On the sectoral front, bank, metal and power indices ended 1-2 percent lower, while auto, FMCG and pharma indices gained 1-2 percent
The equity benchmarks erased all intraday gains and ended lower for the sixth consecutive session on May 13. At close, the Sensex was down 136.69 points, or 0.26%, at 52,793.62, and the Nifty was down 25.80 points, or 0.16%, at 15,782.20.
SBI | CMP: Rs 440.50 | The stock fell over 4 percent after the bank reported a 41 percent year-on-year rise in net profit at Rs 9,113.5 crore for the quarter ended March 2022 (Q4FY22), which was below Street’s estimate of Rs 9,927.6 crore. SBI’s net profit for Q4FY22 was its highest ever but it still underwhelmed the Street as expectations were on the higher side. The bank’s shares slipped a little over 1 percent in response to the quarterly results. The net profit growth was on the back of a 15.3 percent growth in net interest income, which stood at Rs 31,198 crore. This, too, was lower marginally versus analysts’ expectations of Rs 31,570 crore.
Tata Motors | CMP: Rs 404 | The stock jumped over 8 percent after the auto firm narrowed its consolidated net loss to Rs 1,032 crore for the quarter ended March 2022 from Rs 7,605 crore a year ago. The company reported an 11.5 percent year-on-year decline in consolidated revenue from operations to Rs 78,439 crore for the reported quarter. Broking house CLSA upgraded the rating of Tata Motors to underperform from “sell” and also raised the target price to Rs 411 from Rs 392 a share. Research firm JPMorgan has kept “overweight” rating on the stock and raised a target to Rs 525 a share.
Larsen & Toubro | CMP: Rs 1,536.50 | The scrip ended in the green on May 13. Larsen & Toubro on May 12 reported a 10 percent year-on-year rise in consolidated net profit at Rs 3,621 crore, which was below analysts’ expectations. The infrastructure giant’s consolidated revenue from operations rose 10 percent on-year to Rs 52,851 crore for the reported quarter, missing analysts’ expectations. Foreign research house Jefferies maintained “buy” rating and cut the target price to Rs 2,215 from Rs 2,525.
Tech Mahindra | CMP: Rs 1,201 | The scrip ended in the red on May 13. The IT firm reported a 10 percent sequential rise in its consolidated net profit to Rs 1,506 crore for the quarter ended March 2022, which was above analysts’ expectations of Rs 1,411 crore. The IT services major reported a 5.8 percent quarter-on-quarter rise in consolidated revenue from operations to Rs 12,116 crore for the reported quarter. The board of the company has also recommended a final dividend of Rs 15 a share for the financial year ended March 31, 2022.
Bank of Baroda | CMP: Rs 94.30 | The share ended in the red on May 13. The bank announced a nine-fold jump in profit after tax (PAT) at Rs 7,272 crore for the year ended March 2022 as compared to a PAT of Rs 829 crore registered in the corresponding quarter of the previous fiscal. The net interest income, the difference between interest earned and interest expended, for the year rose 13 percent to Rs 32,621 crore as compared to NII of Rs 28,809 crore for FY21. For the quarter ended March 2022, PAT for the bank came in at Rs 1,779 crore as compared to a loss of Rs 1,047 crore incurred during the year-ago period. On a sequential basis; however, the profit for the quarter declined 19 percent as against Rs 2,197 crore profit logged during the previous quarter.
Gujarat Fluorochemicals | CMP: Rs 2,376.35 | The stock spiked 5 percent on May 13 after consolidated net profit jumped 96.4% at Rs 221.6 crore against Rs 112.8 crore (YoY). Consolidated revenue was up 27.8% at Rs 1074 crore against Rs 840.3 (YoY) while consolidated EBITDA grew 70% at Rs 331.5 crore against Rs 194.9 crore (YoY). Consolidated margin came in at 30.9% against 23.2%.
Emami | CMP: Rs 428 | The stock price went down 5 percent after the company declared its Q4 earnings. Net profit came in at Rs 356 crore against Rs 87.7 crore (YoY). Revenue was up 5.4% at Rs 770.4 crore against Rs 730.8 crore (YoY). EBITDA was up 0.7% at Rs 164 crore against Rs 162.8 crore (YoY). EBITDA margin at 21.3% against 22.3% (YoY).
Union Bank of India | CMP: Rs 36.15 | The scrip spiked 7 percent after Union Bank of India posted an 8.3 percent jump in its Q4 net profit at Rs 1,439.6 crore versus Rs 1,329.8 crore and net interest income was up 25.3% at Rs 6,769.3 crore versus Rs 5,403 crore, YoY.
Patel Engineering | CMP: Rs 22.05 | The share jumped 5 percent on May 13 after the firm said it bagged a Rs 2,461-crore contract for the “Construction of Diversion Tunnel, Concrete Gravity Dam, Intake, Pressure Shafts, Underground Power House & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, J & K, India” (Kwar HE Project).
Escorts | CMP: Rs 1,554 | The scrip ended flat on May 13. Net profit was down 25.5% at Rs 202.2 crore against Rs 271.3 crore (YoY). The firm’s revenue also went down 15.8% to Rs 1,861.4 crore against Rs 2,210 crore (YoY).
Sandip Das
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
