The market continued on a sharp run for the second consecutive session on May 17, supported by positive global signals and the rally across all sectors. Metal was the biggest gainer, up nearly 7 percent, followed by banking, financial services, auto, FMCG, IT and pharmaceuticals, which gained 1-3 percent. The BSE Sensex climbed more than 1,300 points to 54,318, while the Nifty50 rose more than 400 points to 16,259. The broader space also joined the rally, as nearly seven stocks advanced for every stock that fell on the NSE. The Nifty Midcap 100 and Smallcap 100 indices gained about 3 percent each.
ITC, Aditya Birla Fashion and Retail, Arvind, Barbeque Nation Hospitality, Brookfield India Real Estate Trust REIT, Finolex Industries, GIC Housing Finance, GMR Power and Urban Infra, GTL, Indraprastha Gas, InterGlobe Aviation, Indian Overseas Bank, JK Lakshmi Cement, LIC Housing Finance, Lupine, Manappuram Finance, DailyExpertNews, Pidilite Industries, Route Mobile, Shyam Metalics, Shriram Asset Management and Westlife Developments will focus on the March quarterly results on May 18.
Bharti Airtel has nearly tripled its consolidated net profit for the fiscal fourth quarter, driven by the sharp rate hikes implemented last November, driving up average revenue per user (ARPU) and one-time gains. Consolidated net profit rose to Rs 2,008 crore in the March quarter from Rs 759 crore a year earlier. Revenues for the quarter were up 22 percent to Rs 31,500 crore. Airtel still has the highest ARPU of Rs 178 from Rs 163 in the December quarter.
TVS Motor Company
TVS Motor Company has announced the sale of Intellicar Telematics Pvt Ltd, purchased in December 2020, to Fabric IOT Pvt Ltd for Rs 45 crore. The divestment is part of the value creation initiatives on its digital portfolio.
Zydus Life Sciences
Shares of Zydus Lifesciences will be in the spotlight on Wednesday, after the company announced that its board would meet on May 20 to consider share buybacks. The stock has been under pressure since November 2011, correcting nearly 50 percent from its high of Rs 664 per share.
Dr Lal Pathlabs
dr. Lal Pathlabs reported lower-than-expected earnings for the March quarter. Net profit for the quarter was Rs 61.30 crore, down 23 percent from a year ago. Analysts expected a net profit of Rs 82.31 crore for the quarter. Sales were up 13 percent year on year to Rs 486 crore. Analysts estimate revenue for the quarter at Rs 534 crore. The total cost increased by 24 percent to Rs 414 crore.
Indian oil company
Indian Oil Corporation’s consolidated net profit for the quarter ended March was Rs 6,645.72 crore, down 26.37 percent from Rs 9,026.49 crore in the same quarter last year due to tight margins in petrochemicals and losses on sales of automotive fuels. However, operating revenues climbed by 26.13
percent from Rs 1,65,734.27 crore in the corresponding quarter last year to Rs 2,09,049.16 crore. The board approved a 1:2 bonus issuance to its shareholders.
IRB Infrastructure Developers reported a 79.04 percent jump in its consolidated net profit to Rs 175 crore for the March quarter from Rs 97.45 crore a year ago. Total income during the January-March 2022 quarter increased to Rs 1,682.72 crore from Rs 1,650.40 crore in the same period a year ago. The total cost fell by 6 percent to Rs 1380 crore.
DLF said net profit for the March quarter fell 16 percent year-on-year from Rs 481 crore to Rs 405 crore. Sales fell 9 percent from a year ago to Rs 1,550 crore. The total cost fell by 10 percent to Rs 1,340 crore. Net profit rose to Rs 1,500.86 crore in the past fiscal year from Rs 1,093.61 crore in fiscal year 2020-21. The total income rose to Rs 6,137.85 crore in 2021-22 from Rs 5,944.89 crore in the previous year.
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