 "Stocks to Watch today, May 18: HDFC Bk, Vedant Fashions, MM Forgings, NDTV")
Stocks to Watch today, Thursday, May 18: Buoyed by supportive global mood, benchmark S&P BSE Sensex and Nifty50 indices are eyeing a firm start on Thursday. At 7:50 AM, SGX Nifty was at 18,260 levels, up 33 points.
Global mood improved overnight as leaders in the US assured there won't be a debt default. Thus, the Nasdaq closed 1.28 per cent higher, the Dow Jones gained 1.24 per cent, and the S&P 500 rose 1.19 per cent.
In Asia, Nikkei, Hang Seng, Strait times and Kospi rose between 0.5-1.5 per cent.
Here is a list of stocks that will be in focus today:
Q4FY23 earnings
State Bank of India, ITC, InterGlobe Aviation, Zydus Lifesciences, UNO Minda, United Spirits, Ramco Cements, Arvind, PI Industries, Gland Pharma, Transport Corporation of India, Tata Elxsi, Gulf Oil Lubricants India, Bata India, RITES, Sumitomo Chemical India, PNB Housing Finance, Syrma SGS Technology, Krishna Institute of Medical Sciences, Clean Science and Technology, Shalby, Container Corporation of India, LT Foods, GAIL (India), Gujarat Narmada Valley Fertilizers & Chemicals, GR Infraprojects, Hindustan Construction Co, Hindustan Foods, IG Petrochemicals, Jet Airways (India), Likhitha Infrastructure, PTC India Financial Services, PSP Projects, Sharda Motor Industries, Tasty Bite Eatables, Thomas Cook (India), Transpek Industry, Trident, Ujjivan Financial Services, Universal Cables, Vindhya Telelinks.
March quarter result reactions
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MTAR Technologoies: The company, on Wednesday, reported Q4FY23 net profit at Rs 31.07 crore, up 56.89 per cent from Rs 19.80 crore reported last year. Its net sales jumped a massive 99.23 per cent to Rs 196.40 crore vs Rs 98.58 crore in March 2022. Ebitda, too, registered a gain of 79 per cent year-on-year (YoY).
Whirlpool of India: Consumer durables maker Whirlpool of India Ltd on Wednesday reported a 24.58 per cent decline in its consolidated net profit at Rs 63.71 crore for the fourth quarter ended March 2023. Its revenue from operations was down 2 per cent to Rs 1,672.65 crore during the quarter under review against Rs 1,706.91 crore in the corresponding period of the previous fiscal.
MM Forgings: Its net profit jumped 310.5 per cent to Rs 30.6 crore in the recently concluded quarter as against PAT of Rs 7.5 crore in Q4FY22. Total income increased 20 per cent YoY to Rs 393 crore.
Restaurant Brands Asia: The operator of Burger King in India, RBA posted narrowing of net loss to Rs 79.96 crore in Q4FY23 vs net loss of Rs 81.54 crore YoY. Its revenue rose 28.55 per cent to Rs 513.95 crore, while Ebitda was up 35.4 per cent to Rs 27.4 crore.
Thermax: The sustainable energy solutions provider posted a better-than-expected jump of 52 per cent in fourth-quarter net profit on Wednesday, helped by a 16 per cent rise in sales. Consolidated net profit rose to Rs 156 crore for the quarter from Rs 103 crore reported a year earlier.
However, Thermax saw a decline of 34 per cent, or Rs 2,254 crore, in its order book in the quarter as the corresponding quarter a year ago had included two significantly large orders.
JK Tyre: The net profit of the company surged to Rs 111.56 crore in Q4FY23 from Rs 38.22 crore reported last year. It beat Bloomberg estimate of Rs 79.2-crore profit. Its total revenue was up 10 per cent YoY to Rs 3,632.47 crore; Ebitda gained 65 per cent YoY to Rs 376.2 crore; and Ebitda margin expanded to 10.45 per cent vs 6.9 per cent YoY.
Honeywell Automation India: The company's revenue grew 27.2 per cent YoY to Rs 849.68 crore, lower than Bloomberg estimate of Rs 910.04 crore. While Ebitda was up 58.99 per cent at Rs 138.8 crore, margin increased to 16.34 per cent vs 13.07 per cent. The net profit increased 54.16 per cent to Rs 112.03 crore (Bloomberg estimate: Rs 104.68 crore).
JSW Ispat: JSW Ispat Special Products Ltd, on Wednesday, reported an 82.4 per cent YoY fall in its consolidated net profit to Rs 0.58 crore. For Q4FY23, the consolidated total revenue from operations was down 2.3 per cent on year at Rs 1,649.01 crore.
