Tech Mahindra, Bajaj Finance, Veranda and others

The market is expected to open in the green as trends on the SGX Nifty point to a positive open for the broader index in India with a gain of 105 points. The market extended losses for the second straight session and fell more than 1% on April 25 as growing fear of the COVID-induced lockdown in China and hawkish comments from Fed officials dampened sentiment. The benchmarks erased all the gains of the previous two days in the next two sessions (last Friday and Monday). The BSE Sensex corrected 617 points to 56,580, while the Nifty50 plunged 218 points to 16,954.

Results today

Bajaj Finance, HDFC Life Insurance Company, Aditya Birla Sun Life AMC, KPIT Technologies, Macrotech Developers, Mahindra Logistics, Nippon Life India Asset Management, NELCO, Atul, AU Small Finance Bank, Gateway Distriparks, IIFL Securities, Sanofi India, Schaeffler India, Som Distilleries & Breweries, Tata Coffee, Tata Teleservices (Maharashtra), United Breweries, UTI Asset Management Company, VST Industries, D-Link (India), International Travel House, Gujarat Hotels, Jindal Hotels, JK Agri Genetics and Jumbo Bag are expected to publish their quarterly results on April 26.

Tech Mahindra

Life Insurance Corporation of India purchased an additional 85,000 shares of the company through open market transactions on April 22, raising its total stake to 5% from 4.99% previously.

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The company recorded a massive 286% year-on-year growth in profits to Rs 112.5 crore, driven by tax reversal in the quarter ended March 2022. Revenue rose by 12% to Rs 367 crore from the prior year quarter.

Eveready Industries India

The company posted a consolidated loss of Rs 38.41 crore in Q4FY22, which narrowed from the loss of Rs 442.53 crore in the corresponding period of the prior year, but revenue fell by 11.5% year-on-year to Rs 241.24 crore in the quarter.

Veranda Learning Solutions

The learning solutions provider has acquired TIME (Advanced Educational Activities Pvt Ltd), the leading test preparation institute with pan-India presence operating in 188 centers. The company bought TIME for Rs 287 crore.

Lemon Tree Hotels

The company has signed a licensing agreement for a 60-room hotel in Kharar, near Chandigarh under the “Lemon Tree Hotel” brand. The hotel is expected to be operational by November 2025. Its subsidiary Carnation Hotels will operate and market this hotel.

Mahindra CIE Automotive

Profit for the quarter ended March 2022 increased by 1,499% year-on-year to Rs 161.43 crore due to lower tax charges and higher revenue growth. Topline increased by 18.2% to Rs 2,588.4 crore compared to the corresponding period of the previous financial year.

Aarti Industries

Life Insurance Corporation of India acquired an additional 2.24 lakh shares in the company through open market transactions on April 22. Thus, LIC’s stake in the company rose to 5.03% from 4.97% earlier.

Gujarat Mineral Development Corporation

The company recorded a consolidated profit of Rs 177 crore for the quarter ended March 2022, compared to a loss of Rs 184.64 crore in the same period last year, driven by the topline. Revenue grew by 87% year-on-year to Rs 1,057.3 crore during the same period.

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The company has repaid all of its term loans and all unsecured loans of Rs 145 crore.

Tatva Chintan Pharma Chem

The company reported a 17% decline in year-on-year profits to Rs 17.51 ​​crore for the March 2022 quarter, marred by lower revenue and operating profit. Revenue fell 9.3% to Rs 98.53 crore over the same period, with margin down 200 basis points year-on-year.

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Garland K. Long