Latest News and Updates

22nd Apr, 2022

Pearl Global Industries acquires Alpha Clothing through its wholly-owned Hong Kong subsidiary

Published on: 4:11 pm

  • Pearl Global Industries Limited, one of India’s largest garment exporters has announced that its wholly owned subsidiary at Hong Kong namely, Pearl Global (HK) Limited has acquired 9,00,860 equity shares representing 52.11% equity capital of Bangladesh based, Alpha Clothing Limited for a consideration of USD 1.05 million on April 21, 2022. This acquisition will be funded through internal accruals.
  • As per the filing, Alpha Clothing Limited (Alpha) commenced its operations in the year 2013 with a modest workforce of 150 people and 100 machines. With efficient production processes, it has currently grown to a workforce of 2,100 people, 1,000 sewing machines, and a capacity of 8 million pieces a year. Alpha was a part of the approved facilities for outsourcing.
  • Commenting on the above, Group Vice Chairman, Pulkit Seth said, “We are witnessing healthy traction in the global apparel market, and we believe that Alpha’s acquisition will further drive growth for the company. This will allow us to expand our wallet share among our existing long‐term clients while also delivering a distinct value proposition.” Read more

L&T Technology logs 21% yoy growth in revenue for FY22; stock skids ~3%

Published on: 3:37 pm

  • L&T Technology Services Limited, India’s leading pure-play engineering services company, announced its results for the fourth quarter and financial year ended March 31, 2022.
  • Revenue stood at Rs1756.10 crore for Q4FY22, registering a growth of 22% yoy. Its Net Profit for the quarter under review stood at Rs262 crore; logging a growth of 35% yoy.
  • Its revenue grew by 21% yoy at Rs6,569.70 crore in FY22. While PAT logged growth of 44% yoy at Rs957 crore in the financial year under review. Read more

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ICICI Lombard plummets ~6% on disappointing Q4FY22 results

Published on: 3:16 pm

  • ICICI Lombard’s counter slipped nearly 6% in today’s trade as the company announced its results for the quarter and financial year ended March 2022.
  • Gross Direct Premium Income (GDPI) of the Company stood at Rs179.77 billion in FY22 as against Rs140.03 billion in FY21. Excluding the crop segment, the GDPI of the Company was at Rs173.11 billion in FY22 as against Rs139.71 billion in FY21.
  • GDPI of the Company stood at Rs46.66 billion in Q4FY22 as compared to Rs34.78 billion in Q4FY21. Excluding the crop segment, the GDPI of the Company was reported at Rs46.55 billion in Q4FY22 as against Rs34.78 billion in Q4FY21. Read more

Allied Digital Services bags Lucknow Safe City project of Rs85 crore

Published on: 3:14 pm

  • This is to inform that Allied Digital Services Limited has bagged Lucknow Safe City project as a sole bidder (No Consortium) against stiff competition from Global Giant Companies.
  • Total Contract Value is of more than Rs85 crore.
  • The project is expected to be executed in a period of 9 months and operations and maintenance shall run for 36 months, said company in a filing on Friday. Read more

Zen Tech secures order worth Rs55 crore; stock up ~1%

Published on: 2:55 pm

  • Zen Technologies Limited has signed an Annual Maintenance contract worth Rs55 crore for simulators for a period of 5 years from the date of signing of the contract, i.e., April 22, 2022.
  • As of date, the total order book of the company stands at Rs477.04 crore.
  • With this order, the domestic equipment order stands at Rs159.47 crore, whilst the order of the domestic services stands at Rs145.31 crore. Read more

ICRA revises FY2023 residential real estate outlook to Stable from Negative

Published on: 2:53 pm

  • ICRA has revised the FY2023 outlook for residential real estate to Stable from Negative, supported by multi-year high sales which in turn is driven by increasing preference for home ownership, improved affordability, all-time-low home loan interest rate, among other factors. The sales momentum is expected to sustain, with the sales in top seven cities expected to grow by 3% in FY2023, on high base of FY2022. The growth in volumes in FY2022 has been complemented by improvement in average realization as a result of changing product mix and price hikes implemented.
  • Giving more insights, Mr. Mathew Kurian, Vice President, ICRA says, “the sharp recovery in demand in the aftermath of Covid has improved pricing flexibility, particularly in completed projects. In FY2023 as well, the prices are also expected to be hiked, depending on the project specific sales traction, to compensate for the rise in construction cost seen in recent quarters. Healthy demand prospects and pricing flexibility in completed projects can help developers to maintain profitability margins. Additionally, even with an increase in interest rate on home loans by 50-75 bps from current levels , the demand is expected to remain firm." Read more

