All the sectoral indices ended higher with the metal index rising over 7 percent and all other sectoral indices up between 1-3 percent.
Benchmark indices ended higher for the second consecutive session with the Nifty closing above 16,250. At close, the Sensex was up 1,344.63 points or 2.54% at 54,318.47, and the Nifty was up 417 points or 2.63% at 16,259.30.
LIC | CMP: Rs 873 | The stock ended over 8 percent lower on May 17, the first day of trading against the issue price of Rs 949 per share on BSE. “Though LIC listing has been below the issue price of Rs 949, given the attractive valuations and stability in the markets, we expect some buying interest in the stock both from retail and intuitional investors,” said Hemang Jani, Head – Equity Strategy, Broking and Distribution, Motilal Oswal Financial Services Ltd.
Bharti Airtel | CMP: Rs 705.60 | The stock price ended in the green on May 17. Bharti Airtel Ltd reported a 165 percent growth in consolidated net profit at Rs 2,008 crore in the fourth quarter of FY2021-22 (Q4FY22) as against Rs 759 crore profit logged in the year-ago period. On a sequential basis, the profit has inched up 142 percent from Rs 830 crore earned during the October–December period. Consolidated revenues for the second largest telecom company by subscriber base in India rose 22 percent on-year to Rs 31,500 crore as compared to a revenue of Rs 25,747 crore registered in the year-ago quarter. Consolidated revenues for FY22 jumped 16 percent to Rs 1,16,547 crore from the revenues of Rs 1,00,616 crore for last year.
Abbott India | CMP: Rs 17,544 | The scrip jumped over 6 percent after net profit of the company grew 38.6% at Rs 211.4 creore against Rs 152.5 crore (YoY). Revenue was up 14.6% at Rs 1,255 crore against Rs 1,095.5 crore (YoY). EBITDA rose 43% at Rs 294 crore against Rs 205.5 crore (YoY). EBITDA margin at 23.4% against 18.7% (YoY).
Sun Pharma Advanced Research Company | CMP: Rs 235 | The stock added over 3 percent despite the company posting a net loss of Rs 71 crore in the quarter ended March 2022 against a loss of Rs 53.2 crore. Revenue was down 10 percent at Rs 25.2 crore versus Rs 28.1 crore, YoY. EBITDA loss was at Rs 66.56 crore versus a loss of Rs 50.4 crore, YoY.
Kajaria Ceramics | CMP: Rs 943 | The share ended flat on May 17. The net profit of the firm went down 24.6% to Rs 95.7 crore against Rs 127.1 crore (YoY). Revenue was up 15.7% at Rs 1,102 crore against Rs 952.5 crore (YoY) while EBITDA was down 13.1% at Rs 166 crore against Rs 191 crore (YoY). Margin came in at 15.1% against 20% (YoY).
Bajaj Electricals | CMP: Rs 987 | The share price rose over 7 percent on May 17 despite the company posting a 28 percent fall in March quarter (Q4FY22) net profit at Rs 39.4 crore versus Rs 54.6 crore. However, its revenue was up 6 percent at Rs 1,334.3 crore versus Rs 1,258.5 crore, YoY. Earnings before interest, tax, depreciation, and amortisation (EBITDA) were down 13 percent at Rs 63.1 crore versus Rs 72.5 crore and other income was up at Rs 21.02 crore versus Rs 30.73 crore, YoY.
Minda Industries | CMP: Rs 871 | The stock price was up over 7 percent as the company’s board meeting will be held on Tuesday, 24 May 2022, to consider and approve the audited standalone and consolidated financial results of the company for the quarter and year ended March 2022. The board is going to consider and recommend the final dividend on equity and preference shares, if any, for the Financial Year 2021-22 and also consider and recommend the issue of bonus shares, subject to shareholders and other requisite approvals. It also considers fundraising through the issue of debt securities up to Rs 1,000 crore in one or more tranches, subject to shareholders and other requisite approvals.
Tata Power | CMP: Rs 241.20 | The scrip added 6 percent as the company entered into a strategic partnership with Hyundai Motor India Limited (HMIL) to build a robust EV charging network and accelerate the adoption of EVs across India. Through this association, Hyundai Motor India Ltd. would become a key contributor to the expansion of quality charging infrastructure.
Aditya Birla Capital | CMP: Rs 102.20 | The stock jumped over 7 percent after the company said on exchanges that the firm has received a whistleblower complaint where allegations were made against Aditya Birla Sun Life and employees. The firm said an independent committee investigating the complaint did not find any merit in any allegations. It added that the complaint did not level allegations against CEO Ajay Srinivasan. Srinivasan had expressed interest in taking on a new role within the group leading to him stepping down as CEO of Aditya Birla Capital. The firm also said that there have been no employee exits in Aditya Birla Capital and Aditya Birla Sun Life AMC due to the allegations.
Indoco Remedies | CMP: Rs 353.35 | The stock gained over 6 percent on May 17 after the company posted a 61.8 percent jump in Q4 net profit at Rs 40.5 crore against Rs 25 crore and revenue was up 34.1% at Rs 409.1 crore versus Rs 305.1 crore, YoY. Earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 47.4% at Rs 80.52 crore and the margin was at 19.7 percent.
Sandip Das
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