Tata Motors, L&T, Hindalco Industries and others
The Bears maintained their dominance on Dalal Street for the fourth consecutive session on May 11, despite positive sentiment from their global counterparts. Selling in technology, autos, FMCG stocks, L&T and Bajaj Finance weighed on the market, although banks and HDFC limited losses. Benchmarks recovered around 1% loss from the day’s low, with the Nifty50 firmly defending the psychological 16,000 mark. The BSE Sensex fell 276 points to 54,088, while the Nifty50 was down 73 points at 16,167.
Sushant Bhansali, CEO of Ambit Asset Management, said: “The pressure of rising inflation on corporate earnings has been quite visible for the past 2 quarters and is expected to continue for another 1-2 quarters. As a result, earnings are more degraded than enhanced by the markets. The combination of a downward earnings revision and a reversal in the interest rate cycle is increasing market volatility. We believe that we are in the consolidation phase after the great bull run of the last two years, a well deserved break. Profit booking alongside asset allocation revisions will drag markets lower while new flows will push markets higher during this phase. The consolidation phase will continue for a few more months depending, to a large extent, on the evolution of global inflation.”
Larsen & Toubro, Tata Motors, RBL Bank, Siemens, Aditya Birla Capital, Anupam Rasayan India, Apollo Tires, Coforge, Greaves Cotton, Gujarat State Petronet, Honeywell Automation India, Poonawalla Fincorp, Ujjivan Small Finance Bank, Windlas Biotech, Avanti Feeds, Brigade Enterprises, CreditAccess Grameen, Genus Power Infrastructures, HP Adhesives, ICRA, Jammu & Kashmir Bank, JMC Projects, Lumax Auto Technologies, Matrimony.com, Mindspace Business Parks REIT, South Indian Bank and Spencers Retail will release their quarterly results on May 12. .
The company reported a 55.4% year-on-year decline in consolidated profit to Rs 111 crore for the quarter ended March 2022, impacted by an increase in energy and fuel, input costs and an exceptional loss. Revenue increased by 6% to Rs 2,264.2 crore from the prior year period.
The liquefied natural gas importer posted 24% year-on-year growth in its consolidated profit to Rs 791 crore in Q4FY22, largely on the back of strong sales. Revenue increased by 47.3% to Rs 11,160.4 crore from the prior year period.
The Lakshmi machine works
The company posted a healthy 218% year-on-year growth in consolidated profit to Rs 82.72 crore in the quarter ended March 2022, driven by strong revenue and operating profit . Revenue increased by 46% to Rs 998.5 crore from the same period last year.
Life Insurance Corporation of India acquired a 2.03% stake in the company through open market transactions. With that, his stake in the company rose to 6.05% from 4.02% previously.
The construction company posted 97.4% year-on-year growth in its consolidated profit to Rs 234 crore in the quarter ended March 2022 despite weak operating profit which was affected by rising input costs. Profitability was supported by the sale of the entire stake in the NCC subsidiary Virag Urban Infrastructure. Revenue rose 23.5% to Rs 3,477 crore from the same period last year.
Subsidiary Novelis Inc reported a 21% year-over-year growth in net income to $217 million in the March 2022 quarter, driven by revenue and lower tax charges. Net sales increased 34% to $4.8 billion from the same period last year, primarily due to higher average aluminum prices and local market premiums. But adjusted EBITDA of $431 million fell 15% year-on-year, mostly due to near-term operational cost issues.
The power transmission and distribution structure maker reported 177% year-on-year profit growth to Rs 25.12 crore in the quarter ended March 2022, driven by an increase in operating profit and margin performance (up 260 basis points year-over-year). Revenue increased by 11% to Rs 552.65 crore and EBITDA increased by 44% to Rs 61.67 crore from the prior year period. Order inflow in Q4FY22 stood at Rs 271 crore, and the closing order backlog in March 2022 stood at Rs 2,115 crore.
The real estate developer in partnership with Bain Capital and Ivanhoé Cambridge will develop a next-generation green digital infrastructure platform. The platform will jointly invest approximately $1 billion to create approximately 30 million square feet of operating assets to serve India’s digital economy.
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