Stock Market Today
Markets may start Monday’s trade on a flat note with a negative bias amid mixed global cues. The Singapore-traded Nifty50 futures – an early indicator of benchmark Nifty50’s performance – contract was down 0.2 per cent at 17,290 points as of 6:58 am on Monday, suggesting a lower start to the Indian benchmark indices.
The country’s largest private sector lender HDFC Bank on Saturday reported a 23 per cent jump in standalone net profit to Rs 10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed.
Infosys Ltd. gave a sales forecast that trailed analyst estimates, signaling slowing demand for software and IT services as companies exit work-from-home arrangements in a post-pandemic world. Revenue this fiscal year ending in March 2023 will increase 13 per cent to 15 per cent in constant currency terms, lagging the 17 per cent growth analyst had projected on average.
ICICI Pru Life
ICICI Prudential Life Insurance on Saturday posted over two-fold jump in its net profit to Rs 185 crore for the January-March quarter on account of robust growth in new business. The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing.
Mahindra & Mahindra
The firm on Saturday said it has agreed to sell over 34.75 lakh shares, constituting 22.81 per cent of the paid-up capital, in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), to Japan-based Sanyo Special Steel Co Ltd in a Rs 212 crore deal.
IndiGo, promoted by InterGlobe Aviation Ltd., has appointed Vikram Singh Mehta, former chairman, Shell group of companies in India, and BS Dhanoa, former air chief marshal, as independent non-executive directors to the airline’s board.
Tata Power on Thursday said a consortium led by US-based BlackRock Real Assets will invest Rs 4,000 crore in its subsidiary, Tata Power Renewable Energy Ltd, for over 10 per cent equity stake. Abu-Dhabi-based investment company Mubadala Investment Company (Mubadala) is also part of consortium GreenForest, Tata Power Company said in a statement.
The country’s leading cement maker UltraTech Cement on Friday announced investing USD 101.10 million (around Rs 839.52 crore) for a 29.39 per cent equity stake in the UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT). This is a “strategic investment” for the company, Aditya Birla Group firm said in a regulatory update.
Oil marketing companies
The crude prices are still hovering above $100 per barrel and is likely to benefit OMCs.
Windlas Biotech Ltd on Thursday said it has concluded European Union good manufacturing practice inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary, for its Plant-IV at Dehradun with zero critical observations. This will help the firm expand its presence in the European market, the firm said.
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