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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading at 0.06% higher at 16,628, signaling that Dalal Street was headed for a slightly positive start on Friday.
Asian shares were trading as investors’ sentiments were boosted by gains in technology-related stocks. Japan’s Nikkei 225 index rose 0.23% and Topix edged up 0.07%. China’s Hang Seng gained 0.5% and CSI 300 index advanced 0.65%.
Indian rupee rose 5 paise to 79.94 against the US dollar on Thursday.
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Reliance Industries, UltraTech Cement, JSW Steel, HDFC Asset Management Company, Bandhan Bank, Coforge, Crompton Greaves Consumer Electricals, Finolex Industries, Andhra Cements, Bharat Gears, Gokaldas Exports, Greenpanel Industries, HFCL, Mahindra CIE Automotive, Sigachi Industries, Supreme Petrochem, Tinplate Company of India, Ugro Capital, and Zenotech Laboratories are expected to report their quarterly earnings on July 22.
Stocks in News Today
JSW Energy: The company said its net profit jumped 179% to Rs 560 crore in the June quarter compared to a net profit of Rs 201 crore in the corresponding period of previous year. Its total revenue increased by 68% YoY to Rs 3,115 crore from Rs 1,860 crore in first quarter of FY22. The rise in net profit was attributed to higher sales and solar capacity addition.
Reliance industries Ltd (RIL): The conglomerate said that Dipak Jain and Raghunath Mashelkar will cease to be independent directors of the company upon completion of their term on July 20, 2022. Its board recommended appointment of KV Chowdary as independent director for five years. KV Chowdary, who was earlier a non-independent director resigned from the position on Wednesday.
In other news, the company’s retail arm Reliance Brands Ltd (RBL) has inked a long-term distribution agreement with Maison Valentino to launch the famous Italian Maison de Couture in India. The company will open the first Valentino boutique in Delhi, followed by a flagship store in Mumbai.
IDBI Bank: The private sector lender’s net profit rose 25% YoY to Rs 756 crore in Q1FY23, helped by a steep decline in provisions and contingencies. It had posted a net profit of Rs 603 crore during the same period last year. The lender’s net interest income (NII) declined by 1% in Q1FY23 to Rs 2,488 crore from Rs 2,506 crore in Q1FY22. Its net interest margin (NIM) declined to 4.02% in Q1FY23 from 4.06% a year ago.
Ashok Leyland: The company has signed a memorandum of understanding (MoU) with Adani Capital to enter into a strategic financing partnership for its range of light commercial vehicles. This MoU will enable both Ashok Leyland and Adani Capital to offer customized financial solutions for its customers in the small commercial vehicle and light commercial vehicle segment.
ITC Limited: The conglomerate has launched ‘ITC MAARS’ super app to boost its agricultural business and empower farmers by providing them with access to modern tools, right quality of inputs at right prices, besides market and financial linkages, ITC CMD Sanjiv Puri said. He said with farmers having fragmented holdings of land, the app will aggregate them, adding that presently the company has started with 200 farmers producer organisations (FPOs) involving 40,000 farmers.
Hindustan Unilever Limited (HUL): The company inaugurated a new spray dried detergent factory in Sumerpur town of Uttar Pradesh’s Hamirpur district and is planning to invest a total of Rs 700 crore in the unit by 2025. The unit is expected to significantly boost the production capacity of spray dried detergent powder, making the factory a largest volume strategic sourcing site for the company in three years.
ICICI Securities: The company reported 12% YoY decline in Q1 profit, but revenue rises 6.5 percent. The company recorded a 12% YoY decline in consolidated profit at Rs 273.6 crore for the quarter ended June 2022 and profit before tax was also lower by 12% at Rs 367 crore. Revenue rose 6.5% to Rs 793.55 crore in the reported quarter helped by higher interest income.
CRISIL: The company reported a 35.8% rise in net profit for the quarter ended June 2022 at Rs 136.90 crore, compared with Rs 100.80 crore in the quarter ended June 2021. Total income rose 27.9% YoY to Rs 703.84 crore.
Mphasis: The IT services company reported a 8% YoY growth in consolidated net profit at Rs 397.41 crore for the quarter ended June 2022 as against Rs 367.81 crore in the corresponding quarter a year ago. Total income was up 25.9% at Rs 3,446.86 crore from Rs 2,737.55 crore in the year-ago period.
Persistent Systems: The company’s net profit jumped 39.9% to Rs 211.61 crore in Q1FY23 from Rs 151.25 crore in Q1FY22. Total income surged 49.7% YoY to Rs 1,899.09 crore.
Cyient: The company’s Q1FY23 net was rose marginally at Rs 116.10 crore in the quarter ended June 2022 as against Rs 115 crore in Q1FY22. Total income increased 18.4% YoY to Rs 1,283.80 crore.
GSFC: The company’s Q1FY23 net profit jumped to Rs 355.83 crore from Rs 137.76 crore in Q1FY22. Total income surged 63.4% YoY to Rs 3,091.58 crore.
Himadri Speciality Chemical: The company reported a net loss of Rs 9.06 crore for the quarter ended June 2022 as against a net profit of Rs 22.81 crore in the corresponding quarter a year ago. Total income, however, surged 47% YoY to Rs 835.68 crore.
Elecon Engineering: The company reported a 42.4% jump in Q1 net at Rs 32.94 crore for the quarter ended June 2022 when compared with Rs 23.13 crore in the year ago period. Total income increased by 15.9% YoY to Rs 258.82 crore.
Happiest Minds Technologies: The company posted a net profit of Rs 56.34 crore for the quarter ended June 2022, up 57.7% on a YoY basis. Total income also surged over 31% to Rs 332.74 crore.
ITI: Company signed MoU with Centre for Development of Telematics to establish a framework for cooperation of LTE/LTE-A/4G-technology based wireless communication systems.
RBL Bank: The private lender reported a net profit of Rs 201 crore in the in Q1FY23 as against net loss of Rs 459 crore in the year-ago period. Its net interest income stood at Rs 1,027.73 crore, 6% higher than Rs 969.5 crore a year ago. The gross Non-Performing Assets (NPAs) of the bank declined to 4.08% of the gross advances in the reported quarter, from 4.4% registered in Q4FY22.
Can Fin Homes: The company’s standalone net profit rose to Rs 162.21 crore in Q1FY23 from Rs 108.85 crore in the same period last fiscal. Its interest income increased to Rs 606.50 crore in the reported quarter as againt Rs 449.20 crore in the year-ago period. Total income of the financial services company stood at Rs 611.58 crore in the quarter under review as against Rs 450.84 crore in the corresponding quarter last financial year.
Emami: The FMCG company announced that it will acquire a 30% stake in a pet-care startup Cannis Lupus Services India for an undisclosed amount. Cannis Lupus Services India offers Ayurvedic remedies for pets under the brand “Fur Ball Story”.
Indiamart Indiamesh: The company reported a 47% YoY decline in consolidated profit at Rs 47 crore on lower operating income. Revenue grew by 7% YoY to Rs 226 crore and EBITDA fell by 28% to Rs 64 crore in quarter ended June 2022.
NLC India: The company said its board has approved investment proposals worth Rs 14,944.91 crore for setting up power and mining projects in Tamil Nadu. The company plans to invest over Rs 43,000 crore in various power and mining projects.
Tube Investments of India (TII): The company has acquired a 76% equity stake in Moshine Electronics (MEPL), a company manufacturing camera modules for mobile phones. Through this, the company has marked its foray into the electronics component segment.