Overnight Digest: Stocks to be kept an eye on May 5
India VIX zoomed 7.86 per cent at the end of Wednesday's trading session ending at 21.88.
On Wednesday, the domestic equity markets were driven majorly by events namely the commencement of the IPO of Life Insurance Corporation (LIC) and an increase of 40 bps in repo rate by Monetary Policy Committee (MPC).
The central bank's stance also remains accommodative. Towards the end of the trading session, the mega IPO of LIC was subscribed 36 per cent, with the policyholder and employee categories witnessing the highest subscription at 1.24 times and 64 per cent, respectively.
Sensex gyrated 1,306.96 points and settled at 55,669.03 level while Nifty tumbled 391.50 points to end at 16,677.60 level. About 825 shares have advanced, 2454 shares declined, and 98 shares are unchanged.
All the sectoral indices ended lower with auto, bank, FMCG, power, metal, realty, healthcare, capital goods indices being down between 1 to 3 per cent. In the broader markets, the BSE midcap index shed 2.63 per cent and the smallcap index slipped 2.11 per cent.
Keep a watch on these stocks for Thursday's trading session:
Britannia Industries - The stock advanced up to 10 per cent at the beginning of Wednesday's trading session to Rs 3,590.85 per share. For Q4FY22, the company reported robust volume growth in its primary business. The company posted volume growth at around 4 per cent whereas its board has recommended a dividend of Rs 56.5 per share. The consolidated sales growth of 15 per cent was recorded on a YoY basis at Rs 3,508 crore whereas, for the quarter, it registered a consolidated operating profit growth of 10 per cent at Rs 499 crore.
Titan Company - The share price of Titan toppled up to 3 per cent and hit its three-month low of Rs 2,309 per share. This dip came after the company reported a YoY decline of 7.21 per cent in its consolidated net profit at Rs 527 crore in Q4FY22. The company’s total income improved 3 per cent to Rs 7,352 crore versus Rs 7,169 crore recorded in Q4FY21. As compared to the corresponding previous quarter, higher operating expenses led to a decline in EBITDA by 3 per cent to Rs 794 crore. EBITDA margins squeezed 70 bps to 10.2 per cent.
Dixon Technologies (India) - The shares of Dixon Technologies dipped 5 per cent to Rs 3,784.65 on Wednesday, declining 14 per cent in the past two trading sessions. This took place despite the company informing that its business has not been impacted due to the Enforcement Directorate’s seizure of assets of Chinese mobile manufacturing company Xiaomi. On the daily charts, the company is trading below its key moving averages and also, broke the current support level on Wednesday.
Gland Pharma - Gland Pharma Limited, a generic injectable focussed pharmaceutical company, has earlier this week launched Bortezomib for injection, 3.5 mg/vial, single-dose vial in the US market through its partner. It is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Velcade® for injection, 3.5 mg/vial of Takeda Pharmaceuticals USA, Inc. Bortezomib for injection is used to treat certain types of cancer such as multiple myeloma and mantle cell lymphoma. The share of this pharma company ended 2.56 per cent lower during Wednesday's trading session.