 "Airlines")
Stocks to Watch on May 03, 2023: The key Indian benchmark indices are likely to start today’s trading session on a nervous note following the sharp fall in US and UK markets overnight. At 07:30 AM, the SGX Nifty May futures quoted at 18,133, indicating a likely opening loss of 50-odd points on the Nifty 50 benchmark.
In other news, the Sebi approved Tata Play’s proposed public issue. The Tata group firm is the first company in India to file confidential papers with the markets regulator for an IPO.
Meanwhile, the following stocks are likely to be in action in trades on Wednesday.
Earnings Watch: ABB India, Godrej Properties, Havells India, Jyothy Labs, MRF, KEC International, Petronet, Sona BLW, Sula Vineyards, Tata Chemicals and Titan are few of the prominent companies scheduled to announce March quarter results on Wednesday.
Aviation: Shares of Airlines will be in focus today after Wadia-owned Go First filed for insolvency, driven by a cash crunch that resulted from the grounding of nearly half its 57 aircraft. The airline squarely blamed engine manufacturer Pratt & Whitney for the step and suspended all flights till Thursday. READ MORE
Tata Steel: The steel major reported an 82.5 per cent YoY drop in consolidated net profit to Rs 1,704.86 crore for Q4FY23 as steel spreads across regions took a hit. Revenue was down 9.2 per cent at Rs 62,961.54 crore. The revenue and profit numbers, however, came ahead of expectations. READ MORE
Bharti Airtel: The Sunil Mittal led teleco, which started operations in Sri Lanka in 2009, announced the merger of operations of Bharti Airtel Lanka with Dialog - a subsidiary of Malaysian multinational telecommunications conglomerate Axiata Group Berhad. The move is expected to give Airtel access to a larger user base in the island nation.
Ambuja Cements: The newly acquired Adani Group owned cement company’s Q4 net profit rose by 1.6 per cent to Rs 502.40 crore in the quarter ended March 2023 as against Rs 494.91 crore in the corresponding quarter a year ago. Total income surged 11.9 per cent YoY to Rs 4,430.28 crore.
Cipla: The pharma firm informed BSE, that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the USFDA at the manufacturing facility of InvaGen Pharmaceuticals Inc. (wholly-owned subsidiary of the company) in the US from April 24 to May 01. The inspection concluded with zero Form 483 observations.
PSB: Punjab & Sind Bank net profit jumped 32 per cent YoY to Rs 457 crore in the January- March quarter (Q4) as its interest income rose by 17 per cent to Rs 2,105 crore.
Max Healthcare Institute: The company has moved the Bombay High Court against Touch Healthcare, Quality Care India, and the Evercare Group management for an alleged breach of contract after its (Max’s) offer to acquire Care Hospitals was turned down.
Sugar: Cooperative sugar factories have written to Prime Minister Narendra Modi seeking to increase the minimum sale price (MSP) of sugar to improve their cash flows that would make clearing sugarcane dues to growers convenient. The cooperative factories want the MSP to be raised from the existing Rs 31 per kilogram to at least Rs 37.20-39.70 in line with the past increases in fair and remunerative price (FRP) of sugarcane. READ MORE
Fino Payments Bank: The firm reported a 25.3 per cent YoY growth in March quarter net at Rs 22.08 crore, backed by a 13.4 per cent increase in total income to Rs 323.43 crore.
Astec LifeSciences: The company reported a net loss of nearly Rs 5 crore for Q4FY23 as against a net profit of Rs 43.04 crore in Q4FY22. Total income plunged 53.5 per cent YoY to Rs 129.54 crore.
Sasken Technologies: The company’s Q4 net profit plunged over 36 per cent to Rs 17.07 crore for the quarter ended March 2023 when compared with Rs 26.88 crore in the quarter ended March 2022. Total income was down 2.2 per cent YoY at Rs 111.27 crore.
