HCL Tech, Nestlé, Tata Elxsi, Infosys and others
Key benchmarks snapped a five-day losing streak and rebounded with 1% gains on April 20, supported by buying in HDFC twins and battered tech stocks. Cement and consumer goods stocks and index heavyweight Reliance Industries also supported the market. The BSE Sensex rallied 574 points to 57,037, while the Nifty50 jumped 178 points to 17,136.
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 Jewelers, S&T Corporation and Trident Texofab will publish its quarterly results on April 21.
Design and technology services provider Tata Elxsi reported 39% YoY growth in Q4FY22 profit to Rs 160 crore on healthy revenue growth which rose 31.5% YoY to Rs 682 crore supported by strong double-digit growth in the transport, media and communications and healthcare sectors. EBITDA increased by 32% year-on-year to Rs 221.2 crore in the March quarter.
Kotak Mahindra Mutual Fund purchased an additional 21,566 shares in the IT company through open market transactions on April 18. Thus, Kotak MF’s stake in the company rose to 5% from 4.97% earlier.
The blue-chip IT company has completed the acquisition of German digital experience and marketing agency, oddity.
Ambalal Sarabhai Enterprises
CoSara Diagnostics has obtained authorization to manufacture and sell its SARAQ Hepatitis C (HCV) Viral Load Kit as an in vitro diagnostic (IVD) from the Central Drugs Standard Control Organization. CoSara is a joint venture of a subsidiary of Ambalal Sarabhai Enterprises and Co-Diagnostics, Inc, USA.
Everest Kanto Cylinder
Subsidiary EKC International FZE (Dubai) entered into a joint venture agreement with Dr. Mohamed Saad Eldin. The company intends to become the market leader in CNG cylinder manufacturing in the Middle East and North Africa (MENA) region by 2026 building on the strong track record and know-how of EKC International Dubai and the strong potential of the Egyptian and African markets. .
The company has partnered with Valeo and Honda Power Pack Energy India for electric vehicles with battery swap solutions. Subsidiary Atul Greentech (AGPL), engaged in designing and developing innovative solutions for last-mile electric mobility for domestic and export markets, would launch the electric vehicle after successful field trials.
Consolidated profit rose 3.3% year-on-year to Rs 340.3 crore in Q4FY22, impacted by higher financial and personnel costs, and the charge related to the impairment of financial instruments. Revenue rose 20.6% year-on-year to Rs 891.7 crore, driven by higher interest income, service income and net gain on fair value changes in the segment of cash and other investment portfolios.
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