Selling pressure continues to mount by the day as the headwinds get stronger. The market is affected by rising inflation and bond yields and a falling rupee. The ongoing foreign outflow is also hurting investors. The market continued to be under pressure for another session, although there was a sharp recovery from the low for the day, extending losses on May 9 for a second straight day as a weakening rupee against the US dollar and weak global signals are denting sentiment. The BSE Sensex fell 365 points to 54,471 while the Nifty50 fell 109 points to 16,302.
Results today
Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet Hotels, Chemplast Sanmar, Dishman Carbogen Amcis, Elantas Beck India, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, MRF, Polycab India, Neuland Laboratories, Orient Electric, Reliance Capital, R Systems International, Shemaroo Entertainment, Tajgvk Hotels & Resorts, TD Power Systems, Torrent Power, Venky’s (India) and Welspun India will announce their quarterly results on May 10.
Rainbow Children’s Medicare: The company will make its debut on the stock exchanges on May 10. The issue price has been set at Rs 542 per share.
Cosmo Movies: The company posted 45.3 percent year-over-year growth in consolidated profit of Rs 108.2 crore in the quarter ended March 2022, driven by higher operating income and higher sales. Revenue grew 22 percent to Rs 821 crore in the same period. The company announced the issuance of bonus shares at the rate of one equity for every two existing shares held by shareholders on the record date.
HCL Technologies: The IT company announced a strategic partnership with Syniti and will use the Syniti Knowledge Platform (SKP) as a strategic data migration platform to provide customers with an improved data management strategy and higher quality data. The wholly owned subsidiary of the technology company will acquire Bengaluru-based Quest Informatics, an aftermarket, Industry 4.0 and IoT company, in a cash deal and the said deal is expected to close before July 31, 2022.
KEI Industries: The company posted a 35 percent year-over-year growth in consolidated profit of Rs 116 crore in the quarter ended March 2022, led by other revenues, operating income and robust sales. Sales during the quarter rose 44 percent to Rs 1,792 crore year on year.
Gujarat Narmada Valley Fertilizers and Chemicals: The company more than doubled its consolidated profit to Rs 643 crore in Q4FY22, up from Rs 310.5 crore in the same period last year, thanks to strong operating income and sales. Sales grew by 60 percent to Rs 2,772 crore compared to the same period a year ago.
Godrej Agrovet: The company reported a year-over-year growth of 120.6 percent in consolidated profit of Rs 140 crore in Q4FY22, driven by higher other income, operating income and robust sales. Profitability growth was largely driven by animal feed, vegetable oil and Astec LifeSciences, while crop protection and food companies reported a decline in operating margin. Turnover rose sharply by 42 percent to Rs 2,081 crore compared to the same period a year ago.
VST tillers and tractors: The company recorded 71 percent year-over-year profit growth from Rs 22.1 crore in the quarter ended March 2022, thanks to a 285 percent YoY growth in EBITDA of Rs 30.15 crore. Revenue grew 12 percent to Rs 218.4 crore in the same period.
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