Overnight Digest: Stocks likely to be in focus on May 18

The shares of metal companies dazzled as BSE Metal index gained 7 per cent in a single day.

For the second consecutive session in the week, the equity markets traded in green and ended the trading session on a cheering note. Towards the end of the trading session, all Sensex stocks were trading higher with Tata Steel, ITC, Reliance Industries, Maruti Suzuki, and ICICI Bank being the Top Gainers. Sensex settled higher by 1,344 points or 2.54 per cent at 54,318.47 level while Nifty climbed 417 points to end at 16,259.30 level. 

On Tuesday, the equity markets eyed the listing of India's biggest-ever IPO, LIC, which finally listed its shares at a discounted rate of over 8 per cent on BSE and NSE. This discount reduces the break-even prices for employees & retailers, which stand at Rs 904 and policyholders at Rs 889.  

On the sectoral front, the shares of metal companies dazzled as BSE Metal index gained 7 per cent in a single day on the back of hopes of China's demand revival and value buying. Apart from metal, most of the sectors zoomed 2-3 per cent while all the other indices ended in the positive territory. In the broader markets, BSE Midcap and BSE Smallcap indices advanced 2.51 per cent & 2.78 per cent, respectively. 

Keep a watch on these stocks for Wednesday's trading session: 

Tata Power - In the first half of the trading session, the company entered into a strategic partnership with Hyundai Motor India Limited (HMIL) to build a robust EV charging network and accelerate the adoption of EVs across India. Through this association, Hyundai Motor India Ltd would become a key contributor to expanding quality charging infrastructure. Under the partnership, Tata Power will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL's existing 34 EV dealer locations across 29 cities along with supply, installation & commissioning of home charging for HMIL's EV customers. Its share ended the trading session up by 6.44 per cent.

Minda Industries - During the first half of the trading session, the share price of Minda Industries rose more than 5 per cent as the company's board meeting is scheduled to take place on May 24, 2022, to consider & approve the audited standalone and consolidated financial results of the company for the quarter and year ended on March 31, 2022. The board is going to consider and recommend the final dividend on equity & preference shares, if any, for FY22 and also, consider and recommend the issue of bonus shares, subject to shareholders as well as other requisite approvals. Its share closed 7.26 per cent higher on Tuesday.  

Aurobindo Pharma – The pharma company's shares hit a 52-week low price of Rs 536.40, slipping 2 per cent in an otherwise gaining market. In the past one week, the stock has dipped up to 11 per cent after the company received six observations from United States Food & Drug Administration (USFDA) for its Unit VII. It is trading currently at its lowest price since May 2020. The company was issued ‘Form 483’ with six observations at the end of the inspection at the company’s Unit VII, an oral manufacturing facility situated at Jadcherla, Hyderabad, from May 2 to May 10, 2022. Underperforming the market, the stock slipped 3.1 per cent at the end. 

Zydus Wellness - The company declared Quarterly Results for Q4FY22. Zydus Wellness has reported a consolidated net profit of Rs 133.3 crore in the quarter ended March 2022 versus Rs 133.1 crore in the same quarter of the last fiscal. Its revenue went up by 5.8 per cent at Rs 640 crore as compared to Rs 605 crore on a YoY basis. Earnings before interest, tax, depreciation & amortisation (EBITDA) declined 2 per cent at Rs 141.7 crore versus Rs 144.6 crore while its margin squeezed to 22.1 per cent versus 23.9 per cent on a YoY basis. The stock ended the trading session by 4.15 per cent on the higher side.