Top stocks to watch out for on May 16: Jet Airways, Lupin, Tata Chemicals, J&K Bank

SUMMARY

Indian shares are set to open little changed on Thursday, as investors remained cautious amid US-China trade tensions and ahead of Lok Sabha elections results next week. At 7:31 AM, the SGX Nifty was up 0.14 percent, at 11,177, indicating a muted start for the Sensex and the Nifty. On Wednesday, the benchmark indices erased gains and settled lower after Indian Meteorological Department said the southwest monsoon could be delayed by five days and is likely to hit Kerala on June 5. Moreover, Indian trade data showed that merchandise exports stood at $26 billion in April, while imports at $41.4 billion, leading to a trade gap of $15.33 billion, the widest deficit since November 2018. In Asia, shares were steady after reports that US President Donald Trump is planning to delay tariffs on auto imports, giving much-needed relief to markets. Here are the top stocks to watch out for in today’s trade:

By CNBC-TV18May 16, 2019 7:48:45 AM IST (Published)

Lupin: The company has received three observations from the USFDA for its Aurangabad-based manufacturing facility. The drug maker posted a consolidated profit after tax of Rs 296.37 crore for the March 2019 quarter, compared to a consolidated net loss of Rs 777.60 crore for last year. Sales during the quarter stood at Rs 4,325.93 crore as against Rs 3,978.49 crore a year ago.

Tata Chemicals and Tata Global Beverages: Tata group announced the transfer of its branded food business from Tata Chemicals to Tata Global Beverages in an all-shares deal that will create an over Rs 9,000 crore giant. TGBL will buy the business of selling edible salt, spices, and lentils and give shares in return to TCL. TGBL will rename itself after the deal as Tata Consumer Products. (Stock Image)

Petronet LNG: The company reported a 16 percent fall in the fourth-quarter net profit after it booked inventory losses on falling gas prices. Net profit in March quarter fell to Rs 440 crore from Rs 523 crore in last year.

HDFC: The lender has partnered with India Mortgage Guarantee Corporation (IMGC) for a mortgage guarantee-backed home loan.

J&K Bank: Q4 net profit over the seven-fold jump to Rs 214.80 crore in the quarter ended March 31, compared to a net profit of Rs 28.41 crore a year ago. Total income during the quarter rose to Rs 2,473.47 crore as compared with Rs 1,763.95 crore in 2018. (Stock Image)

Central Bank of India: Q4 loss widened to Rs 2,477crore due to a spike in provisioning of bad loans. The bank had reported a loss of Rs 2,113.51 crore Q4 last year. Total income grew to Rs 6,620.51 crore in the three months to March from Rs 6,301.50 crore in the year-ago period.

Torrent Power: Consolidated Q4 net profit fell 88 percent to Rs 25.80 crore for the quarter ended March 2019. Torrent Power's total income rose slightly to Rs 2,964.65 crore in the March quarter from Rs 2,909.12 crore a year ago. The board approved the issuance of NCDs up to Rs 1,500 crore.

A day after the top leadership brass resigned from their respective positions at Jet Airways with immediate effect, two more officials have quit, multiple sources told CNBC-TV18. Senior VP-network and revenue management Raj Sivakumar and senior VP-finance Ravichandran Narayan are learnt to have submitted their resignations, the sources said.

Welspun Enterprises: The company reported a 17 percent rise in its consolidated net profit at Rs 29.63 crore for the fourth quarter of 2018-19, on the back of higher income. The company's consolidated total income during the January-March quarter rose to Rs 730.56 crore. (Stock Image)

Zuari Agro: The company said, after evaluation of Market Conditions and inventory position, one of the two Granulation plants of the Company will be shut down till further intimation.

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