Pre Market Analysis: Dalal Street is likely to open higher; Tata Steel, Tata Elxsi and ICICI Securities in news

Market Opening - An Overview

SGX Nifty futures 0.52% higher at 17,231.5, signalling that Dalal Street was headed for a positive start on Thursday.

Asian shares were mixed with Japan’s Nikkei 225 index 1.25% higher and Topix rising 0.61%, while China’s Hang Seng dropping 0.82% and CSI 300 index 0.51% lower.

Indian rupee rose 29 paise to 76.21 against the US dollar on Wednesday.

FII/DII Trading Data (20-4-2022)

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HCL Technologies, Nestle India, ICICI Lombard General Insurance Company, L&T Technology Services, Tata Communications, CRISIL, Cyient, Rallis India, Sasken Technologies, Shiva Cement, Betala Global Securities, Rajratan Global Wire, Roni Households, Shukra Jewellers, S&T Corporation and Trident Texofab.

Stocks in News Today

Tata Steel: The Indian steel company will stop doing business with Russia, it said on Wednesday, making it the latest global company to cut ties with the country for invading Ukraine, Reuters reported. All of the company’s steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, Tata Steel added.

Tata Elxsi: The design and technology services company registered 39% year-on-year profit growth in Q4FY22 at Rs 160 crore. Sales grew 31.5% YoY to Rs 682 crore backed by strong double-digit growth in transportation, media and communications, and healthcare segments. EBITDA grew by 32% YoY to Rs 221.2 crore in the March quarter.

ICICI Securities: The company’s consolidated profit grew by 3.3% year-on-year to Rs 340.3 crore in Q4FY22 due to higher finance and employee costs, and charge related to impairment on financial instruments. Revenue grew by 20.6% YoY to Rs 891.7 crore led by an increase in interest income, income from services, and net gain on fair value changes in the treasury segment and other investment portfolios.

Adani Group: The group committed to invest Rs 10,000 crore in West Bengal over the next decade, group chief Gautam Adani announced on Wednesday. Adani said the group’s investments will span world-class port infrastructure, state of art data centres and undersea cables that will connect them across the oceans, centres of excellence in digital innovation, warehouses and logistics parks.

Angel One: On a consolidated basis, revenue was up 12.38% QoQ to Rs 671.28 crore in Q4FY22 as against Rs 597.32 crore in the prior quarter.  Net profit jumped 24.4% to Rs 204.69 crore compared with Rs 164.54 crore in the third quarter of FY22. EBIT rose 22.04% to Rs 279.8 crore in the reported quarter against Rs 229.26 crore in Q3FY22. EBIT margin stood at 41.68% in Q4FY22 compared with 38.38% Q3FY22.

Infosys: The blue-chip IT company has completed the acquisition of Germany-based digital experience and marketing agency, oddity.

Reliance Industrial Infrastructure: The company reported a 65% decline in consolidated profit at Rs 1.06 crore for the quarter ended March 31, 2022. The company had posted a consolidated profit of Rs 3 crore in the year-ago period. Total income during the reported quarter increased to Rs 19.65 crore over Rs 18.88 crore in the same period a year ago. The board of directors recommended a dividend of Rs 3 per equity share of Rs 10 each for FY’22.

Mazagon Dock Shipbuilders: The company launched the sixth Scorpene Submarine ‘Vagsheer’ of Project-75. The Submarine will undergo a very comprehensive and rigorous set of tests and trials, for more than a year, to ensure delivery of a fully combat worthy submarine, capable of operation in all modes and regimes of deployment.

JTL Infra: The net profit of the company rose 46.52% to Rs 16.00 crore in the quarter ended March 2022 as against Rs 10.92 crore during the year-agoe period. Sales rose 47.5% to Rs 301.15 crore in the quarter ended March 2022 as against Rs 204.19 crore in the same period a year ago. For the full financial year of 2022,net profit rose 149.35% to Rs 50.02 crore and sales jumped 123.9% to Rs 975.72 crore.

Atul Auto: The company’s subsidiary Atul Greentech (AGPL) has partnered with Honda Power Pack Energy India and Valeo to develop the prototype Cargo and Passenger three wheeler with the most reliable Honda Mobile Power Pack e: Swap & Valeo powertrain system. AGPL would launch the e-vehicle after successful completion of field trials.

Persistent Systems: Kotak Mahindra Mutual Fund bought additional 21,566 equity shares in the IT company via open market transactions on April 18. With this, Kotak MF’s shareholding in the company stands increased to 5 percent, up from 4.97% earlier.

Ajanta Soya: The board of the company has approved the sub-division of equity shares of face value of Rs 10 each into equity shares of face value of Rs 2 per equity share. The board also approved the consequential alteration of the capital clause memorandum.