Domestic equities are likely to open lower on May 22, Monday as indicated by SGX Nifty and global cues. On Sunday, US Treasury Secretary Janet Yellen said June 1 remains a “hard deadline” for raising the federal debt limit, with the odds relatively low that the government will collect enough revenue to bridge to June 15, when more tax receipts are due. At 08:16 AM, the Nifty futures on the Singapore Exchange (SGX) traded 29.5 points, or 0.16 per cent lower at 18,208.5. Further, Asian stocks and Wall Street futures slipped on Monday as US debt ceiling negotiations approached crunch time after stalling last week, said a Reuters report.
Back home, the RBI’s decision to phase out Rs 2,000 banknotes from circulation could have some influence on some pockets in the market. That said, let’s take a look at the top stocks that may remain in focus today –
JSW Steel: The steel major on Friday posted an 11.90 per cent rise in consolidated net profit at Rs 3,741 crore for the March quarter of 2022-23, helped by higher income. Its net profit in the year-ago period was Rs 3,343 crore, JSW Steel said in a BSE filing. Total income rose to Rs 47,427 crore from Rs 47,128 crore in the year-ago quarter.
Divi’s Labs: The pharma company’s net profit for the quarter ended March 2023 slumped 63.89 per cent on-year to Rs 318.79 crore, due to the high base of Covid-19 sales of Molnupiravir and elevated input costs. Revenue also fell 23.52 per cent YoY to Rs 1,908.17 crore.
Zomato: Online food delivery platform Zomato on Friday said its consolidated net loss narrowed to Rs 187.6 crore in the fourth quarter ended March 2023 on the back of robust revenue growth. The company had posted a consolidated net loss of Rs 359.7 crore in the year-ago period.
Bandhan Bank on Friday reported a 58 per cent decline in its net profit to Rs 808 crore for the March 2023 quarter due to higher provisions. The Kolkata-based private bank had earned a standalone net profit of Rs 1,902 crore in the year-ago period. During the quarter, the bank’s total income increased to Rs 4,897.38 crore from Rs 4,844 crore a year ago, Baningsndhan Bank said in a regulatory filing.
Earnings today: BPCL, Dhanlaxmi Bank, EIH Ltd, HEG, and Jtekt India are among notable names that are scheduled to release their March quarter results later today.
NTPC: The government-owned power giant – reported over a six per cent fall in its consolidated net profit to Rs 4,871.55 crore in the quarter ended on March 31, 2023. NTPC had reported a consolidated net profit of Rs 5,199.55 crore in the quarter ended March 2022, a BSE filing showed. Its total income in the quarter increased to Rs 4,4745.74 crore from Rs 37,724.42 crore a year ago.
Power Grid has reported a growth of 3.94 per cent year-on-year (YoY) in consolidated net profit to Rs 4,320.43 crore from Rs 4,156.44 crore. Revenue from operations came in at Rs 12,263.72 crore, up 14.75 per cent from Rs 10,686.77 crore in the same quarter last year, Power Grid said in an exchange filing.