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Indian indices closed almost flat on Wednesday, after it swung between positive and negative territory. Losses in Pharma and banking stocks were offset by gains in metal stocks and Reliance Industries. The Sensex closed 0.05% lower at 54,525.93 and Nifty inched up 0.01% to 16,282.25.
Nifty Pharma index fell 1.6% and Nifty Bank index dropped 0.63%, while Nifty Metal index jumped 3.14% led by heavyweights Tata Steel, JSW Steel, Hindalco.
Indian rupee settled at 74.44 against the US dollar on Wednesday after the rupee opened on a flat note and inched 4 paise higher to 74.39 against the dollar in early trade.
Earnings Update
Lupin: The drugmaker posted a multi-fold rise in its consolidated net profit at Rs 542.46 crore in Apr-Jun quarter of FY22, from Rs 106.9 crore in the same period of FY21. Its consolidated operating revenue rose to Rs 4,237.39 crore in the quarter, as against Rs 3,468.63 crore in the year-ago period.
India Cements: The company reported a rise in its consolidated net profit to Rs 43.1 crore in Apr-Jun quarter of FY22, from a net profit of Rs 19.5 crore in year-ago period. Its revenue grew 36.9% to Rs 1,045.3 crore in the quarter on a year-on-year basis. Its EBITDA margin slipped to 15.8% in the first quarter of FY22 from 20.5% in the year-ago period.
Cadila Healthcare: The company posted a 29.3% rise in its consolidated net profit at Rs 587.2 crore in Apr-Jun quarter of FY22, from Rs 454 crore in the same quarter of FY21. Revenue rose 14.5% to Rs 4,025.4 crore in the quarter, from Rs 3537.1 crore in the same period of last year. The company’s India business was Rs.1943 crore, US business was Rs. 1451 crore and the company’s rest of the world business was Rs. 277 crore during the quarter.