Edelweiss has maintained buy rating on IGL with a target price of Rs 365.
Getty ImagesReliance Industries and TCS are among the top picks of Elara Securities.
NEW DELHI: Nifty futures on the Singapore Exchange were trading 12.50 points, or 0.10 per cent, lower at 11,911.50, indicating a tepid start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade:
Sun Pharma, PNB, SpiceJet: Sun Pharma, PNB, SpiceJet, JP associates, Lakshmi Vilas Bank, NBDC, Pfizer, Bharat Road Network, Galaxy Surfactants, IRCON International, Max Financial Services are among 382 firms which are scheduled to announce their March quarter earnings today.
JB Chemicals: The promoters of Mumbai-based JB Chemicals have put their business up for sale, mandating investment bank Avendus to look for a buyer for their 57 per cent stake in the company, said four people with direct knowledge of the development.
RCap: Reliance Capital and Reliance Land (a part of Reliance Capital Group) will divest their entire equity stake in Reliance Broadcast Network Ltd (RBNL) to Music Broadcast Ltd (MBL). “The transaction is part of our strategy to reduce exposure in non-core businesses and cut debt by an estimated Rs 1,200 crore," Reliance Capital CFO Amit Bapna said in a statement.
Zee Entertainment Enterprises: Media reports suggested that Subhash Chandra-led company is in talks with identified buyers and is confident of signing a binding agreement by July.
YES Bank: The lender, which is currently redrawing its strategic roadmap under new chief executive Ravneet Gill, is likely to exit the asset management business as it believes that scaling up operations amid intensifying competition could be difficult, said people familiar with the plans.
Adani Ports & SEZ: India's largest port developer and logistics arm of Adani Group reported a 41.45 per cent surge in its consolidated net profit to Rs 1,314.19 crore for the quarter ended on March 31, 2019.
Manpasand Beverages: Investors holding the shares of fruit juice maker Manpasand Beverages should cut their losses and exit the stock as the company has come under scrutiny over corporate governance, say dealers and market experts.
Reliance Communications (RCom): The operator widened its loss to Rs 7,963 crore for the January to March quarter when compared to the previous quarter, when it posted a loss of Rs 340 crore.
Bharti Airtel: The company submitted a bank guarantee of Rs 644 crore in the telecom tribunal, which will clear the deck for completion of the merger of Tata Teleservices’ consumer business with the Sunil Mittal-led telco. IndiGo: InterGlobe Aviation, which runs IndiGo, on Monday reported a fivefold, or 401 per cent, surge in profit at Rs 589.60 crore for March quarter compared with Rs 117.60 crore in the same quarter last year.
Maruti Suzuki: The country's largest car maker Maruti Suzuki India (MSI) Monday shut production for a day at its plants near here to manage rising inventory levels, sources said.
Grasim Industries: Sushil Agarwal, CFO of Grasim and an Aditya Birla Group veteran, has been named Group CFO by the $44-billion conglomerate that is seeking to leverage his expertise across a range of businesses with which he has previously been strategically engaged.
Motherson Sumi: The auto components manufacturer reported a 43% fall in consolidated net profit at ₹429 crore for the fourth quarter ended March 31, due to volatile market conditions in India and because of the commencement of two new manufacturing units in the US and Hungary.
Century Plyboards: The company reported a 4 per cent on-year decline in net profit for the quarter ended March to Rs 34.16 crore.Net revenue from operations for thequarter under review was Rs 583.23 crore, an increase of 7 per centover the corresponding period a year ago.
NHPC: State-owned hydro power giant NHPC Monday posted more than two-fold jump in standalone profit to Rs 492.29 crore for March quarter mainly due to higher revenues.
Siemens: German conglomerate Siemens is launching a startup incubator, Next47, in India, with an aim to invest a significant part of its $1-billion investment fund for startups globally.
• Jefferies has maintained hold rating on Whirlpool of India and revised target price to ₹1,560 from ₹1,625. Most positives are priced in at current valuations, as key risks such as demand softness, raw material head-winds and rising competition (pricing pressures) prevail, said Jefferies.