NSE IFSC launching India’s first International Sustainability Platform at GIFT IFSC

Published on: 2:47 pm

  • On Earth Day, NSE IFSC Ltd is pleased to announce the launch of an exclusive International Sustainability Platform, a first of its kind ESG platform in India, at GIFT IFSC.  It is expected to get operationalised in the second half of 2022 subject to Regulatory approvals.
  • The platform will facilitate listing and trading a variety of sustainability products including Green Bonds, Voluntary Carbon, Sustainable Bonds, Green REITs, Green Equity etc and channelize the flow of sustainable finance to India and other markets.  Locating it in GIFT City will facilitate international investors to participate in Environment, Social and Governance (ESG) transitions in India and other markets. Read more

TVS Racing strengthens its international footprint with the first-ever TVS Asia One Make Championshi

Published on: 2:46 pm

  • Inspired by its racing heritage of four decades, TVS Racing, the factory racing team of TVS Motor Company, makes a historic announcement with the first-ever TVS Asia One Make Championship on Thursday. This marks a significant milestone in TVS Racing’s global roadmap, making it the first-ever Asia One Make Championship by an Indian manufacturer.
  • The championship will kicks-off in Malaysia this year, alongside the coveted Asian Road Racing Championship (ARRC).
  • TVS Racing has been pivotal in engineering the TVS Apache series through the company’s “Track to Road” strategy. This has resulted in TVS Apache becoming the fastest growing brand in the >150cc segment. The brand has redefined the sports segment with a focus on race performance, making it a highly desirable product for sports enthusiasts. Read more

HCL Technologies stock trades in green post Q4 numbers; revenue up by 15.1% yoy

Published on: 2:19 pm

  • HCL Technologies Limited has announced its results for the quarter and financial year ended March 2022. The company has also announced a dividend of Rs18 per equity share of Rs2 each for the FY22.
  • The company has logged 15.1% yoy growth in revenue at Rs22,597 crore for Q4FY22 as compared to Rs19,641 crore in Q4FY21. Revenue for FY22 jumped 13.6% yoy at Rs85,651 crore as compared to Rs75,379 crore in FY21.
  • EBITDA for the quarter ended March 2022 declined 4.2% yoy at Rs5,053 crore as compared to Rs5,276 crore in Q4FY21. While EBITDA for FY22 declined marginally by 1.2% yoy at Rs20,530 crore against Rs20,776 crore in FY21. Read more

Adani Ports acquires 100% stake in marine services company 'Ocean Sparkle'; Stock rallies ~4%

Published on: 1:53 pm

  • Adani Ports and Special Economic Zone Ltd (“APSEZ”) through its subsidiary, The Adani Harbour Services Ltd (“TAHSL”), has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle Ltd (‘OSL’), India’s leading third-party marine services provider.
  • Key activities carried by the company include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. OSL is valued at an enterprise value of Rs1,700 crore with Rs300 crore of free cash in the company. The company was established in 1995 by a group of marine technocrats with Mr. P Jairaj Kumar as the Chairman and MD, who will continue as the Chairman of the OSL board. Read more

CRISIL logs 45.6% growth in PAT for Q1FY22; stock climbs ~4%

Published on: 1:43 pm

  • CRISIL Limited reported consolidated income from operations for the quarter ended March 2022 at Rs594.90 crore as compared to Rs495.2 crore for FY21, reporting a jump of 20.10% yoy.
  • Its PAT for the quarter grew by 45.60% yoy at Rs121.60 crore as compared to Rs83.50 crore in the previous corresponding quarter.
  • The company has also declared an interim dividend of Rs7 per share of Rs1 each in the current quarter ended March 2022. Read more

TCS inaugurates Pace Port Pittsburgh, an advanced research center at Carnegie Mellon University

Published on: 1:08 pm

  • Tata Consultancy Services (TCS) has announced the launch of TCS Pace Port Pittsburgh, an advanced research and co-innovation center on the Carnegie Mellon University campus.
  • This center is designed to help U.S. companies bring innovations to life faster by using the latest advances in technology and collaborating with local entrepreneurs, students, educators, and startups.
  • This is the fourth global co-innovation that TCS has launched. It specializes in innovation in the manufacturing and utility sectors, designed for companies in a wide range of industries. This provides enterprises with new ways to tap the Internet of Things (IoT) and the latest advances in AI from TCS Research. Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Equity benchmark indices trade lower amid weak trends in global markets in the afternoon trade on Friday.
  • BSE Sensex is 57,619.50 levels, down 292.18 points or 0.50%.
  • Nifty50 is currently 17,295.50, down 97.10 points or 0.56%. Nifty Bank at 36,368. Read more

