Daily Stock Market News

Reliance, Campus Activewear, HCL Tech, Mindtree, and Others


The stock market fell 1.6 per cent on May 6 and remained under intense selling pressure in three out of four trading sessions in the truncated week. Every sector was caught in a bear trap. Market breadth remained in favour of declines with an advance-decline ratio of 1:5. Weak global cues weighed on the sentiment. The BSE Sensex tanked 867 points to 54,836 and the Nifty50 fell 271 points to 16,411, while the Nifty Midcap 100 and Smallcap 100 indices have fallen 1.8 per cent and 2.5 per cent respectively.

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UPL, PVR, Godrej Agrovet, Infibeam Avenues, Dalmia Bharat, Gujarat Narmada Valley Fertilizers & Chemicals, 3i Infotech, Aarti Drugs, BASF India, Borosil, Central Bank of India, CMS Info Systems, Craftsman Automation, Vedant Fashions, Suven Pharmaceuticals, VST Tillers Tractors, ISMT, Mold-Tek Packaging, Visaka Industries, and Vishwaraj Sugar Industries will release quarterly earnings on May 9.

Reliance Industries

The oil-telecom-to-retail major reported 20.2 percent year-on-year growth in consolidated profit at Rs 18,021 crore in the quarter ended March 2022 led by strong operating income as well as topline. Revenue in Q4FY22 grew by 35 per cent to Rs 2,32,539 crore and EBITDA surged 28 per cent to Rs 33,968 crore during the same period, boosted by all key segments – telecom, retail and oil-to-chemical.

Campus Activewear

The company will make its debut on the BSE and NSE on May 9.

HCL Technologies

The IT services company’s UK-based subsidiary has acquired Switzerland-based digital banking and wealth management specialist Confinale AG, for 53 million CHF (Swiss Francs). The said acquisition is likely to be completed by July 1, 2022.

Shipping Corporation of India

The company recorded a massive 77.4 per cent year-on-year growth in consolidated profit at Rs 152 crore in the quarter ended March 2022 on strong topline and operating income. Revenue from operations grew by 50 per cent to Rs 1,314.5 crore during the same period.

Go Fashion India

The women’s bottom-wear brand reported a 73 per cent year-on-year growth in profit at Rs 12 crore in Q4FY22 driven by healthy operating income and revenue. Revenue from operations grew by 29 per cent to Rs 116 crore and EBITDA increased 53 per cent to Rs 38 crore compared to the year-ago period, with volume growth of 11 percent YoY.

Hariom Pipe Industries

The company recorded a 44.5 per cent year-on-year growth in profit at Rs 9.77 crore in quarter ended March 2022 despite higher input cost and power & fuel expenses, led by a strong topline. Revenue grew by 33 per cent YoY to Rs 124.2 crore in the same quarter.

Equitas Holdings

The Reserve Bank of India has approved the amalgamation between Equitas Holdings and Equitas Small Finance Bank.

Tata Power Company

The company reported a 31.4 per cent year-on-year growth in profit at Rs 632.4 crore on strong topline and operating income in the quarter ended March 2022. Revenue from operations increased by 15.4 per cent to Rs 11,960 crore during the same period.

Mindtree, L&T Infotech

L&T Group announced a merger of Mindtree and L&T Infotech to create India’s next large-scale IT services player. All shareholders of Mindtree will receive 73 shares of L&T Infotech for every 100 shares held. Larsen & Toubro will hold 68.73 per cent of L&T Infotech after the merger.

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