Indian equity markets are likely to open in red as Nifty futures on the Singapore Exchange traded 219 points, or 1.27 per cent, lower at 17,009, signaling that benchmark indices BSE Sensex and NSE Nifty 50 are headed for a gap-down start on Wednesday. In the previous session, headline indices rebounded sharply after sliding for the past two sessions, propelled by buying in energy, auto and consumption stocks. While Sensex jumped 776.72 points or 1.37 per cent to end at 57,356.61, Nifty 50 rallied 246.85 points or 1.46 per cent to 17,200.80. “Market is likely to remain volatile in the broader trading range with absence of follow up on either side. Nifty needs to hold above 17,000 levels for an up move towards 17,350-17,500 zones. We suggest investors to remain focused on selective stocks in the market which are resilient on the back of strong quarterly results,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus in 27 April, Wednesday
Reliance Industries: Reliance Industries (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) have entered into a formal shareholders’ agreement for the development of an ethylene dichloride (EDC) & polyvinyl chloride (PVC) project in Ruwais, Abu Dhabi. State-run Abu Dhabi National Oil Company (ADNOC) and investment firm ADQ hold stakes in TA’ZIZ. The joint venture will construct and operate a chlor-alkali, ethylene dichloride and polyvinyl chloride production facility, with a total investment of over $2 billion. RIL signed a strategic partnership agreement with ADNOC last year in June to set up a joint venture for the development of a chemicals project at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
Wipro: IT major Wipro announced the acquisition of US-based Rizing Intermediate Holdings, Inc, for $540 million in an all-cash deal, to expand its capabilities in SAP consulting. Rizing is the latest in a series of acquisitions by Wipro, underscoring the company’s ambitious growth agenda. The company expects that Rizing’s high-touch approach, along with its industry expertise and SAP consulting capabilities in enterprise asset management, consumer industries, and human experience management, will be instrumental in advancing Wipro’s position as a sought-after advisor for clients’ most complex SAP transformations.
Bajaj Finance: Bajaj Finance Ltd on April 26 reported a 79.7 per cent on-year rise in consolidated net profit to Rs 2,420 crore due to higher net interest income and lower provisions. Bajaj Finance’s net interest income (NII) surged 30 per cent on-year to Rs 6,068 crore in the March quarter. The other large component of its revenues was in the form of fees and other income of Rs 1,164 crore, up 51 per cent from the same period last year. The total AUM of the company grew 29 per cent to Rs 1.97 trillion as on 31 March on a consolidated basis.
Schaeffler India: The company recorded a massive 48.4 per cent on-year growth in profit at Rs 207 crore for the quarter ended March 2022, driven by topline as well as operating performance. Revenue from operations rose 19 per cent on-year to Rs 1,567.5 crore during the quarter and EBITDA grew by 45 percent in the same period.
AU Small Finance Bank: AU Small Finance Bank (SFB) on Tuesday said its net profit soared 105 per cent to Rs 346 crore in the quarter ended March 2022, supported by lower provisioning for bad loans and improvement in business scenario. The Jaipur-based company had posted a net profit of Rs 169 crore in the same quarter of the previous fiscal 2020-21. Total income during January-March period rose to Rs 1,978.41 crore, from Rs 1,539.54 crore in the same quarter of 2020-21, the bank said in a regulatory filing. The small finance bank also approved a bonus issue in the ratio of 1:1, which means for every one share an investor holds, they will get one additional share.
Q4 Results today: Hindustan Unilever (HUL), Bajaj Auto, HDFC Asset Management Company, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Indian Hotels Company, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem, and Swaraj Engines will release quarterly earnings on 27 April.