ITC, Ashok Leyland, IndiGo, Adani Enterprises, IDBI Bank, sugar stocks in focus on weekly F&O expiry
Indian equity markets are likely to open gap-down on Thursday, the weekly F&O expiry day, amid weak global cues. SGX Nifty was in red and the Nifty futures were trading around 17,908, down 327.50 points or 2.02% on the Singaporean Exchange signalling the benchmark indices BSE Sensex and NSE Nifty 50 were heading for a negative start. In the previous session, indices snapped two-day rally to end in red with mixed global market sentiments shadowing the support extended by pharma and FMCG names. “We expect market to consolidate for some more session until FIIs selling reduces and India VIX cool downs below 20 levels.” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 19 May, Thursday
ITC Limited: ITC reported an 11.7% growth in consolidated net profit at Rs 4,196 crore for the fourth quarter of FY2021-22 as against Rs 3,755 crore recorded a year ago. On a sequential basis, the profit has inched up 3.4% from Rs 4,057 crore earned during the October–December period. Consolidated revenue for the largest cigarette maker in India rose 15.3% on-year to Rs 17,754 crore as compared to a revenue of Rs 15,404 crore registered in the year-ago quarter. On a sequential basis, the revenue was down 3.3 percent from the revenue of Rs 18,366 crore recorded in the previous quarter.
InterGlobe Aviation (IndiGo): Low-cost carrier IndiGo has appointed aviation industry veteran Pieter Elbers as its Chief Executive Officer, succeeding Ronojoy Dutta, who retires on September 30. Elbers will join the airline on or before October 1. Since 2014, Elbers has been the president and chief executive officer of KLM Royal Dutch Airlines. He is also a member of the executive committee of the Air France–KLM Group. His appointment is subject to regulatory approvals, IndiGo said in a regulatory update.
Sugar stocks: Sugar stocks like Triveni Engineering, Uttam Sugar Mills, Bajaj Hindusthan, Balrampur Chini will be in focus after the government approved amendments to the National Policy on Biofuels, 2018, advancing the deadline for fuel companies to increase ethanol in fuel to 20% by five years to 2025.
Adani Enterprises: Adani Enterprises is marking its foray into the healthcare business by setting up a wholly-owned subsidiary, Adani Health Ventures (AHVL), that would start operations in the due course. AHVL will have an initial authorised and paid-up share capital of Rs 100,000 (Rs 1 lakh) and would set up diagnostic facilities, health aids, health-tech based facilities and research centres. The firm would also have presence in other allied and incidental activities, AEL said in a regulatory update. Further details of its healthcare plans were not disclosed.
IDBI Bank: IDBI Bank on Wednesday said it has divested its entire stake of over 19% in ARCIL to Avenue India Resurgence Pte. The lender, however, did not disclose the deal value. “…IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18% of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd,” IDBI Bank said in a regulatory filing. With this, the LIC-controlled bank said it ceases to be a sponsor shareholder of ARCIL.
Q4 Results today: Ashok Leyland, Bosch, Chambal Fertilisers & Chemicals, Container Corp of India, Endurance Tech, Gland Pharma, Dr Reddy’s Laboratories, Godrej Consumer Products, Novartis India, Ramco Systems, Suryoday Small Finance Bank.