Market Opening - An Overview
SGX Nifty futures were trading 1.06% lower at 17,014, signalling that Dalal Street was headed for a negative start.
Asian shares were trading lower as investors were worried over the grim global economic outlook due to worsening coronavirus situation in China and the Fed’s aggressive rate hike plan. Japan’s Nikkei 225 index was 1.86% lower and Topix fell 1.31%, while China’s Hang Seng dropped 0.78% and CSI 300 index inched down 0.02%.
Indian rupee rose by 11 paise to 76.58 against the US dollar on Tuesday.
The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in FY22 against Rs 9.45 lakh crore collections in FY21, CBDT Chairman J.B. Mohapatra said on Tuesday.
Multi-specialty hospital chain Rainbow Children’s Medicare on Tuesday allotted shares worth Rs 470 crore to anchor investors. About 8.7 million shares were allotted to 36 institutional investors at Rs 542 per share, the upper end of the price band. The subscription for the IPO opens today.
FII/DII Trading Data
Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Indian Hotels Company, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem, and Swaraj Engines will release quarterly results.
Stocks in News Today
Reliance Industries Ltd (RIL): The energy conglomerate and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) have signed the Shareholder Agreement for TA’ZIZ EDC and PVC project. The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with a total investment of over $2 billion.
Bajaj Finance: The non-banking finance company registered an 80% year-on-year growth in profit at Rs 2,420 crore in Q4FY22 led by strong NII and decline in provisions. Net interest income during the quarter grew 30% to Rs 6,068 crore with assets under management (AUM) rising 29% to Rs 1,97,452 crore as of March 2022. Loan losses and provisions for Q4 FY22 at Rs 702 crore declined sharply compared to Rs 1,231 crore in the year-ago period.
Wipro: The IT services company will acquire US-based Rizing Intermediate Holdings Inc, a global SAP consulting firm, for $540 million. The acquisition will help Wipro expand its leadership in oil and gas, utilities, manufacturing, and consumer industries. The transaction is expected to close before the end of the quarter ending June 2022.
Schaeffler India: The company posted a 48.4% year-on-year growth in profit at Rs 207 crore for the quarter ended March 2022, driven by higher revenue and better operating performance. Revenue from operations rose 19% YoY to Rs 1,567.5 crore during the quarter and EBITDA grew by 45% in the same period.
Nippon Life India Asset Management: The company reported a 5 per cent increase in profit after tax at Rs 174.85 crore for three months ended March 2022. It had a profit after tax (PAT) of Rs 166.77 crore in the same quarter a year ago. Revenues from operations rose by 12 per cent to Rs 338 crore during the reported quarter from Rs 301.9 crore in the year-ago period.
United Breweries Ltd: The beer maker reported a 67.92 per cent increase in its consolidated net profit to Rs 163.78 crore for the fourth quarter ended March 2022, led by a volume-based growth. It had posted a net profit of Rs 97.53 crore during the January-March quarter of the previous fiscal. Its revenue from operations was up 1.28 per cent to Rs 3,664.71 crore in the reported quarter as against Rs 3,618.09 crore in the year-ago period.
Tata Coffee Ltd: The company reported a 12.04 per cent growth in its consolidated profit to Rs 64.28 crore during the quarter ended March. Its profit stood at Rs 57.37 crore during the corresponding quarter last fiscal. Revenue from operations witnessed a growth of 10.99 per cent to Rs 656.26 crore during the reported quarter, compared to Rs 591.23 crore in the same period of the previous fiscal.
Gateway Distriparks Limited (GDL): The logistics services provider reported an 84.40 per cent year-on-year growth in profit after tax (PAT) at Rs 85.53 crore for the quarter ended March 2022. It had posted a profit of Rs 46.38 crore in the March quarter of FY21. Total income rose 6.80 per cent to Rs 377.04 crore in Q4FY22, compared with Rs 353.11 crore in Q4FY21. EBIDTA grew 15 per cent YoY to Rs 112.88 crore, from Rs 98.14 crore in the year-ago period.
Aditya Birla Sun Life AMC: The on Tuesday reported a one per cent growth in profit after tax (PAT) at Rs 158.5 crore in Jan-Mar 2022 quarter. It had posted a PAT of Rs 156.7 crore in the year-ago period. Revenue from operations rose 3 per cent to Rs 323.5 crore in the quarter under review, compared with Rs 315.3 crore in the year-ago period.
Lasa Supergenerics: The API manufacturer has bagged a new order worth Rs 50 crore from five customers. The order will help the company increase its production and contribute to higher revenue.
AU Small Finance Bank: The bank’s profit in Q4FY22 rose 105% year-on-year to Rs 346 crore on fall in provisions and higher NII. Net interest income grew 43% YoY to Rs 936.6 crore in the quarter ended March 2022 with net interest margin expanding 60 bps YoY to 6.3 percent. The bank declared a bonus issue of one equity share for every one equity share held by shareholders.
Omaxe: The real estate firm has raised Rs 440 crore from Värde Partners, a leading global alternative investment firm. The funds will be deployed for expediting construction and delivery of its projects as well as for expansion.