All the sectoral indices ended in the green with metal, pharma, capital goods, PSU bank, and realty indices up 3-4 percent each. The BSE midcap and smallcap indices rose 2 percent each.
Indian benchmark indices erased the previous day’s losses and ended higher with Nifty above 16,200. At close, the Sensex was up 1,534.16 points or 2.91% at 54,326.39, and the Nifty was up 456.80 points or 2.89% at 16,266.20.
Dr Reddy’s Labs | CMP: Rs 4,228 | The share price surged over 7 percent despite the firm reporting a 76 percent year-on-year decline in consolidated net profit at Rs 88 crore, way below analysts’ expectations of Rs 677 crore, largely due to impairment of non-current assets worth Rs 751.5 crore. The company reported a 15 percent year-on-year rise in consolidated revenues from operations to Rs 5,437 crore. Morgan Stanley has maintained an overweight rating on the stock with a target of Rs 5,202. The company continues to deliver granular growth across its businesses and continues to invest in complex generics, biosimilars, and NCEs, the foreign brokerage said.
Ashok Leyland | CMP: Rs 130.50 | The scrip jumped over 6 percent on May 20. Ashok Leyland reported a 274 percent YoY jump in net profit at Rs 901.4 crore for the fourth quarter. CNBC-TV18 Polls had predicted a profit of Rs 252 crore for the quarter. Total income stood at Rs 8,744.3 crore during the period, up 24.9 percent against Rs 7,000.5 crore in the corresponding period of the preceding fiscal. Its truck market share for Q4 FY 22 has improved to 30.6 percent against 28.9 percent in Q4 FY21, the highest market share seen in the last 11 quarters.
Hindustan Aeronautics | CMP: Rs 1,750.10 | The stock rose over 3 percent after the company announced that the Type Certification of the first Indigenous Light Transport civil passenger aircraft ‘Hindustan 228-201’ was handed over today by the Directorate General of Civil Aviation (DGCA) to Transport Aircraft R&D Center, HAL Kanpur at DGCA HQ New Delhi. The company said this was the first Type Certified fixed wing aircraft in India complying with the latest FAR 23 certification requirement which is a major milestone towards the vision of building a new Atmanirbhar Bharat.
Godrej Consumer | CMP: Rs 761 | The stock price fell over 4 percent on May 20 after the firm reported a 1 percent fall in net profit for the March quarter to Rs 363 crore year-on-year as a slowdown in consumption and high commodity inflation weighed. Revenue rose 7 percent to Rs 2,920 crore. Total cost rose 12 percent on-year to Rs 2,540 crore.
Welspun Corp | CMP: Rs 244.30 | The scrip surged 17 percent on May 20. Welspun Corp Ltd announced winning the single largest order in its history for the supply of pipes valued at Rs 5000 + crore (approx) in the United States. This order is for the supply of 325,000 MT (approx) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes for this order will be produced from our Little Rock plant in the US and the same will be executed over a period of 12 months, commencing H2 of FY 23, it said in an exchange filing.
NTPC CMP: Rs 149.35 | The stock ended in the green on May 20. NTPC Limited reported a 14 percent growth in consolidated net profit at Rs 5,167 crore in the fourth quarter of FY2021-22 as against Rs 4,542 crore recorded a year ago. On a sequential basis, the profit increased 14.8 percent from Rs 4,499 crore earned during the October–December period. Consolidated revenue for the state-owned utility major rose 23 percent on-year to Rs 37,085 crore from Rs 30,103 crore in the year-ago quarter. On a sequential basis, the revenue is 11.4 percent higher than Rs 33,293 crore recorded in the previous quarter. The company has recommended a final dividend of Rs 3 per equity share for the financial year 2021-22, which is in addition to the interim dividend of Rs 4 per equity share for the financial year 2021-22 paid in February 2022.
Zydus Lifesciences | CMP: Rs 357.85 | The stock price gained over 5 percent on May 20 despite the company posting a 41.5 percent fall in its Q4 net profit at Rs 397.4 crore versus Rs 679 crore and revenue was up 5.3% at Rs 3,864 crore versus Rs 3,670 crore, YoY. The board approved a share buyback of maximum of Rs 750 crore at Rs 650 per share.
Sona BLW Precision | CMP: Rs 553 | The scrip was up 3 percent on May 20. Indian auto parts maker Sona BLW Precision Forgings expects two-thirds of its revenues to come from electric vehicle (EV) components over the next few years, as automakers rush to build more clean cars, its chairman told Reuters. Sona BLW, which produces drivetrain components such as motors and gears, will invest about $ 130 million over the next three years towards its electrification push, Sunjay Kapur said in a recent interview.
Indigo Paints | CMP: Rs 1,630 | The stock added over 4 percent after the company reported a 39.1% rise in net profit at Rs 34.6 crore against Rs 24.9 crore (YoY). Revenue grew 13.4% at Rs 288.4 crore against Rs 254.3 crore (YoY). EBITDA was up 25.3% at Rs 53.8 crore against Rs 42.9 crore(YoY). Margin at 18.6% against 16.9% (YoY).
JK Tyre and Industries | CMP: Rs 122.40 | The stock ended in the red after the firm reported a 78.7 percent fall in Q4 consolidated net profit at Rs 40.2 crore versus Rs 189.1 crore in the year-ago period. Its revenue was; however, up 13.1% at Rs 3,312 crore versus Rs 2,927.3 crore, YoY.
Sandip Das
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