Stocks to Watch today: A sharp gap-down start for the Sensex and Nifty is likely on Thursday after US markets' biggest one-day sell-off in almost two years overnight. The US benchmark indices plunged 3-5 per cent amid weak earnings and investor worries around inflation and monetary policy tightening.
At 7:30 am, the SGX Nifty futures were quoting at 15,919 levels, hinting at an opening loss of 300 odd points for the Nifty.
Meanwhile, these are the stocks to watch out for in trade today:
Earnings Watch: 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 will be in focus ahead of their Q4 results today.
ITC: The FMCG major has reported a 12 per cent rise in consolidated PAT (attributable to owners of the parent) at Rs 4,196 crore for the quarter ending March 31, 2022. The company had recorded a consolidated PAT of Rs 3,755 crore during the corresponding period last year. Consolidated revenue rose 14 percent on year to Rs 17,554 crore. Read here
JSW Group: The group, which last week lost the race to buy Ambuja Cements, on Wednesday started "exclusive talks" to acquire Mytrah Energy, a renewable energy company with a capacity of 1800 megawatts (MW). The deal, if done, will be at an enterprise valuation of up to $2 billion. Read here
Lupin: Pharma major Lupin posted a net loss of Rs 511.9 crore for the fourth quarter of fiscal 2021-22 due to rising costs, price erosion in the US and impairment expense of Rs 126.7 crore for US-based Gavis. Lupin had posted a net profit of Rs 464 crore in the corresponding quarter last fiscal.
Biocon: The Competition Commission of India (CCI) has approved a proposed deal involving Serum Institute Life Sciences, Covidshield Technologies and Biocon’s subsidiary Biocon Biologics. Once the deal is complete, Serum Institute Life Sciences Pvt Ltd will have about 15 per cent stake in Biocon Biologics Ltd. Read more
Adani Enterprise: The Adani Group on Wednesday announced its foray into the health care space. In an exchange notification, Adani Enterprises said it has incorporated a wholly-owned subsidiary, Adani Health Ventures (AHVL), for this purpose. AHVL will carry out the business of healthcare-related activities like setting up of medical and diagnostic facilities, research centres, it said. Read more
Ruchi Soya: Edible oil major Ruchi Soya has announced it’s acquiring the food business of Patanjali Ayurved for around Rs 690 crore. This is expected to fast-track Ruchi Soya’s shift to the fast-moving consumer goods (FMCG) category. Read here
IndiGo: The company will be in focus after Ronojoy Dutta, the 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.
Indraprastha Gas: The company posted a 9 per cent rise in its net profit to Rs 362 crore in the quarter ended March 2022 as against Rs 331.00 crore during the previous quarter ended March 2021. Revenue rose 55.16 per cent to Rs 2405.92 crore in the quarter as against Rs 1550.63 crore during the previous quarter ended March 2021.
Manappuram Finance: The NBFC has reported a 44 per cent decline in its net profit for the March quarter to Rs 261 crore against analysts’ estimates of Rs 451 crore a year ago. Revenue fell 9 per cent year on year to Rs 1480 crore.
LIC Housing Finance: The company has reported a 174 per cent increase in net profit for the March quarter to Rs 1114 crore from Rs 406 crore a year ago. Revenue for the quarter rose 6.3 per cent year on year to Rs 5207.53 crore. Provisions for loan losses for the quarter stood at Rs 177 crore.
Ratnamani Metals: The company's board has approved the issue of bonus shares in the ratio of 1 for 2 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 on 1 July 2022.
Pidilite Industries: The company has reported a 17.3 per cent decline in its net profit for the March quarter to Rs 254 crore from Rs 308 crore a year ago. Revenue for the quarter rose 12 per cent year on year to Rs 2507 crore versus Rs 2235 crore last year.
IDBI Bank: The bank has offloaded its 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) Limited (ARCIL) to Avenue India Resurgence Pte. Ltd for an undisclosed amount.
Power Grid: The company has won a bid for Intra State transmission system of Uttar Pradesh.
UCO Bank: The bank has appointed Sujoy Dutta as the Chief Financial Officer
Stocks in F&O ban today: Delta Corp, GNFC, PNB and Indiabulls Housing Finance.