Stocks To Watch: Pidilite Industries, JSW Energy, Dr Reddy's Labs, Tata Elxsi, LTIMindtree

Dr. Reddy’s Laboratories Ltd., Pidilite Industries Ltd. and JSW Energy Ltd. will be in focus after they announced their quarterly earnings on Tuesday.

In addition, Larsen and Toubro Ltd., Tata Power Co. and TVS Motor Co. will be in the spotlight as they will announce their quarterly results.

US stocks remained close to their highest levels in about a month, with investors at crossroads about how much further the market can sustain the rebound from April’s selloff, reported Bloomberg.

The S&P 500 index and Nasdaq 100 rose by 0.30% and 0.28%, respectively, as on 11:17 p.m. New York time. The Dow Jones Industrial Average gained by 0.27%.

Brent crude was trading 0.44% lower at $82.96 a barrel. Gold was lower by 0.35% at $2,315.90 an ounce.

India’s benchmark stock indices ended lower on Tuesday as heavyweights HDFC Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. declined. Nifty extended its loss to a third session, while the S&P BSE Sensex reversed gains from Monday.

The NSE Nifty 50 ended 140.20 points, or 0.62%, lower at 22,302.50, and the S&P BSE Sensex closed 383.69 points down, or 0.52%, at 73,511.85.

Overseas investors in Indian equities remained net sellers on Tuesday for the fourth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,668.8 crore.

Domestic institutional investors remained net buyers for the eighth day and mopped up equities worth Rs 2,304.5 crore, the NSE data showed.

The Indian rupee closed 2 paise weaker against the US dollar at Rs 83.51.

Earnings In Focus

Larsen and Toubro, Tata Power, Canara Power, TVS Motor, Hero MotoCorp, Bharat Forge, SKF India, Gujarat State Petronet, Piramal Enterprises, Kalpataru Projects International, Kirloskar Oil Engines, Westlife Food world, Godrej Agrovet, Home First Finance, HG Infra Engineering, Balaji Amines, Vijaya Diagnostic Centre.

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Earnings Post Market Hours

Dr Reddy’s Laboratories (Consolidated, YoY)

  • Revenue up 12.6% at Rs 7,114 crore vs Rs 6,315.2 crore (Bloomberg estimate Rs 7,026 crore).

  • Ebitda up 19.4% at Rs 1,831 crore vs Rs 1,534 crore (Bloomberg estimate Rs 1809 crore).

  • Margin at 25.7% vs 24.3% (Bloomberg estimate 25.8%).

  • Net profit up 36.4% at Rs 1,310 crore vs Rs 960 crore (Bloomberg estimate Rs 1,214 crore).

  • Board recommended final dividend of Rs 40 per share.

Pidilite Industries (Consolidated, YoY)

  • Revenue up 7.9% at Rs 2902 crore vs Rs 2689 crore (Bloomberg estimate Rs 2,831 crore).

  • EBITDA up 25.64% at Rs 576.93 crore vs Rs 459.16 crore (Bloomberg estimate Rs 621 crore).

  • Margin up 280 bps at 19.88% vs 17.07% (Bloomberg estimate 21.9%).

  • Net profit up 6.45% at Rs 304 crore vs Rs 286 crore (Bloomberg estimate Rs 425 crore).

  • Board recommended dividend of Rs 16 per share.

United Breweries (Consolidated, YoY)

  • Revenue up 17.34% at Rs 2,133 crore vs Rs 1766 crore (Bloomberg estimate Rs 1,968 crore).

  • EBITDA up 166.28% at Rs 143 crore vs Rs 53.63 crore, (Bloomberg estimate Rs 261 crore).

  • Margin up 365 bps at 6.69% vs 3.03%, (Bloomberg estimate 8.9%).

  • Net profit up 726.24% at Rs 81.55 crore vs Rs 9.87 crore (Bloomberg estimate Rs 208 crore).

JSW Energy (Consolidated, YoY)

  • Revenue up 3.21% at Rs 2756 crore vs Rs 2670 crore.

  • Ebitda up 56.78% at Rs 1169 crore vs Rs 745 crore.

  • Margin up 1448 bps at 42.4% vs 27.91%.

  • Net profit up 22.42% at Rs 345.27 crore vs Rs 282.03 crore.

  • Board recommends dividend of Rs 2 per share.

IRB Infrastructure Developer (Consolidated, YoY)

  • Revenue up 27.23% at Rs 2,061 crore vs Rs 1,620 crore (Bloomberg estimate Rs 2,247 crore).

  • Ebitda up 17.28% at Rs 890 crore vs Rs 759 crore (Bloomberg estimate Rs 968 crore).

  • Margin down 366 bps at 43.17% vs 46.83%, (Bloomberg estimate 43.1%).

  • Net profit up 45.11% at Rs 189 crore vs Rs 130.15 crore, (Bloomberg estimate Rs 201 crore).

Navin Fluorine (Consolidated, YoY)

  • Revenue down 13.65% at Rs 602 crore vs Rs 697 crore (Bloomberg estimate Rs 547 crore).

  • Ebitda down 45.45% at Rs 110 crore vs Rs 202 crore (Bloomberg estimate Rs 97.38 crore).

  • Margin down 1066 bps at 18.28% vs 28.94% (Bloomberg estimate Rs 17.8%).

  • Net profit down 48.66% at Rs 70 crore vs Rs 136 crore (Bloomberg estimate Rs 48.01 crore).

  • Board recommends final dividend of Rs 7 per share.

