Overnight Digest: Stocks to be kept an eye on May 17
India VIX gained 4.4 per cent and closed at 24.53 level.
On Monday, the auto & banking stocks kept the benchmark indices in the positive territory as the rising inflation and its impact on discretionary spending kept investors cautious. The benchmark indices broke the six-day losing streak and ended on a positive note in the volatile session.
At the close, Sensex gained 180.22 points or 0.34 per cent at 52,973.84 level and Nifty was up by 60.10 points or 0.38 per cent at 15,842.30 level. About 2,180 shares have advanced, 1,138 shares declined, and 172 shares are unchanged.
Among sectors, capital goods, auto, realty, power & PSU bank rose between 1 and 3 per cent whereas some selling was seen in the IT and FMCG stocks. In the broader markets, BSE Midcap and Smallcap indices rose over 1 per cent each. Vodafone Idea stole the limelight in the broader markets by soaring 15 per cent on heavy volumes, recording the sharpest intraday gain in 2022.
Watch out for these stocks for Tuesday's trading session -
Avenue Supermarts - The stock has outperformed the market at the start of the week, gaining 10.35 per cent on an intraday basis. The company reported an 18.5 per cent YoY rise in its standalone revenue, recording Rs 8,606 crore in Q4FY22. Besides that, its net profit improved 7.2 per cent on a YoY basis at Rs 466 crore whereas EBITDA margins remained flattish at 8.4 per cent. The share has lost up to 26 per cent on a YTD basis whereas, on a one-month basis, it is down by around 15 per cent.
Ambuja Cements and ACC - On Monday, Adani Group announced the acquisition of Holcim's stake in all its Indian operating entities for around Rs 81,361 crore including the open offers. Through an offshore special-purpose vehicle, Adani Group has entered into definitive agreements for the acquisition of Holcim’s entire stake in two of India’s leading cement companies namely, Ambuja Cements and ACC. Reacting to the news, the stocks of Ambuja Cements and ACC gained attractively during Monday's trading session.
Tata Power Company - Tata Power Solar, a wholly-owned subsidiary of Tata Power, announced that it has bagged an order for a 300 MW solar project worth Rs 1,731 crore, inclusive of tax from NHPC. The project site, located in Rajasthan, will be developed under the central public sector undertaking (CPSU) scheme of the Indian Renewable Energy Development Agency (IREDA). The project, which is likely to be completed within 18 months, aims to reduce around 6,36,960 carbon emissions and is expected to generate approximately 750 million units annually. Cells and modules made in India would be used in the project installation. The share traded 2.06 per cent up on Monday.
Amber Enterprises - The stock has rattled 20 per cent on an intraday basis on Monday due to weak Q4FY22 results reported by the company. The company’s EBITDA margins slipped 240 bps to 6.5 per cent, which can be attributed to delays in passing of higher raw material prices along with a sharp increase in the employee cost. On a YoY basis, the consolidated revenue gained 21 per cent whereas its net profit has fallen 22 per cent, pressurised by low EBITDA margin and higher outflow of interest. Currently, the share is trading around 32 per cent below its 52-week high and around 1.1 per cent above its 52-week low price.