The Indian equity market is likely to open lower today as SGX Nifty fell 207 points to 15,960. Benchmark indices pared early gains to close lower for the fourth consecutive session on Wednesday amid selling in index majors Infosys and Reliance Industries.
Despite a strong start, the gains in Sensex fizzled out and ended lower at 54,088.39, down 276.46 points or 0.51 per cent. During the day, the index tumbled 845.55 points or 1.55 per cent to 53,519.30. Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10.
Here are the stocks that are likely to remain in news today.
Punjab National Bank: The state-owned lender reported a 65.69 per cent decline in its standalone net profit at Rs 201 crore for the fourth quarter ended 31 March, 2022. The lender had reported a net profit of Rs 586 crore in the year-ago period. The bank’s net interest income (NII), rose 5 per cent to Rs 7,304 crore in the quarter under review from Rs 6,957 crore in the same quarter last fiscal.
Ultratech: The Aditya Birla Group, which owns the country’s largest cement company Ultratech, has formally joined the race to buy out the Swiss cement giant Holcim’s stake in Ambuja Cement and ACC, a person in the know of the development has said. The JSW Group, which is already present in the sector and the Adani Group which does not have a presence, are also reportedly in the race for the prized assets.
Indian Bank: The public sector lender reported a 42 per cent dip in its standalone net profit at Rs 984 crore in the quarter ended March 2022, after it changed the deferred tax asset calculation from annual to quarterly basis. In the year-ago quarter, the bank’s standalone net profit stood at Rs 1,709 crore which included Rs 913 crore of Deferred Tax Asset (DTA) for the entire FY21.
Q4 earnings: Among key corporate earnings, Tata Motors, Larsen & Toubro, will announce their Q4 results today.
Relaxo Footwears: The footwear company’s net sales declined about 7 percent YoY to Rs 698.2 crore. Profit fell 38 percent to Rs 62.93 crore.
Pfizer: Life Insurance Corporation of India bought a 2.03 percent equity stake through open market transactions. Post this, its shareholding in the company stands rose to 6.05 percent, up from 4.02 percent earlier.
NCC: The construction company’s consolidated profit zoomed 97 percent YoY to Rs 234 crore in the quarter ended March 2022. Revenue rose 23.5 percent to Rs 3,477 crore compared to the same period last year.
Birla Corporation: The company reported a 55.4 percent YoY fall in consolidated profit at Rs 111 crore in Q of last fiscal. Revenue grew 6 percent to Rs 2,264.2 crore as compared to the year-ago period.
Petronet LNG: The firm clocked a 24 percent YoY growth in consolidated profit at Rs 791 crore in Q4FY22. Revenue rose 47.3 percent to Rs 11,160.4 crore compared to the year-ago period.