Get App
Dalal Street slumped after RBI surprised markets by announcing a 40bps repo rate hike. The decision by MPC comes ahead of Federal Reserve’s rate decision later in the day. The Sensex and the Nifty fell 2.29%, each.
Broader markets mirrored headline indices. The Nifty Midcap 100 plummeted 2.12% and BSE SmallCap plunged 2.11%.
Top losers among Nifty sector indices were Media [-4.29%], Realty [-3.27%], Metal [-3.21%], PSU Bank [-2.81%] and Financial Services [-2.61%]. All sector indices closed in the red.
Indian Rupee rose 10 paise to 76.41 against the US Dollar on Wednesday.
Stock in News Today
Kotak Mahindra Bank: The private sector lender reported a 50 per cent year-on-year (YoY) jump in Q4FY22 consolidated net profit at Rs 3,892 crore. It had posted a net profit of Rs 2,589 crore in the same period last year. Net interest income (NII) increased 18 per cent YoY to Rs 4,521 crore, aided by a loan growth of 21 per cent. The net interest margin stood at 4.78 per cent in Q4FY22.
Adani Green Energy: The company’s net profit rose 15.24% to Rs 121.00 crore in the quarter ended March 2022 as against Rs 105.00 crore during the same quarter of FY21. Sales rose 45.25% to Rs 1422.00 crore in the reported quarter as against Rs 979.00 crore in the year-ago period.
Tata Power: The company’s subsidiary, Tata Power Renewable Energy Ltd (TPREL), has commissioned a 120 MW solar project in Masenka, Gujarat. It will produce 305,247 MWh annually for Gujarat Government (GUVNL). Approximately 3.81 lakhs modules were used during installation and the project will reduce up to 1.03 lakh ton CO2 annually, TPREL said.
Hero MotoCorp: The two-wheeler manufacturer’s standalone net profit declined 27.51% to Rs 627.05 crore and net sales fell 14.55% YoY to Rs 7,421.73 crore in Q4 March 2022 compared to year-ago period. EBITDA margin for the fourth quarter stood at 11.2% in the quarter under review. The company sold 11.9 lakh units of motorcycles and scooters sold in Q4 FY22.
Godrej Properties: The company reported strong quarterly sales in the quarter-ended March 2022. Its consolidated net profit rose to Rs 260.47 crore compared to a net loss of Rs 191.57 crore YoY.
Ramkrishna Forgings: The company’s standalone net profit jumped 142.9% to Rs 86.65 crore and its revenue from operations rose 31.9% to Rs 683.24 crore in Q4FY22 over the corresponding quarter last fiscal. The company said its strong results were attributed to addition of newer products, higher demand for its products and improvement in better utilization of recently added capacities.
Piramal Enterprises Ltd: The company said that its board of directors has approved raising of up to Rs 700 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The tenure of the instrument is 30 months with a coupon rate of 8 per cent per annum, the filing said.
Meanwhile, its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has appointed Yesh Nadkarni as the new chief executive officer for wholesale lending.
Alembic Pharmaceuticals: The company said its wholly-owned arm Aleor Dermaceuticals has received final approval from the US health regulator for its generic Docosanol cream indicated for cold sore/fever blisters on the face or lips. Alembic said Docosanol cream, 10 per cent (OTC) has an estimated market size of $60 million for 12 months ending December 2021.
InterGlobe Aviation: The airline appointed Venkataramani Sumantran, an independent non-executive director since May 2020, as chairman of the IndiGo Board, succeeding Meleveetil Damodaran.
Aurobindo Pharma: The drug firm said its wholly-owned subsidiary has received approval from the US health regulator to market anti-cancer medication Bortezomib for injection.
JBM Auto: The company registered a 44% YoY rise in its consolidated revenue at Rs 1072.29 crore in Q4FY22, from Rs 744.88 crore in the year-ago period. Net profit rose 165% YoY to Rs 85.63 crore in the reported quarter from Rs 32.24 crore in the year-ago period. EBITDA was up 46% at Rs 123.05 crore in the quarter under review, from Rs 84.18 crore in the same quarter last fiscal. The board has recommended a final dividend of Rs 1 per share on face value of Rs 2 per equity share.
SBI Cards and Payments Services: The company on Tuesday announced that Nalin Negi has tendered his resignation from the post of chief financial officer (CFO) of the company. Negi’s last working day with the company will be July 31, 2022.
GMR Infrastructure: The company’s subsidiary GMR Hyderabad International Airport has received a letter of confirmation from Ministry of Civil Aviation extending the term of concession agreement for operating Hyderabad’s Rajiv Gandhi International Airport for further period of 30 years from March 23, 2038 to March 22, 2068. The initial capacity of the airport, which was inaugurated in March 2008, was 12 million passengers per year. It has now risen to 21 million passengers per annum.
UPL: The chemicals compamy has broadened its biocontrol portfolio with acquisition of naturally-derived fungicide OptiCHOS, which is a naturally derived fungicide for its Natural Plant Protection business unit. OptiCHOS offers farmers a low-risk, residue free, bio-degradable fungicide with negligible impact on environment. The fungicide has already been submitted for approval for use in the European Union.
Solar Industries India: The company’s net profit rose 84.45% to Rs 167.89 crore in the quarter ended March 2022 as against Rs 91.02 crore during the same quarter of FY21. Sales rose 66.40% to Rs 1316.85 crore in the quarter under review as against Rs 791.39 crore during the corresponding quarter last fiscal.
Eveready Industries India Ltd: Batteries maker said its shareholders have approved the appointment of Suvamoy Saha as its Managing Director for a period of three years.