 "Stocks to Watch today, May 24: Adani Group, Max Health, Biocon, Manyavar")
Stocks to Watch on Wednesday, May 24, 2023: The key benchmark indices are likely to start the day's trade on a tepid note following subdued cues from the overseas market as the US debt-ceiling talks made no progress.
At 07:30 AM, the SGX Nifty June futures quoted at 18,373, indicating an opening down tick of 30-odd points on the Nifty 50.
Earnings Watch: Aban Offshore, Aptech, Ashoka Buildcon, Atlas Cycle, Avanti Feeds, Bayer Cropscience, Brigade Enterprises, Cummins, Fine Organic Industries, Gujarat Pipavav Port, Hindalco, ICRA, India Cements, IRCON International, ITDC, JB Chemicals, Lakshmi Machine Works, LIC of India, National Aluminium, Noida Toll Bridge, Nykaa, Oil India, Phoenix Mills, Sanghvi Movers, Tribhovandas Bhimji Zaveri, TN News Print, Titagarh Wagons, Venus Pipes and Wonderla Holidays are few of the prominent companies scheduled to announce March quarter earnings on Wednesday.
Vedant Fashions, Max Healthcare: Global index provider FTSE has increased the weightage of Vedant Fashions (Manyavar) in four of its indices. Earlier this month, the promoters of Manyavar offloaded 9.88 per cent stake in the company to comply with the 25 per cent minimum public shareholding norms.
Similarly, Max Healthcare Institute is expected to get added to the MSCI Standard index by the end of this month. The move follows GQG Partners Emerging Markets’ acquisition of 7.55 million shares of the company. READ MORE
Adani Group: Shares of Gautam Adani promoted companies are likely to remain in focus following a report that US-based GQG Partners has hiked its exposure and willingness to back any of the Adani group's "new offerings".
In an interview with Bloomberg, GQG's Chief Investment Officer Rajiv Jain said, "Within five years, we would like to be one of the largest investors in Adani Group, and we would certainly want to be partners in any of Adani Group's new offerings." READ MORE
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Ashok Leyland: The company posted a four-fold jump in net profit during the fourth quarter of FY23 to Rs 803 crore, from Rs 158 crore during the Jan-March quarter of FY22. Revenue from operations rose by 33 per cent from Rs 9,927 crore to Rs 13,203 crore.
Biocon: The company posted a 31 per cent rise in fourth-quarter net profit to Rs 313 crore in 2022-23 when compared with Rs 239 crore during the same period in 2021-22. Revenue from operations grew by 57 per cent to Rs 3,774 crore from Rs 2,409 crore.
Amara Raja Batteries: The company posted a 41 per cent growth in net profit during the January to March quarter of 2022-23 to Rs 139 crore as against Rs 99 crore in the same period of the previous financial year. Revenue from operations rose by 11 per cent to Rs 2,429 crore from Rs 2,181 crore.
Glenmark Life Sciences: Ahmedabad-based Nirma group and leading private equity firms have joined the race to acquire the pharma company. Glenmark owns an 82.8 per cent stake in the Glenmark Life, which has a market valuation of Rs 6,361 crore as on Tuesday. As per sources, besides Nirma, American private equity giants - KKR, Blackstone and BPEA -EQT - are interested in buying a stake in the company. READ MORE
NMDC: The company reported a 22.3 per cent growth in net profit at Rs 2,277 crore for the quarter ended March 2023 when compared with Rs 1,862 crore in the corresponding quarter a year ago. Revenue from operations, however, declined 13.8 per cent YoY to Rs 5,851 crore from Rs 6,785 crore.
JSW Energy: The company's net profit declined by 16.1 per cent to Rs 131.62 crore in Q4FY23 from Rs 156.85 crore in the yyear ago period. Total income, however, increased by 52.5 per cent from Rs 1,112.22 crore to Rs 1,697.20 crore.
Fortis Healthcare: The company reported a turnaround in Q4FY23 with a net profit of Rs 2.07 crore as against a net loss of Rs 24.24 crore in Q4FY22. Total income was up 26.9 per cent YoY at Rs 307.59 crore.
Metro Brands: The company's net profit jumped 20.8 per cent to Rs 81.61 crore in Q4FY23 from Rs 67.54 crore in Q4FY22. Total income surged by 30.3 per cent YoY to Rs 533.10 crore.
Bikaji Foods: the company's Q4FY23 net profit grew by 39.3 per cent to Rs 36.73 crore as against Rs 26.36 crore in Q4FY22. Revenue from operations rose by 15.3 per cent YoY to Rs 458.23 crore.
National Peroxide: The company posted a net profit of Rs 10.60 crore in Q4FY23. In the same period last fiscal year, the company had recorded a net loss of Rs 0.01 crore. Total income soared by 73.8 per cent from Rs 51.62 crore to Rs 89.71 crore.
MSTC: The company's Q4FY23 net profit dipped by 31.7 per cent to Rs 76.06 crore when compared with Rs 111.30 crore in Q4FY22. Total income too was down 61.6 per cent to Rs 130.52 crore from Rs 340.33 crore.
Stocks in F&O ban: Delta Corp and Indiabulls Housing Finance are the only two stocks in F&O ban period on Wednesday.