Stocks to watch today: Shares of firms like HCL Tech, Rainbow Children’s Medicare, Asian Paints, and others will be in focus in Tuesday’s trade
The selling pressure continues to mount day by day as the headwinds become stronger. The market is getting affected by rising inflation and bond yields and a declining rupee. Continuous foreign outflow is also hurting investors. The market remained under pressure for yet another session though there was a sharp recovery from the day’s low, extending losses for the second consecutive day on May 9, as a weakening rupee against the US dollar and weak global cues dented sentiment. The BSE Sensex fell 365 points to 54,471, while the Nifty50 slipped 109 points to 16,302.
Results Today
Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet Hotels, Chemplast Sanmar, Dishman Carbogen Amcis, Elantas Beck India, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, MRF, Polycab India, Neuland Laboratories, Orient Electric, Reliance Capital, R Systems International, Shemaroo Entertainment, Tajgvk Hotels & Resorts, TD Power Systems, Torrent Power, Venky’s (India), and Welspun India will release quarterly earnings on May 10.
Rainbow Children’s Medicare: The company will make its debut on the bourses on May 10. The issue price has been fixed at Rs 542 per share.
Cosmo Films: The company recorded a 45.3 per cent year-on-year growth in consolidated profit at Rs 108.2 crore in the quarter ended March 2022, driven by higher operating income and topline. Revenue grew by 22 per cent to Rs 821 crore during the same period. The company announced the issue of bonus equity shares in the proportion of one equity share for every two existing equity shares held by the shareholders as on the record date.
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HCL Technologies: The IT company announced a strategic partnership with Syniti and will adopt the Syniti Knowledge Platform (SKP) as its strategic data migration platform to provide customers with improved data management strategy and higher quality data. The wholly owned subsidiary of the technology company will acquire Bengaluru-based Quest Informatics, an aftermarket, Industry 4.0 and IoT company, in an all-cash deal and the said deal is expected to be complete before July 31, 2022.
KEI Industries: The company clocked a 35 per cent year-on-year growth in consolidated profit at Rs 116 crore in the quarter ended March 2022, led by other income, operating income and robust topline. Revenue during the quarter increased by 44 per cent to Rs 1,792 crore YoY.
Gujarat Narmada Valley Fertilizers & Chemicals: The company more than doubled its consolidated profit to Rs 643 crore in Q4FY22, up from Rs 310.5 crore in the same period last year, due to strong operating income and topline. Revenue grew by 60 per cent to Rs 2,772 crore compared to the year-ago period.
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Godrej Agrovet: The company reported a 120.6 per cent year-on-year growth in consolidated profit at Rs 140 crore in Q4FY22 driven by higher other income, operating income and robust topline. Growth in profitability was largely driven by animal feeds, vegetable oil and Astec LifeSciences, while crop protection and food businesses reported a decline in operating margin. Revenue increased sharply by 42 per cent to Rs 2,081 crore compared to the year-ago period.
VST Tillers and Tractors: The company registered a 71 per cent year-on-year growth in profit at Rs 22.1 crore in the quarter ended March 2022 on the back of 285 per cent YoY growth in EBITDA at Rs 30.15 crore. Revenue grew by 12 per cent to Rs 218.4 crore during the same period.
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