The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points. Bulls staged a strong comeback on April 28, the last of the F&O contracts for the April series, after a day of one percent loss. Positive global cues and buying by FIIs lifted sentiment. The BSE Sensex surged 702 points or 1.23 per cent to 57,521, while the Nifty50 jumped 207 points or 1.21 per cent to 17,245.
Maruti Suzuki India, IndusInd Bank, UltraTech Cement, Wipro, SBI Cards and Payment Services, Can Fin Homes, Geojit Financial Services, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Just Dial, L&T Finance Holdings, Lloyds Metals and Energy, RPG Life Sciences, Shriram City Union Finance, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Tata Chemicals, and Thyrocare Technologies will release their quarterly earnings on April 29.
The private sector lender registered a massive 54 per cent year-on-year growth in standalone profit at Rs 4,118 crore, largely driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022. Axis Bank’s Net interest income grew by 16.7 per cent year-on-year to Rs 8,819 crore with credit growth of 15 per cent and deposits growth of 19 per cent for March 2022 quarter.
The company clocked nearly 30 percent year-on-year growth in consolidated profit at Rs 321 crore on healthy growth in topline and operating profit. Revenue from operations during the quarter grew by 16 percent to Rs 1,856.2 crore compared to the year-ago period.
The company reported a higher-than-estimated net profit at Rs 284 crore in Q4 FY22 while revenue came in at Rs 2,409 crore which was also slightly above estimates.
Vedanta posted a 4.8 per cent YoY decline in net profit at Rs 7,261 crore for the fourth quarter ended March 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 7,629 crore. The company achieved the highest ever consolidated EBITDA of Rs 13,768 crore in 4QFY22. This is a 51 per cent YoY and 26 per cent QoQ growth while EBITDA margin stood robust at 39 per cent.
Profit after tax of the group has increased by 42 percent year-on-year to Rs 17 crore on strong topline and operating income. Revenue rose by 62 per cent YoY to Rs 121.4 crore in the quarter ended March 2022, and operating EBITDA surged 67 per cent to Rs 21.52 crore in the same period.
Profit fell sharply by 30.3 per cent year-on-year to Rs 856.5 crore due to higher power & fuel cost and muted topline growth in the quarter ended March 2022. Revenue increased by 2.4 per cent to Rs 7,900 crore during the same period.
Billionaire Anil Agarwal-owned Vedanta reported a 5 percent year-on-year decline in consolidated profit at Rs 7,261 crore in the quarter ended March 2022, impacted by higher tax cost and expenses, supported by healthy topline and operating income. Revenue during the quarter grew by 41 percent YoY to Rs 39,342 crore and there was highest ever quarterly EBITDA at Rs 13,768 crore in Q4FY22 which increased by 51 percent YoY, driven by higher volumes, operational efficiencies and supportive commodity prices. The company announced first interim dividend of Rs 31.5 per share for the financial year 2022-23.
The company in a BSE filing said the board has approved raising of funds up to Rs 1,000 crore.
Tata Power Company
The company has collaborated with National Real Estate Development Council to install 5,000 electric vehicle charging points across Maharashtra
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