We had mentioned in last week’s closing report that Nifty, Sensex were directionless. The major indices faced a correction this week. The trend of the major indices in the week is given in the table:
On Monday, the indices suffered a major correction and ended with huge losses. On the NSE, there were 241 advances, 1,740 declines and 313 unchanged.
Flipkart announced that it will work with Adani Logistics to strengthen Flipkart’s supply chain infrastructure and further enhance its ability to serve its rapidly growing base of customers. In addition, Flipkart will set up its third data centre at Adaniconnex’s Chennai based facility.
Man Industries India received a new order worth Rs 766 crore from the domestic hydrocarbon sector.
Ratnamani Metals & Tubes received domestic order of Rs 594 crore for coated carbon steel pipes from the oil and gas sector.
JMC Projects secured new orders of Rs 1,262 crore in March and April-till date. The projects included building projects in India of Rs 1,059 crore and water project in Maldives of approximately Rs 203 crore.
On Tuesday, the indices opened higher closed with major gains.
Adani Ports stock was removed from the sustainability index of S&P Dow Jones Indices due to the firm’s business ties with Myanmar’s military, which is accused of human rights abuses after a coup this year.
IDBI Bank may see divestment of government’s 45.5% stake in the bank, depending on approval of proposal from the Union Cabinet. The government will also consult LIC, which has a 49.2 percent stake in IDBI Bank, before beginning the stake sale process.
Tata Consultancy Services reported a 6.3% sequential growth in consolidated profit at Rs 9,246 crore. Revenue grew 4% to Rs 43,705 crore compared to the previous quarter. The revenue in dollar terms grew by 5% sequentially to $5,989 million.
NBCC India has been picked as a project management consultant (PMC) for the construction of the FCIL office building in Noida.
The equity markets were closed on Wednesday on account of Id-Ul-Fitr.
On Thursday, the indices opened lower but rallied and closed with decent gains. On the NSE, there were 761 advances, 1,117 declines and 375 unchanged.
Wipro reported 28% YoY rise in net profits for the quarter ended 31 March 2021 to Rs 2,972 crore compared to Rs 2,326 crore in the corresponding quarter of the previous year. Revenue grew 3% YoY to Rs 16,334 crore compared to Rs 15,850 crore YoY.
IL&FS group has addressed a debt of Rs 43,000 crore so far and the management has now raised its aggregate debt recovery estimate to Rs 61,000 crore.
Infosys said it would buy back shares amounting to Rs 9,200 crore (USD1.23 billion) from the open market route.
Tinplate Company of India reported 107% rise in net profits at Rs 56.15 crore compared to Rs 27.12 crore YoY. Revenues grew 59% YoY to Rs 762.86 crore from Rs 479.19 crore YoY.
On Friday, the indices opened higher but lost all gains and ended flat. On the NSE, there were 761 advances, 1,117 declines and 375 unchanged.
NALCO has been granted the mining lease of Utkal-E coal block by the Department of Steel & Mines, Government of Odisha. With the grant of Utkal D & E coal blocks, the total mineable coal reserve of the company will be 175 million tones.
Vivimed Labs received approvals for 3 products from its manufacturing site in Hyderabad. The three products are Bilastine tablets, Ornidazole and Otloxacin tablets and Paracetamol 125mg/5ml and Chlorpheniramine Maleate Syrup.
Maruti Suzuki India is increasing the price for select models owing to increase in various input costs. The weighted average price increase in ex-showroom prices in Delhi across models is 1.6%.
SBI General Insurance Company was fined Rs.25 lakh by the Insurance Regulatory and Development Authority (IRDAI) for violation of regulations relating to motor third party insurance obligations.
Quess Corp has announced the acquisition of the remaining 30% stake in Conneqt Business Solutions for Rs 208 crore, pursuant to the ‘put option’ notice by Tata Sons Pvt Ltd.