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Indian equities managed to end higher led by gains in technology stocks and a few heavyweight stocks after a volatile session on Tuesday. The Sensex ended 0.28% higher at 54,554.66 and Nifty closed 0.13% up at 16,280.10.
During the day, the BSE Sensex index plunged 471 points from a fresh record high of 54,779.6 in intraday trade. In broader markets, SmallCap and MidCap indices in BSE lost 2.05% and 0.85%, respectively.
Nifty IT index rose 0.87%, while top gainers in Nifty were Bharti Airtel (3.83%), Tech Mahindra (2.77%), Kotak Mahindra Bank (1.82%), HDFC (1.82%), M&M (1.46%), HCL Tech (1.25%).
Indian rupee weakened against the US dollar and lost 20 paise to end at 74.46.
Earnings Update
Motherson Sumi Systems Ltd: Auto components maker showed a consolidated net profit of Rs 367.65 crore in the Apr-Jun quarter of FY22, as against a consolidated net loss of Rs 1,121.60 crore in the year-ago period. The company’s consolidated total revenue rose to Rs 16,157.35 crore in the quarter, compared with Rs 8,348.35 crore in the corresponding period last year.
Jindal Steel and Power Ltd: The steel maker reported a multi-fold jump in its consolidated net profit of Rs 2,516 crore for the quarter ended June of FY22, from Rs 236 crore in the year-ago period. Its total income rose to Rs 10,643.17 crore, from Rs 6,519.27 crore in the year-ago period. The company’s total expenses stood at Rs 7,233.55 crore, as against Rs 6,147.90 in the same period last year.
Coal India: The mining company posted a 52.4% rise in its consolidated net profit to Rs 3,169.85 crore in Apr-Jun quarter of FY22, from ₹2,078 crore in the year-ago period. The company’s operating revenue showed a 37% increase to Rs 25,282.15 crore in the quarter, as against Rs 18,487 crore in the same period last year.