Indian equity markets are likely to open lower on Wednesday amid weak global cues. Nifty futures were trading 43 points, or 0.27% lower at 16,167.50 on the Singapore Exchange signaling that Dalal Street was headed for a gap-down start.
Indian equity markets are likely to open lower on Wednesday amid weak global cues. Nifty futures were trading 43 points, or 0.27% lower at 16,167.50 on the Singapore Exchange signaling that Dalal Street was headed for a gap-down start. In the previous session, Benchmark indices BSE Sensex and NSE Nifty 50 closed in the red amid high volatility. Markets are witnessing volatile swings as various factors like rising interest rates, concerns over slower economic growth and further tightening measure in China continued to weigh on investors. “We reiterate our bearish stance on the markets, in absence of any positive trigger. Participants shouldn’t read much into a single-day rebound and wait for some decisive reversal signal. Besides, stability on the global front is equally critical for any sustained move,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus on 11 May 2022, Wednesday
State Bank of India: SBI on Tuesday said its board has approved raising up to $2 billion (about Rs 15,430 crore) from the overseas market during the current fiscal to fund foreign business growth. The central board has approved raising of funds through single or multiple tranches, SBI said in a regulatory filing. The long-term funds of up to $2 billion would be raised through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during 2022-23, the lender added.
Vodafone Idea: Telecom operator Vodafone Idea on Tuesday reported narrowing of its consolidated losses to Rs 6,563.1 crore for the quarter ended March compared to same period of the previous year, while its realisation per user or ARPU improved sharply on a sequential basis. The losses were at Rs 7,022.8 crore in the year-ago period. Its revenue from operations rose 6.6% on-year to Rs 10,239.5 crore in Q4 FY22. The realisation per user measured in terms of ARPU came in at Rs 124, rising from Rs 115 in the prior quarter. For the full year FY22, the losses narrowed sharply to Rs 28,245.4 crore, from Rs 44,233.1 crore in the previous financial year.
Wipro: Wipro has extended its strategic agreement with Crédit Agricole CIB–the corporate and investment bank division of the French financial services group– to fuel Crédit Agricole CIB’s next stage of growth, the company said on Tuesday. Wipro will enable Crédit Agricole CIB to adopt cloud technologies and agile practices allowing it to achieve faster speed-to-market on new products and services, improving client satisfaction and unlocking new revenue streams, according to an exchange filing.
Cipla: Cipla Ltd, one of India’s top pharmaceutical companies, reported a consolidated profit after tax (PAT) of Rs 362 crore for the quarter ended March 2022, a decline of 12% from Rs 413 crore reported in the year-ago period. Consolidated revenues for the Mumbai-based company stood at Rs 5,260 crore, up by 14% compared to Rs 4,606 crore reported in the corresponding quarter of the previous year. On a sequential basis, the revenues have dipped by 4% from Rs 5,479 crore.
Max Financial Services: The company reported consolidated revenues of Rs 8,962 crore in the March quarter, which is 8% lower than previous year, due to lower investment income. Excluding investment income, consolidated revenues grew 12%. Consolidated profit came in at Rs 144 crore, up 106% from Rs 70 crore in the year-ago period.
Q4 Result today: Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Balaji Amines, Birla Corporation, HSIL, JSW Ispat Special Products, Kalyan Jewellers India, Kennametal India, KSB, Lakshmi Machine Works, Lloyds Steels Industries, NCC, Skipper, Prism Johnson, Relaxo Footwears, Sagar Cements, SKF India, Butterfly Gandhimathi Appliances, Century Enka, Cholamandalam Financial Holdings, and DIC India will release quarterly earnings on May 11.