Headline indices BSE Sensex and NSE Nifty 50 registered gains during the week. The Sensex started at 59679.66 points and gained 2.40% during the week to close at 61112.44 points. Similarly, the Nifty 50 started the week at 17657.45 points and gained 2.31% during the week to settle at 18,065.00 points on Friday.
Top Gainers and Losers
Some of the top gainers this week were Rail Vikas Nigam Ltd (38.26%), Gujarat State Fertilizers & Chemicals Ltd (up 28.44%), Indiabulls Real Estate Ltd (up 27.92%), Mangalore Refinery and Petrochemicals Ltd (up 20.94%) and (19.13%).
On the other hand, some of the top losers were Brightcom Group (down 22.41%), IPCA Laboratories Ltd (down 15.66%), Crompton Greaves Consumer Electricals Ltd (down 13.49%), Aavas Financiers Ltd (down 12.21%) and Meghmani Finechem Ltd (down 8.70%).
The Recap
Reliance’s expansion manageable says S&P
S&P Global Ratings believes that index heavyweight Reliance Industries’ appetite for bigger investments or M&As will dissipate. A number of planned investments in the company’s pipeline, including those in 5G services, oil refining and petrochemicals, renewable energy, and retail development, will likely keep the company’s adjusted EBITDA in the range of 2.6 lakh crore to 2.7 lakh crore over the next two years, the report added. It further stated that spending would increase above S&P’s initial projections due to the company’s strategy of diversifying into and dominating a number of industries.
Stock recommendations using Telegram: Sebi bans 6 persons from market
Market regulator SEBI barred six individuals from the securities market for up to three years and imposed a penalty totalling ₹ 5.8 crores on them. They were connected in a case of circulating misleading messages urging users to buy specific stocks using the social media app Telegram. They will have to pay the fine within 45 days and will have to dodge ill-gotten gains to the tune of ₹ 1.85 crore made by them, along with interest.
Infosys signs deal with Aramco
Bengaluru-based IT major Infosys signed a deal with the world’s largest oil producer Aramco to use artificial intelligence and automation tools to build its HR technology. Aramco is the world’s largest oil producer, and Infosys’ platform will enhance the overall experience of employees to engage more productively. In another development, The IT company jointly launched a live operations platform with Service Now to boost customer experience for telecom providers.
Swiggy partnered with Apna to hire 10,000 gig workers from tier 2, and tier 3 cities
Food delivery service Swiggy, for its quick commerce platform Instamart has partnered with jobs and professional networking company Apna to create 10,000 hyperlocal opportunities. Swiggy aims to strengthen its delivery crew in tier 2 cities. Due to obstacles such a lack of
orientation, a lack of industry expertise, and insufficient experience, many businesses have found it difficult to recruit people from tier 2 and tier 3 cities.
Tesla inks pact with Indian Oil Corporation
Tesla Power USA said that it has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm’s petrol pumps. It will sell 36,000 IOCL petrol pumps across India. These batteries will initially be available at select IOCL fuel pumps in the Delhi-NCR region and subsequently in other states. The Elon Musk-led company currently has over 5,000 distribution points in India and aims to double it in 2023.
Results
Indian Hotels Company Ltd
Tata Group company and hospitality major Indian Hotels Company Ltd reported a four-fold increase in its consolidated net profit in the quarter that ended March (Q4FY23) at ₹ 338.84 crores, as against ₹ 71.57 crores a year ago.
It reported a profit of ₹ 1,052.83 crore for the entire financial year, from a loss of ₹ 264.97 crore in the preceding fiscal. The company’s total income rose to ₹1,654.54 crore in Q4FY23, as against ₹ 954.88 crore reported in the previous year. Including 36 signings, the company now has 260 hotels in its portfolio.
Wipro Ltd
IT major Wipro reported a decline of 0.4 per cent year-on-year in its net profit to ₹ 3,074.5 crores for Q4FY23. It posted a net profit of ₹ 3,074.5 crore for the March quarter of 2023 against ₹ 3,087.3 crore in the year-ago period. Its revenue stood at ₹ 23,190.3 crore, 11.17 per cent higher year-on-year.
For the entire financial year FY23, it reported a net profit of ₹ 11,350 crore indicating a decrease of 7.1 per cent compared to the previous fiscal, while revenue of it declared a revenue of ₹ 90,487.6 crore which was 14.4 percent higher. Moreover, it announced a share buyback of 26.96 crore equity shares at a price of ₹ 445 apiece.
Written by Simran Bafna
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