L&T Technology Services awarded $100 million electric air mobility program from Jaunt Air Mobili

Published on: 12:11 pm

  • L&T Technology Services Limited has garnered a multi-year $100 million+ electric air mobility deal from Jaunt Air Mobility (Jaunt). As part of the contract, LTTS will open an Engineering and R&D Centre in Québec Province for the next-gen electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL (electric Vertical Takeoff and Landing) air taxi.
  • At around 12:13 PM, L&T Technology Services was trading at Rs4,214 apiece down by Rs30.35 or 0.72% on the BSE.
  • Under the purview of Jaunt's Urban Air Mobility (UAM) business focus, LTTS will offer global engineering services to support and build the Jaunt Journey. Collectively these will encompass technology areas such as power distribution system, air data management, cockpit display system, flight control system, battery management, electrification, power electronics, structural design, stress analysis, testing, certification, and manufacturing engineering. Read more

Tata Communications clocks 18.5% yoy growth in PAT for FY22; declares dividend of Rs20.7 per share

Published on: 12:10 pm

  • Tata Communications, a global digital ecosystem enabler, has announced its financial results for the quarter and year ended March 31, 2022.
  • Company’s consolidated revenue for FY22 stood at Rs16,725 crore (USD 2,244.9 million) and at Rs4,263 crore (USD 567.0 Mn) for Q4FY22.
  • Consolidated EBITDA was reported at Rs4,227 crore (USD 567.3 million); with margins at 25.3%, expanding by 40 bps yoy. EBITDA margin for the quarter stood at 24.5%. Read more

ARSS Infrastructure Projects receives new order worth Rs2.20 crore

Published on: 12:05 pm

  • ARSS Infrastructure Projects Ltd informed to the exchanges that it has received a work order of Rs.2,20,34,898.69 for "Temporary Rail connectivity to MMLP Paradip."
  • At around 12:08 PM, ARSS Infrastructure Projects was trading at Rs29.85 apiece down by Rs0.1 or 0.33% from its previous closing of Rs29.95 apiece on the BSE. Read more

CRISIL affirms credit ratings of Neuland Laboratories’ bank facilities

Published on: 11:46 am

  • Neuland Laboratories Limited has informed that the credit rating agency CRISIL Limited has reviewed the company’s bank facilities, and has affirmed the credit ratings assigned to the company.
  • CRISIL has affirmed the ‘CRISIL A-‘ rating to the company’s long-term loan, and fund-based limits. It has given a stable outlook for the same.
  • The rating agency has given the ‘CRISIL A2+’ rating to the company’s short-term non-fund based limits. Read more

Fitch Ratings: Higher fuel costs could test resilience of India ABS Transactions

Published on: 11:42 am

  • Fitch Ratings believes that our rated Indian auto-loan ABS transactions will prove resilient to fuel costs at their current elevated levels. However, the greater the rise in fuel prices, the more of a challenge it will be for commercial vehicle operators to pass it on to their customers, and further large increases could have adverse effects on our rated transactions.
  • "Our rated transactions comprise commercial-usage auto (truck) loans and tractor loans that are repaid mainly from earnings from the vehicles. Increases in fuel prices have a direct impact on the business models of vehicle owners, with fuel costs representing around half of operating expenses for truck operators, for example," Fitch Ratings said in the report.. Read more

86th AGM: ACC makes strong progress on its strategic priorities- focus on rapid expansion, superior

Published on: 11:37 am

  • The 86th Annual General Meeting of ACC Limited was held virtually on April 21, 2022. Mr. Martin Kriegner, Non-Executive Director of the Company, chaired the AGM.
  • Comment of Mr. Martin Kriegner, Chairman of the 86th AGM “Every member of our workforce played an important role in delivering the business results in 2021. I thank all the employees of ACC for their valuable contribution. On behalf of ACC, I extend my appreciation to all our stakeholders without whose support we could not have achieved this strong performance”.
  • Mr. Kriegner, ACC‘s vision is to become the ‘Most Sustainable and Innovative Building Materials Company’ in India. The Company is progressing very well on the implementation of its strategic priorities - delivering superior performance, accelerating growth and leading in innovation as well as sustainability. Read more

TVS Motor invests additional £100 million in UK-led Norton Motorcycle; Stock under pressure

