Market this week 13-5-2022

Market this week 13-5-2022

Ramkrishna Forgings benefits from an order from a US trailer manufacturer.

On May 10, Ramkrishna Forgings’ stock rose after the company received an order for Rs 105 crore per annum.

Ramkrishna Forgings has won a multi-year export order from a US-based manufacturer of trailer chassis systems and components, as well as trucks and buses. The first deliveries are scheduled in 2023.

In the United States, they have received another order from one of the leading trailer manufacturers, confirming our solid position in the country. They’re also seeing an increase in product acceptability from a variety of clients across categories and geographies.

Tata Power has dropped 7% to a two-month low.

Tata Power Co shares tumbled as much as 7% to a two-month low, reflecting a drop in local equity markets. The stock fell to a low of Rs 223 lowest reached on March 8, 2022. Tata Power has dropped 20% since April 6, while Sensex and Nifty have both lost roughly 9%.

Tata Power’s adjusted profit after tax (PAT) of Rs 653 crore (up 66.3 percent year on year) was 4% higher than the consensus estimate of Rs 632 crore, owing to higher dividend income and tax benefits from the Coastal Gujarat Power Ltd (CGPL) merger in standalone business (PAT at Rs 1770 crore versus net loss of Rs 159 crore a year ago) as well as strong performance from the renewable energy (RE) business.

Because January sales were restricted to domestic clients at a ceiling price of $70/tonne and March volumes were hampered by severe rainfall, coal mining performance was dismal with a 36 percent sequential reduction in PAT at Rs 397 crore.

LTIMindtree: A synergistic merger propels the company into the top tier of IT firms.

LTIMindtree is the new organisation formed by the proposed merger of two IT firms controlled by Larsen & Toubro (L&T): L&T Infotech Limited (LTI) and Mindtree.

LTI would issue 73 fully paid-up equity shares of face value of Rs 1 each for every 100 fully paid-up equity shares of face value of Rs 10 each in Mindtree, according to a share exchange ratio announced on May 6 by L&T Group Chairman AM Naik.

After the merger, L&T will own 68.73 percent of LTI. L&T controlled 61 percent of Mindtree and 74 percent of LTI prior to the transaction. As of today, the combined business will have a market capitalization of Rs 1.4 lakh crore. The total revenue for FY22 will be Rs 26,200 crore ($3.5 billion), with a profit after tax (PAT) of Rs 3,950 crore.

The IPO pricing band for Paradeep Phosphates is Rs 39-42 per share.

Paradeep Phosphates Ltd, supported by Zuari Agro Chemicals, has established a price range of Rs 39-42 per share for its first public offering. The subscription period for the IPO will begin on May 17 and end on May 19. Bidding for anchor investors will begin on May 13.

The company expects to raise Rs 1,502 crore in the upper pricing band. On May 27, the company intends to go public. The IPO includes a Rs 1,004 crore fresh issue as well as an offer-for-sale of up to 118.51 million shares by existing shareholders and promoters.

Zuari Maroc Phosphates Pvt Ltd (ZMPPL), a joint venture between Zuari Agro Chemicals and OCP Group SA, owns 6.02 million shares, while the government owns 112.49 million. ZMPPL owns 80.45% of the corporation, while the government owns around 19.55 percent. The issue’s lead managers are Axis Capital, ICICI Securities, JM Financials, and SBI Capital.

Here’s what brokerages have to say as Asian Paints trades lower after missing estimates.

Asian Paints’ stock was down 3% this morning, a day after the business failed earnings projections as profit remained flat.

Asian Paints announced a half-percentage-point increase in consolidated profit to Rs 874 crore for the quarter ended March 2022 on May 10, despite higher input costs putting strain on the operating profit margin. Profit growth was further hampered by an exceptional loss of Rs 115 crore. The bottom line was estimated at Rs 913 crore in a CNBC-TV18 poll.

Revenue from operations increased by 18.7% to Rs 7,893 crore, with a volume growth of 8% in the home decorative industry. EBITDA climbed by 9.5 percent to Rs 1,443 crore on an operating level. The margin fell 150 basis points to 18.3 percent but increased by 22 basis points sequentially.

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