 "Stocks to Watch Today: L&T. DRL, Adani Group, Asian Paints, Hero Moto")
Stocks to watch on Thursday, May 11: Barring Japan's Nikkei, all other Asian indices eked out gains Thursday morning as US consumer price index rose less than expected for April.
In mainland China, the Shanghai Composite gained marginally, Hong Kong's Hang Seng index rose 0.22 per cent, while the Hang Seng Tech index popped 1.5 per cent on early trade. In Japan, the Nikkei 225 traded down 0.15 per cent, while South Korea's Kospi rose 0.5 per cent.
At 7:45 AM, SGX Nifty was at 18,399, up 40 points.
Here's a list of stocks that will be in focus today:
Earnings today: Asian Paints, Eicher Motors, PDS, Deepak Nitrite, Balrampur Chini Mills, Zensar Technologies, Ujjivan Small Finance Bank, Intellect Design Arena, Dr Lal Pathlabs, Care Ratings, Siemens, Aditya Birla Capital, Ajmera Realty & Infra India, Alkyl Amines Chemicals, BLS International Services, DCW, Everest Industries, Gillette India. Gujarat State Petronet, GTL Infrastructure, Kirloskar Brothers, Mangalore Chemicals & Fertilizers, Neuland Laboratories, Paisalo Digital, PTC India Financial Services, Religare Enterprises, SG Finserve, Shankara Building Products, South Indian Bank.
Adani Group: Adani Enterprises Ltd., the flagship company of Adani Group, said in a statement on Wednesday that it will hold a board meeting on May 13 to consider fund raise via issuance of equity. Other two Group firms, Adani Adani Green Energy and Adani Transmission will consider fund raise same day as well.
Hero MotoCorp: Hero Electric and Okinawa Scooters, the two firms that allegedly didn’t comply with localisation norms to claim subsidy under the FAME II scheme, have told the Centre that they have not breached any guidelines, according to a Business Standard report. READ MORE
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KPI Green Energy: The company as received a new order of 35 MW capacity Solar Power Plant under Captive Power Producer (CPP) Segment, in lieu of the previous order of 33 MW capacity Solar Power Plant under CPP Segment.
Bajaj Electricals: A meeting of Board of Directors is scheduled on May 23 to consider and approve a proposal for raising of funds by way of issuance of securities on a private placement basis. The Board will also approve financial results for the March quarter of FY23 (Q4FY23) and dividend, if any.
Sanofi India: Sanofi India's board has approved the arrangement to demerge its consumer health business into a wholly owned subsidiary - Sanofi Consumer Healthcare India Ltd (SCHIL) - to 'unlock and maximize' its business potential in pharmaceuticals and consumer healthcare. READ MORE
Jindal Stainless: The Board of Directors of Jindal Stainless will be held on Wednesday, May 17, to consider and approve financial results for Q4FY23, and give in-principle approval to raise funds by way of issue of debt securities through private placement or any other method.
FMCG stocks: Fast-moving consumer goods (FMCG) in India witnessed a recovery in volume after six quarters and the growth rate is now at 3.1 per cent in January-March, according to the data by NIQ, formerly known as NielsenIQ. In its forecast, NIQ said that despite global uncertainties, India’s FMCG market growth forecast is at 7-9 per cent for full year 2023. READ MORE
CSB Bank: The bank informed via an exchange filing that B.K. Divakara will step down from the position of Chief Financial Officer (CFO) with effect from the close of office hours on June 4, 2023. Satish Gundewar will take over as the CFO and as Key Managerial Personnel effective from June 5, 2023.
Rail Vikas Nigam Ltd: Rail Vikas Nigam Limited (RVNL) has received Letter of Acceptance (LOA) from Mumbai Metropolitan Region Development Authority (MMRDA) for Mumbai Metro line 2B.
Zydus Lifesciences: The company has received the Establishment Inspection Report (EIR) from the US FDA for the inspection conducted at the manufacturing facility at Moraiya, Ahmedabad. The audit had ended with nil observations.
Rattanindia Enterprises: The Board has approved raising of Rs 1,000 crore through the issue of securities, either by way of a Qualified Institutions Placement or any other permissible mode.
Result reaction:
Dr Reddy's Labs: Hyderabad-based Dr Reddy's Laboratories (DRL) posted a nine-fold year-on-year (YoY) increase in net profits, at Rs 959 crore, for the fourth quarter of the financial year. The firm was riding on a 16 per cent growth in revenues worth Rs 6,296.8 crore.
L&T: The country's biggest infrastructure company, Larsen & Toubro, on Wednesday reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for Q4FY23. The company reported a 10 per cent year-on-year rise in revenues of Rs 58,335 crore. The numbers, however, missed Street estimates.
Gujarat Gas: City gas distributer, Gujarat Gas', Q4FY23 standalone net profit fell by 16 per cent to Rs 369 crore, compared to Rs 444 crore in the corresponding period last year. Revenue from operations for the January-March quarter came in at Rs 4,073.82 crore, down 14 per cent year-on-year. The board has declared a dividend of Rs 6.65 per share.
Escorts Kubota: Escorts Kubota, on Wednesday, reported a 13.9 per cent increase in consolidated net profit at Rs 216.5 crore for Q4FY23. Consolidated revenues from operations rose 17.4 per cent to Rs 2214.5 crore, but Ebitda fell to Rs 233.2 crore.
Godrej Consumer Products: The FMCG company, on Wednesday, posted a profit after tax (PAT) of Rs 452 crore for the March quarter, up 24.5 per cent as compared to Rs 363 crore in the year-ago period. Revenue grew 9 per cent YoY, while Ebitda jumped 37 per cent.
Sagar Cements: Sagar Cements has reported a consolidated net profit after tax of Rs 97.98 crore for Q4FY23 as against a loss of Rs 19.15 crore last year. The company's consolidated total income stood at Rs 802.58 crore, up around 59 per cent on year.
P&G Hygiene and Health: The FMCG firm has reported a jump of 60 per cent in profit at Rs 165.02 crore in the March quarter vs net profit of Rs 103 crore last year. Its total income slipped 8 per cent to Rs 897.5 crore.
Relaxo Footwear: Relaxo Footwears posted a 9.6 per cent jump in fourth-quarter revenue to Rs 765 crore on Wednesday, as demand for its shoes and slippers remained strong despite high raw material costs. Its net profit, howevver, remained unchanged at Rs 63 crore with profit margin slipping 73 bps to 8.3 per cent.