Nifty Realty was the best performer soaring 2.76% during a turbulent session, even as Nifty PSU Bank and Energy fell by 3.66% and 1.7%, respectively, making them the worst-hit sectors.
May 6 was a mixed day for stocks – the Sensex inched up 17.39 points (or 0.02%) to close at 73,895.54, while the Nifty fell 33.10 points (or 0.15%) to settle at 22,442.70. Among the listed entities, there were more declining stocks (2,560) than advancing ones (1,213), and 159 that remained unchanged.
Anup Engineering (CMP Rs 2,070):
The stock of Anup Engineering jumped nearly 12% on strong Q4 earnings performance. It reported a net profit of Rs 28.6 crore for the March quarter (up almost 47% YoY) and revenue of Rs 156.9 crore –– an increase of about 9% YoY — driven largely by a robust order backlog that expanded by over three-fifths; ICICI Securities has said it is enthused about growth visibility from large orders.
Zen Technologies (CMP Rs 1,033.90):
Zen Technologies tumbled to lower circuit – down ~5% – after Q4 numbers beat estimates but management guided for much lower EBITDA margin for FY22 at ~35%, as against FY21’s ~43%.
Deepak Nitrite (CMP Rs 2,558.35):
Morgan Stanley upgraded Deepak Nitrite to ‘overweight’ from ‘underweight’. The brokerage also raised its target price on the specialty chemicals stock to Rs 2,985 apiece from Rs 1,340 earlier – implying a potential upside of more than one-fifth over Monday’s close; it cited better-than-expected base business along with medium-term capex visibility among key reasons for this change.
Indusind Bank (CMP Rs 1497):
Indusind Bank shares rose nearly one percent on reports suggesting that IndusInd International Holding (IIHL) is likely to raise its stake in the lender to 26% over next two weeks, from the current 16%.
Tata Technologies (CMP Rs 1,045.50):
Tata Technologies slipped nearly three percent after Q4 results missed forecasts. Net profit fell about 8% QoQ to Rs 157 crore in March quarter, mainly on account of lower other income due to a one-time deferred tax asset write-back, and muted revenue growth.
Britannia Industries (CMP Rs 5,057.90):
Britannia Industries gained as much as six percent even after Q4 net income fell more than expected. Share price has been rising on market share revival led by competitive pricing actions and increased investments in brands supported by distribution expansion.
Paytm (CMP Rs 351.40):
Paytm stock tanked to lower circuit – down ~5% – as COO & president Bhavesh Gupta resigned; negative read-across for digital payments and financial services company.
CEAT (CMP Rs 2,495):
CEAT shares declined for second day running – off nearly two percent this time – following weak set of numbers. The company’s rubber costs rose sharply and dented Q4 profitability; Kotak Institutional Equities cut target price for the stock to Rs 1850 from Rs 1,900 earlier due to potential margin pressures over next few quarters – implying possible downside of about one-fourth based on last close price..
Force Motors (CMP Rs 9,749.95):
In April, Force Motors saw a rise of 2% in the value of their shares after reporting a good sale. According to a regulatory filing, sales of small and light commercial vehicles surged more than 36% YoY to 2,268 units while those of utility vehicles increased by over 36% YoY.
Blue Dart (CMP Rs 7,195):
After posting in-line results for Q4FY22, Blue Dart’s stock rose as much as 5% on Wednesday as analysts were impressed with the numbers. The air express firm, which commands a market share upwards of 54%, has been viewed positively by analysts who see it undergoing a structural turnaround with resolution of current transitory issues being round the corner as well.
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