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Market Opening - An Overview
SGX Nifty futures were trading 0.57% lower at 15,749, signalling a negative start for Dalal Street on Friday. The Sensex and Nifty closed higher on Thursday, helped by gains in metal and IT stocks. The Sensex closed 0.40% up at 52,653.07 and Nifty advanced 0.44% to 15,778.45.
The Indian rupee gained 9 paise to close at 74.29 against the US dollar on Thursday.
Asian shares opened lower on Friday as investors in China were worried over the regulatory crackdown on various companies and market participants were cautious over surging coronavirus in Japan
US markets closed higher on Thursday, boosted by robust corporate earnings and economic growth data.
Upcoming Earnings
Indian Oil Corporation, Sun Pharmaceutical, Britannia, Bandhan Bank, Bharat Heavy Electricals, Nazara Technologies, UPL, Aditya Birla Fashion, Cholamandalam Investment and Finance Company, Equitas Small Finance Bank, Blue Dart Express, Dalmia Bharat Sugar, Exide Industries, Gravita India, Jindal Saw, JSW Energy, Kansai Nerolac Paints, Marico, PI Industries, Rossari Biotech, Shriram Transport Finance, Sundaram-Clayton, V-Guard Industries and Zydus Wellness are some of the major companies to report their quarterly earnings today.
Stocks in News Today
Tech Mahindra: The technology service firm reported a 39.17% rise in consolidated net profit to Rs 1,353 crore for the quarter ended June of FY22, compared with Rs 972.3 crore in the year-ago period. The company reported a 11.98% rise in consolidated revenues to Rs 10,198 crore in the quarter, from Rs 9,106.3 crore in the year-ago period. The company’s dollar revenue rose 14.6% to $1.384 million.
TVS Motor: The two-wheeler manufacturer reported a standalone net profit of Rs 53 crore in Apr-Jun quarter of FY22, as against a loss of Rs 139 crore in the year-ago period. The company’s sales rose to Rs 3934 crore in the quarter, from Rs 1432 crore in the same period of last year. The company sold about 6,58,000 units in the quarter, compared with 2,67,000 vehicles last year.
Union Bank of India: The public sector bank’s standalone net profit jumped to Rs 1181 crore in the Apr-Jun quarter of FY22, from Rs 333 crore in the corresponding quarter of last year. The rise was attributed to higher net interest income, which increased 9.53% to Rs 7013 crore in the quarter, from Rs 6403 crore in the year-ago period. Net interest margin also improved to 3.08% from 2.78%. The bank reported a gross NPA of 13.6% in the quarter, as against 14.95% in the same period of last year.
LIC Housing Finance: The company’s standalone net profit fell 81% to Rs 153.44 crore in Apr-Jun quarter of FY22, from 817.5 crore in the year-ago period. The fall was attributed to increase in provisioning for NPA and salary expenses. It made a provisioning of Rs 830 crore for NPAs during the quarter. The net interest income rose 4.5% to Rs 1275.3 crore in the quarter, from Rs 1220.6 crore in the corresponding period of last year.
PVR: The theatre operator posted a net loss of Rs 220 crore in Apr-Jun quarter of FY22 as the pandemic affected its film exhibition business, compared with a net loss of Rs 225.73 crore in the year-ago period. Its operating revenue rose to Rs 59.39 crore in the quarter, from Rs 12.70 crore in the same period of FY21. The company’s total expenses stood at Rs 417 crore in Q1 of FY22.
Jyothy Labs: The company’s consolidated net profit declined 19.6% to Rs 40.2 crore in Q1 of FY22, compared with a net profit of Rs 50 crore in the year-ago period. Its operating revenue rose to Rs 525.40 crore, up 23.9% from Rs 423.9 crore in the corresponding period of last year. Total expenses increased to Rs 479.61 crore, from Rs 375.96 crore in the year-ago period.