Among sectors, bank and realty indices were up 0.5 percent each, while IT, auto, FMCG, pharma, power, and capital goods indices shed 0.5-1 percent.
Indian benchmark indices ended lower for the fourth straight session with the Nifty closing below 16,200. At Close, the Sensex was down 276.46 points or 0.51% at 54,088.39, and the Nifty was down 72.90 points or 0.45% at 16167.10.
Asian Paints | CMP: Rs 3,056.50 | The stock ended in the red but recovered smartly after falling over 3 percent on May 11. The company missed earnings estimates as profit flatlined. Asian Paints on May 10 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 pressured operating profit margin. Exceptional loss of Rs 115 crore also hit profit growth. The CNBC-TV18 poll estimate for the bottomline was Rs 913 crore. Domestic research and broking firm HDFC Securities has maintained a “sell” call on the stock with a target of Rs 2,550, a downside of 17 percent.
Cipla | CMP: Rs 938 | The share price ended in the green on May 11 after the company reported a consolidated profit after tax (PAT) of Rs 362 crore for the quarter ended March, a decline of 12 percent from a year ago. The company had registered a PAT of Rs 729 crore in the previous quarter. Consolidated revenues stood at Rs 5,260 crore, up 14 percent from the previous year. Revenue in the December quarter stood at Rs 5,479 crore. Goldman Sachs has kept a sell rating on Cipla and slashed the target price to Rs 850 per share. Citi, on the other hand, has maintained a buy rating and raised the target price to Rs 1,170 from Rs 1,120 per share.
Aurobindo Pharma | CMP: Rs 584.25 | The scrip was down over 3 percent on May 11 after the United States Food and Drug Administration (US FDA) issued six observations for the company’s Hyderabad plant. “The US FDA inspected Aurobindo Pharma’s Unit VII, an oral manufacturing facility at Jedcherla, Hyderabad from May 2 to 10,” the company said in its press release. The company will respond to the US FDA within the stipulated timeline, it added.
Texmaco Rail | CMP: Rs 46.65 | The scrip ended in the green on May 11. The company received an order for 20.067 wagons valuing Rs 6,450 crore approximately (to be executed over a period of thirty-nine months) against the recent Railway tender for wagons issued by the Indian Railways, the company said in its press release.
Welspun India | CMP: Rs 64.60 | The stock price tumbled over 16 percent on May 11 after the firm reported a 62 percent year-on-year fall in consolidated profit at Rs 51.25 crore for the quarter ended March 2022, impacted by lower operating income, lower other income, and tepid topline growth. Revenue grew by 4.3 percent to Rs 2,227 crore and EBITDA increased by 29.3 percent to Rs 226.5 crore during the same period.
Electrosteel Castings | CMP: Rs 36.30 | The scrip ended in the green on May 11. The company clocked a 67.2 percent year-on-year growth in consolidated profit at Rs 113 crore in March 2022 quarter on healthy growth in topline and operating income. Revenue increased by 28.2 percent to Rs 1,577 crore and EBITDA grew by 30.6 percent to Rs 217.33 crore during the same period.
MTAR Technologies | CMP: Rs 1,440 | The share price gained over 2 percent on May 11. The company approved the acquisition of shares of Gee Pee Aerospace & Defence, an MSME company, for Rs 8.82 crore. This acquisition is expected to provide a wide array of benefits under the MSME category including the increased potential of entering into offset partnerships with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content.
Dishman Carbogen | CMP: Rs 119.70 | The scrip crashed 20 percent even when the firm’s loss narrowed to Rs 44.62 crore in March 2022 quarter against a loss of Rs 135.02 crore reported in the year-ago period. Revenue was up 7.5% at Rs 569 crore against Rs 529.3 crore (YoY). EBITDA went down 75.2% to Rs 21.9 crore against Rs 88.20 crore (YoY). EBITDA margin came in at 3.85% against 16.66% (YoY).
Torrent Power | CMP: Rs 456.90 | The stock shed over 2 percent on May 11 after the company posted a consolidated loss of Rs 487.4 crore in Q4FY22 against the profit of Rs 398 crore logged in the same period last year impacted by an additional impairment charge of Rs 1,300 crore with respect to DGEN Mega Power Project. Revenue from operations grew by 21 percent YoY to Rs 3,744 crore in Q4FY22 and EBITDA increased by 15 percent YoY to Rs 1,088 crore during the same quarter.
Gujarat Gas Company | CMP: Rs 540 | The stock jumped over 6 percent after the company clocked a 27.6 percent year-on-year growth in consolidated profit at Rs 444.4 crore for the quarter ended March 2022 despite higher input cost, led by strong topline and operating income. Revenue surged 36.5 percent to Rs 4,773.4 crore during the same period.
Sandip Das
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