Stock Market Live update on 16th May 2022. The Nifty futures were trading at around 15800 levels on the Singaporean Exchange at 8:00 IST. Asian markets are trading in the green, while the US market ended higher on Friday.
Levels for Nifty and Banknifty for 16th May 2022
Nifty Levels for the day:
Nifty Resistance at 15900
Nifty Support at 15680
Banknifty Levels for the day:
Banknifty Resistance at 33250
Banknifty Support at 32800
Stocks in Focus today
Alkem Laboratories
said on exchanges that the Medicines and Healthcare products Regulatory Agency (MHRA) has pointed out no critical or major observations at its Taloja Plant. The company said the MHRA has closed its inspection.
Tech Mahindra
reported a 10 percent sequential rise in its consolidated net profit to Rs 1,506 crore for the quarter ended March 2022, which was above analysts’ expectations of Rs 1,411 crore. The IT services major reported a 5.8 percent quarter-on-quarter rise in consolidated revenue from operations to Rs 12,116 crore for the reported quarter. The firm won deals worth over $1 billion in the January-March period.
Maruti Suzuki
India completed the process of allotment of an 800 acre site in Haryana state for its proposed plant, according to a statement on exchanges. The plans investment of more than Rs 11,000 crore in the first phase. The first plant with a manufacturing capacity of 2.5 lakh vehicles a year is expected to be commissioned by 2025. The site will have space for capacity expansion to include more manufacturing plants.
Avenue Supermarts
which owns and operates retail chain D-Mart, reported a 22 percent decline in its sequentially consolidated net profit to Rs 427 crore for the fourth quarter ended March 2022. Year-on-year it reported a 3 percent rise in its net profit. Revenue fell 5 percent quarter-on-quarter to Rs 8,787 crore from Rs 9,218 crore. Year-on-year, revenue rose 19 percent.
Amber Enterprises
reported net profit for the fourth quarter that missed the average analyst estimate. Net profit for the quarter stood at Rs 57.22 crore, down 24 percent year-on-year against the estimates of Rs 117 crore. Revenue rose 21 percent from a year ago to Rs 1,940 crore versus estimate of Rs 2,144 crore. The firm also approved raising Rs 500 crore via securities.
Bank of Baroda
has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 percent from Rs 2,197.03 crore in the third quarter of last fiscal. Net interest income grew 21.2 percent to Rs 8,612 crore from Rs 7,107 crore a year ago.
Eicher Motors
reported net profit for the fourth quarter that beat the average analysts’ estimates. Net profit for the quarter rose 16 percent year-on-year to Rs 610 crore versus an estimate of Rs 596 crore. Revenue grew 9 percent from a year ago to Rs 3,190 crore against estimates of Rs 3,183 crore. The growth was led by YoY increase in average selling prices (ASPs) due to a richer model mix and price hikes taken over the past few quarters. This, however, was partly offset by YoY decline in volumes for Royal Enfield.
Nazara Technologies
net profit for the March quarter fell 71 percent quarter-on-quarter to Rs 4.90 crore versus Rs 17.10 crore. Revenue for the quarter fell 6 percent sequentially to Rs 175.10 crore against Rs 185.80 crore. The firm also announced that it will give 1:1 bonus share to its shareholders.