Monday, 22 May 2023

Stocks To Watch: Adani Power, Coal India, PB Fintech, HEG, Shree Cement, JSW Steel, Amara Raja Batteries, ITI

Stocks in focus: The SGX Nifty gained 0.14% in trade on Tuesday morning, signalling that domestic indices NSE Nifty 50 and BSE Sensex may open marginally in green. Nifty futures were 26 points higher on the Singaporean exchange at 18,361.5. On Monday, the NSE Nifty 50 rose 111 points or 0.61% to 18,314.40 and BSE Sensex zoomed 234 points or 0.38% to 61,963.68.

“The market has resumed its upward journey after taking a pause last week. Positive commentary from US Fed, consistent FII buying and healthy results from Index heavyweights supported the sentiments. Overall market outlook remains positive with stock-specific action. Over the next few days, Investors would take cues from global events like FOMC minutes, GDP numbers in the US, and CPI inflation in UK and Japan,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Metro Brands, NMDC, Sudarshan Chemical Industries, JSW Energy, Akzo Nobel India, Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Biocon, CMS Info Systems, Dishman Carbogen Amcis, Dixon Technologies (India), Dreamfolks Services, Fortis Healthcare, Linde India, Thyrocare Technologies, TTK Healthcare and Unichem Laboratories will report quarterly earnings on May 23.

The company has signed an agreement with its non-executive workers over the revision of wages. Coal India said that a 19% minimum guaranteed benefit on emoluments including basic salary, variable dearness allowance, special duty allowance and attendance bonus, and a 25% increase in allowances have been agreed upon. 

The company will contest an order issued by the Registrar of Companies (RoC), Ahmedabad, imposing a penalty on three senior executives for alleged breaches connected to related party transactions over three years till FY20. The RoC had in an order issued on 16 May imposed a penalty on three senior executives of Adani Power, including chairman Gautam Adani.

The company reported a 15.3% on-year decline in standalone profit at Rs 546.2 crore for the March FY23 quarter, impacted by a sharp increase in power and fuel cost. The standalone revenue for the quarter grew by 16.7% to Rs 4,785 crore compared to the same period the previous year.

The operator of Policybazaar and Paisabazaar has narrowed its loss to Rs 8.9 crore for the quarter ended March FY23, from Rs 219.6 crore in the same period last year. The operating revenue grew by 61% to Rs 869 crore compared to the corresponding period last fiscal. 

The board of directors of the company will meet on May 29 to consider raising funds via the issuance of non-convertible debentures up to Rs 3,000 crore through a private placement basis. The board will also consider financial results for the quarter and year ended March 2023, and

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Day trading guide for today: Seven buy or sell stocks for Tuesday- May 23 | Mint

Stock market news: For the second straight trading session, domestic benchmark equity indices rose on Monday as market witnessed buying in index heavyweight Reliance Industries, information technology (IT) and metal counters, and Adani stocks. The US debt limit talks, which stalled last week, were still in the focus of market participants.

The 30-share BSE Sensex rose 234 points, or 0.38%, to end the day at 61,963.68. At 18,314.40, the NSE Nifty advanced 111 points, or 0.61%.

The metal index climbed by 3.19%, with Adani Enterprises Ltd's over 19% gain acting as the primary driver of the rise. The flagship business of the Adani group of companies is given a proportion of more than 17% in the index. The highly weighted IT index recorded advances in all 10 of its components, ranking it among the top gainers among sectors.

Vedanta: The company has announced its first interim dividend of 18.50 for financial year 2023-24. The dividend will be 1850% on the face value of 1 per share and amounts to a total of 6,877 crore.

Bharat Petroleum Corporation Ltd (BPCL): The Government-backed oil marketing company surpassed the street's expectations in March 2023 quarterly earnings. The company posted a whopping 158.99% or 2.58 folds jump in standalone PAT to 6,477.74 crore in Q4FY23 as against 2,501.08 crore in Q4 of the previous fiscal.

Shree Cements: The company announced its Q4FY23 results on May 22, reporting a net profit of 546.21 crore, registering a decline of 15.3%, compared to 645.21 crore in the corresponding period last year.

Dhanlaxmi Bank: The lender posted a net profit of 38.2 crore in Q4FY23, rising by 63.3% as against a net profit of 23 crore in the same quarter a year ago. 

Q4FY23 earnings to lookout for: The list of some of the prominent companies who will release their Q4 results are as follows - Ashok Leyland Ltd, Dixon Technologies (India) Ltd, JSW Energy Ltd, NMDC Ltd, Sequent Scientific Ltd, Somany Ceramics Ltd, Thyrocare Technologies Ltd, TTK Healthcare Ltd, TVS Srichakra Ltd, Unichem Laboratories Ltd, GE T&D India Ltd, Galaxy Surfactants Ltd, DCM Financial Services Ltd, Biocon Ltd, Bajaj Electrical Ltd

According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, if Monday’s strong session is any indication, then it appears that the benchmarks at Dalal Street are in for aiming further upside.

"The next hurdle to watch out for is at the 18,473 mark. All eyes will be on the Fed meeting minutes to trickle in on Wednesday, May 24. Also, amidst F&O expiry week, volatility is likely to be the hallmark. Staying nimble on long positions is the preferred strategy," added Tapse.

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Stocks To Watch: Adani Power, Coal India, PB Fintech, HEG, Shree Cement, JSW Steel, Amara Raja Batteries, ITI

Stocks in focus: The SGX Nifty gained 0.14% in trade on Tuesday morning, signalling that domestic indices NSE Nifty 50 and BSE Sensex may...