Pre Market Analysis: Dalal Street may open lower; TCS, RIL and HDFC Bank in news

Tata Consultancy Services (TCS): The IT major reported a net profit of Rs 9,926 crore in Q4FY22, up 7.4 per cent year on year and 1.6 per cent sequentially. Revenue for the quarter grew 14.3 per cent to Rs 50,591 crore in constant currency terms. TCS also reported its highest-ever order book of $11.3 billion in Q4FY22 and the full year order book stood at $34.6 billion.

Reliance Industries Ltd (RIL): The company’s strong cash flow generation in the ‘best in class’ old energy business can fund the capex of the new energy business and in turn drive one of the fastest and most profitable net-zero transitions by 2035 amongst large energy companies, Goldman Sachs has said. It said, “RIL’s energy business is best in class, in our view, with the highest complexity globally and the lowest cost structure driving stable and higher margin capture versus peers.”

HDFC Bank: The private sector lender has stopped offering trade credit for oil imports to Nayara Energy, a Russian-backed refiner, and some suppliers are seeking payment upfront to avoid potential problems resulting from western sanctions against Moscow, Reuters reported citing four banking and industry sources.

Tata Motors: The company is planning to increase the production of electric vehicles as demand continues to outpace the manufacturing activity by a huge margin, according to a top company official. Tata Motors Managing Director Passenger Vehicle and Electric Vehicles Shailesh Chandra said that the company has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range.

UltraTech Cement Ltd: The cement maker said it has been declared as the preferred bidder for a limestone block in an e-auction conducted by the Karnataka government. The block is situated in Tehsil Chittapur of Kalburgi district in Karnataka.

Kesoram Industries: The company reported a loss of Rs 46.14 crore in Q4FY22, as against a loss of Rs 31.97 crore in the previous quarter. It had recorded a profit of Rs 96.41 crore in the year-ago period. An increase in power, fuel and finance costs impacted the bottom line to a major extent. Revenue increased by 20 percent to Rs 1,031.78 crore compared to the year-ago period and the sequential growth was 18 percent.

JSW Steel: The company’s subsidiary, JSW Utkal Steel, has received the environmental clearance for setting up a greenfield integrated steel plant (ISP) with a capacity of 13.2 million tonnes per annum (MTPA) crude steel, from the government. The capital expenditure for the said steel plant project is expected to be Rs 65,000 crore.

Wipro: The IT firm has acquired US-based consulting and program management company Convergence Acceleration Solutions, LLC (CAS Group). Wipro will pay an upfront consideration of $50 million and contingent consideration of $30 million, to be payable over 3 years, for the acquisition of the company. 

Gufic Biosciences: The company has received permission from the Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare to manufacture Isavuconazonium Sulfate API and finished formulation Isavuconazole for injection 200 mg/vial. Isavuconazole is indicated for the treatment of invasive aspergillosis and invasive mucormycosis.

Delta Corp: The gaming and hospitality company has reported a lower profit at Rs 48.11 crore for the quarter ended March 2022, compared to profit of Rs 57.77 crore in the year-ago period, while revenue for the quarter has seen a moderate growth at Rs 218.32 crore, up from Rs 211.34 crore YoY. The company also approved amalgamation of Daman Entertainment, and Daman Hospitality with itself.

Nestle: The food processing company has declared an interim dividend of Rs 25 per equity share for 2022. The record date has been fixed as April 22 for determining eligibility of shareholders for dividend.