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Indian indices closed lower on Friday, weighed by Reliance Industries after the Supreme Court ruled in favour of Amazon in its case against Future Retail. The Sensex fell 0.39% to close at 54,277.72 and Nifty ended 0.35% lower to 16,238.20.
Nifty IT and Nifty Auto indices slightly rose 0.30% and 0.24%, respectively.
Indian rupee ended flat at 74.15 against the US dollar, after it opened higher at 74.10 per dollar.
Reserve Bank of India kept its benchmark repo rate at 4% and maintained an accommodative policy stance. The central bank revised the country’s CPI inflation to 5.7% for FY22.
Earnings Update
Hindalco: The company posted a consolidated profit after tax of Rs 2787 crore in Q1 of FY22, compared with a net loss of Rs 709 in the year-ago period. The company’s consolidated operating revenue rose to Rs 41358 in the quarter, Rs 25283 crore. The company’s consolidated net debt declined to Rs 51913 crore in Q1 of FY22, as against Rs 63302 crore in the year-ago period. The company reported a standalone net profit of Rs 910 crore in Apr-Jun quarter of FY22, as against a net loss of Rs 40 crore in the year-ago period. The company reported a 79.2% jump in its operating revenue to Rs 13,298 crore in the quarter, compared with Rs 7666 crore in the same period last year.
Mahindra & Mahindra: The automaker posted a consolidated net loss of Rs 331.74 crore in the first quarter of FY22, compared with a net profit of Rs 54.64 crore in the corresponding quarter of last year. It consolidated operating revenue stood at Rs 19171.91 crore, versus Rs 11969.04 crore in the same period of FY21. The company’s automotive segment stood at Rs 6050 crore, while it farm equipment sales was Rs 5319 crore in the quarter.
Voltas: The makers of air-conditoners reported a 50% rise in its consolidated net profit at Rs 122.44 crore in Q1 of FY22, from Rs 81.77 crore in the year-ago period. Its total income rose 36.34% to Rs 1,860.17 crore in the period, fro Rs 1,364.34 crore in the corresponding period of last year. Its cooling products clocked the maximum revenue at Rs 963.11 in Q1. The company’s total expenses stood at Rs 1661.53 crore, up 33.4% in Q1, as against Rs 1245.13 crore in the year-ago period.