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Stocks to watch: Tata Steel, HDFC, AEL, AWL, SpiceJet, Titan, BoB, NTPC

Stocks to watch today: Major benchmarks are expected to start trading on a calm note on Wednesday, with global markets trading in a narrow range ahead of the outcome of the US Federal Reserve meeting later in the evening. As of 07:20, SGX Nifty April futures were quoted at 17,085 versus Monday’s Nifty spot close of 17,069.

Over the past two trading sessions, bonds fell around the world as investors braced for the biggest U.S. rate hike since 2000 and a wave of policy tightening by other central banks. The US Federal Reserve is expected to hike rates by 50 basis points tonight, and several times thereafter, with traders seeing a tightening of around 250 basis points by the end of the year. The UK is also expected to increase its borrowing costs a day later.

That aside, Life Insurance Corporation’s (LIC) first initial public offering – India’s largest IPO to date opens for subscription today. The LIC IPO, which is priced between Rs 902 and Rs 949, will accept offers until May 09. The company has raised Rs 5,627 crore from lead investors, with more than 70% allotment to domestic institutionals. Should you invest? HERE’S WHAT THE BROKERS SUGGEST

In the meantime, here are the stocks likely to see action in trades on Wednesday.

Revenue monitoring: ABB, Adani Green, Aptech, Bombay Dyeing, Car Trade, Equitas Bank, Havells, Kotak Bank, Oracle Financial Services, Rain Industries, Tata Consumer Products and TCI Developers were among 31 companies due to report fourth quarter results on Wednesday.

Tata Steel: The large steelmaker recorded a 46.8% year-on-year increase in consolidated net profit to Rs 9,756 crore for the quarter ended March 2022, with the European business posting a strong performance. Total revenue for the quarter jumped 38.6% year-on-year to Rs 69,324 from Rs 50,028 crore a year ago.

In addition, the company’s board has recommended a dividend of Rs 51 per fully paid share and Rs 12.75 per partially paid share. It also announced a 10:1 stock split; wherein each share with a par value of Rs 10 will be subdivided into 10 shares with a par value of Re 1 each. READ MORE

HDFC: The mortgage lender reported a 16% increase in net profit in the January-March quarter, helped by higher net interest income and lower provisions. Net profit totaled Rs 3,700 crore in Q4FY22 from Rs 3,180 crore a year ago, beating street estimates. Net interest income increased by 14% to Rs 4,601 crore, helped by higher loan growth. READ MORE

Adani companies: Adani Group’s flagship company, Adani Enterprises (AEL), reported a 30% growth in its consolidated net profit of Rs 304.32 crore for the quarter ended March 31, 2022, compared to Rs 233.95 crore for the corresponding period one year ago. Total revenue increased by 83.7% year-on-year to Rs 25,141.56 crore. READ MORE

Adani Wilmar (AWL): The company announced the acquisition of several brands including the famous Kohinoor from McCormick Switzerland GMBH for an undisclosed amount. After this acquisition, AWL will strengthen its position with a 12% market share in basmati rice. AWL’s Fortune held 6.5% market share and Kohinoor 5.2%. READ MORE

Meanwhile, AWL’s net profit for Q4FY22 declined by 26 per year to Rs 219.2 crore) due to higher tax burden. During the quarter, the edible oils major’s operating revenue rose 40.2% year-on-year to Rs 14,960.4 crore.

Spice spray: The Aircraft Accidents Investigation Bureau (AAIB) will conduct an investigation into the SpiceJet Mumbai-Durgapur flight which encountered severe turbulence on Sunday evening, causing serious injuries to two passengers. A formal command on the AAIB probe has not yet been issued.

Additionally, a SpiceJet aircraft operating on the Mumbai-Kishangarh route aborted takeoff and returned to the parking lot due to a technical issue on Tuesday. READ MORE

Durable consumer goods: India’s durable consumer goods market has been affected as the supply of components used to manufacture goods ranging from TV panels to refrigerators and washing machines is blocked in Shanghai due to the Covid-induced lockdown there.

