Stock Market Live update on 9th May 2022. The Nifty futures were trading higher at around 16220 levels on the Singaporean Exchange at 8:00 IST. Asian markets are trading in the red, while the US market ended lower on Friday.
Levels for Nifty and Banknifty for 9th May 2022
Nifty Levels for the day:
Nifty Resistance at 16300
Nifty Support at 16080
Banknifty Levels for the day:
Banknifty Resistance at 34400
Banknifty Support at 33800
Stocks in Focus today
The company will make its debut on the BSE and NSE today.
Tata Power Company
The company reported a 31.4 percent YoY growth in profit at Rs 632.4 crore. Revenue from operations increased by 15.4 percent to Rs 11,960 crore during the same period.
Reliance Industries reported a 10.9 percent sequential increase in revenue from its oil-to-chemical (O2C) business to Rs 1.46 lakh crore for the January-March period, exceeding Street estimates. Consolidated net profit came in at Rs 16,203 crore, slightly below expectation.
Go Fashion India
The women’s bottom-wear brand reported a 73 percent YoY growth in profit at Rs 12 crore in Q4FY22. Revenue from operations grew 29 percent to Rs 116 crore.
Hariom Pipe Industries
The company recorded a 44.5 percent YoY growth in profit at Rs 9.77 crore in quarter ended March 2022. Revenue was up 33 percent to Rs 124.2 crore in the same quarter.
Shipping Corporation of India
The company recorded a massive 77.4 percent YoY growth in consolidated profit at Rs 152 crore in the quarter ended March 2022. Revenue from operations grew by 50 percent to Rs 1,314.5 crore during the same period.
Mindtree, L&T Infotech
L&T Group announced a merger of Mindtree and L&T Infotech to create India’s next large-scale IT services player. All shareholders of Mindtree will receive 73 shares of L&T Infotech for every 100 shares held. Larsen & Toubro will hold 68.73 percent of L&T Infotech after the merger.
The IT services company’s UK-based subsidiary has acquired Switzerland-based digital banking and wealth management specialist Confinale AG, for 53 million CHF (Swiss Francs).
The Reserve Bank of India has approved the amalgamation between Equitas Holdings and Equitas Small Finance Bank.
The company will acquire 45 percent equity equity stake in Baobab Mining and Chemicals Corporation, a rock phosphate mining company based in Senegal, Africa.