Published on: 11:31 am

  • TVS Motor Company stocks in focus today after the company announced an additional investment of £100 million in Norton Motorcycles, Britain's most iconic sporting motorcycle brand, which was acquired in April 2020. Norton recently opened its new manufacturing facility in Solihull, West Midlands, building British bikes in England using traditional hand-crafted techniques with modern-day machinery for consistently high quality.
  • “TVS Motor Company is excited to announce an investment of about £100 million in Norton Motorcycle, the iconic British brand we had acquired in 2020. Some of these investments have already been made, leading to the creation of a world-class facility and the imminent launch of a re-engineered V4 SV and 961 Commando. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Equity benchmark indices recovered from the day’s low in the late morning trade on Friday.
  • BSE Sensex is 57,656.17 levels, down 256 points or 0.44%.
  • Nifty50 is currently 17,304.10, down 88.50 points or 0.51%. Nifty Bank at 36,570.05.
  • India VIX is up 0.95% at 18.02 levels.
  • Adani Ports, HCL Tech, Maruti, Bajaj Finance and Airtel are the top gainers. Hindalco, SBI, Cipla, Axis Bank and HDFC Life are the top losers.
  • Except for Media, all sectors are in red. Nifty Private Banks, PSU Banks, Metal, Auto and IT indexes are in the red zone.
  • Out of 50 stocks traded on the NSE, 10 advanced, and 40 declined. Read More

Rallis India tumbles 6% after reporting Q4 net loss at Rs14 crore

Published on: 11:19 am

  • Rallis India Limited has recorded consolidated revenues of Rs508 crore for the quarter ended March 31, 2022, recording growth of 8% yoy as against Rs471 crore in Q4FY21.
  • Company’s loss before tax (before exceptional items) stood at Rs16 crore for Q4FY22 as compared to a profit before tax (before exceptional items) of Rs10 crore. Its Loss after-tax in Q4FY22 was reported at Rs14 crore, as against a Profit after tax of Rs8 crore in Q4FY21.
  • Rallis’ consolidated revenue stood at Rs2,604 crore for the period ended March 31, 2022, reporting a growth of 7.2% yoy as against Rs2,429 crore in FY21. Read More

Maruti Suzuki launches all-new XL6 in India; Stock rises

Published on: 10:52 am

  • Augmenting NEXA’s value statement of “CREATE.INSPIRE.”, Maruti Suzuki on Friday launched the All-New XL6. The most premium offering from NEXA, the All-New XL6 with a bolder design, enhanced comfort features, in-built connected technology and Next-Gen Powertrain offers an immersive and indulgent driving experience.
  • Inspiring the future of Indulgence, the All-New XL6 empowers expression of individual identities who aspire for the finer things in life and take out the time to indulge. The All-New XL6 enables the NEXA customer to revel in utmost comfort while maintaining discernible tastes. Read more

SIS acquires further 2.36% stake in Staqu Technologies; stock trades flat

Published on: 10:52 am

  • SIS Limited informed that the company has signed Share Purchase Agreement for acquisition of additional 2.36% shareholding in Staqu Technologies Private Limited. With this acquisition, the total shareholding to be acquired by the Company in Staqu will increase to 10.01%.
  • The company has already agreed to acquire 7.65% shareholding in Staqu Technologies Private Limited dated April 15, 2022.
  • Certain Senior Managers of SIS and its subsidiaries will be co-investing Rs80 lakh on similar terms for acquisition of 0.13% shareholding on a fully diluted basis. Read more

JSW Neo Energy signs MoU for 1,500 MW Hydro Pumped Storage MoU with Telangana Govt

Published on: 10:28 am

  • JSW Energy Limited, through its wholly-owned subsidiary, JSW Neo Energy Limited, has entered into a Memorandum of Understanding with the Government of Telangana for setting up a 1,500 MW capacity Hydro Pumped Storage Project viz. Komoram Bheem Pump Storage Project in the State of Telangana.
  • On Friday, JSW Energy stock was trading at Rs345 per piece higher by 1.49% on the BSE, at around 10:30 AM.
  • With the rapid addition of renewable energy in the country, the development of energy storage solutions such as Hydro Pumped Storage Projects (PSP) becomes essential to solve for intermittent power supply from renewables. Hydro Pumped Storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity. Read more

Cyient zooms 6% on robust Q4FY22 performance; reports highest ever PAT at Rs522.40 crore