Eric Braganza, president of the Consumer Electronics and Appliances Manufacturers Association (CEAMA), said it was difficult to predict the extent of the impact the lockdown in China would have on consumer durables, and that some parts of Beijing were also closed, which could also hurt the industry. READ MORE

Meanwhile, spurred by the early onset of summer and an intense heat wave, home air conditioner makers recorded a record monthly sale of around 17.5 lakh units in April. They are looking forward to record sales of around 90 lakh units this year, CEAMA said.

Godrej Properties: The Mumbai-based property major reported consolidated net profit of Rs 260.47 crore for the quarter ended March 2022 on higher revenue. The company had recorded a net loss of Rs 191.57 crore in the prior year period. Total revenue climbed 164.3% year-on-year to Rs 1,522.57 crore from Rs 576.08 crore during the period.

Titan: The Tata Group company reported a 7.21% drop in its consolidated net profit to Rs 527 crore in the fourth quarter ended March 2022 from Rs 568 crore in the January-March quarter of FY21. Total revenue increased by 4.25% to Rs 7,872 crore from Rs 7,551 crore.

Ambuja cements: Adani Groups and JSW submitted non-binding offers to acquire Ambuja Cements last week. The two groups tied their funding to a handful of private equity (PE) firms and offered timelines to close the deal sooner rather than later, a banker with knowledge of the deal said. READ MORE

JSW Energy: The company announced a more than eight-fold increase in consolidated net income for the three months ended March 31, 2022 (Q4) on one-time gains, including a provision reversal due to a rate adjustment order at its power plant. electric station in Karcham Wangtoo, located in Himachal Pradesh. After adjusting for tariff inversion, the company’s net profit stood at Rs 372 crore in the fourth quarter. Operating revenue rose 55.5% year-on-year to Rs 2,441 crore.

Fino Payments Bank: On April 29, Fino Paytech, the promoter of Fino Payments Bank (Fino PB), decided to limit the term of office of independent directors for group companies to one term. The decision was taken on the same day that the electronic vote (e-voting) for the renewal of the chairman of Fino PB and other independent directors of the board of directors was mooted. READ MORE

Bank of Baroda (BoB): The state-owned bank cut its lending rate on loans by 25 basis points to 7% on auto loans, seeking to increase its retail loan portfolio. The bank also announced a reduction in processing fees to a flat rate of Rs 1,500 plus Goods and Services Tax (GST).

IIFL Finances: The non-banking financial company and Open Financial Technologies, the largest SME-focused neo-banking platform in Asia, have announced a joint venture (JV) to launch India’s first neo-bank that would serve the banking and credit needs of micro and small enterprises (MSMEs). The initial capital of the joint venture will be Rs 120 crore. READ MORE

NTPC: India’s state-run power giant plans to expand its coal-fired power fleet with the first new project in six years, a policy shift that reflects concern over a worsening energy crisis from the country. The company plans to award a contract for the construction of a 1,320 megawatt plant in Odisha this month.

Coal India: India’s coal output soared 28% to 66.1 million tonnes (mt) in April amid strong demand from thermal power plants as several parts of the country grappled with power shortages . Coal India (CIL) and its subsidiaries produced 53.4 tonnes of coal.

IDBI Bank: The private sector bank reported a 35% rise in net profit to Rs 691 crore in the fourth quarter (Q4) of FY22 on the back of moderating provisions and contingencies. Its net interest income (NII) declined by 25% to Rs 2,421 crore for Q4FY22 from Rs 3,239 crore a year ago.

British Industries: The company’s net profit rose 4.3% year-on-year to Rs 379.9 crore in the March quarter as margins came under pressure due to rising raw material costs. The cost of raw materials consumed during the quarter increased by 21.3% to Rs 1,858.7 crore. Total operating income increased by 13.4% year-on-year to Rs 3,550.5 crore.