Pre Market Analysis: Dalal Street may open higher; Tata Consumer, Adani Total Gas, Havells and Castrol in news

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.98% higher at 16,852, signalling that Dalal Street was headed for a gap-up start on Thursday.

Most Asian shares pared early gains and were trading lower. Nikkei 225 was down 0.11%, Topix fell 0.07%. China’s Hang Seng was up 0.56% and CSI 300 inched down 0.01%.

Wall Street gained overnight after the US central bank raised interest rates by 50 basis points but sounded less hawkish than some investors had feared, spurring a market rally.

Fed Chair Jerome Powell said that the FOMC was not actively considering a 75 basis points hike. The Fed raised rates a half point and indicated similar moves for the next couple of meetings.

Indian Rupee rose 10 paise to 76.41 against the US Dollar on Wednesday.

FII/DII Trading Data

Upcoming Results

Adani Power, Adani Transmission, Dabur India, Marico, Exide Industries, Happiest Minds Technologies, Indus Towers, TVS Motor Company, Voltas, AAVAS Financiers, Blue Star, Aptus Value Housing Finance India, Blue Dart Express, Borosil Renewables, Computer Age Management Services, CEAT, Cholamandalam Investment and Finance Company, DCM Shriram, Firstsource Solutions, Intellect Design Arena, Jindal Stainless (Hisar), MMTC, Punjab Alkalies & Chemicals, Procter & Gamble Health, PNB Gilts, Quick Heal Technologies, Sona BLW Precision Forgings, and Tribhovandas Bhimji Zaveri will release quarterly earnings on May 5.

Stocks in News Today

Tata Consumer Products: The company registered 304% year-on-year growth in consolidated profit at Rs 217.54 crore in the quarter ended March 2022 driven by growth in underlying profitability and lower exceptional costs. Revenue grew by 4.5% YoY to Rs 3,175.4 crore during the quarter. Sivakumar Sivasankaran has been appointed as Chief Financial Officer, India and as key managerial personnel of the company, in place of John Jacob, who is retiring from the services of the company.

Adani Total Gas: The Adani Group company reported a 44% year-on-year decline in consolidated profit at Rs 81 crore in quarter ended March 2022 impacted by higher cost of natural gas prices. However, revenue grew by 73% YoY to Rs 1,065.5 crore during the quarter on higher volume coupled with increase in sales price.

Havells India Ltd: Consumer electrical goods maker reported a 16.01% increase in its consolidated net profit to Rs 352.48 crore for the fourth quarter ended in March 2022, as against a consolidated net profit of Rs 303.83 crore in the year-ago period. Its revenue from operations was up 32.55% to Rs 4,426.26 crore during the period under review as against Rs 3,339.21 crore in the corresponding period last fiscal.

Castrol India: The lubricant maker said its profit after tax (PAT) declined by 6% to Rs 229 crore for the first quarter ended March. The company had posted a PAT of Rs 244 crore in the January-March period of last year. Revenue from operations rose to Rs 1,236 crore in the quarter under review as against Rs 1,139 crore in the year-ago period. The company follows the January-December financial year.

Oracle Financial Services Software: The IT company’s consolidated revenue rose 0.82% to Rs 1,276.7 crore in Q4FY22 compared with Rs 1,266.3 crore in the previous quarter. EBIT fell 5.15% to Rs 532.15 crore in the reported quarter from Rs 561.05 crore in Q3FY22. Net profit increased 10.67% QoQ to Rs 481.7 crore. The company’s board approved an interim dividend of Rs 190 per share of face value of Rs 5 each.

ABB India: The company reported solid performance during the quarter ended March 2022, with profit growing 145% YoY to Rs 370 crore in the Jan-Mar quarter of 2022 crore. Revenue during the first quarter of 2022 grew by 21% to Rs 1,968 crore compared to year-ago period. The company won orders worth Rs 2,291 crore in Jan-Mar of 2022 , up 25.5% YoY.

EIH: The company’s consolidated revenue fell 16.5% QoQ to Rs 300.95 crore, as against Rs 360.12 crore in the previous quarter. Net profit fell 61% QoQ to Rs 14.83 crore in the reported quarter from Rs 38.03 crore in the
previous quarter of FY22. EBIT margin stood at -4.26% in the reported quarter compared with 15.27% in Q3FY22.

Deepak Nitrite: The company’s consolidated revenue was up 28% YoY at Rs 1,872 crore in Q4FY22 compared with Rs 1,463 crore in the year-ago period. PAT was down 8% YoY to Rs 267 crore in the reported quarter compared with Rs 290 crore in the corresponding quarter last fiscal.

Dilip Buildcon: The company in a regulatory filing said the road project ‘four laning of Sangli- Solapur section of NH-166′ in Maharashtra on Hybrid Annuity Mode’ has been provisionally completed. The authority has issued Provisional Completion Certificate for the said project, saying the project fit for entry into commercial operation as on April 25, 2022.

SIS: The company recorded consolidated profit at Rs 97.4 crore for the quarter ended March 2022, down 4.7% compared to year-ago period. Revenue during the quarter grew 8.3% YoY to Rs 2,648 crore and EBITDA increased by 0.9% to Rs 124.4 crore in Q4FY22.

CarTrade Tech: The online marketplace company for buying and sale of cars posted a loss of Rs 21.39 crore for the quarter ended March 2022 against profit of Rs 15.95 crore in corresponding period last fiscal. Revenue grew by 13.4% YoY to Rs 93.1 crore in the reported quarter. It registered a loss of Rs 25.94 crore at EBITDA level, against EBITDA profit of Rs 15.95 crore in same period last year.

Indiabulls Housing Finance Limited (IHFL): The Bombay High Court quashed a case of cheating and criminal breach of trust registered against the company. A division bench of Justices P B Varale and S M Modak noted that the FIR lodged in April 2021 by the Palghar police was an abuse of the process of law.