On Thursday, Dalal Street was tightly controlled by the bears as the main indexes dropped more than 2.6% following a decline in international equivalents due to fears about inflation and GDP. The Nifty Midcap 100 index and Smallcap 100 index both dropped 3% and 2.7%, respectively, indicating that there was additional selling pressure in the broader market. The Nifty50 down 431 points or 2.65% to 15,809, while the BSE Sensex fell 1,416 points or 2.6% to 52,792
The following companies will release their March quarter financial results on May 20: NTPC, One 97 Communications (Paytm), Amara Raja Batteries, Gati, HeidelbergCement India, Indiabulls Housing Finance, IDFC, Indigo Paints, Indian Railway Finance Corporation, JK Tyre and Industries, CE Info Systems, Metro Brands, Narayana Hrudayalaya, Nuvoco Vistas Corporation, Paras Defence and Space Technologies, Pfizer, SML Isuzu, Sob
Equitas Small Finance Bank
The lender informed the stock exchanges that veteran banker P N Vasudevan has resigned as managing director and CEO of Equitas Small Finance Bank. In his letter of resignation, Vasudevan stated his desire to use his time to further social welfare through his public charitable foundation.
Due to an increase in overall costs, Hindustan Petroleum Corporation, a state-run oil refiner and marketer, reported a consolidated net profit that fell by 34% in the March quarter to Rs 2,019 crore from Rs 3,061 crore in the same quarter last year. The quarter's revenue was Rs 1.07 trillion, up 24.2% from Rs 85,755 crore the previous year. From Rs 81,717 crore a year earlier, the total expenditure increased by 28% to Rs 1.05 trillion. Operating profit for the quarter dropped significantly from 4.46 percent the previous year to 1.57 percent. The average gross refining profit for the fiscal year that ended in March 2022 was $7.19 per barrel, compared to $3.86 per barrel the prior year.
Godrej Consumer Products
Due to a slowdown in consumer spending and rising commodity prices, Godrej Consumer recorded a 1% decline in net profit for the March quarter to Rs 363 crore compared to the same period last year. Revenue increased by 7% from the prior year to Rs 2,920 crore. The whole cost increased 12% year over year to Rs 2,540 crore.
In the quarter that ended in March 2022, Gland Pharma's net profit increased by 10% to Rs 285.90 crore from Rs 260.41 crore in the corresponding quarter of the previous year. In comparison to the same period last year, net sales increased by 24.25 percent to Rs 1,103.01 crore. EBITDA margin dropped significantly from 40% to 35% year over year.
For the fourth quarter of FY22, the company recorded a 274 percent YoY increase in net profit at Rs 901.4 crore. Total revenue for the quarter was Rs 8,744.3 crore, up 24.9% from Rs 7,000.5 crore during the same period of the previous year. Its truck market share for the fourth quarter of fiscal year 22 increased to 30.6% from 28.9% in the previous quarter, making it the greatest market share in the previous 11 quarters.
Abevmy (bevacizumab) is now accessible in Canada, according to an announcement by Viatris Inc. and its subsidiary Biocon Biologics. Health Canada has approved Abevmy, a biosimilar to Roche's Avastin (Bevacizumab), for use in four cancer indications. It was co-developed by Biocon Biologics and Viatris.
By selling 13.50 crore warrants for Rs 30 per share, its board authorized raising Rs 405 crore.