Top stocks to watch out for on May 22: Tech Mahindra, DHFL, DLF, IDFC First Bank, Edelweiss

SUMMARY

Indian shares are set to start on a positive note on Wednesday as investors await final results of the 2019 Lok Sabha elections. Broader market sentiment has been positive since exit poll results of the general elections predicted a continuation of the Narendra Modi government with the Bharatiya Janata Party expected to win majority seats. Indian benchmark indices BSE Sensex and NSE’s Nifty 50 fell nearly 1 percent in the previous session after hitting record highs intraday as investors booked profits after a rally on Monday. Stocks in Asia were on shaky ground as earlier relief over Washington's temporary relaxation of curbs against China's Huawei failed to offset deeper worries about trade frictions between the world's two largest economies. At 7:43 AM, the SGX Nifty was up 17.5 points, or 0.15 percent, at 11,762, suggesting a positive start for the Sensex and the Nifty 50.

By CNBC-TV18May 22, 2019 7:59:59 AM IST (Updated)

Tech Mahindra: The IT major posted an 8.4 percent decline in consolidated net profit to Rs 1,126.6 crore for the quarter ended March 31, due to currency appreciation and prudent provisioning for some of the customers. Its net profit stood at Rs 1,230.8 crore in the corresponding period a year ago.

DLF: The realty major reported a 76 percent jump in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales. Its net profit stood at Rs 247.73 crore in the year-ago period. (stock image)

IDFC First Bank: Icra has downgraded long term rating of IDFC First Bank's bond programme due to weak earnings and on higher provisions due to stressed exposures. The rating agency downgraded Rs 38,670 crore of non-convertible debentures (NCDs) to AA from AA+ with a stable outlook. (Stock Image)

Bharti Infratel: Bharti and Vodafone Group named Bimal Dayal as the CEO of the mega tower company proposed to be formed from the merger of Indus Towers and Bharti Infratel, and said the merger process is in "advanced stage of completion".

Edelweiss Financial Services: US-based Arthur J Gallagher & Co. will acquire a minority stake in its subsidiary Edelweiss Insurance Brokers. Edelweiss, however, did not provide details about the quantum of stake sale and price.

Vedanta: It has been declared as the preferred bidder for two copper mines in Maharashtra which went under the hammer earlier this year. The copper blocks, namely Thanewasna and Dubarpeth, are in Chandrapur district of Maharashtra.

DHFL: The NBFC sent letters to distributors informing them of the stoppage of fresh public deposits and renewals of existing deposits. It also halted pre-mature withdrawals of existing deposits to "help reorganise its liability management", reported Mint.

Punjab National Bank: PNB may be centre of the next round of PSU bank merger in September where the Delhi-based lender could take some smaller PSU banks under its ambit, reported IANS, citing sources.

Alkali Metals: The company has received an establishment inspection report (EIR) from USFDA for its Visakhapatnam Unit. The EIR from USFDA indicates closure of the inspection and that the Unit is in an acceptable state of Compliance of Current Good Manufacturing Practice (CGMP), it said.

Sintex Plastic: The board approved a proposal to explore the sale of the auto division of subsidiary Sintex-BAPL Ltd.

Q4 Results today: IndusInd Bank, Cipla, BoB, Cummins, GSFC, Ramco Cements, Bajaj Electricals, Asoka Buildcon, Apex Foods, Future Consumer, Thermax, Skipper, Symphony, ITD Cementation, Jindal saw, JK Lakshmi Cement, Quess Corp, Ramco Systems, Redington, Schneider Electric, Sintex Industries, TD Power, Til, Ugar Sugar Works, Uttam Sugar Mills, Veto Switchgears, WPIL, TCI express, SH Kelkar & Company, Sagar Cements, Rane Brake, Prima Plastic, Geecee Ventures, Genesys International, Ge T&D India, Heritage Foods, Indo Count Industries, I G Petrochemicals, India Nippon Electricals, Bajaj Hindusthan Sugar, Balaji Telefilms, Caplin Point Lab, ADF Foods, Allcargo Logistics, Alphageo (India), Asahi India Glass. (stock image)