Published on: 10:17 am

  • Cyient Limited, a leading global Technology Solutions company, announced its financial results for the quarter ended March 31, 2022, and annual results for FY22.
  • Company’s group revenue for Q4FY22 was reported at Rs1181.20 crore with the services revenue at Rs983.50 crore, reporting a jump of 1.7% QoQ.
  • It has reported the highest ever group EBIT of Rs170.80 crore for Q4FY22, and the EBIT margin stood at 14.5%. Read more

RITES wins National Award for Excellence in cost management

Published on: 10:10 am

  • RITES Ltd., a leading transport infrastructure consultancy and engineering company, has been conferred the first position under the ‘consulting category’ at the 17th National Awards for Excellence in Cost Management-2019.
  • The award, presented by the Institute of Cost Accountants of India (ICAI), a premier cost and management accounting body of the country, recognised the efficient and innovative cost management techniques adopted by RITES Ltd. Read more

RailTel Corporation secures work order for Rs29.75 crore; Stock soars ~2%

Published on: 10:05 am

  • Railtel Corporation of India stock rally in the market on Friday after  intimation regarding major order secured by the company.
  • As per  the filing,  the Company has received work order from National Informatics Centre Services Incorporated in relation to assignment of work of Immigration Visa and Foreigner Registration & Tracking at a total cost of Rs29.75 crore (All Indusive). Read more

Singapore based fund Maybank Kim Eng Securities picks up stake in KBC Global; stock rises over 2%

Published on: 10:00 am

  • According to the bulk deal data on NSE and BSE, Singapore based fund Maybank Kim Eng Securities Pte ltd on Wednesday has picked up stake in KBC Global Ltd. of 35 lakh shares at Rs9.99 per share.
  • Further, in the bulk deal data available on NSE on April 19, Rama Krishna Varma Pemetsa had picked up 37 lakh shares at Rs9.75.
  • KBC Global Ltd. is a leading player in the affordable and mid-income housing segment. KBC Global Ltd is a First-Generation Construction Company. The company has established brand name as “Hari” for all its project. Read more

Sah Polymers files DRHP with SEBI to raise funds via IPO

Published on: 10:00 am

  • Udaipur, Rajasthan-based Sah Polymers Limited, primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) Flexible Intermediate Bulk Containers (FIBC) Bags, Woven Sacks, HDPE/PP woven fabrics, woven polymer based products  has filed its draft red herring prospectus (DRHP) with the markets regulator, SEBI, to raise funds through an initial public offering (IPO) with a fresh issue of 102,00,000 equity shares, with no offer for sale component.
  • The issue has a face value of Rs10 per equity share for the proposed share sale. The Offer is being made through the Book Building Process, wherein not less than 75% of the Offer shall be available for allocation to Qualified Institutional Buyers, not more than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders. Read more

South West Pinnacle bags 3 new contracts worth Rs36.74 crore; stock jumps ~2%

Published on: 9:43 am

  • South West Pinnacle Exploration Limited (SWPEL) is awarded 3 new contracts for an aggregate value of Rs36.74 crore.
  • The company has received LOI from the Hutti Gold Mines Company Limited, a Government of Karnataka Enterprise, worth Rs7.10 crore. This order is for Surface Diamond Drilling Work at Uti Gold Mine. The company is expected to complete the project in FY2022-23.
  • It received NOA from ONGC Energy Centre Trust or Hiring of Drilling Rig & Associated Services at Puga Valley in UT of Ladakh worth Rs18.64 crore. The company is expected to complete the project during the current FY2022-23 itself and it’s a niche & prestigious project of Unconventional Oil & Gas. This is SWPEL’s first project in the state of Jammu & Kashmir (Ladakh Region) at an altitude of over 4,000 meters from sea level and is of utmost importance for the company. Read more

Markets halt gaining spree as banking and financial stocks weigh

Published on: 9:32 am

  • Indian markets halted their gaining spree and were trading on a bearish note during Friday's session weighed down by heavyweights banking and financial stocks. Also, a selloff in other Asian counterparts on broader term played a role. The stock markets reacted negatively after Federal Reserve Chair Jerome Powell reinforced expectations of sharp rate hike next month.
  • Meanwhile, the consistent sea saw battle arising on US Yield bonds and brent crude price also hindered investors appetite for stocks. On  Thursday, bond yields closed close to 2.96% which is a level last seen in 2018. However, oil prices heads to 4% weekly decline on demand concerns, weaker global cues.
  • Corporate earnings of heavyweights which had been one of the factors in lifting Sensex and Nifty earlier this week, failed to lift the benchmarks today. Read more

