The domestic stock market remains choppy as a battle between bulls and bears continues. There are many stock-specific reactions that the market is seeing due to the ongoing earnings season. Analysts advise caution. In the latest trading session, the Nifty extended gains and moved closer to 17,400 on positive global signals, but selling pressure and profit postings in the past hour dented sentiment, causing the bulls to roll back. All sectors were hit, with auto, banks, IT, FMCG and real estate losing the most. The Sensex fell 460 points to 57,061 and the Nifty fell 143 points to 17,102.
HDFC, Britannia Industries, Adani Wilmar take center stage. In addition to these three, Alembic Pharmaceuticals, Astec Lifesciences, Castrol India, CG Power and Industrial Solutions, Devyani International, Dwarikesh Sugar Industries, EIH Associated Hotels, IDBI Bank, Inox Leisure, JBM Auto, Jindal Stainless, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts India, Meghmani Organics, NGL Fine-Chem, Olectra Greentech, Saregama India, Shakti Pumps (India) and Surana Solar will also announce their quarterly results today.
The IT services company posted a 3.1 percent sequential increase in dollar revenue to $2,721.7 million for the quarter ended March 2022, and constant currency revenue grew 3.1 percent quarter on quarter. Wipro expects 1-3 percent sequential growth in Q1FY23 revenue at $2,748-2,803 million. Profit during the March 2022 quarter grew 3.98 percent quarter on quarter to Rs 3,087.3 crore and sales increased 2.68 percent quarter on quarter to Rs 20,860 crore in Q4FY22.
The private sector lender reported a profit of Rs 367 crore in Q4FY22 against a loss of Rs 3,788 crore in the corresponding quarter of the previous fiscal year, driven by a sharp decline in provisions, strong net interest income and pre-provisioning operational profit (PPoP) with an improvement in asset quality performance. For the full year, it reported a gain of Rs 1,066 crore for the first time since FY19 against a loss of Rs 3,462 crore in FY21 and a loss of Rs 22,715 crore in FY20, but net interest income (NII) fell by 12.5 percent to Rs 6,498 crore compared to the previous year.
The private sector lender recorded an annual profit growth of 55.4 percent from Rs 1,361.4 crore for the quarter ended March 2022 as provisions fell 21.5 percent with asset quality performance improving. Net interest income rose 12.7 percent year-on-year to Rs 3,985.16 crore in the fourth quarter.
Shriram City Union Finance
The company reported 7.6 percent year-over-year growth in stand-alone profit of Rs 303.44 crore in Q4FY22 and total operating revenue grew 18 percent to Rs 1,750 crore compared to a year ago.
Star Health and Allied Insurance Company
Star Health’s net loss declined in the March quarter. The company recorded a loss of Rs 82.04 crore for the quarter ended March 2022, which was smaller than the loss of Rs 578.37 crore recorded in the previous quarter. In the same period, earned premiums rose 3.7 percent sequentially to Rs 2,621.2 crore during the quarter.
The local search engine company recorded a 34 percent year-over-year profit decline from Rs 22.1 crore for the quarter ended March 2022, affected by lower revenue and a lower operating loss. Operating revenue was Rs 166.7 crore for the quarter, down 5.1 percent compared to the same period last year, but total traffic from unique visitors) for the quarter at 144.8 million grew by 12.2 percent year-over-year and total active listings at 31.9 million were up 4.9 percent year-over-year, while active paid campaigns stood at 4,61,495 at the end of the quarter, up 0.9 percent year-over-year.
IDFC First Bank
IDFC First Bank approves fundraising. The bank said in a BSE application that the board has approved fundraising up to Rs 3,000 crore.
SBI cards and payment services
The company posted a massive 231 percent year-over-year profit growth of Rs 581 crore as impairments and bad debts declined 44 percent year-on-year to Rs 393 crore for the quarter ended March 2022. Total operating revenue grew by 23 percent. percent cent to Rs 2,850 crore in the same period, led by higher fee and service income and interest income.
The company posted a strong consolidated profit of Rs 438.2 crore for the quarter ended March 2022, compared to a profit of Rs 11.77 crore in the same period last year, despite a significant increase in input costs, power and fuel, and freight. and freight forwarding costs, driven by healthy sales and other income. Sales grew 32 percent to Rs 3,481 crore compared to the same period a year ago, while production volumes remained strong and at an all-time high in the US unit.
The company reported a 21.2 percent decline in consolidated profit of Rs 68.13 crore for the quarter ended March 2022 on lower sales. Operating income fell 15 percent to Rs 1,183 crore compared to the same quarter a year ago.
GE Power India
GE Power gets order Rs 864 crore. The company has secured a contract worth Rs 863.4 crore from GREENKO KA01 IREP Pvt Ltd.
To expand its product portfolio in the building materials segment, the company will acquire a 51 percent stake in Gem Paints’ operating paint business. The company will initially invest Rs 194 crore in Gem Paints by subscribing to optional convertible bonds worth 51 percent in Gem Paints operating paint business. The remaining 49 percent interest will be acquired by Astral in tranches over a period of five years.
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