The Indian equity market is likely to open lower today as SGX Nifty fell 198 points to 16,997. Equity markets closed higher on Tuesday led by gains in Titan and Mahindra & Mahindra amid positive global cues. Sensex rose 776 points to 57,356 and Nifty ended 246 points higher at 17,200. PowerGrid, Titan, M&M , IndusInd Bank and Bajaj Finance shares were the top Sensex gainers, rising up to 3.93 per cent. Axis Bank, Asian Paints, Maruti Suzuki and TCS were the only losers, falling up to 0.72 per cent.
Here are the stocks that are likely to remain in news today.
Bajaj Finance: The firm reported highest ever consolidated net profit at Rs 2,420 crore for the quarter ended March 31, 2022, an 80 per cent surge year-on-year. The company had reported a net profit of Rs 1,346 crore in the year-ago period. The consolidated results also include the results of its wholly-owned subsidiaries viz. Bajaj Housing Finance Limited (BHFL) and Bajaj Financial Securities Limited (BFinsec). Revenue from operations jumped 22 per cent to Rs 7,366 crore in the quarter under review from Rs 6,034 crore in the same quarter last fiscal.
HDFC Life Insurance Company: The insurer reported a 12.44 per hundred year-on-year rise in its net profit at Rs 357.52 crore in the quarter ended 31 March, 2022. The company had reported a net profit of Rs 317.94 crore in the year-ago period. Renewal premium grew nearly 16 per cent at Rs 7,341.17 crore in the March 2022 quarter against Rs 6,350.40 crore in the same quarter last year. Single premium rose 8.2 per cent to Rs 4,505.22 crore from Rs 4,170.58 crore on-year.
Wipro: The firm announced that it has signed a definitive agreement to acquire Rizing Intermediate Holdings, Inc. (“Rizing”), a SAP consulting firm for $540 million. Rizing is the latest in a series of acquisitions by Wipro, after a recent merger of another US Based consulting firm. Rizing’s industry expertise and SAP consulting capabilities in enterprise asset management, consumer industries, and human experience management, will be instrumental in advancing Wipro’s position as a sought-after advisor for clients’ most complex SAP transformations, Wipro said.
AU Small Finance Bank: The lender said its net profit soared 105 per cent to Rs 346 crore in the quarter ended March 2022, supported by lower provisioning for bad loans and improvement in business scenario. The Jaipur-based company had posted a net profit of Rs 169 crore in the same quarter of the previous fiscal 2020-21. Total income during January-March period rose to Rs 1,978.41 crore, from Rs 1,539.54 crore in the same quarter of 2020-21, the bank said in a regulatory filing.
Bajaj Auto: The stock will be in focus as the firm will report its Q4 earnings today.
HUL: The board of directors at Hindustan Unilever Limited (HUL) is expected to meet today to consider the audited standalone and consolidated financial results for the quarter and year ended March 31, 2022.
Reliance Industries: The firm announced that it has signed a shareholder agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for an investment of $2 billion for the TA’ZIZ EDC & PVC project. The oil-to chemicals conglomerate is a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC, a chemicals development at the TA’ZIZ Industrial Chemicals Area in Ruwais.