Equity benchmark indices snapped their three-day winning streak to settle lower on Wednesday after a volatile session due to selling in index heavyweight shares like HDFC Bank, Reliance Industries, and TCS.
The BSE Sensex declined by 117.58 points or 0.16 per cent to settle at 72,987.03. The NSE Nifty fell 17.30 points or 0.08 per cent to close at 22,200.55. Sector-wise it was a mixed bag with buying seen in PSU Bank, Realty, and Metals.
“The inclusion of 13 Indian companies in the MSCI India Index and higher tariffs by the US on several Chinese industries to benefit Indian companies supported the positive momentum. On the global front, investors await key US inflation data after mixed US PPI data and the Fed’s uncertainty over inflation sparks cautiousness. Back home, relentless FIIs selling and India VIX at elevated levels put pressure on the market. We expect the market to consolidate in a broader range as the election polling progresses and the result season nears the end,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on May 16:
Berger Paints: The company reported 19.5 per cent growth in net profit to Rs 222.6 crore in March 2024 quarter compared to Rs 185.7 crore in the year-ago period. Revenue increased 3.1 per cent to Rs 2,520.3 crore as against Rs 2,443.6 crore in the corresponding quarter of the previous fiscal. However, EBITDA fell marginally by 4.8 per cent to Rs 361.1 crore from Rs 369 crore while EBITDA margins slipped from 15.1 per cent to 14 per cent.
Mankind Pharma: The pharma major posted 65.1 per cent YoY growth in Q4 net profit to Rs 471.2 per cent compared to Rs 285.4 crore in the year-ago period. Revenue jumped 19 per cent to Rs 2,441.1 crore from Rs 2,052.7 crore in same quarter of previous fiscal. EBITDA surged 41.8 per cent to Rs 591.1 crore compared to Rs 416.7 crore in the year-ago period. EBITDA margin expanded to 24.2 per cent from 20.3 per cent year-on-year.
Jindal Stainless: The company posted a 34.6 per cent YoY decline in net profit to Rs 500.7 crore for the March 2024 quarter compared to Rs 765.8 crore in the year-ago period. The company’s revenue decreased by 3.2 per cent to Rs 9,454 crore compared to Rs 9,765 crore in the corresponding quarter of previous fiscal.
LIC Housing Finance: The mortgage financier reported a 7.5 per cent decline in its net profit to Rs 1,091 crore in March quarter compared to Rs 1,180 crore in the year-ago period. The total income increased to Rs 6,937 crore during the reported quarter as against Rs 6,415 crore in the same period of previous financial year.
NCC: The construction company reported a 25.2 per cent year-on-year growth in net profit to Rs 239.2 crore in the March 2024 quarter compared to Rs 191 crore in the year-ago period. The company’s revenue increased 31 per cent to Rs 6,485 crore against Rs 4,949 crore in the corresponding quarter of the preceding fiscal.
