Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for BSE Sensex and NSE Nifty 50. Nifty futures on the Singapore Exchange traded 205.50 points, or 1.18 per cent, lower at 17,201.50, signaling that Dalal Street was headed for a negative start on Friday. Domestic equities witnessed a pullback rally in the previous session after taking cues from its global peers. The board-based rally saw buying across different sectors. The 30-share BSE benchmark zoomed 874.18 points or 1.53 per cent to close at 57,911.68, while the broader Nifty 50 rallied 256.05 points or 1.49 per cent to settle at 17,392.60.
“Nifty has surpassed and holding well above its crucial level of 17,350 indicating bulls are taking charge. Now it has to continue to hold above this levels, for an up move towards 17500 and 17777 whereas support shifts higher to 17250 and 17100 zones. Also,India VIX is down below 18 zones which is comforting the bulls and needs to sustain at lower levels for market stability. However, outcome of French Presidential election, developments in Ukraine, fears of a sharp economic slowdown in China and higher oil prices can keep the markets volatile globally,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 22 April, Friday
HCL Technologies: HCL Technologies reported 226 per cent growth in its consolidated profit after tax (PAT) at Rs 3,593 crore, compared to Rs 1,102 crore reported in the corresponding quarter a year ago. The adjusted profit after tax for the quarter grew 21.3 per cent on-year. The consolidated revenues of the Noida-based IT company witnessed a growth of 15 per cent at Rs 22,597 crore as against Rs 19,642 crore reported in the year-ago period.
Tata Communications: Tata Communications posted a 22 per cent growth in consolidated profit at Rs 365 crore for the quarter ended March 2022. The company had registered a profit of Rs 299.2 crore in the same period a year ago. Revenue grew by 4.6 percent to Rs 4,263 crore in same period driven by data services segment, which contributed the most to revenue. Income from operations dipped 2.19 per cent to Rs 16,724.73 crore in 2021-22 from Rs 17,100 crore a year ago. The board has recommended a dividend of Rs 20.7 per share for the year, as a result of the company reporting strong profitability.
Reliance Industries: RIL’s market capitalisation is close to touching Rs 19 lakh crore. On the BSE, the RIL share hit a new 52-week high of Rs 2,788.80 on Thursday after a brokerage raised the target price on the share, citing a ‘hydrogen boost’ that will account for 10 per cent of its earnings by 2030. RIL shares settled at Rs 2,782.15 — a gain of 2.35 per cent over the last finish. RIL now has a market capitalisation of Rs 18.8 lakh crore and it is poised to hit the Rs 19 lakh crore mark in the days to come, which will make it the first company to touch the milestone. So far this week, RIL stock has jumped over 9 per cent, outperforming the benchmark Sensex.
CRISIL: CRISIL’s profit for the quarter ended March 2022 increased by 45.6 per cent on-year to Rs 121.6 crore on strong revenue growth. Income from operations for the quarter grew by 20.1 per cent to Rs 595 crore. The board approved the payment of interim dividend of Rs 7 per share for the financial year ending March 2022.
TVS Motor Company: TVS Motor Company announced an investment of £100 million in the U.K.-based Norton Motorcycles. This investment will be towards electrification, cutting edge technology, world class vehicles, manufacturing, sustainability & the future of mobility. The announcement, which was made by the company on the sidelines of U.K. Prime Minister Boris Johnson’s visit to India, is expected to create 250-300 direct jobs over the next three years and 500-800 indirect jobs across the supply chain, it said in a statement.
Q4 Results Today: Aditya Birla Money, Hindustan Zinc, Sundram Fasteners, and Tata Metaliks, Tejas Networks, MMTC, Wendt (India), Bhakti Gems and Jewellery, Eiko Lifesciences, Jhandewalas Foods, Khaitan Chemicals & Fertilizers, Quest Capital Markets, RS Software India, and Sharad Fibres & Yarn Processors will declare results today (22 April).