Stocks to watch: HCL Tech, Nestlé, Escorts, IndiGo, MRPL, Tata Steel, Nykaa
Indian stock markets are expecting a second straight day higher start on Thursday. While volatility may be elevated due to the scheduled weekly F&O expiration, stock-specific actions during the March quarter earnings season (Q4FY22) and global signals will be the main triggers for the day.
As of 8:05 a.m., SGX Nifty Futures was about 100 points higher at 17,241 versus Nifty50’s spot close at 17,136.5 on Wednesday.
Here are the top stocks to watch today:
Earnings: Crisil, Cyient, HCL Technologies, ICICI Lombard General Insurance and Nestlé India are among 18 companies expected to report their March quarter results on Thursday.
Analysts expect HCL Technician low to modest sequential revenue growth of 0.5% to 2.9% in constant currency (cc), due to poor performance in the product and platform (P&P) business. READ HERE
Meanwhile, Nestle India could signal muted earnings for the March quarter due to weak domestic demand and commodity price inflation. READ MORE
Aunty Elxsi: Technology services firm Tata Elxsi on Wednesday posted a 38.9% rise in net profit to Rs 160 crore for Q4FY22. Operating income increased by 31.5% to Rs 681.73 crore. The company’s board of directors has recommended a final dividend of Rs 42.50 per share with a par value of Rs 10 each for the financial year ending March 31, 2022.
Titles ICICI: The brokerage on Wednesday reported a 3% year-on-year (YoY) increase in net profit to Rs 340 crore for the fourth quarter ended March 31, 2022. While its revenue rose 21% for reaching Rs 892 crore in the quarter under review, it added more than 6.2 lakh customers during the quarter, bringing the total customer base to 7.6 million.
angel one: It recorded a consolidated total revenue growth of 64.28% year-on-year to Rs 671.28 crore for Q4FY22. Consolidated net profit, meanwhile, jumped 100.85% to Rs 204.69 crore. Angel One also declared a fourth interim dividend of Rs 7 per share and a final dividend of Rs 2.25 per share.
Glenmark Life Sciences: The pharmaceutical company on Wednesday reported a 10.04% year-on-year increase in total revenue for Q4FY22 on a consolidated basis at Rs 514.06 crore. Consolidated profit, however, slipped 5.52% to Rs 98.90 crore.
Ajanta soybeans: The Board of Directors of Ajanta Soya Ltd on Wednesday approved a 5:1 stock split, i.e. the subdivision of shares with a par value of Rs 10 each into shares of a face value of Rs 2 each. The Board approved the consequential amendment to the capital clause memorandum.
Escorts: ICRA Limited has upgraded the company’s long-term rating by one notch from “AA” to “AA+” with a revision of the outlook from “watch with development implications” to “Stable”. The ICRA also reaffirmed our short-term rating at “Al+”.
MRPL, CPCL: The BSE notified a revision of the price range of Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Dhanlaxmi Fabrics, Nivaka Fashions and six other companies. READ HERE
FSN E-commerce (Nykaa): Nykaa has teamed up with Aveda, the world’s leading premium hair care partner to launch Aveda X Nykaa.
Infosys: Infosys announced on Wednesday that it has completed the acquisition of oddity, a Germany-based digital marketing, experience and commerce agency. This follows the announcement made by the company on March 22, 2022.
RBL Bank: The Board of Directors of April 20, 2022 accepted the recommendations of the Nomination and Remuneration Committee and finalized the names of the candidates for the position of Managing Director and Chief Executive Officer (CEO and CEO) of the Bank and approved the submission of a candidacy for the Reserve Bank of India.
Tata Consulting Services: After an outstanding performance in the fourth quarter of March and growth of more than 15% year-on-year, Rajesh Gopinathan, CEO and Managing Director of Tata Consultancy Services (TCS), reiterated in an internal letter to employees that the company is well positioned to achieve its revenue target of $50 billion by 2030. READ MORE
Tata Steel: Tata Steel will stop doing business with Russia, the Indian steel major said on Wednesday, making it the latest global company to cut ties with the country for invading Ukraine, a Trade standard says the report. READ HERE
Indigo: The nation’s largest airline is onboarding trainee pilots after a two-year hiatus and hiring across all functions as it ramps up operations.
Meanwhile, national airlines carried 24 million passengers between January and March 2022 compared to 23 million in the same period last year, up 6.06% year-on-year, according to the General Management report. of Civil Aviation (DGCA) published on Wednesday. In March, national airlines carried 10.6 million passengers, up from 7.82 million in February, up 36.7 percent on a monthly basis.