muted listing was on expected lines given its IPO had a tepid response from non-institutional buyers and retail investors, though qualified institutional buyers’ support was quite strong. The public issue was subscribed 12.43 times from April 27 to April 29.
Sandip Das
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