Chembond Chemicals suffers fire accident at Tarapur, Maharashtra; Stock sheds 3.5%

Published on: 9:22 am

  • A fire broke out at Chembond Chemicals Ltd's Tarapur, Maharashtra plant on April 21, 2022 at around 9.30 a.m. IST which was brought under control with the help of the Fire department, said  company in a filing on Thursday. The cause of the fire will be assessed in due course. This incident resulted in 1 fatality.
  • In addition to this, the fire has resulted in damage to raw materials and finished goods stored in the plant, the machinery and building, thereby disrupting the operations of the plant. Read more

Man Industries (India) board declares interim dividend of Rs2

Published on: 9:17 am

  • The Board of Directors of Man Industries (India) Ltd at its meeting held on April 21, 2022, has declared Interim Dividend @ 40% (i.e. Rs. 2/-) per equity share of Rs5/- each for the financial year 2022-2023.
  • In addition, the interim dividend for the financial year 2022-2023 will be paid within the stipulated time to those members whose names appear in the Register of Members of the Company and/or Register of Beneficial Owners maintained by the Depositories as on the record date i.e. April 29, 2022. Read more

Adani Enterprises' subsidiary Adani Road Transport forms SPV for road project

Published on: 9:16 am

  • Adani Road Transport Limited ("ARTL"), WOS of Adani Enterprises Ltd has incorporated a WOS namely, Kagal Satara Road Private Limited ("KSRPL"), on April 20, 2022 with an Initial Authorized and Paid-Up Share Capital of Rs1 lakh each, to, interalia. carry out the Development Operation, Maintenance and Management of the project.
  • According to the regulatory filing, the project is for "Six Laning of Kagal-Satara section of NH-48 (old NH-4) [Package - II from km 658.000 to km 725.000] in the State of Maharashtra to be executed on BOT (Toll) mode under Bharatmala Pariyojana" and to do all necessary and incidental activities in this regard. Read more

Top stocks in focus: Hindustan Zinc, Tata Comm, HCL Tech, TVS Motor, JSW Energy

Published on: 7:49 am

  • Tata Communications recorded a profit in Q4FY22 which grew by 23.2 per cent YoY to Rs369 crore on higher other income. The board has recommended a dividend of Rs20.7 per share for the year, as a result of the company reporting strong profitability.
  • HCL Technologies recorded a 4.4 per cent sequential growth in profit at Rs3,593 crore and 1.2 per cent QoQ growth in revenue at Rs22,597 crore. The dollar revenue growth was half a percent QoQ at $2,993 million and revenue in constant currency showed 1.1 percent increase QoQ.
  • ICICI Lombard General Insurance Company reported 9.6 per cent year-on-year decline in profit at Rs312.5 crore, but net premium earned during the quarter jumped 27 per cent to Rs3,318 crore. Read More

Stock market news that you should not miss today

Published on: 7:46 am

  • Here is the important stock market news to watch out for today.
  • Markets to open on a negative note; support @17,150, resistance at 17,500.
  • FIIs have sold shares worth Rs713.69 crore (cash) and bought Rs2823.43 crore in index futures.
  • US markets saw a sharp selloff after 3 days of superb gains. Asian markets are trading lower.
  • Brent crude was trading 1.08% down at $107.25 per barrel.
  • Tata Communications recorded a profit in Q4FY22 which grew by 23.2 per cent YoY to Rs369 crore on higher other income. The board has recommended a dividend of Rs20.7 per share for the year, as a result of the company reporting strong profitability. Read more

SGX Nifty indicates negative opening for Indian markets

Published on: 7:30 am

  • SGX Nifty is at 17,187.50 levels, lower 226.50 points. (Updated at 8:37 AM)
  • The Nifty saw a smart short-covering/value buying session as positive buying by local funds & much-reduced selling by the foreign investors saw the index close higher by 250 points. Bank Nifty also saw a strong rebound closing higher by over 500 points. This as HDFC twins led the gainers with Reliance hitting fresh new all-time highs which saw the index cross 17400.Mid caps also saw gains as the Nifty smallcap 50 indexes closed higher by 1.55%.
  • US markets: US markets see a sharp selloff after 3 days of superb gains with Federal Reserve Chairman talking down the markets with a 'hawkish' outlook on rates. This saw Dow Jones close lower by over 350 points after being up over 300 points in intraday trade. Nasdaq also saw huge swings being up 250 before closing down 270 as Powell's talk confirms a 50 basis points hike in May. Read more

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