Overnight Digest: Stocks likely to be in focus on May 9
India VIX ended 4.72 per cent higher at the 21.25 level.
Worries over interest rate hikes alarmed the investors during Friday's trading session. As a result, the benchmark indices started the trading session deep in the red. A sharp fall was seen in the US stocks as the market identified the need for a higher rate hike to sustain higher inflation levels affected the global markets with heavy selling.
The rupee fell and reached its lowest level since March 2022 as the higher strength in the dollar weighed on major crosses. India VIX ended 4.72 per cent higher at the 21.25 level.
At the close, Sensex was down by 866.65 points or 1.56 per cent at 54,835.58 while Nifty plunged 271.40 points or 1.63 per cent at 16,411.30. About 837 shares have advanced, 2,444 shares declined, and 105 shares are unchanged.
Among sectors, metal & realty indices fell 3 per cent each while the IT index tumbled over 2 per cent. Meanwhile, the power index gained 0.5 per cent. In the broader markets, BSE Midcap and Smallcap indices lost 2 per cent each.
Keep a watch on these stocks for Monday's trading session:
Voltas - The company's shares plunged 10 per cent to Rs 1,045 on Friday in the first half of the trading session after the company reported a weak figure for Q4FY22, with a decline of 24 per cent on a YoY basis in the consolidated net profit at Rs 183 crore as compared to Rs 239 crore reported in the year-ago quarter, majorly due to losses from joint ventures. The company reported revenue growth of merely one per cent to Rs 2,667 crore led by a 13 per cent growth in the revenue of the unitary cooling products (UCP) division. The EBITDA margin squeezed 268 bps to 9.8 per cent due to increased raw material costs and delays in price hikes.
Coromandel International - Coromandel International Ltd and Parry Chemicals Limited, a wholly-owned subsidiary, in their respective meetings held on May 6, 2022, considered as well as approved the acquisition by Parry Chemicals Ltd of 2,25,000 fully-paid ordinary shares of the face value of XOF (West African CFA Franc) 23,000 per share of Baobab Mining & Chemicals Corporation SA, Senegal (BMCC), representing 45 per cent of the issued share capital of BMCC, from Baobab Fertilizer Africa, which is an existing shareholder of BMCC, at a consideration of USD 19.6 million. The share traded almost flat during Friday's trading session and ended higher by 0.21 per cent.
Angel One - The company announced the business growth numbers for April 2022. Displaying utmost quality and consistency in its growth, Angel One has expanded its client base to 9.64 million in April 2022, a 118.1 per cent YoY growth. The company’s gross client acquisition for the month was recorded at 0.44 million, a 41.5 per cent increase on a YoY basis. Despite reporting a decent set of numbers, the stock plummeted up to 15 per cent on an intraday basis on Friday. In the past two trading sessions, the stock has tumbled 21 per cent.
Canara Bank - For Q4FY22, the company has posted a 64.8 per cent rise in its net profit, recording Rs 1,666.2 crore in comparison to Rs 1,010.9 crore on a YoY basis whereas net interest income improved 25.3 per cent at Rs 7,006 crore versus Rs 5,589.2 crore recorded in the quarter ended March 2021. On the other hand, operating profit zoomed 18.8 per cent in Q4FY22 as compared to Q4FY21. Its board of directors has recommended a dividend of Rs 6.50 per equity share (65 per cent) for the year ended on March 31, 2022. The stock fell up to 4 per cent during Friday's trading session but erased some losses and ended the day lower by 2.14 per cent.