Indian markets crashed on May 19 amid weak global cues and inflation concerns. At close, the Sensex was down 1,416.30 points, or 2.61%, at 52,792.23, and the Nifty was down 430.90 points, or 2.65%, at 15,809.40.
ITC | CMP: Rs 275.75 | The scrip jumped over 3 percent after ITC reported an 11.7 percent year-on -year growth in consolidated net profit at Rs 4,196 crore. On a sequential basis, profit inched up 3.4 percent. Consolidated revenue for the largest cigarette maker in India rose 15.3 percent on year to Rs 17,754 crore. On a sequential basis, it was down 3.3 percent. Jefferies has maintained a “buy” rating on the stock with a target price of Rs 305. Morgan Stanley has maintained “overweight” rating on the stock and raised the target price to Rs 293 from Rs 276 as earnings were largely in line with estimates.
Interglobe Aviation | CMP: Rs 1,662 | The stock price declined over 2 percent as the company said that the chief executive officer Ronojoy Dutta will retire in September. Dutta, 71, was appointed at the helm of IndiGo in January 2019. He has “decided to retire on September 30, 2022” after guiding IndiGo “through the turbulent Covid period”, the airline said in a statement. The company has put off its board meeting to next week to announce quarterly numbers.
Dr Reddy’s Labs | CMP: Rs 3,942.25 | The share price closed in the green on May 19 even though the firm reported a 76 percent year-on-year decline in its consolidated net profit to Rs 88 crore, which was sharply below analysts’ expectations of Rs 677 crore. The pharmaceutical major reported a 15 percent year-on-year rise in consolidated revenues from operations to Rs 5,437 crore for the reported quarter. The decline in consolidated net profit of the company was largely driven by the impairment of non-current assets worth Rs 751.5 crore in the reported quarter. The domestic business also reported a 15 percent on-year growth in revenues to Rs 968.9 crore aided by the launch of new products. At the same time, European business grew 12 percent on a year-on-year basis to Rs 444.4 crore in the reported quarter.
LIC Housing Finance | CMP: Rs 356.45 | The stock ended in the red in a weak market on May 19. The financier on May 18 reported a nearly threefold year-on-year jump in profit after tax (PAT) to Rs 1,118.64 crore on lower provisions and improvement in collection efficiencies. Individual home loan portfolio was up 13 percent year on year at Rs 204,230 crore as of the end of the quarter under review. The financier expects growth of 15 percent in the portfolio. Global research firm CLSA has maintained a “buy” call on the stock with a target of Rs 525, an upside of over 44 percent.
Ratnamani Metals | CMP: Rs 2,530 | The share ended in the green, adding over a percent on May 19 after the company’s 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 July 1, 2022.
Lupin | CMP: Rs 636 | The share price was down 7 percent on May 19. 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 US on account of price erosion and inflation in input materials and freight.
Manappuram Finance | CMP: Rs 94.90 | The stock price tumbled over 9 percent on May 19 after the firm 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.
V-Guard Industries | CMP: Rs 223.45 | The scrip ended in the green in a weak market after the company posted a 32.2 percent jump in Q4 consolidated net profit at Rs 89.7 crore versus Rs 67.8 crore and revenue was up 23.4% at Rs 1,059 crore versus Rs 858 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) were down 1.2% at Rs 111.8 crore versus Rs 113.2 crore and teh margin was at 10.6% versus 13.2%, YoY.
Bosch | CMP: Rs 13,412 | The stock price shed over 5 percent on May 19 after the company’s year-on-year net profit went down 27.3% at Rs 350.6 crore against Rs 482 crore. Revenue was up 2.9% at Rs 3,311 crore against Rs 3,218 crore (YoY) while EBITDA was down 29.7% at Rs 435.4 crore against Rs 619.1 crore (YoY).
Alkyl Amines Chemicals | CMP: Rs 2,821.50 | The share was down 6 percent after the company reported a 50 percent fall in the fourth-quarter net profit at Rs 46.4 crore versus Rs 92.6 crore, while revenue was up 11.4% at Rs 425.6 crore versus Rs 382.1 crore, YoY. Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 44.6% at Rs 73.8 crore versus Rs 133.3 crore and the margin was down at 17.3% against 34.9%, YoY.