Bears retained their dominance at Dalal Street for the fourth consecutive session on May 11, despite positive sentiment in global counterparts. The selling in technology, auto, FMCG stocks, L&T, and Bajaj Finance weighed down the market, though banks and HDFC capped losses. The benchmark indices recouped around one percent loss from the day’s low with the Nifty50 strongly defending the psychological 16,000 mark. The BSE Sensex fell 276 points to 54,088, while the Nifty50 declined 73 points to 16,167.
Sushant Bhansali, CEO, Ambit Asset Management, said: “The pressure of increased inflation on corporate earnings is quite visible since the last 2 quarters and is expected to continue for another 1-2 quarters. As a result, earnings are getting downgraded more than being upgraded by markets. The mix of earnings downgrade along with a reversal of the interest rate cycle is increasing volatility in the markets. We believe that we are in the consolidation phase after the big bull run in the last two years, a much-needed breather. Profit booking alongside revisions in asset allocation will drag the markets down while fresh flows will push the markets up during this phase. The consolidation phase shall continue for a few more months depending to a large extent on how inflation plays out globally.”
Larsen & Toubro, Tata Motors, RBL Bank, Siemens, Aditya Birla Capital, Anupam Rasayan India, Apollo Tyres, Coforge, Greaves Cotton, Gujarat State Petronet, Honeywell Automation India, Poonawalla Fincorp, Ujjivan Small Finance Bank, Windlas Biotech, Avanti Feeds, Brigade Enterprises, CreditAccess Grameen, Genus Power Infrastructures, HP Adhesives, ICRA, Jammu & Kashmir Bank, JMC Projects, Lumax Auto Technologies, Matrimony.com, Mindspace Business Parks REIT, South Indian Bank and Spencers Retail will release their quarterly earnings on May 12.
The company reported a 55.4 percent year-on-year decline in consolidated profit at Rs 111 crore for the quarter ended March 2022, impacted by higher power & fuel, input cost, and exceptional loss. Revenue grew by 6 percent to Rs 2,264.2 crore as compared to the year-ago period.
The liquefied natural gas importer clocked a 24 percent year-on-year growth in consolidated profit at Rs 791 crore in Q4FY22, driven largely by strong topline. Revenue grew by 47.3 percent to Rs 11,160.4 crore compared to year-ago period.
Lakshmi Machine Works
The company recorded a healthy 218 percent year-on-year growth in consolidated profit at Rs 82.72 crore in quarter ended March 2022, driven by strong topline and operating income. Revenue increased by 46 percent to Rs 998.5 crore compared to same period last year.
Life Insurance Corporation of India acquired 2.03 percent equity stake in the company via open market transactions. With this, its shareholding in the company stands increased to 6.05 percent, up from 4.02 percent earlier.
The construction company recorded a 97.4 percent year-on-year growth in consolidated profit at Rs 234 crore in quarter ended March 2022 despite weak operating income that was hit by higher input cost. Profitability was supported by entire stake sale in subsidiary NCC Virag Urban Infrastructure. Revenue grew by 23.5 percent to Rs 3,477 crore compared to same period last year.
Subsidiary Novelis Inc recorded a 21 percent year-on-year growth in net income at $217 million in March 2022 quarter driven by topline and lower tax cost. Net sales increased 34 percent to $4.8 billion compared to year-ago period, primarily driven by higher average aluminum prices and local market premiums. But adjusted EBITDA at $431 million fell 15 percent YoY primarily due to short-term operational cost challenges.
The power transmission & distribution structures manufacturer clocked a 177 percent year-on-year growth in profit at Rs 25.12 crore in quarter ended March 2022 led by higher operating income and margin performance (up 260 bps YoY). Revenue grew by 11 percent to Rs 552.65 crore and EBITDA increased by 44 percent to Rs 61.67 crore compared to year-ago period. Order inflow in Q4FY22 stood at Rs 271 crore, and the closing order book as on March 2022 stood at Rs 2,115 crore.
The real estate developer in partnership with Bain Capital and Ivanhoé Cambridge will develop a next-generation green digital infrastructure platform. The platform will jointly invest around $1 billion to create ~30 million square feet of operating assets to serve India’s digital economy.
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