Market snapped two-day winning streak and ended lower with Nifty below 17200 amid selling across the sectors. At close, the Sensex was down 714.53 points or 1.23% at 57,197.15, and the Nifty was down 220.60 points or 1.27% at 17,172.
HDFC Life Insurance | CMP: Rs 554.50 | The stock price was down close to 3 percent after a release said the board is going to consider fundraising and dividend in a meeting scheduled for April 26. At the meeting, the board will consider and approve audited standalone and consolidated financial results for the quarter and year ended March, and recommend final dividend, if any, for FY22. The board will also consider raising funds by issuing non-convertible debentures to strengthen cash reserves after cash payout as part-consideration for acquisition of Exide Life Insurance Company, the release added.
HCL Tech | CMP: Rs 1,102.50 | The share price ended in the green on April 22. On April 21, HCL Technologies reported 226 percent year on year growth in consolidated profit after tax (PAT) at Rs 3,593 crore. The adjusted profit after tax for the quarter grew 21.3 percent year on year. Sequentially, profit rose 4.4 percent. Nomura has kept a buy rating on the stock with a target price at Rs 1,370. Jefferies has maintained a buy rating on the stock but cut the target price to Rs 1,360.
Cyient | CMP: Rs 899.85 | The scrip jumped over 8 percent after the firm recorded 17 percent growth in profit at Rs 154.20 crore for the quarter ended March 2022 from Rs 131.8 crore in the quarter ended December 2021. Revenue was down at Rs 1,181.20 crore against Rs 1183.4 crore sequentially. The board has declared a final dividend of Rs 14 (i.e. 280%) per share on face value of Rs 5 per share for the financial year 2021-22.
Sterlite Technologies | CMP: Rs 233.25 | The stock surged 13 percent on April 22. A report said that the promoter is looking to rope in strategic investors for three major verticals. Anil Agarwal-owned Sterlite Tech is offering as much as 25 percent stake each in optical fibre manufacturing, telecom network services and software services. Vedanta Group chairman Agarwal told Hindu BusinessLine that they are looking for a valuation of $ 2 billion for each of the verticals.
Insecticides India | CMP: Rs 744 | The share added 2 percent on April 22. The firm announced that Government of India, the Patent Office has granted the patent for an invention to the company and its joint venture named OAT Agrio Co. entitled NOVEL DITIHOLANE COMPOUND OR A SALT OR AN N-OXIDE AND USE THEREOF for the term of 20 years from 14 March 2018 (Date of Filing), the firm said in an exchange filing.
NACL Industries | CMP: Rs 97.50 | The stock jumped over 8 percent after The Ministry of Environment, Forest and Climate Change granted environment clearance with respect to the expansion of manufacturing capacity of NACL Industries’ existing Technical Manufacturing Unit located at Sy. No. 177, Arinama Akkivalasa village, Etcherla mandal, Srikakulam District, Andhra Pradesh, from 30 TPD to 70.1 TPD with inclusion of Bio-based agrochemicals and Captive Cogeneration Power Plant 6 MW.
Rallis India | CMP: Rs 252.95 | The scrip tumbled over 10 percent after the company posted a loss of Rs 14.15 crore in Q4FY22 against profit of Rs 8.12 crore in same period last year despite 7.7 percent growth in revenue, dented by loss at operating level. Topline increased to Rs 507.5 crore in quarter ended March 2022, against Rs 471.3 crore in corresponding period last fiscal.
Hindustan Zinc | CMP: Rs 344.30 | The share ended in the red despite the firm reporting 18 percent jump in its Q4 net profit at Rs 2,928 crore versus Rs 2,481 crore and revenue was up 26.6% at Rs 8,797 crore versus Rs 6,947 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) was up 28.1% at Rs 4,962 crore versus Rs 3,875 crore and margin was at 56.4% versus 55.7%, YoY.
Sasken Technologies | CMP: Rs 892.80 | The stock was down over 4 percent after the company’s profit in Q4FY22 declined 10.6 percent sequentially to Rs 26.87 crore as EBITDA fell by 1.6 percent QoQ to Rs 29.36 crore, but revenue grew by 2.7 percent to Rs 109.2 crore compared to previous quarter. The company declared a final dividend of Rs 13 per share for FY22.
Zen Technologies | CMP: Rs 204.50 | The stock price ended in the green in a weak market after the company signed an Annual Maintenance contract worth ~ Rs 55 crore for simulators for a period of 5 years from the date of signing of the contract (22nd April 2022). As of date, the company’s total order book stands at Rs 477.04 crore, it said.