Pre Market Analysis: Dalal Street may open lower; HCL Tech, Adani Ports, RIL and Central Bank of India in news

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.89 per cent lower at 16,146.50, signalling that Dalal Street was headed for a gap-down start on Tuesday.

Most Asian shares tumbled as investors sold riskier assets on concerns over higher interest rates and economic downturn. Japan’s Nikkei 225 was down 0.93%, Topix fell 0.94%. China’s Hang Seng tanked 2.39%, while CSI 300 was up 0.51%.

Indian Rupee fell 55 paise to 77.46 against the US Dollar on Monday.

Rainbow Children’s Medicare will make its debut on the bourses on May 10. The issue price has been fixed at Rs 542 per share.

FII/DII Trading Data (09-05-22)

FIIs sold for Rs 3361.8 crore and DIIs bought for Rs 3077.24 crore in the cash segment on Monday.

Upcoming Results

Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet Hotels, Chemplast Sanmar, Dishman Carbogen Amcis, Elantas Beck India, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, MRF, Polycab India, Neuland Laboratories, Orient Electric, Reliance Capital, R Systems International, Shemaroo Entertainment, Tajgvk Hotels & Resorts, TD Power Systems, Torrent Power, Venky’s (India), and Welspun India will release quarterly results. 

Stocks in News Today

JSW Group: The metals-to-cement conglomerate will make a $7 billion bid for Holcim AG’s Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported on Tuesday.

HCL Technologies: The IT company announced a strategic partnership with Syniti and will adopt the Syniti Knowledge Platform (SKP) as its strategic data migration platform to provide customers with improved data management strategy and higher quality data.

The wholly owned subsidiary of the technology company will acquire Bengaluru-based Quest Informatics for Rs 15 crore in an all-cash deal and the deal transaction is expected to be complete before July 31, 2022.

Adani Ports and Special Economic Zone Ltd (APSEZ): The company moved the Bombay High Court challenging the disqualification of its bid in connection with a tender issued by state-run Jawaharlal Nehru Port Authority (JNPA) for upgradation of the latter’s container terminal in Navi Mumbai. A vacation bench of Justices AK Menon and NR Borkar sought a reply from the Board of Trustees of JNPA and posted the matter for hearing on Friday (May 13).

Reliance Industries Ltd (RIL): A refining golden age, tightening global gas markets and improving telecom subscriber quality point to a $20 billion-plus EBITDA run rate for Reliance Industries Ltd. (RIL) by end-2022, Morgan Stanley said in a recent report.

Meanwhile, Reliance Brands Limited, a subsidiary of Reliance Retail Ventures Ltd, has signed an franchise agreement to sell Italian luxury lifestyle brand Tod’s products in India.

Central Bank of India: The public-sector lender posted a net profit of Rs 310 crore in the fourth quarter ended March 2022 on improved net interest income (NII) and fall in provisions. It had posted a net loss of Rs 1,349 crore in the quarter ended March 2021. The bank’s NII rose by 59.43 per cent to Rs 2,417 crore for Q4 of FY22 against Rs 1,516 crore in Q4FY21. Net NPAs stood at 3.97 per cent in March 2022, down from 5.77 per cent a year ago.

NTPC : The state-owned power company has invited bids to procure imported 4.53 million tonnes (MT) coal mainly for blending with the domestic dry fuel in thermal plants. The successful bidder will supply the imported steam coal sourced from identified mines as declared by the firm to NTPC power stations.

Shipping Corporation of India: The government-owned company said its board has approved certain modifications in the scheme of arrangement for demerger of the company’s non-core assets into Shipping Corporation of India Land and Assets Ltd. The modification is subject to approval of the Ministry of Ports, Shipping and Waterways (MoPSW) and DIPAM, it added.

Inox wind: The company arm Inox Green Energy Services’ board approved a proposal to raise Rs 900 crore through an initial public offer (IPO). The proposed IPO will comprise fresh issuance of equity shares aggregating up to Rs 500 crore and an offer for sale (OFS) of equity shares by certain shareholders to the tune of Rs 400 crore.

IDBI Bank: The private-sector bank’s board has approved the appointment of T N Manoharan as the part-time chairman for a period of three years. The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the RBI approved term of three years.

Cosmo Films: The company recorded a 45.3 percent year-on-year growth in consolidated profit at Rs 108.2 crore in Q4FY22. Revenue grew by 22 percent YoY to Rs 821 crore during the same period. The company announced the issue of bonus equity shares in the proportion of one equity share for every two existing equity shares held by the shareholders as on the record date.

KEI Industries: The company posted a 35 percent year-on-year growth in consolidated profit at Rs 116 crore in the quarter ended March 2022. Revenue during the quarter under review increased by 44 percent YoY to Rs 1,792 crore .

Gujarat Narmada Valley Fertilizers & Chemicals: The company more than doubled its consolidated profit to Rs 643 crore in Q4FY22, up from Rs 310.5 crore in the same period last year. Revenue rose 60 percent YoY to Rs 2,772 crore compared to the year-ago period.

Godrej Agrovet: The company reported a 120.6 percent year-on-year growth in consolidated profit at Rs 139.81 crore in Q4FY22. Revenue from operations rose 42.62 per cent during the quarter under review at Rs 2,075.62 crore compared to Rs 1,455.25 crore in the same period of previous fiscal.

Infibeam Avenues: The company reported an 11 per cent drop year-on-year in its consolidated net profit to Rs 28 crore for the fourth quarter ended March 2022. The company’s gross revenue rose 84 per cent year-on-year to Rs 369 crore in the just-ended quarter.

VST Tillers and Tractors: The company registered a 71 percent year-on-year growth in profit at Rs 22.1 crore in the quarter ended March 2022 on the back of 285 percent YoY growth in EBITDA at Rs 30.15 crore. Revenue grew by 12 percent to Rs 218.4 crore during the same period.