Indian benchmark indices ended lower in a volatile session on May 24. At close, the Sensex was down 236.00 points, or 0.43%, at 54,052.61, and the Nifty was down 89.50 points, or 0.55%, at 16,125.20.
Zomato | CMP: Rs 65.45 | The stock price surged over 14 percent on May 24. The food aggregator on May 23 reported a net loss of Rs 359 crore in the fourth quarter of the fiscal year 2021-22. The company’s revenue during the period climbed to Rs 1,211.8 crore. The net loss nearly tripled over the year-ago period, when it stood at Rs 134.2 crore, though the revenue has surged 75 percent as against Rs 692.4 crore in Q4FY21. Broking house Morgan Stanley has kept “overweight” rating on the stock with a target at Rs 135 per share. Research firm UBS has maintained a “buy” rating on the stock with a target price of Rs 130.
Grasim Industries | CMP: Rs 1,401 | The stock was down over 3 percent after the company declared its March quarter earnings. Aditya Birla Group’s flagship firm posted a consolidated net profit of Rs 3,656 crore for the March quarter (Q4FY22), up 57% from the year-ago period, helped by higher revenues and tax write back. Revenue from operations surged 18% from the year-ago period to Rs 28,811 crore from Rs 24,402 crore. Tax write back for the quarter stood at Rs 464 crore against Rs tax paid of Rs 1,064 crore a year ago. Standalone net profit for the quarter stood at Rs 1,068 crore, up 122% from the March 2021 quarter. Revenue advanced 45% to Rs 6,376 crore. Tax write back for the quarter stood at Rs 406 crore versus tax paid of Rs 126 crore last year.
JSW Steel | CMP: Rs 538.85 | The stock shed a percent on May 24. The company board would consider raising long-term funds, including but not limited to, qualified institutions placement of permissible securities subject to regulatory and statutory approvals as required during the May 27 board meeting.
Va Tech Wabag | CMP: Rs 237 | The scrip was down 2 percent on May 24. Va Tech Wabag has signed through its wholly-owned subsidiary Ghaziabad Water Solutions Private Limited (SPV) a concession agreement with Ghaziabad Nagar Nigam (GNN) towards design, build, finance and operation of a new 40 MLD Recycle and Re-use Tertiary Treatment Reverse Osmosis (TTRO) plant along with associated infrastructure under Hybrid Annuity Model (HAM).
LIC | CMP: Rs 824.80 | The share ended in the green on May 24. The board of directors of the state-owned Life Insurance Corporation of India (LIC) is scheduled to meet at the end of this month to declare the financial results for the fiscal year ended March 2022. The meeting will also consider payment of a dividend, if any, LIC said.
Zee Entertainment | CMP: Rs 236.95 | The share ended in the red on May 24. Zee Entertainment announced the signing of a long-term global media rights contract with UAE’s T20 League, giving the broadcaster access to 34 matches of the cricket tournament. The league matches will air both on Zee’s linear channels along with streaming platform ZEE5. The tournament will air on 10 linear channels in the Hindi-speaking markets, south and east regions in English, Hindi, and Tamil languages.
Ipca Laboratories | CMP: Rs 955 | The stock shed 2 percent on May 24 after the firm posted a 19.3 percent fall in consolidated Q4 net profit at Rs 130.2 crore versus Rs 161.3 crore. Revenue was up 15.6% at Rs 1,289.1 crore from Rs 1,114.7 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) were down 4.2% at Rs 219.3 from Rs 229 crore and the margin was at 17% versus 20.5%, YoY.
Bank of India | CMP: Rs 47 | The scrip ended in the green after the bank posted Q4 net profit at Rs 606.3 crore against Rs 250.2 crore and net interest income (NII) was up 35.8% at Rs 3,986.1 crore from Rs 2,936 crore, YoY. Gross NPA was at 9.98 percent versus 10.46 percent and net NPA was at 2.34% against 2.66%, QoQ.
NBCC (India) | CMP: Rs 33.30 | The share ended in the red on May 24. NBCC (India) has been awarded the work of planning, designing and execution of “various infrastructure developments works under Puducherry Smart City Development Limited (PSCDL)” as project management consultant, at a total cost of Rs 313.80 crore, the company said in its release.
NBCC (India) | CMP: Rs 33.30 | The share ended in the red on May 24. NBCC (India) has been awarded the work of Planning, Designing and Execution of “various infrastructure developments works under Puducherry Smart City Development Limited (PSCDL)” as Project Management Consultant, at total cost of Rs 313.80 crore (approx), company said in its release.