Indian benchmark indices Sensex and Nifty are likely to open on a tepid note on Wednesday as trends on SGX Nifty signalled at a flat start for the broader index in India, with a loss of 23 points. The Nifty futures were trading around 18,115.50 level on the Singaporean Exchange. “Globally markets are weak as US treasury yields surged 1% for the first time in two years. Also, The Bank of Japan raised its inflation forecasts slightly to 1.1% from 1%. Investors continue to monitor the global economic recovery from COVID-19. Markets have witnessed some profit-booking over the last few days and Nifty need to hold above the psychological level of 18000 to maintain the bullish stance. Traders are advised to maintain their stock / sector specific approach in the market” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
RIL: Mukesh Ambani led Reliance Industries’ retail arm Reliance Retail has acquired a 54 per cent stake in domestic robotics company Addverb for USD 132 million (about Rs 983 crore). Addverb has developed highly automated warehouses for RIL, Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC, and Marico. With this investment, RIL will hold around 54 per cent stake in Addverb, becoming a strategic partner. Addverb will continue to operate independently and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida.
Bajaj Finance: The company on Tuesday reported an 85% year-on-year increase in its consolidated profit after tax at Rs 2,125 crore in the October-December quarter, which is its highest ever. The company also reported its highest ever quarterly core AUM growth of Rs 14,700 crore during the December quarter. Assets under management grew by 26% to Rs 1,81,250 crore. Net interest income for Q3FY22 increased by 40% to Rs 6,000 crore, as against Rs 4,296 crore in Q3FY21.
L&T Technology Services: The company reported sharply higher consolidated profit at Rs 249.6 crore in Q3FY22 against Rs 186.9 crore in Q3FY21. Revenue jumped to Rs 1,687.5 crore from Rs 1,400.7 crore YoY. The company bagged a $45 million EV (electric vehicle) deal from US Auto Tier 1.
Axis Bank: Axis Bank’s subsidiary Axis Finance has has sent a legal notice to Zee Entertainment Enterprises (ZEE) and its promoters, Subhash Chandra and his son Punit Goenka, seeking repayment of loans worth over Rs 146 crore before finalising the proposed merger of the company with Sony Pictures Network India (SPNI). If the Zee fails to repay the dues, Axis Finance has threatened to drag them to court and also write to the market regulator.
Bharti Airtel: Bharti Airtel gained 13 lakh subscribers in the month of November, and its total customer base stood at 35.5 crore, according to the data released by Telecom Regulatory Authority of India (Trai). Meanehile, Reliance Jio has also added mobile subscribers in November. Jio added 20 lakh mobile subscribers in November, taking the total base to 42.8 crore at the end of the month. Vodafone Idea, on the other hand, continued to lose its subscriber base.
ICICI Prudential Life: The company on Tuesday reported a marginal two per cent year-on-year growth in its net income to Rs 311 crore for the December 2021 quarter, on higher sales of policies. The company also reported a 20 per cent growth in the value of the new business to Rs 515 crore, while margins rose to 26.7 per cent in the December 2021 quarter.
Tata Elxsi: The company reported net profit increase of 43.5 per cent to Rs 151 crore in December quarter 2021-22. The company is among the world’s leading design and technology services providers across industries, including Automotive, Broadcast, Communications, Healthcare, and Transportation. It had registered a net profit of Rs 105.2 crore in the year-ago period, Tata Elxsi said in a regulatory filing.