Indian equity markets are likely to open on a positive note on Monday as ahead of the session, SGX Nifty was up with gains, suggesting a gap-up start for benchmark indices BSE Sensex, NSE Nifty 50. Global cues were positive during the early hours of trade. “Markets suffered a rollercoaster last week as investors reacted to surging inflation data and its impact on economic growth. The expected rate hike cycle continues to remain a key overhang for equity markets globally. Also relentless FII selling in the domestic market has added to the overall downtrend. While the markets are oversold, we expect both volatility and weakness to continue this week as well given the weak global cues. Also, continuous FII selling in Index heavyweights could limit upside on any possible bounce,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 16 May, Monday
Tech Mahindra: IT services firm Tech Mahindra has posted a 12.12% rise in consolidated net profit at Rs 1,545.3 crore for the fourth quarter ended March 31, buoyant on deal wins and growth across verticals. In comparison, the firm had posted a net profit of Rs 1,378.2 crore for the sequential quarter ended December 31, 2021. Tech Mahindra’s consolidated net profit for the fourth quarter, a year-ago, stood at Rs 1,044.3 crore.
Maruti Suzuki: Maruti Suzuki India completed the process of allotment of an 800 acre site in Haryana for its proposed plant, according to a statement on exchanges. It plans investment of more than Rs 11,000 crore in the first phase. The first plant with a manufacturing capacity of 2.5 lakh vehicles a year is expected to be commissioned by 2025. The site will have space for capacity expansion to include more manufacturing plants.
Ambuja Cements: The Adani Group said on 15 May that it has entered into definitive agreements to acquire Swiss cement major Holcim Ltd.’s businesses in India – Ambuja Cements and ACC Ltd, in a deal that propels the infrastructure conglomerate helmed by billionaire Gautam Adani as the second-largest cement maker in the country. The deal, which will take place through an offshore special purpose vehicle, values the Holcim stake and open offer consideration for Ambuja Cements and ACC at about $10.5 billion, making this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space, according to a company statement. With this, Adani now becomes India’s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA)
Eicher Motors: Eicher Motors on 13 May declared a consolidated profit after tax (PAT) of Rs 610 crore for the quarter ended March 2022, up 16% from Rs 526 crore in the year-ago period. On a sequential basis, the growth in profit was 34% from Rs 456 crore in the previous quarter. The maker of iconic Royal Enfield reported a year-on-year growth of 8.6% in its consolidated revenue at Rs 3,193 crore from Rs 2,940 crore in the corresponding period of the previous year. For the full year, from April 2021–March 2022, PAT jumped 25% to Rs 1,677 crore from Rs 1,347 crore in FY21.
Avenue Supermarts (DMart): Avenue Supermarts, which owns and operates retail chain D-Mart, on Saturday reported a 3.11% increase in its consolidated net profit to Rs 426.75 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 413.87 crore in the January-March quarter a year ago, Avenue Supermarts said in a BSE filing. Its revenue from operations rose 18.55% to Rs 8,786.45 crore during the quarter under review from Rs 7,411.68 crore in the corresponding quarter of the preceding fiscal. Avenue Supermarts’ total expenses surged 18.71% to Rs 8,210.13 crore in Q4 FY2021-22 against Rs 6,916.24 crore a year ago.
Bank of Baroda: State-owned Bank of Baroda Friday reported a standalone profit after tax of Rs 1,779 crore in the quarter ended March 2022, helped by higher interest income and fall in bad loans. The lender had a loss of Rs 1,047 crore in the year-ago period.
Nazara Tech: Digital gaming and sports platform Nazara Technologies on Friday posted an about 17% increase in consolidated profit to Rs 4.9 crore for the quarter ended March 2022. The company had logged a profit of Rs 4.2 crore in the same period a year ago.
Quint Digital Media: AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate Adani Enterprises, will pick a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum, according to a regulatory filing.