Kansai Nerolac, Canara Bank, Mankind Pharma among top stocks to watch today

Stock to Watch on Tuesday, May 9: Canara Bank's net profit rose 90.6 per cent year-on-year (YoY) at Rs 3,175 crore in Q4FY23

Stocks to watch today, Tuesday, May 9: Equity markets are looking to start subdued on Tuesday due to mixed session in Asian markets. At 7:40 AM, SGX Nifty was down 25 points at 18,324.

In Australia, the S&P/ASX 200 fell 0.31 per cent, and South Korea's Kospi was 0.47 per cent down. China's Shanghai Composite and Hong Kong's Hang Seng were also 0.42 per cent lower each.

Here's a list of stocks that will be in focus today:

Q4FY23 earnings: Lupin, Raymond, Reliance Infrastructure, Apollo Tyres, Birla Corporation, Castrol India, Chalet Hotels, Eveready Industries India, Godrej Agrovet, Hatsun Agro Product, Indraprastha Gas, JM Financial, KSB, Latent View Analytics, Matrimony.com, Nazara Technologies, Nuvoco Vistas Corporation, Rain Industries, Shipping Corporation of India, SRF, Suven Life Sciences, and Westlife Foodworld will be in focus ahead of their quarterly earnings on May 9.

Mankind Pharma: Mankind Pharma will make its stock market debut on Tuesday following a successful Rs 4,326-crore initial public offering (IPO). Shares of the country’s fourth largest pharma company in terms of sales are expected to see double-digit gains over its IPO price of Rs 1,080, as per grey market participants.

PNB Housing Finance: Punjab National Bank has infused capital amounting to Rs 498.75 crore in the Rights Issue of PNB Housing Finance Limited (PNBHFL), the lender informed the exchanges via a filing.

Kansai Nerolac: The company's Board has approved bonus issue in the ratio of 1:2, subject to approval of the Shareholders of the Company. With this, the authorised share capital will increase from Rs 66.5 crore to 85 crore. 

R Systems International: The company announced in an exchange filing that the delisting offer is deemed to be unsuccessful as the post offer shareholding of the acquirer (BCP Asia II Topco II Pte. Ltd and Blackstone Capital Partners Asia II L.P) has not exceeded 90 per cent of the Voting Share Capital. 

Kalpataru Power Transmission: The Board of Directors of Kalpataru Power Transmission Limited has approved the proposal for issuance of secured/unsecured redeemable Non-Convertible Debentures up to Rs 300 crore by the company in one or more tranches. 

JBChemicals and Pharmaceuticals: The company's Board will meet on May 24 to consider and approve financial results for the quarter and year ended March 31, 2023. Besides, it will also consider and approve the proposal to sub-divide/split the equity shares of face value of Rs 2 each to equity shares of face value Re 1 each.

Pidilite Industries: N.K Parekh has stepped down as the non-executive vice-chairman of the company. He, however, will continue as non-executive director on the Board, the company said in a filing. Apurva N Parekh, executive director, shall be designated as the executive vice-chairman, it said.

Separately, the company has decided to discontinue the operations of the Sargent Art Division (based in the US), in a phased manner, over the next year. Revenue from operations and loss before tax pertaining to the division for the year ended March 31, 2023 is Rs 128.8 crore and Rs 5.2 crore, respectively.

Easy Trip Planners: The Board of the company has in-principally approved engaging into all kinds of general insurance business through a wholly owned subsidiary of the company which is yet to be incorporated.

Trident: The Board will meet on May 18 to consider and approve the standalone and consolidated audited financial results of the company for the quarter and financial year ended March 31, 2023. Also, the Board will consider and approve raising of funds by non-convertible debt instruments. 

Result reactions:
Canara Bank: Canara Bank’s net profit rose 90.6 per cent year-on-year (YoY) at Rs 3,175 crore for the quarter ended March 2023 (Q4 FY23) on healthy growth in net interest income (NII).
 

Kansai Nerolac: The paints company, on Monday, reported over 400 per cent increase in its consolidated net profit to Rs 96.24 crore for Q4FY23. Its revenue from operations surged 12.81 per cent during the quarter under review to Rs 1,733.59 crore. For the entire FY23, its net profit jumped 36.52 per cent to Rs 468.47 crore.

Mahanagar Gas: Mahanagar Gas, on Monday, reported a net profit of Rs 268.8 crore in the March quarter of FY23, which was more-than-double as compared to Rs 131.8 crore clocked last year. The board also declared a final dividend of Rs 16 per equity per share for FY23, in addition to the interim dividend of Rs 10 per equity share paid earlier.

Kalpataru Power: Kalpataru Power Transmission on Monday posted a nearly 22 per cent rise in consolidated net profit to Rs 140 crore for the March 2023 quarter, mainly on the back of higher revenues. The total income rose to Rs 4,896 crore in the quarter from Rs 4,169 crore a year ago.

VIP Industries: The company posted a surprise net loss of Rs 4.26 crore in Q4FY23 as against expectations of PAT around Rs 54 crore.The company incurred an exceptional loss of Rs 47.21 crore related to a loss of property, plant and equipment and inventories that were destroyed due to a major fire at a plant of the company's subsidiary in Bangladesh on January 31, 2023.

Aarti Industries: The company has reported total income of Rs 1,656 crore during the period ended March 31, 2023, up 15 per cent against Rs 1,437-crore income seen last year.

The company's net profit, too, increased 2 per cent YoY to Rs 149 crore vs Rs 146 crore clocked last year.

Carborundum Universal: Murugappa Group company Carborundum Universal (Cumi) has posted a 140 per cent rise in consolidated net profit during the fourth quarter of the financial year 2022-23 to Rs 137 crore, as compared to Rs 57 crore during the same period last financial year.

Exide Industries: Battery maker Exide Industries on Monday reported a lower-than-expected consolidated net profit of Rs 180.12 crore in Q4 FY23, impacted by higher raw material cost. Revenues from operations in Q4 FY23 stood at Rs 3,676.76 crore, an increase of 4.4 per cent from the year-ago period.