HDFC Bank, Infosys, Mindtree, M&M and others
Markets could start Monday’s trading on a flat note with a negative bias amid mixed global indices. The Singapore-traded Nifty50 futures contract – an early indicator of Nifty50’s benchmark performance – was down 0.2% at 17,290 points as of 6:58 a.m. Monday, suggesting a lower start for Indian benchmarks.
The country’s largest private sector lender, HDFC Bank, on Saturday reported a 23% rise in standalone net profit to Rs 10,055.20 crore for the March quarter, driven by growth in loan demand in all categories and lower provisioning as bad debts have been reduced.
infosys ltd. gave a sales forecast below analysts’ estimates, signaling a slowdown in demand for software and IT services as companies abandon work-from-home agreements in a post-pandemic world. Revenue in this fiscal year ending March 2023 will grow 13% to 15% in constant currency terms, lagging the 17% growth that analysts had forecast on average.
ICICI Pru Life
ICICI Prudential Life Insurance on Saturday recorded a doubling of its net profit to Rs 185 crore for the January-March quarter due to robust new business growth. The company had posted an after-tax profit of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing.
Mahindra and Mahindra
The company said on Saturday that it had agreed to sell more than 34.75 lakh shares, constituting 22.81% of the paid-up capital, of Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), to Japanese company Sanyo Special Steel Co. Ltd in a Rs 212 crore deal.
IndiGo, promoted by InterGlobe Aviation Ltd., has appointed Vikram Singh Mehta, former chairman of the Shell group of companies in India, and BS Dhanoa, former air chief marshal, as independent non-executive directors of the board of airline management.
Tata Power said on Thursday that a consortium led by US firm BlackRock Real Assets will invest Rs 4,000 crore in its subsidiary, Tata Power Renewable Energy Ltd, for a stake of more than 10%. Abu Dhabi-based investment firm Mubadala Investment Company (Mubadala) is also part of the GreenForest consortium, Tata Power Company said in a statement.
The country’s leading cement maker, UltraTech Cement, on Friday announced an investment of $101.10 million (about Rs. 839.52 crore) for a 29.39% stake in RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), based in the United Arab Emirates. It is a “strategic investment” for the company, group firm Aditya Birla said in a regulatory update.
Petroleum marketing companies
Crude prices are still hovering above $100 a barrel and should benefit the OMCs.
Windlas Biotech Ltd announced on Thursday that it has concluded the European Union Good Manufacturing Practices inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary, for its Plant IV in Dehradun with zero critical observations. This will help the company expand its presence in the European market, the company said.
Warning:Disclaimer: The views and investment advice of the experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before making any investment decision.
Read all the latest IPL 2022 news, breaking news and live updates here.