After plunging over 2 per cent each on the Reserve Bank of India’s surprise move to raise key repo rates by 40 bps the previous day, the benchmark indices are eyeing a gap-up start on Thursday on strong gloval cues. US markets soared higher overnight as the US Fed also raised interest rates by 50 bps, which was largely in-line with expectations. Investor sentiment turned positive as US Fed Chair said that a 75-bps hike is currently not in the central bank’s focus.
At 7:45 am, the SGX Nifty futures were quoting 16,856 levels, hinting at a gap-up open of over 100 pts for the Nifty50.
Meanwhile, here are some stocks to watch for in trade today:
Earnings Watch: Adani Power, Adani Transmission, CEAT, Dabur India, Marico, Exide Industries, Happiest Minds Technologies, Indus Towers, TVS Motor Company, Voltas, Jindal Stainless (Hisar), MMTC, Punjab Alkalies & Chemicals, Procter & Gamble Health, PNB Gilts, Quick Heal Technologies, Sona BLW Precision Forgings, AAVAS Financiers, Blue Star, Aptus Value Housing Finance India, Blue Dart Express, Borosil Renewables, Computer Age Management Services, Cholamandalam Investment and Finance Company, DCM Shriram, Firstsource Solutions, Intellect Design Arena, Jand Tribhovandas and Bhimji Zaveri will release their quarterly earnings on Thursday.
SBI: The country’s largest lender, SBI, is looking to raise long term funds upto $2 billion from international markets in the current financial year. The executive committee of the Bank’s central board will meet on May 10 to examine the status and decide on long term fund raising in single/multiple tranches, the bank told BSE. Read more
Future Retail: The company’s Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have resigned. Read here
ABB India: The company on Wednesday posted an over two-fold jump in its net profit to Rs 370 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues. Read here
Adani Green Energy: The company on Wednesday posted over 16 per cent rise in its consolidated net profit to Rs 121 crore in the March quarter compared to year ago, mainly on the back of higher revenues. Read more
Britannia Industries: The company will take higher grammage cuts instead of increasing prices in a bid to tackle rising inflation, the firm said. The biscuit major took a 10 per cent price hike in FY22 and reduced pack sizes, an indirect way of increasing prices. In the previous financial year, the ratio of grammage reduction was 65 per cent, which will be higher in FY23. The management said it would hike prices by 10 per cent if the current levels of raw material prices sustain. Read more
GMR Infrastructure: The Ministry of Civil Aviation (MoCA) has granted rights to the GMR Group to operate the Hyderabad international airport for 30 more years, according to a statement issued on Wednesday. Till date, the GMR Group had the rights to operate the Hyderabad airport till March 22, 2038. The airport was inaugurated on March 23, 2008. Read here
Tata Consumer Products: The company on Wednesday reported an over three-fold jump in consolidated net profit at Rs 239.05 crore for the fourth quarter ended March. It had posted a net profit of Rs 74.35 crore in the January-March quarter a year ago. Its revenue from operations was up 4.54 per cent at Rs 3,175.41 crore during the quarter under review. Read more
Havells India: The consumer electrical goods maker on Wednesday reported a 16.01 per cent increase in its consolidated net profit to Rs 352.48 crore for the fourth quarter ended in March 2022, while its revenue from operations was up 32.55 per cent to Rs 4,426.26 crore during the period. Read here
SIS Ltd: The company has recorded a consolidated profit of Rs 97.4 crore for the quarter ended March 2022, down 4.7 percent compared to year-ago period on moderate growth in EBITDA and sharp downtick in other income. Revenue during the quarter grew by 8.3 percent YoY to Rs 2,648 crore and EBITDA increased by 0.9 percent to Rs 124.4 crore in Q4FY22.
Dilip Buildcon: The company said the road project ‘four laning of Sangli- Solapur section of NH-166′ in Maharashtra on Hybrid Annuity Mode’ has been provisionally completed. The authority has issued a Provisional Completion Certificate for the said project, saying the project fit for entry into commercial operation as on April 25, 2022.
Adani Total Gas: The Adani Group company reported a 44 percent year-on-year decline in consolidated profit at Rs 81 crore in the quarter ended March 2022 impacted by higher cost of natural gas prices. However, revenue grew by 73 percent YoY to Rs 1,065.5 crore during the quarter on higher volume coupled with increase in sales price.
Cyient: The company has completed acquisition of 100 percent stake in Grit Consulting, Singapore.
CarTrade Tech: The company posted a loss of Rs 21.39 crore for the quarter ended March 2022 against profit of Rs 15.95 crore in corresponding period last fiscal as there was a loss of Rs 25.94 crore at EBITDA level, against EBITDA profit of Rs 15.95 crore in same period last year. Revenue grew by 13.4 percent to Rs 93.1 crore during the same period.
Hind Rectifiers: Hind Rectifiers gets order worth Rs 58 crore in April. The company has secured orders worth Rs 57.79 crore in April 2022. With this, it is having all-time pending orders in hand of Rs 384.02 crore as of April 2022.
SJVN: The company has bagged the full quoted capacity of 1,000 MW and received Letter of Award (LOA) from Indian Renewable Energy Development Agency (IREDA). Now the company issued the Letter of Award for EPC contract to Tata Power Solar Systems for the development of 1,000 MW (AC) of ground mounted solar project in Bikaner, Rajasthan.