The Indian equity market is likely to open higher today as SGX Nifty rose 47 points to 15,819. On Friday, equity benchmark Sensex pared all intraday gains and closed 136.69 points or 0.26 per cent lower at 52,793.62. During the day, the 30-stock index rallied 855.4 points or 1.61 per cent to 53,785.71. Nifty also dipped 25.85 points or 0.16 per cent to end at 15,782.15.
Here are the stocks that are likely to remain in news today.
SBI: The bank reported a 41.2 per cent jump in its standalone net profit at Rs 9,113.53 crore for the fourth quarter ended 31 March, 2022 against a net profit of Rs 6,450.75 crore in the year-ago period. The bank has logged its highest quarterly net profit in Q4FY22. Net profit for FY22 rose 55.19 per cent YoY to Rs 31,676 crore. Income from interest on loans rose 8.6 per cent, while provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said. The board of the lender cleared Rs 7.10 per share dividend. The record date for the purpose is May 26, 2022.
Tech Mahindra: The firm's net profit jumped 39.2 per cent Year-on-Year for the quarter ended March 31, 2022. The firm reported a net profit of Rs 1,506 for the January-March quarter of FY22. It had posted a net profit of Rs 1,081 crore in the year-ago period. Net profit for the financial year 2021-22 jumped 25.7 per cent to Rs 5,566 crore compared to last year. For the quarter ended March 31, 2022, the firm's revenue rose 24.5 per cent YoY to Rs 12,116 crore as against Rs 9,730 crore in the same quarter last fiscal. For FY22, Tech Mahindra's revenue stood at Rs 44,646 crores, up 17.0 per cent from last fiscal year.
Eicher Motors: The auto stock said its consolidated net profit after tax increased by 16 per cent to Rs 610 crore for the fourth quarter ended March 31, 2022. The company had reported a net profit after tax of Rs 526 crore in the January-March quarter of the 2020-21 fiscal. Total revenue from operations rose to Rs 3,193 crore in the fourth quarter as compared to Rs 2,940 crore in the same period of FY21.
Maruti Suzuki India: The carmaker announced an investment of Rs 11,000 crore in the first phase of a new facility to be set up at Sonipat in Haryana.
Bank of Baroda: The lender reported a profit of Rs 1,779 crore in the quarter ended March 2022, against a loss of Rs 1,047 crore in the year-ago period.
Avenue Supermarts: The owner and operator of retail chain D-Mart logged a 3.11 per cent rise in its consolidated net profit to Rs 426.75 crore in Q4 against a net profit of Rs 413.87 crore in the January-March quarter a year ago.
Carborundum Universal: The abrasives and industrial ceramics maker logged a 7.60 per cent jump on its standalone net profit to Rs 61.91 crore against net profit at Rs 57.52 crore during the corresponding quarter in the previous year.
Adani Group stocks: Gautam Adani-owned Adani Group, on Sunday, announced a deal to acquire Holcim's businesses in India for $10.5 billion. The group revealed that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd's entire stake in two of India's leading cement companies - Ambuja Cements Ltd and ACC Ltd.
Union Bank of India: Net profit rose 22.68 per cent jump to Rs 1,557.09 crore for March quarter 2021-22 helped by a Rs 627 crore gain through a stake-sale in its insurance arm and benefits through low cost of deposits.
Welspun Enterprises: Consolidated net profit jumped over 58 per cent to Rs 65 crore in Q4, on account of reduced expenses. In the year-ago period, the company had clocked Rs 40.94-crore net profit.
Nazara Technologies: The digital gaming and sports platform reported an about 17 per cent rise in consolidated profit to Rs 4.9 crore in Q4 against profit of Rs 4.2 crore in the same period a year ago.
UCO Bank: The state-owned reported an over three-fold jump in net profit at Rs 312.18 crore in Q4 against a net profit of Rs 80 crore in the corresponding quarter a year ago.
Reliance Infrastructure: The Anil Ambani Group firm logged a loss of Rs 449.13 crore in the March 2022 quarter. The company had reported a consolidated net profit of Rs 1,611.02 crore in the corresponding quarter of FY21.
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