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Stocks to Watch on May 10: L&T, SpiceJet, SCI, Apollo Tyres, Tata Steel

Stocks to Watch today: In a major blow, lessors have approached aviation regulator DGCA for deregistration of three planes of SpiceJet

Stocks to Watch on May 10: L&T, SpiceJet, SCI, Apollo Tyres, Tata Steel

Nikita Vashisht New Delhi
Stocks to watch on Wednesday, May 10: SGX Nifty is pointing towards a steady start on the bourses on Wednesday. At 7:45 AM, the index was at  18,349.5 level, up 38.5 points. 

Other Asian indices, meanwhile, were weak ahead of the US inflation data, and concerns over first-ever default by a US government. In Australia, the S&P/ASX 200 fell 0.17 per cent, Japan’s Nikkei 225 dipped 0.41 per cent, and South Korea’s Kospi moved down 0.19 per cent.

Overnight, all three major US indices fell, with the S&P 500 pulling back by 0.46 per cent and the Nasdaq Composite dropping 0.6 per cent. The Dow Jones Industrial Average saw a smaller decline, falling just 0.17 per cent.

Here's a list of stocks that will be in focus today:

Q4FY23 earnings: Larsen & Toubro, Dr Reddy's Laboratories, Gujarat Gas, Godrej Consumer Products, Prism Johnson, Procter & Gamble Hygiene & Health Care, Relaxo Footwears, Sanofi India, Sagar Cements, Cera Sanitaryware, BASF India, Bosch, Escorts Kubota, Gokul Agro Resources, HG Infra Engineering, JBM Auto, Kabra Extrusiontechnik, MAS Financial Services, Novartis India, Orchid Pharma, Pricol, Ratnamani Metals & Tub.

Brokerages see a strong sequential growth in L&T’s bottom-line in the March quarter of FY23 (Q4FY23) on the back of improved construction activity and lower commodity prices. READ PREVIEW HERE

SpiceJet: In a major blow, lessors have approached aviation regulator DGCA (Directorate General of Civil Aviation) for deregistration of three planes of the airline. Many aircraft of the budget carrier are already grounded due to various reasons. READ MORE

Adani Group: According to reports, the six-member expert panel, set up by the Supreme Court following the publication of the Hindenburg report on the Adani Group, has submitted a report in a sealed cover to the apex court on May 8. The matter has been listed for hearing before CJI DY Chandrachud on May 12.

Tata Steel, JSW Steel: Fitch Ratings has affirmed 'BB+' rating on Tata Steel's Long Term Issuer Default Rating with a positive outlook, while rating for JSW Steel has been reaffirmed at 'BB' with a stable outlook. 

PTC India: According to a Reuters report, market regulator Sebi has issued legal notices to government owned PTC India and its financial services unit PTC India Financial Services (PFS), demanding explanations of alleged corporate governance lapses. The companies have been given 21 days to reply to the show cause notice. The companies are, however, yet to confirm the development.

Varun Beverages: The company has invested 26.34 per cent in equity share capital of Huoban Energy 7 Private Limited, a special purpose vehicle inter-alia engaged to supply solar power to consumers in the State of Maharashtra.

Greaves Cotton: Greaves Cotton Limited has completed first stage acquisition of 60 per cent shareholding (on a fully diluted basis) in Excel Controlinkage Private Limited.

Pearl Global: Pearl Global (HK) Limited, the wholly -owned subsidiary of the company has agreed to acquire remaining 20 per cent stake in overseas step-down subsidiary i.e. Pearl Grass Creations Limited, Hong Kong. 

Rattanindia Enterprises: Board of the company, on May 9, approved raising of fund through the issue of securities, either by way of a Qualified Institutions Placement (QIP) or any other permissible mode of fund raising as allowed for an aggregate amount not exceeding Rs 1,000 crore. 

HPCL: Life Insurance Corporation (LIC) on Tuesday said its shareholding in state-owned Hindustan Petroleum Corporation has crossed 5 per cent. The shares were acquired in the ordinary course of transaction through open market purchases, LIC said in a regulatory filing to stock exchanges.

AKI India: The Board of Directors of the company has considered and approved the split / sub-division of equity shares of the company from face value of Rs. 10 each to face value of Rs 2 each.

SRF: The company has informed via an exchange filing that the cost of setting up a facility to manufacture aluminium foil is likely to increase to Rs 530 crore from previous estimate of Rs 425 crore. This is due to changes being made to the machine configuration to enhance output, product portfolio, and quality along with some increase in civil and preoperative expenses.

Result reactions:
Lupin: Mumbai-based drug major Lupin posted a 12 per cent year on year rise in sales for the fourth quarter of the fiscal 2022-23, and a profit after tax of Rs 242.4 crore as against a loss of Rs 511.9 crore in the corresponding quarter last fiscal. The revenue growth came from a strong API business performance along with US and domestic market sales growth.

Shipping Corporation of India: The state-owned company posted a net profit of Rs 376.9 crore in Q4FY24 as against Rs 148 crore reported in the corresponding quarter of the previous fiscal. While revenue was up 8.3 per cent year-on-year at Rs 1,418.1 crore, Ebitda jumped 42 per cent to Rs 464.5 crore. Ebitda margin, too, increased to 32.8 per cent from 25 per cent YoY.

Nazara Technologies: Nazara Technologies posted an 18 per cent increase in consolidated profit to Rs 2.6 crore for the quarter that ended March 2023, while ervenue from operations surged 65 per cent YoY to Rs 289.3 crore. 

The company announced that it will increase its stake in Nextwave Multimedia Private Limited, which is the developer of the popular World Cricket Championship, from 52.38 per cent to 71.88 per cent to consolidate its ownership.

Nuvoco Vistas: The building materials company has reported net consolidated net profit of Rs 201.06 crore for Q4FY23. Its net consolidated income stood at Rs 2,930.96 crore, a dip of 0.32 per cent from Rs 2,940.26 crore recorded last year.

Apollo Tyres: Apollo Tyres on Tuesday reported a near 4-fold year-on-year (YoY) rise in consolidated net profit for the March quarter to Rs 427.4 crore. Revenue from operations increased 12% YoY to Rs 6,247 crore.

Godrej Agrovet: The company's Q4FY23 net profit declined 74.6 per cent to Rs 31 crore, compared to Rs 122 crore in the corresponding period last year. For the quarter ended March, the company posted a total revenue of Rs 2,095 crore, down 0.7 per cent compared to Rs 2,080 crore in the year-ago period.

Latent View Analytics: The company has reported total income of Rs 156.106 crore during the period ended March 31, 2023, up 24.5 per cent, as compared to Rs 125.356 crore reported last year. The company has posted net profit of Rs 34.21 crore, down 4 per cent YoY.

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First Published: May 10 2023 | 8:02 AM IST

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