Image: Business Today

Markets could open on a rough note on Monday, with the SGX Nifty trading 163 points below the Nifty close of 17102.55 on Friday, reflecting deep declines in the US market where the Nasdaq recorded the worst monthly close since October 2008. SGX Nifty is a derivative of the Nifty traded on the Singapore Stock Exchange.

The Nifty could move in a 3.4% range between 16805 and 17395 at the start of next week with a downward bias. The market could be very choppy with the India Vix Fear Gauge closing at 19.41. A reading above 20 signals an increase in volatility.

“Expect choppy markets in a week filled with markets watching the Fed meeting closely,” said Rajesh Palviya, technical manager at Axis Securities.

Some popular actions:

Coal India

The stock outperformed the benchmarks in Monday’s trading session as it gained as much as 1.56%. The company recorded a 15.6% growth in its supplies to the electricity sector in April 2022 compared to the same month last year.

As intense coal demand continues unabated, driven by an upward spiral in power generation, the company increased its supplies to power plants nationwide to 49.7 million tonnes (MT) in April 2022. This is 6.7 MT more than in April 2021, when power sector shipment was of 43 MT.

Tata Chemicals

Shares of Tata Chemicals jumped around 9% on an intraday basis in an otherwise weak market. It gained by reporting a consolidated profit after tax (PAT) of Rs 470 crore in Q4FY22 against Rs 29 crore reported in the corresponding quarter of last year.

The company recorded consolidated revenue growth of 32% on an annual basis to Rs 3,480.7 crore from Rs 2,636 crore in Q4FY21, supported by growth in the basic chemicals segment.

Wipro

Shares of this IT major fell 5% in today’s weak market from its intraday high of Rs 519. The company announced a lower margin for Q4FY22, which dashed investors’ hopes. The stock was seen trading near its 52-week low price of Rs 477.80 per share reached in May 2021.

The company’s net profit improved by 3.85% on an annual basis and 4% sequentially to reach Rs 3,087 crore in Q4FY22. Its revenue increased by 28% on an annual basis to Rs 20,860 crore from Rs 16,245 crore the previous year. On a YTD basis, the stock has fallen over 30% while in April 2022 it was down 17%.

Ajanta Pharma

The Company announced that the Company’s Board of Directors will meet on May 10, 2022 to review the Company’s audited financial results (consolidated and standalone) for the three months and year ended March 31, 2022, as well as the audited financial statements. financial statements (consolidated and autonomous) for the year ended March 31, 2022.

The board will also consider the issuance of free shares, subject to the approval of the shareholders of the company. The pharmaceutical company’s stock rose 4.71% in a bear market and caught the attention of investors.

Axis Bank

The share price of private sector lender Axis Bank fell about 6% on Friday, a day after the company announced its financial results for the quarter ended March 2022.

On BSE, Axis Bank stock was trading down 5.59% at 736.35 at 2:05 p.m. The certificate collapsed to a minimum of 734.10 intraday.

Axis Bank’s stock fell despite the general market recovery. BSE’s benchmark Sensex index traded 255.82 points, 0.44% higher, at 57,776.88 points. Axis Bank was Sensex’s biggest loser.

On Thursday, Axis Bank announced a net profit of 4,117.8 crores for the quarter ended March 2022, up 54% from 2,677 crores recorded in the corresponding period of the previous year.

HDFC

The mortgage lender raised its benchmark prime rate (RPLR) by 5 basis points (bps) on Sunday, leading to an identical rise in mortgage rates for existing customers.

However, there will be no change in interest rates for new customers as they will benefit from an additional 5 basis points discount on the benchmark, thus canceling out the rise in the RPLR. HDFC will also announce its March quarter results today.

Yes Bank

The private sector lender reported a profit of Rs 367 crore in Q4FY22 compared to a loss of Rs 3,788 crore in the corresponding quarter last year, due to a sharp drop in provisions, strong income from net interest and an operating profit before provision (PPP) with an improvement in the quality of the assets.

For the full year, it reported a profit for the first time since FY2019, at Rs 1,066 crore compared to a loss of Rs 3,462 crore in FY21 and a loss of Rs 22,715 crore rupees in FY20, but net interest income (NII) decreased by 12.5%. at Rs 6,498 crore from the previous year.

SBI cards and payment services

The company posted a massive 231% year-on-year growth in profit to Rs 581 crore as impairment and bad debt fell 44% year-on-year to Rs 393 crore. rupees for the quarter ended March 2022.

Total operating income increased by 23% to Rs 2,850 crore over the same period, driven by higher income from fees and services and interest income.

Astral

To expand the product portfolio in the building materials segment, the company will acquire a 51% stake in the operating paint business of Gem Paints.

The company will initially invest Rs 194 crore in Gem Paints by subscribing to potentially convertible debentures equal to the value of the 51% stake in Gem Paints’ operating paint business. The remaining 49% interest will be acquired by Astral over five years in installments.

About The Author

Related Posts