The market turned volatile after a 3 per cent rally in the previous two consecutive sessions and closed the day marginally lower on May 18, weighed down by select banking and financial services, technology, power and infra stocks. The BSE Sensex fell 110 points to 54,209, while the Nifty50 declined 19 points to 16,240 The broader markets also closed moderately lower with the Nifty Midcap 100 and Smallcap 100 indices declining 0.2 per cent and 0.4 per cent respectively.
HPCL, Ashok Leyland, Bosch, Chambal Fertilisers & Chemicals, Container Corporation of India, Endurance Technologies, Gland Pharma, Dr Reddy’s Laboratories, Godrej Consumer Products, Novartis India, Ramco Systems, Punjab & Sind Bank, Rossari Biotech, Ujjivan Financial Services, and Suryoday Small Finance Bank will be in focus ahead of March quarter earnings on May 19.
Ronojoy Dutta, the chief executive officer of IndiGo, said he will retire on September 30. The firm also said it has appointed Pieter Elbers as the next chief executive officer. The company has postponed its March quarter earnings announcement and now it will be on May 25.
Diversified conglomerate ITC reported an 11.8 percent year-on-year (YoY) jump in net profit at Rs 4,191 crore for the fourth quarter ended March 31, 2022 as against Rs 3,755 crore recorded a year ago, due to strong growth across all operating segments. Consolidated revenue rose 15.3 per cent on-year to Rs 17,754 crore versus Rs 15,404 crore a year ago. Revenue from cigarette business grew 9.96 per cent while non-cigarette FMCG revenue was up 12.32 per cent from the corresponding quarter.
IGL reported a rise in net profit of 9.24 per cent to Rs 361.60 crore in the quarter ended March 2022 as against Rs 331.00 crore during the previous quarter ended March 2021. Revenue rose 55.16 per cent to Rs 2,405.92 crore in the quarter ended March 2022 as against Rs 1,550.63 crore during the previous quarter ended March 2021. Total cost surged 72 per cent YoY to Rs 2,230 crore.
Sugar stocks like Triveni Engineering, Uttam Sugar Mills, Bajaj Hindusthan, Balrampur Chini will be in focus after the government approved amendments to the National Policy on Biofuels, 2018, to advance the date by which fuel companies have to increase the percentage of ethanol in fuel to 20 per cent, from 2030 to 2025. The policy of introducing 20 per cent ethanol will take effect from April 1, 2023.
Manappuram Finance reported a 44 per cent decline in its net profit for the March quarter to Rs 261 crore against analysts’ estimates of Rs 451 crore a year ago. Revenue fell 9 per cent year-on-year to Rs 1,480 crore. Total cost rose 13 per cent to Rs 1,140 crore.
LIC Housing Finance
LIC Housing Finance reported a 174 per cent surge in net profit for the March quarter to Rs 1,114 crore from Rs 406 crore a year ago. Revenue for the quarter rose 6.3 per cent year-on-year to Rs 5,207.53 crore. Provisions for loan losses for the quarter stood at Rs 177 crore.
Ratnamani Metals & Tubes
The board approved the issue of bonus shares in the ratio of 1 for 2 held. The firm also recommended a dividend of Rs 14 a share for the fiscal year 2022. For Bonus shares the record date will be on July 1, 2022.
The company reported a 17.3 per cent decline in its net profit for the March quarter to Rs 254 crore from Rs 308 crore a year ago. Revenue for the quarter rose 12 per cent year-on-year to Rs 2,507 crore versus Rs 2,235 crore last year. Total cost rose 18 per cent year-on-year to Rs 2,178 crore.
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