The domestic stock market continues to be choppy as a battle between bulls and bears goes on. There are a lot of stock-specific reactions that the market is seeing thanks to the ongoing earnings season. Analysts advise caution. In the last trading session, the Nifty extended gains to move closer to 17,400 on positive global cues but selling pressure and profit booking in the last hour dented sentiment, pegging back the bulls. All sectors took a hit, with auto, banks, IT, FMCG and realty losing the most. The Sensex fell 460 points to 57,061 and the Nifty declined 143 points to 17,102.
HDFC, Britannia Industries, Adani Wilmar will be in focus. Besides these three, Alembic Pharmaceuticals, Astec Lifesciences, Castrol India, CG Power and Industrial Solutions, Devyani International, Dwarikesh Sugar Industries, EIH Associated Hotels, IDBI Bank, Inox Leisure, JBM Auto, Jindal Stainless, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts India, Meghmani Organics, NGL Fine-Chem, Olectra Greentech, Saregama India, Shakti Pumps (India), and Surana Solar will also release their quarterly earnings today.
The IT services company clocked a 3.1 per cent sequential increase in dollar revenue at $2,721.7 million for the quarter ended March 2022 and revenue in constant currency grew at 3.1 per cent QoQ. Wipro expects 1-3 per cent sequential growth in Q1FY23 revenue at $2,748-2,803 million. Profit during the March 2022 quarter grew by 3.98 per cent QoQ to Rs 3,087.3 crore and revenue increased by 2.68 per cent QoQ to Rs 20,860 crore in Q4FY22.
The private sector lender reported a profit of Rs 367 crore in Q4FY22 against a loss of Rs 3,788 crore in the corresponding quarter of previous fiscal, driven by a sharp downtick in provisions, strong net interest income, and pre-provision operating profit (PPoP) with an improvement in asset quality performance. For the full year, it reported a profit for the first time since FY19, at Rs 1,066 crore against a loss of Rs 3,462 crore in FY21 and a loss of Rs 22,715 crore in FY20, but net interest income (NII) declined 12.5 per cent to Rs 6,498 crore compared to the previous year.
The private sector lender registered a 55.4 per cent year-on-year growth in profit at Rs 1,361.4 crore for the quarter ended March 2022 as provisions declined 21.5 percent with improvement in asset quality performance. Net interest income grew by 12.7 per cent YoY to Rs 3,985.16 crore in Q4.
Shriram City Union Finance
The company reported a 7.6 percent year-on-year growth in standalone profit at Rs 303.44 crore in Q4FY22 and total revenue from operations grew by 18 per cent to Rs 1,750 crore compared to year-ago period.
Star Health and Allied Insurance Company
Star Health net loss narrowed in March quarter. The firm posted a loss of Rs 82.04 crore for the quarter ended March 2022, which narrowed from loss of Rs 578.37 crore recorded in previous quarter. During the same period, premiums earned increased by 3.7 per cent sequentially to Rs 2,621.2 crore during the quarter.
The local search engine company recorded a 34 per cent year-on-year decline in profit at Rs 22.1 crore for the quarter ended March 2022 hit by lower topline and operating loss. Revenue from operations stood at Rs 166.7 crore for the quarter, down 5.1 per cent compared to year-ago period, but total traffic of unique visitors) for the quarter at 144.8 million grew by 12.2 percent YoY and total active listings at 31.9 million increased by 4.9 per cent YoY, while active paid campaigns at the end of quarter stood at 4,61,495, which rose by 0.9 per cent YoY.
IDFC First Bank
IDFC First Bank approves raising funds. The bank in a BSE filing said the board has approved fund raising up to Rs 3,000 crore.
SBI Cards and Payment Services
The company clocked a massive 231 per cent year-on-year growth in profit at Rs 581 crore as impairment loss and bad debts declined 44 per cent YoY to Rs 393 crore for the quarter ended March 2022. Total revenue from operations grew by 23 per cent to Rs 2,850 crore during the same period, led by higher income from fees and services and interest income.
The company recorded strong consolidated profit at Rs 438.2 crore for the quarter ended March 2022, against profit of Rs 11.77 crore in same period last year despite significant increase in input cost, power and fuel, and freight and forwarding charges, driven by healthy topline and other income. Revenue grew by 32 per cent to Rs 3,481 crore compared to the year-ago period, with production volumes remaining strong and at historic highs in the US unit.
The company reported a 21.2 per cent decline in consolidated profit at Rs 68.13 crore for the quarter ended March 2022 on lower topline. Revenue from operations declined 15 per cent to Rs 1,183 crore compared to year-ago quarter.
GE Power India
GE Power gets Rs 864 crore order. The company has bagged a contract worth Rs 863.4 crore from GREENKO KA01 IREP Pvt Ltd.
To expand product portfolio under the building material segment, the company will acquire 51 per cent stake in the operating paint business of Gem Paints. The company will initially invest Rs 194 crore in Gem Paints by subscribing to optionally convertible debentures equivalent to value of 51 per cent equity stake of operating paint business of Gem Paints. The balance 49 per cent stake will be acquired by Astral over a period of five years in tranches.
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