Stocks in Focus on May 7: Yes Bank, Dr Reddy’s to Maruti; here are expected Newsmakers of the Day
Stocks in Focus on May 7: Yes Bank, Dr Reddy’s, Maruti, Escorts, Pidilite Industries, etc. are expected to remain newsmakers throughout the intraday trade session.
Stocks in Focus on May 7: Key domestic benchmarks on Wednesday, May 6, 2020, snapped the two-day losing run and ended with decent gains on bargain hunting. The barometer S&P BSE Sensex gained 232.24 points or 0.74% at 31,685.75. The Nifty 50 index jumped 65.30 points or 0.71% at 9,270.90. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Thursday, May 7, 2020. List of such five stocks:
YES Bank: Private lender YES Bank on Wednesday announced March quarter numbers and reported a net profit of Rs 2665 crore (Profit after including extraordinary item) compared with a loss of Rs 1,508 crore. Excluding extraordinary items, the lender has reported a loss from ordinary activities of Rs 3,668 crore compared to Rs 1,508 crore a year ago. Its gross non-performing assets (GNPA) stood at 16.8% on quarter-on-quarter (QoQ) basis from 18.87% reported in December quarter. The bank’s net interest income (NII) fell 49.2% year-on-year (YoY) fall at Rs 1,274 crore compared to Rs 2,506 crore. Its provisions were at Rs 4,872 crore, compared with Rs 3,661.7 crore a year ago. The bank’s CASA (current account to a savings account) ratio stood at 26.6% compared to 33.1%.
Besides, the bank generated an extraordinary income of Rs 6,297 crore from a write-down of Basel III compliant additional tier I (AT I) Bonds amounting to Rs 8,415 crore. AT-1 bonds amounting to Rs 8,415 crore were been fully written down permanently on March 14, 2020, and has been disclosed as an extraordinary item.
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GSK/HUL: GSK PLC will sell a 5.7% stake in HUL via block deals at a price band of Rs 1,850 - 1950 per share.
Dr Reddy’s Laboratories Ltd: Dr Reddy's said the company’s NDA (new drug application) Elyxyb (celecoxib oral solution 25 mg/mL) has been approved by the US Food and Drug Administration.
Healthcare Global Enterprises: CVC Capital is expected to buy a huge stake in Healthcare Global, a Bengaluru-based cancer-care chain, through a preferential allotment. With this, CVC will turn into the largest shareholder and co-promoter of the company.
Escorts/ Sundaram Fasteners/ Gabriel India/ Cochin shipyard/ Pidilite Industries/ Maruti- Manesar Plant: These companies have re-commenced operations at their plants amid COVID-19 pandemic spread.
Escorts Sundaram Fasteners: The company has said that it has started partial resumption of operations for essential services in its plants after receiving required approvals from concerned authorities of Tamil Nadu government.
Gabriel India: Intimated about the partial resumption of operations at our three plants located at Chakan (Pune, Maharashtra), Sanand (Gujarat) and Hosur (Tamil Nadu). It will resume operations gradually based on customer demand.
Cochin Shipyard Ltd (CSL): Pursuant to the Ernakulam District being notified as Green Zone, CSL has resumed its operations in two shifts of 4:45 hours each. The operations are resumed with a reduced strength of about 1200 to 1400 people in each shift as against the normal engagement of about 7500 people. However, the operations of CSL's Mumbai and Kolkata units have not been resumed yet.
Pidilite Industries: Partially resumes operations in most of the company’s locations.
Maruti: To restart production of vehicles at its Manesar plant from May 12.
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