Stock Market Live update on 6th May 2022. The Nifty futures were trading higher at around 16440 levels on the Singaporean Exchange at 8:00 IST. Asian markets are trading in the red, while the US market ended lower on Thursday.
Levels for Nifty and Banknifty for 6th May 2022
Nifty Levels for the day:
Nifty Resistance at 16500
Nifty Support at 16350
Banknifty Levels for the day:
Banknifty Resistance at 35000
Banknifty Support at 34300
Stocks in Focus today
Tata Motors has announced its foray into electric last mile cargo segment with the Ace EV.
TVS Motor Company
The automobile company reported lower than expected numbers for the quarter ended March. Net profit fell 5 percent year-on-year (YoY) to Rs 274.5 crore while revenue was up 4 percent at Rs 5,530.3 crore.
Blue Dart Express
The express air and integrated transportation company posted a growth of 20.7 percent year-on-year (YoY) in its standalone profit after tax at Rs 135 crore in the fourth quarter ended March 22. Revenue from operations for the quarter jumped 21 percent on year to Rs 1,166 crore. The company declared a total dividend of Rs 60 per equity share for FY21-22.
The company reported lower than estimated earnings for the fourth quarter of FY22. Net profit fell 23.5 percent year-on-year (YoY) to Rs 182.7 crore whereas revenue was up 4 percent at Rs 2,666.6 crore.
CEAT posted a decline of 83 percent in its consolidated net profit for the fourth quarter ended March 22 to Rs 25.25 crore. The revenues however rose 13 percent on year to Rs 2,592 crore. The company declared a dividend of Rs 3 per equity share for FY22.
Sona BLW Precision Forgings
Profit after tax for the fourth quarter ended March 22 soared 76 percent to Rs 105 crore as compared to Rs 60 crore reported during the same period last year. Revenue was up merely 2 percent on year to Rs 550 crore. The company has declared a dividend of Re 0.77 per equity share for FY22.
DCM Shriram declared a 73 percent year-on-year (YoY) rise in its net profit at Rs 401 crore for the fourth quarter ended March 22. Its net revenue from operations grew 28 percent on year to Rs 2,796 crore. The company declared a final dividend of 245 percent taking the total dividend for the year to 735 percent.
Mahindra and Mahindra
The Mahindra Group has initiated a restructuring to trifurcate its flagship automobiles business which contributes 55 percent to the group revenue, said a news report. The exercise, which is understood to be in the early stages, will involve separating the electric vehicle, tractor and passenger vehicle businesses into three independent companies via a demerger process. Currently, these are housed under Mahindra & Mahindra as separate divisions, it added.
The company has announced the completion of acquisition of balance 50 percent equity stake in Classic Mall Development Company from Crest Ventures and Escort Developers. Phoenix Mills has paid Rs. 9,360 million to acquire the 50 percent stake held by Crest Ventures and Escort Developers.