Jindal Saw (Consolidated, YoY)

  • Revenue up 4.56% at Rs 5425 crore vs Rs 5188 crore (Bloomberg estimate Rs 5,785 crore).

  • Ebitda up 53.4%at Rs 920 crore vs Rs 600 crore (Bloomberg estimate Rs 1064 crore).

  • Margin up 540 bps at 16.96% vs 11.56% (Bloomberg estimate Rs 18.4%).

  • Net profit up 61.46% at Rs 480 crore vs Rs 298 crore (Bloomberg estimate Rs 576 crore).

Latent View Analytics (Consolidated, QoQ)

  • Revenue up 3.59% at Rs 172 crore vs Rs 166 crore (Bloomberg estimate Rs 173 crore).

  • EBIT up 10.61% at Rs 37.93 crore vs Rs 34.29 crore (Bloomberg estimate Rs 37.2 crore).

  • Margin up 140 bps at 22.09% vs 20.69% (Bloomberg estimate 21.5%).

  • Net profit down 2.75% at Rs 45.24 crore vs Rs 46.52 crore (Bloomberg estimate Rs 44.6 crore).

Sonata Software (Consolidated, QoQ)

  • Revenue down 12.11% at Rs 2,192 crore vs Rs 2,493 crore (Bloomberg estimate Rs 2179 crore).

  • EBIT down 36.51% at Rs 110 crore vs Rs 174 crore (Bloomberg estimate Rs 168.5 crore).

  • EBIT margin down 193 bps at 5.03% vs 6.97% (Bloomberg estimate 7.73%).

  • Net profit down 22.85% at Rs 33.22 crore vs Rs 43.06 crore (Bloomberg estimate Rs 128.25 crore).

  • Board recommends final dividend of Rs 4.4 per share.

IGL (Consolidated, QOQ)

  • Revenue up 1.12% at Rs 3597 crore vs Rs 3,550 crore.

  • Ebitda down 6.33% at Rs 521 crore vs Rs 556 crore.

  • Margin down 117 bps at 14.48% vs 15.66%.

  • Net profit down 8.86% at Rs 433 crore vs Rs 475 crore, (Bloomberg estimate Rs 375.15 crore).

CreditAccess Grameen (Standalone, YoY)

  • Total income up 36.84% at Rs 1459 crore vs Rs 1066 crore.

  • Net profit up 33.86% at Rs 397 crore vs Rs 296 crore.

  • Board recommends one-time final dividend of Rs 10 per share.

PB Fintech (Consolidated, QoQ)

  • Total income up 23.16% at Rs 1,188 crore vs Rs 964.5 crore.

  • Net profit up 61.67% at Rs 60.19 crore vs Rs 37.23 crore (Bloomberg estimate Rs 60.48 crore).

Max Financial (Consolidated, YoY)

  • Total income up 49.97% at Rs 14,898 crore vs Rs 9,934 crore.

  • Net loss of Rs 50.08 crore vs profit of Rs 52.45 crore.

Stocks to Watch

  • Patel Engineering: The company and its joint venture partner emerged as the lowest bidder for an irrigation project worth Rs 343 crore. The company’s share in irrigation project stands at Rs 120 crore.

  • Mahindra and Mahindra: NCLT approved the merger of arms Mahindra Heavy Engines, Mahindra Two Wheelers and with the company.

  • Tata Elxsi: The company collaborated – with arm to accelerate software-defined vehicle journey for OEMs.

  • LTIMindtree: The company and IBM to set up joint generative AI centre of excellence in India.

  • Dixon Technologies: The company’s arm Dixon Electro Appliances entered a pact with Nokia for development and manufacturing of telecom products.

IPO Offering

  • Indegene: The public issue was subscribed to 7.35 times on day 2. The bids were led by institutional investors (5.59 times), non-institutional investors (18.03 times), retail investors (3.82 times) and portion reserved for Employees (3.18 times).

  • TBO Tek: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 875 to Rs 920 per share apiece. The Rs 1,550.81 crore IPO is a combination of fresh issue of Rs 400 crore and rest offer for sale. The company has raised Rs 696 crore through anchor investors.

  • Aadhar Housing Finance: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 300 to Rs 315 per share apiece. The Rs 3,000 crore IPO is a combination of fresh issue of Rs 1,000 crore and rest offer for sale. The company has raised Rs 898 crore through anchor investors.

Bulk Deals

  • Cartrade Technologies: Sector Investment Funds PLC – Sector Global Emerging Markets Fund bought 2.42 lakh shares (0.51%) at Rs 854.93 apiece.

  • Cigniti Technologies: Rajasthan Global Securities bought 1.5 lakh shares (0.54%) at Rs 1320.79 apiece.

Trading Tweaks

  • Moved out of short-term ASM framework: Dolat Algotech, Vesuvius India.

  • Ex/record Dividend: Laurus labs.

F&O Cues

  • Nifty May futures down by 0.78% to 22,381.8 at a premium of 79.3 points.

  • Nifty May futures open interest down by 3.8%.

  • Nifty Bank May futures down by 1.46% to 48,349.05 at a premium of 63.7 points.

  • Nifty Bank May futures open interest up by 6.93%.

  • Nifty Options May 9 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000.

  • Bank Nifty Options May 8 Expiry: Maximum Call Open Interest at 49,500 and Maximum Put open interest at 47,000.

  • Securities in ban period: Aditya Birla Fashion, Balarampur Chini Mills, Biocon, GMR Infra, Vodafone Idea, PNB, Sail, Zee Entertainment Enterprise.

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