Stocks In News
HDFC Bank: Profit in Q4 grew 22.8 percent to Rs 10,055.2 crore YoY as provisions declined 29.4 percent in the same period. Net interest income rose 10.2 percent to Rs 18,873 crore, with credit growth of 20.8 percent and a deposits growth of 16.8 percent YoY. Asset quality improved with gross non-performing assets falling 9 bps sequentially to 1.17 percent and net NPAs declining 5 bps QoQ to 0.32 percent in the March quarter.
Infosys: The country's second-largest IT services company recorded lower-than-expected earnings growth in March 2022 quarter, with profit falling 2.1 percent sequentially to Rs 5,686 crore on lower-than-expected revenue growth (up 1.3 percent QoQ) and a fall in operating margin, and dollar revenue growth of seven-tenth of a percent QoQ at $4,280 million. However, the revenue growth guidance for the current financial year at 13-15 percent over the previous year exceeded analysts' expectations, with operating profit margin forecast in the range of 21-23 percent.
Windlas Biotech: The company received a certificate of good manufacturing practices (GMP) from the South African Health Products Regulatory Authority. The company had undergone an inspection-audit during September 20-29, 2021. Windlas can now start manufacturing and sell its products in South Africa market. The company also received zero critical observations for its plant-IV at Dehradun after European Union GMP inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary during April 11-13.
UltraTech Cement: Its UAE subsidiary, UltraTech Cement Middle East Investments (UCMEIL), has picked up a 29.39 percent stake in RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT), a listed entity on Abu Dhabi and Kuwait stock exchanges. This is a strategic investment and the acquisition cost will be $101.1 million.
Alkem Laboratories: The pharma company's Taloja unit has been cleared by the US health regulator as the unit has not received “Form 483” after inspection. The US FDA inspected the company's bioequivalence centre at Taloja in Maharashtra during April 11-14.
Tata Power: BlackRock Real Assets, together with Mubadala, will invest Rs 4,000 crore ($525 million) for a 10.53 percent stake in the company's subsidiary Tata Power Renewables. The investment has taken a base equity valuation of the subsidiary to Rs 34,000 crore.
Mahindra & Mahindra: The company has hiked the price of its vehicles by 2.5 percent. The price revision is a result of a continuous increase in prices of key commodities such as steel, aluminium and palladium, the company said.
Jubilant Ingrevia: The company has received CDMO contract worth Rs 270 crore in specialty chemicals business from an "international customer". The contract is for three years. The company will supply two key GMP intermediates for one of the “patented drugs” of the innovator pharmaceutical customer. Commercial supplies of both these products will start from FY23.
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S&P 500 futures slide ahead of a huge week of earnings reports
Stock futures fell Sunday evening as investors braced for a week of major first-quarter earnings reports ahead.
Futures on the Dow Jones Industrial Average lost about 150 points, or 0.4%. S&P 500 futures shed 0.5%. Nasdaq futures were lower by 0.8%.
Bank of America reports quarterly results Monday before the bell. Several Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.
Technology bellwethers are also set to report quarterly earnings, with Netflix due on Tuesday and Tesla out on Wednesday. Snap reports Thursday. United Airlines, American Airlines and Alaska Air are also on the calendar, as are railroads CSX and Union Pacific.
By: via @AlliesFin Serve Stock Market
