Nfity hovers below 15,950; IT stocks drop

19 May 2022 , 10:32 AM

Indices traded continued to trade with major losses in morning trade. All the sectoral indices on the NSE traded in the red with IT, metals and banks shares losing the most. The Nifty was below the 15,950 level. Trading was volatile due to expiry of weekly index options on the NSE. At 10:23 IST, the barometer index, S&P BSE Sensex was down by 971.85 points or 1.79% at 53,236.68. The Nifty 50 index fell 292.60 points or 1.80% at 15,947.70. In the broader market, the S&P BSE Mid-Cap index fell 1.69% while the S&P BSE Small-Cap index declined 1.56%. Sellers outnumbered buyers. On the BSE, 692 shares rose while 2,294 shares fell. A total of 95 shares were unchanged. In the US, Dow Jones index futures was up 60 points, indicating a positive opening in the US stocks today. Results Today: Dr. Reddys (down 0.94%) will announce its results today. Godrej Consumer Products (down 2.14%), Gland Pharma (down 0.33%), Hindustan Petroleum Corporation (down 0.16%), Krishna Institute of Medical Sciences (down 2.79%), Endurance Technologies (down 1.86%), CONCOR (down 1.76%), Chambal Fertilizers and Chemicals (up 0.12%), Bosch (down 0.58%), Ashok Leyland (down 1.74%), Alkyl Amines Chemicals (down 1.96%), Rossari Biotech (down 1.65%), Prince Pipes and Fittings (down 1.85%), Man Infraconstruction (down 2.59%) will also announce their results today. Buzzing Index : The Nifty IT Index was down 3.87% to 28,913.65. The index has lost 4.3% in two days. Mphasis (down 5.74%), L&T Technology Services (down 4.93%), Coforge (down 4.88%), Tech Mahindra (down 4.69%) and Larsen & Toubro Infotech (down 4.12%) tumbled. Stocks in Spotlight: ITC rose 3.02% to Rs 267.40 after the companys standalone net profit rose 11.81% to Rs 4,190.96 crore on 16.49% increase in net revenue to Rs 15,331.48 crore in Q4 March 2022 over Q4 March 2021.EBITDA improved by 16.8% to Rs 5,224 crore in Q4 FY22 from Rs 4,473 crore in Q4 FY21. Profit before tax in the fourth quarter stood at Rs 5,442 crore, up by 12.1% from Rs 4,854 crore reported in the same period last year. Pidilite Industries fell 2.54% to Rs 2,108.15 after the company reported a 17.7% fall in consolidated net profit to Rs 254.35 crore in Q4 FY22 compared with the net profit of Rs 308.89 crore in Q4 FY21. Net sales stood at Rs 2,507.10 crore for the quarter ended 31 March 2022 as against Rs 2,235.52 crore during the same period in the previous year, registering a growth of 12.1%. Lupin slumped 8.07% to Rs 628.10 after the company reported a consolidated net loss of Rs 518 crore in Q4 FY22 as against a net profit of Rs 460.4 crore in Q4 FY21. Income from operations rose by 2.8% YoY to Rs 3,864.5 crore during the quarter. While the total revenue from formulations was Rs 3,644.2 crore (up 4% YoY), the revenue from API was Rs 220.3 crore (down 13.8% YoY) in Q4 FY22. Ratnamani Metals & Tubes rose 3.62% after the companys board on Wednesday approved issuing one bonus share for two equity shares held (1:2). The board also recommended a dividend of Rs 14 a share for the fiscal year 2022. The company announced its Q4 results yesterday, 18 May 2022. On a consolidated basis, net profit of Ratnamani Metals & Tubes rose 2.01% to Rs 111.63 crore on 39.94% rise in net sales to Rs 974.06 crore in Q4 March 2022 over Q4 March 2021. Powered by Capital Market – Live News