Stocks to Watch: ICICI Bank, RIL, Tejas Network, Tata Metaliks, Religare

Stocks to Watch Today: The US markets saw a steep fall over the weekend, which may prompt the key benchmark indicies to start trade on a gloomy note. Global events like the Ukraine war, fresh rise in Covid cases, high commodity prices will be the key factors to track this week, while back home, the Q4 earning will be curcial to watch. As of 06:50 AM, the SGX Nifty April futures quoted at 17,027 as against the spot Nifty close of 17,173 on Friday.

Earnings Watch: Century Textiles, Eveready, GMDC, Maharashtra Scooters, Snowman Logistics and Tatva Chintan Pharma are some of the prominent companies scheduled to announce Q4 results on Monday.

ICICI Bank: The private sector lender reported a 59 per cent jump in net profit in Q4FY22 aided by robust increase in net interest income (NII) and lower provisions. Net profit totaled to Rs 7,019 crore when compared with Rs 4,403 crore in the year ago period, beating street estimates. READ MORE

Reliance Industries: The Mukesh Ambani-led company called off its agreement to buy Future Retail for almost Rs 25,000 crore after lenders rejected the deal.

Aurobindo, Sun Pharma, Jubilant: The three pharma majors have been recalling different products in the US market for various reasons, according to the latest enforcement report by the US Food and Drug Administration (USFDA). READ MORE

HDFC Bank: The bank has declared a dividend of Rs 15.50 per share, and set May 13 as the record date for the same.

Sundram Fasteners: The company reported a 45.08 per cent fall in Q4 net profit for the quarter ended March 2022 at Rs 130.02 crore as against Rs 71.41 crore in the corresponding quarter a year ago. Total income was up 7 per cent on YoY basis at Rs 1,157.32 crore.

Religare Enterprises: The NBFC informed the stock exchanges that it paid Rs 5.41 crore to market regulator Sebi to settle its past cases. The release stated that the company had submitted an application for settlement under the SEBI (Settlement Proceedings) Regulations, 2018 without admission or denial of SEBI’s findings. READ MORE

ONGC: The company has commissioned two projects costing Rs 6,000 crore to add 7.5 million tonnes of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields, in a bid to raise productivity from mature and aging fields.

Tejas Networks: The firm posted a consolidated loss of Rs 49.62 crore in Q4, as the shortage of electronic chips hit its telecom gear production. Tejas Network had posted a profit of Rs 33.55 crore in the period a year ago. Total income declined 37.2 per cent YoY to Rs 126.5 crore.

Tata Metaliks: The company posted a 30 per cent fall in its net profit to Rs 52.46 crore for Q4 owing to increased expenses. Total income during the said quarter, however, rose to Rs 814.65 crore compared to Rs 663.64 crore in the year-ago period.

Hindustan Zinc: The Vedanta group firm reported an 18 per cent rise in consolidated net profit to Rs 2,928 crore for the Q4, on the back of higher volumes and increase in metal prices. The consolidated income increased to Rs 9,074 crore from Rs 7,242 crore in the year-ago period.

Bank of Baroda (BOB): The public sector lender cut the lending rate for home loan by 25 basis points to 6.5 per cent till end of June 2022 to push retail credit. This special rate is available across all loans amounts and is linked to a borrower’s credit profile.

Sarda Energy & Minerals: The company’s board has approved a share buyback of up to 8.11 lakh shares at Rs 1,500 per share. The total amount to be spent on the buyback program should not be exceeding Rs 121.67 crore. The stock last traded at Rs 1,310.

Moneyboxx Finance: The company’s board has approved a proposal to raise up to Rs 26.17 crore by way of preferential issue of equity shares. The company plans to issue 22.75 lakh shares at Rs 115 each. The board also approved a proposal to raise up to Rs 200 crore via NCDs.

Zensar Technologies: The company informed BSE, that it appointed Sachin Zute as the Chief Finance Officer. Prior to joining Zensar, Sachin served as Vice President-Finance and Head of Business Finance – Industry Segments, Mergers & Acquisitions, and Treasury at Infosys.