• CLSA has retained buy rating on Dish TV India and cut target price to ₹60 from ₹70. Dish TV's fourth quarter revenues and Ebitda were below estimates with subscriptions down 5% YoY, hit by delays and disruption in implementing TRAI’s new tariff regime, said CLSA.
• Edelweiss Securities has maintained buy rating on Indraprastha Gas with a target price of ₹365. Indraprastha Gas remains a preferred pick among city gas distribution companies due to its robust volume growth outlook and high exposure to priority sectors giving it access to cheaper APM gas, said Edelweiss. The brokerage has estimated an EPS CAGR of 15% with a robust RoE of over 20% over FY19–22.
• Nirmal Bang has initiated coverage on Tata Chemicals with a buy rating and target price of ₹749. The recent decision to hive off its consumer business is positive as this transforms Tata Chemicals into a focused chemicals and specialties company, said Nirmal Bang. The growth from nutrition, and silica, will likely gather momentum from FY21 based on new capacity being set up at a cost of ₹5.7 billion, said Nirmal Bang.
• Citigroup has downgraded Cummins India to neutral from buy and cut target price to ₹800 from ₹881 after weaker-than-expected fourth quarter result. Export uncertainties are likely to persist through FY20, also reflected in the management guidance of flattish to negative sales growth, said Citi.
Insider Buys:
Alembic Limited: Nirayu Private Limited has bought 15,000 shares through Market Purchase on May 22, 2019.
Astec LifeSciences Limited: Godrej Agrovet Limited has bought 17,618 shares through Market Purchase on May 21, 2019.
Bajaj Holdings & Investment Limited: Bajaj Auto Limited has bought 1,04,940 shares through Market Purchase on May 23, 2019.
Escorts Limited: Har Parshad And Company Pvt Limited has bought 2,00,000 shares through Market Purchase on May 16, 2019.
Jindal Stainless Limited: Abhyuday Jindal has bought 50,000 shares through Market Purchase on May 23, 2019.
Mukand Limited: Bachhraj Factories Pvt Ltd has bought 46,620 shares through Market Purchase on May 23, 2019.
NIIT Technologies Limited: Hulst B.V has bought 2,91,092 shares through Market Purchase from May 20, 2019 to May 23, 2019.
Onward Technologies Limited: Jigar Mehta has bought 19,550 shares through Market Purchase on May 23, 2019.
Insider Sells:
Axis Bank Limited: Kishor Kumar Srivastava has sold 20,000 shares through Market Sale on May 21, 2019.
Axis Bank Limited: Raj Kumar Khosa has sold 19,000 shares through Market Sale on May 23, 2019.
Axis Bank Limited: Rajiv Anand has sold 35,000 shares through Market Sale on May 23, 2019.
Bajaj Finance Limited: Shri Ashish Sapra has sold 23,639 shares through Market Sale on May 23, 2019.
Escorts Limited: Nikhil Nanda has sold 1,36,315 shares through Off Market on May 15, 2019.
Gruh Finance Limited: Housing Development Finance Corporation Limited has sold 3,25,86,774 shares through Market Sale on May 24, 2019.
Gruh Finance Limited: Sudhin Choksey has sold 1,09,000 shares through Market Sale from May 20, 2019 to May 23, 2019.
HDFC Life Insurance Company Limited: Suresh Badami has sold 36,500 shares through Market Sale from May 22, 2019 to May 23, 2019.
HDFC Life Insurance Company Limited: Vibha Padalkar has sold 75,000 shares through Market Sale on May 23, 2019.
Housing Development Finance Corporation Limited: Mistry K M has sold 67,000 shares through Market Sale on May 23, 2019.
ICICI Bank Limited: N. R. Narayanan has sold 20,000 shares through Market Sale on May 22, 2019.
IIFL Holdings Limited: Harshavardhan Dole has sold 15,000 shares through Market Sale on May 23, 2019.
KEI Industries Limited: Manoj Kakkar has sold 50,000 shares through Market Sale on May 24, 2019.
L&T; Finance Holdings Limited: Virender Pankaj has sold 1,50,000 shares through Market Sale from May 20, 2019 to May 23, 2019.
Subex Limited: Subash Menon has sold 1,01,801 shares through Market Sale on May 23, 2019.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
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