Domestic equity markets ended the week with a fall, thanks to the sell-off triggered by the hawkish commentary from the Fed boss Jerome Powell. A flop show by index heavyweights in March quarters also hurt the sentiments. Yesha Shah, Head of Equity Research, Samco Securities | Market sentiment this week will primarily be driven by the quarterly results and the monthly expiry. As Covid cases are rising in some parts of the country, the pace of the spread will be closely watched. Globally, movement in treasury yields and the dollar index, coupled with developments in the Ukraine-Russia conflict, will influence market movement. While no other major domestic or global macro events are scheduled during the week, the factors highlighted above will keep the market choppy. Investors are advised to navigate prudently and avoid aggressive trades.
Results on April 25
Tatva Chintan Pharma Chem, Tata Investment Corporation, Century Textiles & Industries, Eveready Industries India, Gujarat Mineral Development Corporation, Mahindra CIE Automotive, Meghmani Finechem, Arihant Capital Markets, Artson Engineering, Automotive Stampings & Assemblies, Axita Cotton, Divyashakti, Maharashtra Scooters, Snowman Logistics, Steel Exchange India, Sylph Technologies, Triveni Enterprises, and VTM.
ICICI Bank reports 59 per cent YoY jump in profit. The country’s second-largest private sector lender reported a 59.4 per cent year-on-year growth in standalone profit at Rs 7,019 crore in the quarter ended March 2022 following a sharp fall in provisions and a jump in operating profit. Net interest income grew by 21 percent YoY to Rs 12,604.6 crore in Q4FY22 and also supported profitability. The company has declared a dividend of Rs 5 a share.
HDFC Bank board declares dividend. The country’s largest private sector lender said the board declared a dividend of Rs 15.50 per equity share for the year ended March 2022.
Nazara Tech completes buying Paper Boat Apps. The company has completed the acquisition of a stake in Paper Boat Apps Private Limited for nearly Rs 10 crore. Its subsidiary Nodwin Gaming bought a 35 percent stake in Brandscale Innovations for Rs 10.01 crore.
RailTel Corporation of India
The state-owned telecom infrastructure provider received a work order from the Odisha government’s electronics & information technology department. The company will do provisioning of secondary bandwidth and replacement of equipment along with the implementation of SDWAN for OSWAN project for five years at a cost of Rs 122.08 crore.
The company recorded a 30 percent year-on-year decline in Q4FY22 profit at Rs 52.5 crore due to higher input costs but was supported by income from the sale of land in Maharashtra. However, revenue increased 22 per cent to Rs 808 crore from the year-ago quarter.
The telecom and networking products maker posted a loss of Rs 49.62 crore in the quarter ended March 2022 against a profit of Rs 33.55 crore in the year-ago period due to lower revenue growth. Revenue fell sharply by 37 per cent to Rs 126.5 crore against Rs 201.5 crore during the period due to global chip supply shortages but sequentially increased 18 per cent. The company continued to see a positive business momentum, with an order inflow of Rs 316 crore during the quarter, taking the total order book to an all-time high of Rs 1,175 crore.
Aditya Birla Money
Profit more than doubled to Rs 7.62 crore in the March quarter, up from Rs 3.68 crore in the same period of the previous year. Revenue increased 23.2 per cent to Rs 60.4 crore year-on-year, driven by broking business that contributed 87 percent to the kitty.
The company clocked an 18 per cent year-on-year growth in consolidated profit at Rs 2,928 crore in Q4FY22 driven by higher revenue and healthy operating income and margin. Revenue during the quarter grew by 26.6 per cent YoY to Rs 8,797, largely led by the zinc business that increased 51 per cent YoY.
Future Retail and Reliance Industries
The $3.4 billion deal to take over the retail assets of Future Retail (FRL) cannot be implemented as the company’s secured creditors have “voted against the scheme”, Reliance Industries told the stock exchanges.
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