Benchmark indices BSE Sensex and NSE Nifty 50 are likely to open gap down on Monday amid weak global cues, SGX Nifty was in red with Nifty futures trading 195 points, or 1.19% lower at 16,225 on the Singapore Exchange signaling that Dalal Street was headed for a negative start. In the previous session, the Indian market fell 1.5% amid weak global cues as investors remained worried on concerns over rising interest rates by global central banks. “Nifty has fallen sharply by 9% from its April high of 18115. Also India VIX is again on rise near 21 zones which is giving discomfort to the markets and suggesting wild swings ahead. Going ahead, domestic equities would continue to track global developments apart from the ongoing earning season for further cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks in focus on 9 May 2022, Monday
Reliance Industries: RIL announced its quarterly results where the revenue from operations of the company came in at Rs 2.11 lakh crore, up 36% from the year-ago period. Net profit of the company stood at Rs 16,203 crore, a jump of 22.4%. Oil to chemical business, the cash-cow of the RIL emipre shown brightly in the quarter with a revenue of Rs 1.45 lakh crore. Reliance Retail continued to grow with revenue coming in at Rs 58,019 crore. Jio has already reported revenue of Rs 20,901 crore, up 20.5% from the previous year. Reliance Industries reported a consolidated EBITDA of Rs 33,493 crore in the January-March quarter. In the financial year ending March 31, 2022, RIL revenue stood at Rs 7.92 lakh crore, crossing $100 billion.
Campus Activewear: Shares of Campus Activewear, the largest sports and athleisure footwear brand in India, will debut on BSE and NSE on May 9. The company has raised Rs 1,400 crore through its public issue that was subscribed 51.75 times during April 26-28 as all kind of investors participated in the offer. Qualified institutional buyers showed strong interest in the IPO, putting in bids 152 times the allotted quota, followed by non-institutional investors whose reserved portion subscribed 22.25 times. Retail investors bought shares 7.68 times the portion set aside for them, and employees 2.11 times.
HCL Technologies: HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL) has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner. Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities. The said acquisition is likely to be completed by July 1, 2022.
Shipping Corporation of India: The government is likely to invite financial bids for Shipping Corporation of India by September, after the process of demerger of non-core assets is completed, an official said. As part of the strategic-sale process, the government is hiving off Shipping House and the training institute in Pune and some other non-core assets of Shipping Corporation of India (SCI). “The process of demerger is time consuming. We would be ready to invite financial bids in 3-4 months,” the official said in a PTI report.
Mindtree, L&T Infotech: Larsen & Toubro (L&T) on May 6 announced the merger of its two software companies, Larsen & Toubro Infotech (LTI) and Mindtree. “The Boards of Directors of LTI and Mindtree at their respective meetings held today approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group,” the press release stated. The combined entity will be known as “LTIMindtree”. The transaction regarding the LTI and Mindtree merger is subject to shareholder and regulatory approvals, LTI has said. Upon the merger coming into effect, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.
Tata Power: Tata Power has reported an over 31% rise in its consolidated net profit to Rs 632.37 crore in the March 2022 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 481.21 crore in the year-ago quarter. “Consolidated PAT before exceptional items up by 76% on-year at Rs 775 crore in March quarter against Rs 440 crore in Q4 FY21 (March quarter). The consolidated revenue surged 16% to Rs 12,085 crore in the March quarter, compared to Rs 10,379 crore a year ago. In 2021-22, the consolidated net profit rose to Rs 2,155.61 crore from Rs 1,438.65 crore in the preceding fiscal.
Q4 Results Today: 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