GIC Housing Finance: The company has posted net profit of Rs 52.33 crore for Q4FY23, up 7 per cent as against net profit of Rs 49 crore reported last year. Its total income stayed steady at Rs 287.40 crore vs Rs 289.95 crore last year.
Railtel Corporation: RailTel, a leading provider of telecom infrastructure services in India, has reported its highest-ever operating income of Rs 1,964 crore in the financial year 2022-2023. In Q4FY23, RailTel achieved a consolidated operating income of Rs 704 crore, marking a 55 per cent quarter-on-quarter (QoQ) growth.
GlaxoSmithKline Pharmaceuticals: The drug firm reported a 9 per cent YoY decline in net profit at Rs 190 crore for the fourth quarter that ended March 31, 2023. Its total revenue stood at Rs 787.5 crore, down 2.7 per cent against Rs 809.6 crore in the corresponding period of the preceding fiscal.
News-based reactions
New Delhi Television (NDTV): The Board has approved a proposal to seek the permission of Ministry of Information & Broadcasting for launch of nine news channels in different Indian languages in phases.
HDFC Bank: The Reserve Bank of India has given approval to SBI Funds Management Ltd to acquire up to 9.99 per cent stake in HDFC Bank. SBIFML has been advised by the RBI to acquire the shareholding in the Bank within a period of six months i.e. by November 15, 2023.
Vedant Fashions: Ravi Modi Family Trust, one of the promoters of Vedant Fashions, plans to sell up to 16.99 million equity shares of the company (representing 7 per cent of the total euity share capital of the company) on May 18 and May 19, 2023. The floor price for the offer shall be Rs 1,161 per share, which is nearly 7 per cent lower than the stock's closing price on the BSE on Wednesday.
Indiabulls Real Estate: The Board of Directors of the company has decided to challenge the NCLT (Chandigarh Bench) order by filing an appeal before the National Company Law Appellate Tribunal, New Delhi.
The Chandigarh bench order had withheld merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited with Indiabulls Real Estate.
Separately, the company Board has approved the appointment of Manish Kumar Sinha as the Chief Financial Officer of the company, w.e.f. May 17, 2023, in place of Saurabh Garg.
NHPC: The Gujarat Urja Vikas Nigam Limited (GUVNL) has issued a Letter of Intent to NHPC Limited for 200 MW capacity Solar Power Project within 600 MW GSECL's Solar Park at Khavda (GSECL Stage-1). The cost of the project is estimated to be Rs 1,007.60 crore.
SpiceJet: The Supreme Court on Wednesday gave SpiceJet time till July 18 to pay the settlement amount to Credit Suisse in the $24-million dispute. Credit Suisse told the court that while SpiceJet had made some payments, an outstanding amount of around $4.4 million is yet to be paid.
Fertiliser stocks: The likes of Chambal Fertilisers, Gujarat State Fertilisers and Chemicals, Deepak Fertilisers and Petrochemicals, National Fertilisers, and Nagarjuna Fertilizers & Chemicals will be in focus today as the Union Cabinet on Wednesday approved a Rs 1.08 trillion subsidy for the ongoing kharif or monsoon season.
Surya Roshni: The company has obtained order of Rs 43.69 crore (with GST) from IGL for supply 3LPE Coated carbon steel pipes from Indraprastha Gas Limited (IGL) for City Gas Distribution projects in NCT of Delhi.
REC, Power Finance Corporation: Fitch has reaffirmed rating on both these companies with 'Stable' outlook and 'BBB-' for Long Term Issuer Default Rating.
ICICI Prudential Life Insurance: The company has appointed Dhiren Salian as the new Chief Financial Officer and key managerial personnel of the Company effective immediately.
Jindal Saw: The Board of Directors has approved, in-principle, to dispose off (either by way of sale or liquidation) Green Ray Holdings Limited, United Kingdom (subsidiary of the Company) along with its step down subsidiary, Derwent Sand SARL, Algeri.
JSW Steel: The Company has been declared as a "Preferred Bidder" by the Directorate of Geology and Mining, Maharashtra, for Composite Licence of an unexplored Iron Ore mine (Surjagad 4 Iron Ore Block in Gadchiroli District).
Lemon Tree Hotels: The Company has signed a License Agreement for 82 room property in Gomti Nagar, Lucknow, Uttar Pradesh under the Company's brand 'Lemon Tree Premier'. The property is expected to be operational by August, 2026.