Equity benchmark indices ended flat on Monday as investors booked profits in index heavyweights amid high valuation concerns. The BSE Sensex gained 17.39 points or 0.02 per cent to settle at 73,895.54. The NSE Nifty declined 33.15 points or 0.15 per cent to close at 22,442.70. Sector-wise it was mixed with buying seen in Realty, IT & FMCG. PSUs especially Banking & NBFC were under pressure after RBI proposed stricter lending rules.
“Domestic equities after opening higher gave up their entire gains amid rising volatility and continuous selling by FIIs. In the last month, FIIs have sold Rs 39,000 crore worth of stocks amid uncertain global macros. Further, the surge in India VIX by over 70 per cent in the last eight trading sessions from around 10 to its 52-week high near the 17 level, indicating increasing nervousness among investors due to the ongoing global uncertainties and Lok Sabha election outcome next month. Hence, markets are likely to remain in a broader range with stock-specific action in the near term,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Here Are The Key Stocks To Watch On May 7:
Godrej Consumer Products: The FMCG major reported a net loss of Rs 1,893.2 crore for the quarter ended March FY24, impacted by an exceptional loss of Rs 2,375.65 crore for the quarter. In the March 2023 quarter, the company posted a profit of Rs 452.1 crore. Revenue from operations grew 5.8 per cent YoY to Rs 3,385.6 crore for the quarter. EBITDA jumped 17.9 per cent YoY to Rs 755.7 crore, with a margin expansion of 230 bps at 22.3 per cent in March 2024 quarter. The company announced an interim dividend of Rs 10 per share.
Lupin: The pharma major reported a 52 per cent YoY increase in consolidated net profit to Rs 359.43 crore. Revenue increased 13 per cent YoY to Rs 4,895.11 crore. On the operational front, Lupin’s EBITDA surged by 66 per cent to Rs 1,026.1 crore and margins improved to 14.2 per cent.
Hindalco: Novelis’ net profit grew 6 per cent YoY to $166 million. However, profit for the entire year declined by 9 per cent. The company’s income has declined by 7 per cent to $4.1 billion due to the decline in the average price of aluminium.
Gujarat Gas: The city gas distribution company has recorded 86 per cent quarter-on-quarter growth in net profit to Rs 409.5 crore on the back of a reduction in spot gas prices and an increase in volumes. Revenue from operations increased 5.2 per cent QoQ to Rs 4,134.2 crore. The board has recommended a dividend of Rs 5.66 crore per share.
Route Mobile: The company reported an 8.54 per cent YoY decline in net profit to Rs 95.16 crore compared to Rs 104.05 crore in the year-ago period. Revenue increased 0.82 per cent to Rs 1,017 crore compared to Rs 1,008 crore. However, EBITDA witnessed a decline of 4.94 per cent to Rs 125 crore compared to Rs 132 crore in the year-ago quarter. The board has recommended a final dividend of Rs 2 per share.
