Indian equity markets are likely to open gap-up on Monday as early trends on SGX Nifty hinted at a flat to positive start for benchmark indices BSE Sensex and NSE Nifty 50. Nifty Futures were trading with a gain of 35.50 points or 0.22% at around 16,290 level on the Singaporean Exchange. “Volatility to continue this week as well with several macro headwinds like high inflation and aggressive interest rate hike. Also heavy FII selling continued which added to the overall pressure in the market. We suggest investors to remain focused on selective stocks in the market which are resilient on the back of strong quarterly results and positive management commentaries,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 23 May, Monday
Infosys: India’s second-largest IT services company, Infosys on Sunday said it has reappointed Salil Parekh as its Chief Executive Officer (CEO) and Managing Director (MD) for a five-year term ending March 2027. The decision was taken in the meeting of the company’s Board of Directors held on May 21, 2022. The board took the decision based on the recommendations of the Nomination and Remuneration Committee (NRC) of the company. Salil Parekh has been the Chief Executive Officer and Managing Director of Infosys since January 2018. His reappointment is subject to the approval of shareholders.
Zomato: Shares of Zomato will be in focus ahead of its March quarter earnings due on Monday. The firm also said that it will take investors’ calls after its earnings, for the first time since listing. The stock has fallen over 60 percent from its all-time high amid correction in stock markets. The scrip currently trading below its issue price of Rs 76 a share.
One97 Communications: Paytm: Paytm founder Vijay Shekhar Sharma has been re-appointed as the managing director and CEO of the company for a period of five years. In a regulatory filing on Saturday, One97 Communications, which operates under the Paytm brand, said up to Rs 950 crore will be invested in Paytm General Insurance Ltd (PGIL). One97 Communications will hold up to 74% in the insurer. On Friday, One97 Communications reported widening of its losses for the period ended March 31, 2022. Consolidated losses for the period stood at Rs 761.4 crore against Rs 441.8 crore in the same period of the previous year.
Powergrid: State-owned Power Grid Corporation of India Ltd on Saturday posted about 18% rise in its consolidated net profit at Rs 4,156.44 crore for the March 2022 quarter, backed by higher income. The company’s consolidated net profit stood at Rs 3,526.23 crore in the year-ago quarter. Its total income during January-March increased to Rs 11,067.94 crore compared to Rs 10,816.33 crore recorded in the corresponding period of FY21. The expenses during the quarter were at Rs 6,715.21 crore as against Rs 6,208.39 crore a year ago.
HDFC – HDFC Bank: HDFC Bank and parent HDFC last week updated about their foreign investors’ shareholding pattern. There is enough room for investors to buy in these two banking and financial behemoths. In its regulatory filing, HDFC said, “With a view to have a fair and transparent disclosure and in order to avoid selective disclosure, we wish to inform you that as on May 13, 2022, the total foreign shareholding in the Corporation is 68.56% of its total issued and paid-up share capital.” Further, in another separate filing, HDFC Bank intimated to stock exchanges that as on May 13, 2022, the total foreign shareholding in HDFC Bank is 66.55% of its total issued and paid-up share capital.
Jet Airways: The DGCA has granted Jet Airways its air operator’s certificate (AOC), officially paving the way for the grounded airline to take to the skies once again. The grant of the AOC was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness. The airline said that aircraft and fleet plan, network, product and customer value proposition, loyalty program, and other details will be unveiled in a phased manner over the coming weeks.
NTPC: NTPC Ltd on May 20 reported a 14% growth in consolidated net profit of Rs 5,167 crore in the fourth quarter of FY2021-22 as against Rs 4,542 crore recorded a year ago. Consolidated revenue for the state-owned utility major rose 23% on-year to Rs 37,085 crore from Rs 30,103 crore in the year-ago quarter. The growth was aided by higher average realizations during the quarter.
Q4 Results today: Zomato, TRF, SAIL, Bharat Electronics, Nelcast, Pricol, The Ramco Cement, TTK Healthcare, Patel Engineering, Igarashi Motors, Graphite India, Divi’s Lab.