Stocks in Focus on May 20: IB Housing, JK Tyre, Axis Bank, Fertilizer Stocks to IT stocks; here are the 5 Newsmakers of the Day
Snapping two sessions of the rising streak, the S&P BSE Sensex declined 291 points, or 0.58 per cent, to end the volatile day below the 50,000-mark at 49,903, amid weak global markets on Wednesday, May 19, 2021
Snapping two sessions of the rising streak, the S&P BSE Sensex declined 291 points, or 0.58 per cent, to end the volatile day below the 50,000-mark at 49,903, amid weak global markets on Wednesday, May 19, 2021. The Nifty 50 fell 78 points, or 0.52 per cent, to end at 15,030. But certain stocks came in the news after the market was closed. These stocks can impact the indices, when it reopens on Thursday, May 20, 2021. List of such five stocks:
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IB Housing + Taro (Sun Pharma) + JK Tyre + INEOS + Endurance
IB Housing Finance: The home finance company has reported a 101.5% YoY rise in the consolidated profit at Rs 276 crore for the quarter ended March 31, 2021. It had reported a profit of Rs 137 crore in the same quarter of the previous financial year. Net Interest Income (NII) dropped 7.7% YoY to Rs 764 crore in the reported quarter compared to Rs 828 crore reported last year. It made provisions of Rs 2,485 crore. The gross non-performing assets (GNPA) increased to 2.66% on QoQ basis from 2.44% reported in the previous quarter ended December 2020. Net NPA also increased to 1.59% in Q4FY21 from 1.46% posted in Q3FY21. The board has declared a dividend of Rs 9 per share.
TARO (Sun Pharma): Taro Pharmaceutical Industries Ltd. has reported a loss of $30 million for the quarter ended March 31, 2021, against a profit after tax of $54.2 million. Net sales stood at $148 million as compared to $175 million. It reported an operating loss of $42 million against an operating profit of $57.2 million, excluding a one-time settlement amount Operating income was $38 million. The company said the prior-year quarter was higher than normal partly due to stocking up by customers as the outbreak of COVID-19 was beginning. Settlements and loss contingencies of $80 million reflect an additional legal contingency provision related to ongoing multi-jurisdiction civil antitrust matters; however, there can be no assurance as to the ultimate outcome.
JK Tyre: The tyre and tube manufacturer has reported a consolidated profit on a year-on-year basis of Rs 196.02 crore for the quarter ended March 31, 2021, as compared to a consolidated loss of Rs 46.7 crore posted in the corresponding quarter of the last financial year. Consolidated revenue from operations grew 63.3% to Rs 2,927.3 crore as compared to Rs 1,792.6 crore posted last year. EBITDA stood at Rs 455.3 crore, up 121.8%, from Rs 205.2 crore. Margin improved to 15.6% in Q4FY21 from 11.4% reported in Q4FY20. The board has recommended a dividend of Rs 2 per share.
INEOS Styrolution: The global styrenics supplier has reported 36.3 times YoY rise in the consolidated profit at Rs 161.4 crore for the quarter ended March 31, 2021. It had reported a profit of Rs 4.5 crore in the corresponding quarter of the previous financial year. Consolidated revenue from operations grew 77.4% YoY to Rs 636.5 crore in the reported quarter as compared to Rs 358.9 crore posted last year. EBITDA stood at Rs 227.3 crore, up 10.6 times, from Rs 21.4 crore posted last year. The margin improved to 35.7% in Q4FY21 as against 6% reported in Q4FY20. The board has approved a dividend of Rs 10 per share.
Endurance Technologies: The automotive component manufacturer has reported a 75.4% YoY rise in the consolidated profit at Rs 187.3 crore for the quarter ended March 31, 2021. It had reported a profit of Rs 106.8 crore in the corresponding quarter of the previous financial year. Consolidated revenue grew 33.6% YoY to Rs 2,132.8 crore as compared to Rs 1,596.7 crore reported last year. EBITDA stood at Rs 332.1 crore, up 39.7% from Rs 237.8 crore. Margin improved to 15.6% in Q4FY21 as against 14.9% posted in Q4FY20. The company has announced a dividend of Rs 6 per share.
Axis Bank: The OFS of SUUTI shares in the private lender was subscribed 4.16 times by the non-retail investors on the first day of subscription. The offer will open for the retail investors today. DIPAM has said Offer for Sale of SUUTI shares in Axis Bank got a good response on day one. SUUTI has decided to exercise the greenshoe option under which it will sell additional 2.2 crore shares. The floor price for the offer is Rs 680 per share. As of March 31, 2021, SUUTI holds a 3.45% stake in Axis Bank.
Fertiliser Stocks in focus: The government on Wednesday announced an increase in subsidy for di-ammonium phosphate (DAP) fertilisers by 140%. With this, the farmers will get a subsidy of Rs 1,200 per bag (50-kg) instead of Rs 500 per bag. This means the DAP will be available to farmers at Rs 1,200 instead of its actual price of Rs 2,400. With the increase in subsidy in DAP, the Government of India will spend an additional Rs 14,775 crore as subsidy in the Kharif season. PM stressed that farmers should get fertilisers at old rates despite the international rise in prices.
IT stocks: IT stocks will be in focus today as the Biden Administration has removed a regulation proposed by former president Donald Trump’s administration that sought to narrow the definition of “specialty occupation” under the H-1B visa regime.
Coforge + IRCON
Coforge: Hulst BV sold 31 lakh shares (5.12%) at Rs 3,250.58 per share
IRCON International: Today is the Ex-Date for Bonus Issue.