Stock indices slumped, tracking global markets, as investors shied away from risky assets like equities amid worries over global economic growth. The Sensex fell 2.61% and the Nifty tanked 2.65%.
In broader markets, Nifty Midcap 100 slumped 2.99% and BSE Smallcap tanked 2.3%.
Top losers in Nifty sectoral indices were IT [-5.74%], Metal [-4.08%], Media [-3.74%], PSU Bank [-2.73%] and Private Bank [-2.72%].
Indian rupee was fell 14 paise to 77.72 against the US dollar on Thursday.
Stock in News Today
Dr Reddy’s Laboratories: The company’s consolidated profit after tax for the fourth quarter of FY22 fell 76% to Rs 87 crore, compared with Rs 362 crore in the year-ago period, due to impairment costs. The drug major accounted Rs 751 crore towards impairment charges of non-current assets during the fourth quarter. Revenue during the quarter under review was up 15% to Rs 5,437 crore, as against Rs 4,728 crore in the year-ago period.
JK Lakshmi Cement: Shares of the company jumped 7.25% after posting strong results. Its consolidated net profit rose 20.1% YoY at Rs 183.73 crore in Q4FY22. Revenue was up 12.32% year-on at Rs 1,599.83 crore in the reported quarter. Its board recommended a dividend of Rs 5 per share each.
Mahindra & Mahindra (M&M): Volkswagen and M&M have announced that they have signed a Partnering Agreement to evaluate the scope of collaboration on use of MEB electric components for Mahindra’s new “Born Electric Platform”. The two firms aim to conclude the binding supply agreement by end of 2022.
Bosch Ltd: The company said its consolidated net profit declined by 27.3% to INR 350.5 crore for the fourth quarter ended March 2022, as against a net profit of Rs 482 crore in the same period last fiscal. Revenue from operations increased to Rs 3,311 crore in the quarter under review from INR 3216 crore in the year-ago period. Its board has recommended a dividend of Rs 100 per share each.
Alkyl Amines Chemical: Shares of the company fell 6.3% after the company reported a 49.87% fall in net profit to Rs 46.42 crore in Q4FY22 from Rs 92.60 crore in Q4FY21. Revenue from operation stood at Rs 425.64 crore for the reported quarter as against Rs 382.13 crore during the same period in the previous year. The board of directors recommended a final dividend of Rs 10 per equity share for FY22.
V-Guard Industries: The company posted a standalone net profit of Rs 90.60 crore in Q4FY22 as against Rs 68.34 crore in the year-ago period. Its revenue rose to Rs 1,050.27 crore in Q4FY22 as against Rs Rs 849.1 crore in the year-ago period.
Shyam Metalics and Energy: The company reported a 12% YoY rise in consolidated net profit to Rs 433.2 crore and a 22% YoY jump in net sales to Rs 2,856.8 in Q4FY22 over the same period last fiscal.
Kitex Garments: The company’s net profit rose 434.46% to Rs 44.20 crore in the quarter ended March 2022 as against Rs 8.27 crore during the same quarter ended March 2021. Revenue rose 126.97% to Rs 253.55 crore in the quarter ended March 2022 as against Rs 111.71 crore in the year-ago period.
Barbeque-Nation Hospitality: The Quick Service Restaurant firm reported a consolidated net loss of Rs 6 lakh in Q4FY22 compared with a net profit of Rs 6.19 crore in Q4FY21. Net sales rose 10.9% to Rs 251.02 crore in Q4FY22 compared with Rs 226.35 crore in Q4FY21.
Thangamayil Jewellery: The company’s net profit declined 41.96% to Rs 7.98 crore in the quarter ended March 2022 as against Rs 13.75 crore during the same quarter ended March 2021. Sales declined 17.7% to Rs 608.74 crore in the quarter ended March 2022 as against Rs 739.56 crore in the year-ago period.