Stocks to Watch: Banks, IT, GNFC, SRF, PVR, UPL, CBI, Vedant Fashions

Stocks to Watch Today: Asian Paints, Cipla, Gujarat Gas and Vodafone Idea will be in focus ahead of the Q4 results on Tuesday, May 10, 2022.

Stocks to Watch Today: Key benchmark indices are likely to start trade on a negative note yet again as global cues, mainly US, continue to remain bearish. The key benchmark indices in the US ended with losses in the range of 2-4 per cent each. Further, as of 07:15 AM, the SGX Nifty May futures quoted at 16,150 as against the spot Nifty close of 16,302 on Friday. 

Meanwhile, following are the stocks that are likely to see some action in trades on Monday.

Primary Market Update: Prudent Corporate Advisory Services IPO opens for subscription today in the price band of Rs 595 – 630 per share.

Delhivery and Venus Pipes & Tubes IPOs open for subscription on May 11.

Earnings Watch: Ajanta Pharma, Asian Paints, Cera Sanitaryware, Cipla, Gujarat Gas, Hindustan Motors, Mahanagar Gas, MRF, Reliance Capital, Shemaroo, Taj GVK Hotels, Torrent Power, Venkys India, Vodafone Idea, Welspun India and Zensar Technologies are among a clutch of notable companies scheduled to announce Q4 results on Tuesday.

Banking stocks: HDFC Bank, Canara Bank, Indian Overseas Bank, Bank of Maharashtra, and Karur Vysya Bank on Monday said they revised their lending rates based on marginal cost of funds and repo rate. This comes after the RBI raised the benchmark repo rate by 40 bps to 4.40 per cent in an off-cycle meeting to tame rising inflation last week. READ MORE

IT stocks: The slide in the rupee was expected, given several trends. The USD is hardening as a result of the Fed’s actions and continued selling by foreign portfolio investor (FPIs. However, the weakening rupee has a silver lining for recently downgraded IT sector. The IT index may be bottoming out at current levels; fall in rupee can help companies offset some of the cost and growth pressures. READ ANALYSIS

HCL Technologies: The IT services major will be acquiring Bengaluru-based Quest Informatics (Quest), an aftermarket, Industry 4.0 and IoT company, in an all-cash deal worth Rs 15 crore. Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalog product suites. 

3i Infotech: The company reported a net loss of Rs 3.9 crore in the fourth quarter ended March 2022. In the same period last fiscal, the company had posted a net profit of Rs 301.52 crore, mainly on account of an exceptional gain. Total income was up 9.5 per cent YoY at Rs 175.70 crore.

GNFC: The company’s Q4 net profit more-than-doubled to Rs 643.26 crore in the quarter ended March 2022 when compared with Rs 308.91 crore in the corresponding quarter a year ago. Total income grew by 58.9 per cent YoY to Rs 2,832.35 crore from Rs 1,782.21 crore.

Vedant Fashions: The company reported a nearly two-fold jump in Q4 net profit at Rs 87.40 crore for Q4FY22 when compared with Rs 44.14 crore in the corresponding quarter a year ago. Total income also surged 57.5 per cent YoY to Rs 299.88 crore.

PVR: The leading multiplex chain operator reported narrowing of its consolidated net loss to Rs 105.49 crore for the fourth quarter ended in March 2022 when compared with a net loss of Rs 289.21 crore in the January-March quarter a year ago. Revenue from operations rose by nearly three-fold to Rs 537.14 crore during the quarter under review. READ MORE

SRF: The company posted a strong 60.9 per cent growth in Q4FY22 net profit at Rs 500.49 crore when compared with Rs 311.04 crore in Q4FY21. Total income grew by 31.3 per cent to Rs 2,808.23 crore from Rs 2,139.37 crore in the same period.

Dalmia Bharat: The company’s Q4 net profit declined 6.4 per cent to Rs 599 crore in the quarter ended March 2022 as against Rs 640 crore in the year ago period. Total income, however, rose 7.3 per cent to Rs 3,380 crore from Rs 3,151 crore.

UPL: The agro-chemicals major reported a 29 per cent growth in net profit at Rs 1,379 crore for the quarter ended March 2022 as against Rs 1,065 crore in the corresponding quarter of the previous financial year. Revenue grew by 24 per cent to Rs 15,860 crore, compared to Rs 12,797 crore in the year-ago period.

Central Bank of India (CBI): The public sector lender Central Bank of India posted a net profit of Rs 310 crore in the fourth quarter ended March 2022 on improved net interest income (NII) and fall in provisions. The bank, which, is under RBI’s prompt corrective action (PCA) since June 2017 had reported a net loss of Rs 1,349 crore in the quarter ended March 2021. READ MORE

Aarti Drugs: The company reported a flat growth in net profit at Rs 53.66 crore for the fourth quarter ended March 2022 as against Rs 53.65 crore in the same quarter a year ago. Total income, however, was up 41.8 per cent YoY at Rs 642.10 crore.

CMS Info Systems: The company posted a net profit of Rs 64 crore for the quarter ended March 2022, up 14 per cent on YoY basis. Total income was up 8 per cent at Rs 444 crore.

GMR Infra: The GMR group will be able to operate the Nagpur airport with the Supreme Court upholding the decision refusing to annul the bidding process of the Nagpur airport. READ MORE