Overnight Digest: Stocks to keep an eye on May 11

Overnight Digest: Stocks to keep an eye on May 11

Shreya Chaware
/ Categories: Trending, Mindshare

The metal index experienced an attack by bears and dropped 5 per cent.

On Tuesday, the benchmark indices ended the volatile trading session on a lower note. Sensex slipped 105.82 points or 0.19 per cent at 54,364.85 level while Nifty plunged 61.90 points or 0.38 per cent at 16,240 level. 

FMCG stocks witnessed investors’ interest today whereas the IT stocks were unable to lift themselves up despite good deal wins and management commentary post-earnings.

The metal index experienced an attack by bears and dropped 5 per cent. The top stocks dragging the index were Coal India, Tata Steel, Jindal Steel, Vedanta, and JSW Steel, which lost up to 7 per cent each.  

In the broader markets, BSE Midcap and Smallcap indices fell 2 per cent each.

Keep a watch on these counters for Wednesday's trading session - 

Dixon Technologies - The stock slipped 5 per cent on an intraday basis on Tuesday and crossed its 52-week low of Rs 3,548 per share. It fell below the previous level of Rs 3,760 touched on August 24, 2021. The stock is facing selling pressure despite the clarification given by the company that no adverse impact would be created on its business due to the Enforcement Directorate's (ED) seizure of assets of Chinese mobile manufacturing company Xiaomi. The stock of Dixon Technologies ended 3.77 per cent lower on Tuesday. 

Polycab India - As per the Quarterly Results declared by the company, its net profit zoomed 19 per cent to Rs 322.1 crore in comparison to Rs 271.1 crore on a YoY basis. Revenue grew by 35 per cent on a YoY basis to Rs 3,979 crore on the back of a healthy demand environment despite sharp inflation coupled with strong execution. EBITDA advanced 18 per cent whereas EBITDA margin stood at 12 per cent. The demand environment continued to remain encouraging for the wires & cables business whereas, for the FMEG business, demand momentum was subdued mainly due to broader inflation. 

ICICI Bank - The leading private sector bank announced a tie-up with Santander Bank in Britain in a pact aimed at facilitating the banking requirements of corporates operating across both countries. The memorandum of understanding (MoU) between ICICI and Santander UK Plc, signed in Mumbai, is designed to establish a framework of a partnership between the banks to meet the financial service requirements of corporate customers operating within the India-UK corridor. The stock closed flat, i.e. higher by 0.13 per cent on Tuesday. 

Welspun India - Welspun India reported quarterly results for Q4FY22. It has registered a 60 per cent decline in its fourth-quarter net profit at Rs 52.2 crore as compared to Rs 130.1 crore whereas its revenue was up by 4.3 per cent at Rs 2,227 crore versus Rs 2,135.7 crore on a YoY basis. EBITDA contracted 7.1 per cent at Rs 166.5 crore in comparison with Rs 179.3 crore reported in Q4FY21 whereas EBITDA margin stood at 7.5 per cent. The stock touched a 52-week low of Rs 75.40 and ended 1.98 per cent lower on BSE. 

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