Nifty futures on the Singapore Exchange-traded 185.5 points, or 1.07 per cent lower at 17,221.50, signaling that Dalal Street was headed for a negative start on Friday. Yesterday, positive global clues lifted sentiments for the second straight day. The board-based rally saw buying across different sectors. Shrikant Chouhan, head of equity research (Retail), Kotak Securities, said: “Technically, after a strong opening, the Nifty successfully traded above 200- days SMA. It also formed a long bullish candle on daily charts which supports an uptrend. We are of the view that the short-term texture has changed to positive, but due to overstretch intraday formation, range-bound activity is not ruled out. For the traders, the immediate hurdle on the Nifty would be 17,500-17,550. on the flip side, 17,300-17,275 would act as a crucial support zone on the Nifty for the day traders. The intraday texture is mildly overbought hence buying on dips and sell on rallies would be the ideal strategy for the day traders.”
Results Today
Aditya Birla Money, Hindustan Zinc, Sundram Fasteners, 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 release quarterly earnings on April 22.
Tata Communications
Profit in Q4FY22 grew by 23.2 per cent YoY to Rs 369 crore on higher other income. Revenue grew by 4.6 percent to Rs 4,263 crore in same period driven by data services segment, which contributed the maximum to revenue. The board has recommended a dividend of Rs 20.7 per share for the year, as a result of the company reporting strong profitability.
HCL Technologies
The IT services company recorded a 4.4 per cent sequential growth in profit at Rs 3,593 crore and 1.2 per cent QoQ growth in revenue at Rs 22,597 crore, but earnings before interest & tax fell 4.4 per cent QoQ to Rs 4,069 crore. The dollar revenue growth was half a percent QoQ at $2,993 million and revenue in constant currency showed 1.1 per cent increase QoQ. The company reported total contract value (TCV) of new deal wins at $2,260 million for Q4, registering 6 per cent QoQ growth, and has declared a dividend of Rs 18 per share.
One97 Communications
The Paytm owner and operator posted a shareholding update which showed that Canada Pension Plan Investment Board (CPPIB) has also increased its stake in Paytm from 1.57 to 1.71 per cent in the quarter ended March 2022.
ICICI Lombard General Insurance Company
The company reported 9.6 per cent year-on-year decline in profit at Rs 312.5 crore, but net premium earned during the quarter jumped 27 per cent to Rs 3,318 crore and total income grew by 33 per cent to Rs 4,636 crore compared to year-ago period. Even operating profit surged 29 per cent YoY to Rs 1,009.6 crore during the quarter.
TVS Motor Company
The company announced an additional investment of 100 million pound in Norton Motorcycle, Britain’s most iconic sporting motorcycle brand. Norton Motorcycle was acquired in April 2020.
RailTel Corporation of India
The company has received work order from National Informatics Centre Services. National Informatics Centre Services was incorporated in relation to assignment of work of immigration visa and foreigner registration & tracking. The work order was worth Rs 29.75 crore.
JSW Energy
Subsidiary JSW Neo Energy (JSWNEL) is going to set up 1,500 MW capacity of hydro pumped storage project (PSPs) – Komoram Bheem Pumped Storage Project, in Telangana. The company has entered into a Memorandum of Understanding with the state government, for the said project. With the said project, the company has tied-up resources for 5 GW hydro PSPs with the governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).
L&T Technology Services
The IT company clocked 5.3 per cent sequential growth in profit at Rs 262 crore on better EBIT that grew by 4.1 per cent with flat margin at 18.6 per cent QoQ, while revenue increased 4.1 per cent to Rs 1,756.1 crore compared to previous quarter. North America, Europe and India supported revenue growth, but Rest of World segment reported 1.6 percent sequential decline in Q4. It has bagged $100 million+ electric air mobility program from Jaunt Air Mobility. It will open an engineering and R&D centre in Québec Province for the next-gen electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL (electric Vertical Takeoff and Landing) air taxi.
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