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Benchmark equity indices closed higher boosted by gains in realty, public-sector banks, technology and auto stocks. The Sensex closed 1.42% higher at 58014.17 and the Nifty gained 1.39% to 17339.85.
Broader markets also rose a day ahead of the Union Budget presentation for financial year 2022-23. Nifty Midcap 100 jumped 1.57% and BSE Smallcap rose 0.99%.
Top gainers in Nifty sectoral indices were Realty [3.14%], PSU Bank [2.94%], IT [2.87%], Auto [1.83%] and Pharma [1.52%]. All indices closed in the green.
Indian rupee rose 43 paise to 74.61 against the US dollar.
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Sun Pharma: The pharma company posted an 11.14 per cent increase in its consolidated net profit to Rs 2,058.8 crore for the third quarter of FY22, helped by strong sales across domestic and international markets. It had reported a consolidated net profit of Rs 1,852.4 crore in the same quarter of previous fiscal. Total revenue from operations rose to Rs 9,863 crore in the third quarter as compared to Rs 8,836.7 crore in the same period of previous fiscal.
Bharti Airtel: The telecom operator announced an agreement to acquire about 25 per cent equity stake in Bengaluru-based technology startup Lavelle Networks. Lavelle Networks specialises in software-defined Wide Area Network solutions and it serves a range of industry segments.
Adani Total Gas Ltd: The company has won licenses to expand its city gas distribution network to 14 new geographical areas in the 11th round of CGD bidding by Petroleum and Natural Gas Regulatory Board. With this, the company now caters to 52 geographical areas, accounting for 15% of the country covering 124 districts in 18 states and three union territories.
Tata Steel Long Products Limited: The government has approved the sale of 93.7% stake in Neelachal Ispat to Tata Steel Long Products at an enterprise value of Rs 12,100 crore. The transaction was made through an open-market, competitive bidding process towards the enterprise value of the company.
HCL Technologies Ltd: The IT firm has expanded its partnership with Husqvarna Group with a new multi-year information technology services contract. The partnership will expedite Husqvarna group’s digital transformation journey by leveraging automation and facilitating an agile and customer-focused workplace.
Infibeam Avenues Ltd: The company has reported a net profit of Rs 18.8 crore in Q3FY22, up 40.33% from Rs 13.39 crore during the same quarter last fiscal. Sales rose 82.65% to Rs 359.93 crore in the quarter ended December 2021 as against Rs 197.06 crore during the year-ago period.
Meanwhile, Infibeam has received an interest from Qatar’s royal family to form a JV in that region for expansion of payments business. The royal family will make the primary equity investment in the JV. Infibeam’s board also approved acquisition of UVIK Technologies Pvt., which is into mobile point of sale, near field communication and contact-less card technology for Rs 75 crore.
UPL: The company reported a 24.89 per cent rise in consolidated net profit at Rs 1,179 crore in Q3FY22 as against Rs 944 crore in the year-ago period. Revenue from operations grew 23.78 per cent during the quarter under review at Rs 11,297 crore compared to Rs 9,126 crore in the same period last fiscal.
Karur Vysya Bank: The lender has posted an increase of 436% YoY in net income to Rs 185.58 crore as against Rs 34.63 crore in the year-ago period. Interest income rose 3.7% YoY to Rs 1,404.51 crore compared with Rs 1,350.31 crore in the corresponding period last year. Gross NPAs stood at 6.87% compared with 7.38% in the previous quarter of FY22.
Alkem Laboratories Ltd: The company has announced an exclusive license agreement with John Hopkins University for the development and commercialisation of John Hopkins University’s novel target and technology to help patients with colorectal cancer. The technology will serve as a biomarker in human colorectal cancer.