Stocks to Watch: Check out the companies making headlines before the opening bell.
Results on 19 May: Ashok Leyland, Bosch, Chambal Fertilisers & Chemicals, Container Corp of India, Endurance Tech, Gland Pharma, Dr Reddy’s Laboratories, Godrej Consumer Products, Novartis India, Ramco Systems, Suryoday Small Finance Bank.
ITC net profit rises 12%. Diversified conglomerate ITC reported an 11.8 percent year-on-year (YoY) jump in net profit at Rs 4,191 crore for the fourth quarter ended March 31 due to strong growth across all operating segments. Consolidated revenue rose 15.3 percent on year to Rs 17,754 crore. Revenue from the cigarette business grew 9.96 percent while non-cigarette FMCG revenue was up 12.32 percent.
IndiGo CEO Ronojoy Dutta to retire in September. Shares of InterGlobe Aviation Ltd will be in focus after Ronojoy Dutta, chief executive officer of IndiGo, said he will retire on September 30. The firm also said it has appointed Pieter Elbers as the next chief executive officer. The company has postponed its March quarter earnings to 25 May.
Indraprastha Gas net profit up 9%. Indraprastha Gas reported a 9.24 percent year on year rise in net profit to Rs 361.60 crore in the quarter ended March. Revenue rose 55.16 percent to Rs 2,405.92 crore. Total cost surged 72 percent to Rs 2,230 crore.
Sugar stocks in focus after government approves policy to increase ethanol blend in petrol to 20%. Sugar stocks like Triveni Engineering, Uttam Sugar Mills, Bajaj Hindusthan, Balrampur Chini will be in focus after the government approved amendments to the National Policy on Biofuels, 2018, advancing the deadline for fuel companies to increase ethanol in fuel to 20 percent by five years to 2025.
Manappuram Finance net profit falls 44%. Manappuram Finance reported a 44 percent year on year decline in net profit for the March quarter to Rs 261 crore against analysts’ estimates of Rs 451. Revenue fell nine percent to Rs 1480 crore. Total cost rose 13 percent to Rs 1,140 crore.
Lupin reports loss of Rs 512 crore in March quarter. Lupin Ltd reported a loss of Rs 512 crore in the March quarter against a profit of Rs 546 crore a year ago. Revenue rose 3% to Rs 3865 crore. EBITDA declined 63% year on year to Rs 282 crore. The company said its current quarter was challenging with headwinds in the U.S. on account of price erosion, and inflation in input materials and freight.
LIC Housing Finance reports 174% surge in net profit. LIC Housing Finance reported a 174 percent surge in net profit for the March quarter to Rs 1,114 crore. Revenue rose 6.3 percent to Rs 5,207.53 crore. Provisions for loan losses stood at Rs 177 crore.
Adani Enterprises incorporates wholly owned subsidiary Adani Health Ventures. Adani Enterprises announced its entry into the healthcare sector, stating that it has incorporated a wholly owned subsidiary Adani Health Ventures Ltd. Earlier Mint on May 2 had reported that Adani group was in discussions with a few globally renowned names in the healthcare sector for a joint venture or a tie-up for the India market. The group has earmarked up to $ 4 billion in a mix of debt and equity for the business and is talking to investors and lenders to devise a long term funding plan.
Ratnamani Metals announces bonus, dividend. Ratnamani Metals & Tubes board approved the issue of bonus shares in the ratio of one for two held. The firm also recommended a dividend of Rs 14 a share for the fiscal year 2022. For bonus shares the record date will be 1 July 2022.
Pidilite Industries net profit up 17%. Pidilite Industries reported a 17.3 percent year on year decline in net profit for the March quarter to Rs 254 crore. Revenue rose 12 percent to Rs 2,507 crore. Total cost rose 18 percent to Rs 2,178 crore.
IDBI Bank offloaded entire stake in ARCIL to Avenue India Resurgence. IDBI Bank has said that it offloaded its entire 19.18 per cent stake in Asset Reconstruction Company (India) Ltd or ARCIL to Avenue India Resurgence Pte Ltd for an undisclosed amount.
Moneycontrol News
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