Handy futures on the Singapore Exchange traded 185.5 points, or 1.07 percent lower at 17,221.50, indicating Dalal Street was off to a negative start on Friday. Yesterday, positive global indications pushed sentiment up for the second day in a row. The board-based rally prompted purchases in several sectors. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said: “Technically, after a strong opening, Nifty successfully traded above 200 days SMA. It also formed a long bullish candle on the daily charts supporting an uptrend. We believe that the short-term texture has changed to positive, but due to intraday overstretching, range-bound activity is not ruled out. For traders, the immediate hurdle on the Nifty would be 17,500-17,550. on the other hand, 17,300-17,275 would act as a crucial support zone on the Nifty for the day traders. The intraday texture is slightly overbought, so buying on dips and selling on rallies would be the ideal strategy for day traders.”
Aditya Birla Money, Hindustan Zinc, Sundram Fasteners, Tata Metaliks, Tejas Networks, MMTC, Wendt (India), Bhakti Gems and Jewellery, Eiko Lifesciences, Jhandewalas Foods, Khaitan Chemicals & Fertilizers, Quest Capital Markets, RS Software India and Sharad Fibers & Yarn Processors will announce its quarterly figures on April 22.
Earnings in Q4FY22 grew 23.2 percent year-on-year to Rs 369 crore on the back of higher other income. Revenue grew 4.6 percent in the same period to Rs 4,263 crore, driven by the data services segment, which contributed the most to revenue. The board of directors has recommended a dividend of Rs 20.7 per share for the year as the company reports strong profitability.
The IT services company posted sequential earnings growth of 4.4 percent from Rs 3,593 crore and quarterly revenue growth of 1.2 percent from Rs 22,597 crore, but earnings before interest and taxes fell 4.4 percent qoq to Rs 4,069 crore . Revenue growth in dollar terms was half a percent quarter on quarter at $2,993 million and constant currency sales were up 1.1 percent quarter on quarter. The company reported a total contract value (TCV) of new deals at $2,260 million for the fourth quarter, growing 6 percent on a quarterly basis, and has announced a dividend of Rs 18 per share.
Paytm’s owner and operator released a shareholder update showing that Canada Pension Plan Investment Board (CPPIB) also increased its stake in Paytm from 1.57 to 1.71 percent in the quarter ended March 2022.
ICICI Lombard General Insurance Company
The company reported 9.6 percent year-on-year decline in profits at Rs 312.5 crore, but net premium earned during the quarter increased 27 percent to Rs 3,318 crore and total income grew 33 percent to Rs 4,636 crore compared to year-ago period. Even operating profit rose 29 percent year-on-year to Rs 1,009.6 crore during the quarter.
TVS Motor Company
The company announced an additional £100m investment in Norton Motorcycle, Britain’s most iconic sports motorcycle brand. Norton Motorcycle was acquired in April 2020.
RailTel Corporation of India
The company has received a work order from National Informatics Center Services. National Informatics Center Services was established in relation to work assignment of immigration visa and registration and tracking of aliens. The work order was worth Rs 29.75 crore.
Subsidiary JSW Neo Energy (JSWNEL) is to set up 1,500 MW capacity of a Hydropump Storage Project (PSPs) – Komoram Bheem Pumped Storage Project, in Telangana. The company has signed a memorandum of understanding with the state government for the said project. With the said project, the company has linked funds for 5 GW hydro-PSPs to the governments of different states (Maharashtra, Chhattisgarh, Telangana and Rajasthan).
L&T technology services
The IT company posted sequential earnings growth of 5.3 percent from Rs 262 crore on better EBIT growing 4.1 percent on a flat margin of 18.6 percent quarter on quarter, while revenue grew 4.1 percent to Rs 1,756.1 crore compared to the previous quarter. North America, Europe and India supported sales growth, but the Rest of World segment reported a sequential decline of 1.6 percent in the fourth quarter. It has secured a more than $100 million electric mobility program from Jaunt Air Mobility. It will open an engineering and R&D center in the province of Québec for the next-generation electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL (Electric Vertical Takeoff and Landing) air taxi.
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