The market became volatile after rallying 3 percent in the previous two consecutive sessions, closing the day slightly lower on May 18, weighed down by a selection of banking and financial services, technology, energy and infrastructure stocks. The BSE Sensex fell 110 points to 54,209, while the Nifty50 fell 19 points to 16,240. Wider markets also closed slightly lower, with the Nifty Midcap 100 and Smallcap 100 falling 0.2 percent and 0.4 percent, respectively.
Results today
HPCL, Ashok Leyland, Bosch, Chambal Fertilizers & Chemicals, Container Corporation of India, Endurance Technologies, Gland Pharma, Dr Reddy’s Laboratories, Godrej Consumer Products, Novartis India, Ramco Systems, Punjab & Sind Bank, Rossari Biotech, Ujjivan Financial Services and Suryoday Small Finance Bank will be sharp for March quarterly results on May 19.
InterGlobe Aviation
Ronojoy Dutta, IndiGo’s chief executive officer, said he will retire on September 30. The company also said it has appointed Pieter Elbers as its next chief executive officer. The company has postponed the announcement of its March quarterly results and will now be May 25.
ITC
Diversified conglomerate ITC reported an 11.8 percent increase year-over-year (YoY) in net profit of Rs 4,191 crore for the fourth quarter ended March 31, 2022, compared to Rs 3,755 crore a year ago, thanks to strong growth across all sectors. operating segments . Consolidated sales increased by 15.3 percent year-on-year to Rs 17,754 crore from Rs 15,404 crore a year ago. Cigarette sales grew 9.96 percent, while FMCG sales for non-cigarettes were 12.32 percent higher than in the corresponding quarter.
Indraprastha Gas
IGL reported an increase in net profit of 9.24 percent to Rs 361.60 crore in the quarter ended March 2022 from Rs 331.00 crore during the previous quarter ended March 2021. Revenue increased 55.16 percent to Rs. 2,405.92 crore in the quarter ended March 2022 as against Rs 1,550.63 crore during the previous quarter ended March 2021. Total expenses increased by 72 percent year-on-year to Rs 2,230 crore.
sugar stocks
Sugar stocks such as Triveni Engineering, Uttam Sugar Mills, Bajaj Hindusthan and Balrampur Chini will be in the spotlight after the government approves changes to the national biofuels policy, 2018, to bring forward the date by which fuel companies must increase the percentage of ethanol in fuel to 20 percent, from 2030 to 2025. The policy to introduce 20 percent ethanol will take effect on April 1, 2023.
Manappuram Finance
Manappuram Finance reported a 44 percent drop in net profit for the March quarter to Rs 261 crore, compared to analyst estimates of Rs 451 crore a year ago. Sales fell 9 percent year-on-year to Rs 1,480 crore. The total cost increased by 13 percent to Rs 1140 crore.
LIC Housing Financing
LIC Housing Finance reported a 174 percent increase in net profit for the March quarter to Rs 1,114 crore from Rs 406 crore a year ago. Sales for the quarter were up 6.3 percent year-over-year to Rs 5,207.53 crore. Loan loss provisions for the quarter amounted to Rs 177 crore.
Ratnamani Metals & Tubes
The board of directors approved the issuance of bonus shares held in the ratio of 1 to 2. The company also recommended a dividend of Rs 14 per share for fiscal year 2022. For Bonus shares, the record date is July 1, 2022.
Pidilite Industries
The company reported a 17.3 percent drop in its net profit for the March quarter to Rs 254 crore from Rs 308 crore a year ago. Revenue for the quarter increased 12 percent year-on-year to Rs 2,507 crore versus Rs 2,235 crore last year. The total cost increased by 18 percent year-on-year to Rs 2,178 crore.
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