Indian equity markets may open gap-down as Nifty futures on the Singapore Exchange traded 100 points, or 0.59 per cent, higher at 17,095, signaling that Dalal Street was headed for a positive start on Tuesday. In the previous session, benchmark indices BSE Sensex and NSE Nifty 50 fell for the second consecutive day on weak global cues. “We expect markets to remain volatile amid worries about inflation and its impact on corporate earnings, while also fuelling concerns over aggressive US Fed rate hikes in the near term. However, stock specific action may continue as we are progressing into earnings season. Market is likely to remain volatile in the broader trading range with absence of follow up on either side,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 26 April, Tuesday
RIL, Future Retail: The legal battle between Reliance Industries (RIL) and e-commerce major Amazon would continue unabated, even after the latter had expressed its inability to go ahead with the 24,713-crore deal. “The issue is not closed. Now the legal fight would continue as RIL has taken control of Future Group’s retail stores, despite the emergency arbitrator ruling to maintain status quo,” a lawyer close to the development told FE. The lawyer was referring to Singapore’s Emergency Arbitrator’s order in October 2020 restraining Future Retail from executing the deal, till the legal issues are settled. Amazon is of the view that RIL taking control of Future Group’s stores is a breach of this ruling, as it has to maintain “status quo”. The case, which came up for hearing before the Delhi High Court on Monday, was adjourned for Thursday.
Bajaj Finance: Bajaj Finance on Tuesday is likely to report on-year Net Interest Income (NII) growth for the March quarter in the thirties, while net profit growth is also likely to be strong.The company is likely to report 33 per cent growth in NII, said analysts. They had a varied projection on profit growth for the quarter, in the range of 47-80 per cent. YES Securities, which has the highest projection in profit growth, said AUM growth would be at 29 per cent YoY, which includes short-term IPO financing receivables.
Veranda Learning Solutions: Veranda Learning Solutions Ltd, the edtech firm, that got listed in the stock market earlier this month, announced on Monday that it was acquiring leading test prep firm T.I.M.E for Rs 287 crore. The acquisition, for which Veranda has now signed a definitive agreement with T.I.M.E, will happen in two phases – 80% in the first phase, and the rest 20% after two years. T.I.M.E. (Advanced Educational Activities Pvt Ltd) is a leading test-prep chain with a pan-India presence operating through 188 centres including franchisees spread across 98 cities in India.
Gujarat Mineral Development Corporation (GMDC): The company recorded consolidated profit at Rs 177 crore for the quarter ended March 2022, against loss of Rs 184.64 crore in same period last year, driven by topline. Revenue grew by 87 per cent on-year to Rs 1,057.3 crore in the same period. In the January-March quarter, the company’s consolidated income was Rs 1,096.97 crore, up from Rs 608.36 crore a year ago. Additionally, the company announced its board had recommended a dividend of Rs 4.30 per equity share of Rs 2 each for FY’22.
Eveready Industries: Battery and flashlights maker Eveready Industries India Ltd on April 25 reported narrowing of its consolidated net loss to Rs 38.41 crore in the fourth quarter ended March. The company had posted a net loss of Rs 442.53 crore in the January-March period a year ago, it said in a regulatory filing. Its revenue from operations rose 17.82 per cent to Rs 294.33 crore during the quarter under review. In the year-ago period, the same stood at Rs 249.81 crore. Company’s total expenses stood at Rs 241.23 crore in the latest quarter, down 11.51 per cent from the year-ago period.
Q4 Results today: Bajaj Finance, HDFC Life, Aditya Birla Sun Life, KPIT Tech, Macrotech Developers in focus. Bajaj Finance, HDFC Life Insurance Company, Aditya Birla Sun Life AMC, KPIT Technologies, Macrotech Developers, Mahindra Logistics, Nippon Life India Asset Management, NELCO, Atul, AU Small Finance Bank, Gateway Distriparks, IIFL Securities, Sanofi India, Schaeffler India, Som Distilleries & Breweries, Tata Coffee, Tata Teleservices (Maharashtra), United Breweries, UTI Asset Management Company, VST Industries, D-Link (India), International Travel House, Gujarat Hotels, Jindal Hotels, JK Agri Genetics, and Jumbo Bag will release quarterly earnings on April 26.