Stock Market Live update on 12th May 2022. The Nifty futures were trading higher at around 16000 levels on the Singaporean Exchange at 8:00 IST. Asian markets are trading in the red, while the US market ended lower on Wednesday.
Levels for Nifty and Banknifty for 12th May 2022
Nifty Levels for the day:
Nifty Resistance at 16100
Nifty Support at 15880
Banknifty Levels for the day:
Banknifty Resistance at 34200
Banknifty Support at 33800
Stocks in Focus today
The company’s subsidiary Novelis Inc recorded a 21 percent YoY growth in net income at $217 million in March 2022 quarter. Net sales increased 34 percent to $4.8 billion compared to the year-ago period. Novelis, the wholly-owned US unit of Aditya Birla Group company Hindalco, said it will invest $2.5 billion to build a new low-carbon recycling and rolling plant in Bay Minette, Alabama, US.
The footwear company’s net sales fell about 7 percent YoY to Rs 698.2 crore. Profit declined 38 percent to Rs 62.93 crore. Relaxo Footwears’ operating margin also shrunk on an on-year basis.
The construction company’s consolidated profit soared 97 percent YoY to Rs 234 crore in the quarter ended March 2022. Revenue grew 23.5 percent to Rs 3,477 crore compared to the same period last year.
The company reported a 55.4 percent YoY decline in consolidated profit at Rs 111 crore for the quarter ended March 2022. However, revenue grew by 6 percent to Rs 2,264.2 crore as compared to the year-ago period
Punjab National Bank
The State-owned lender reported a 65.5 percent year-on-year (YoY) decline in net profit at Rs 201.6 crore for the fourth quarter ended March 31, 2022. It’s asset quality improved sequentially.
The liquefied natural gas importer clocked a 24 percent YoY growth in consolidated profit at Rs 791 crore in Q4FY22. Revenue grew by 47.3 percent to Rs 11,160.4 crore compared to the year-ago period.
Life Insurance Corporation of India acquired 2.03 percent equity stake in the company through open market transactions. Post this, its shareholding in the company stands increased to 6.05 percent, up from 4.02 percent earlier.
The Aditya Birla Group, which owns the country’s largest cement company Ultratech, has formally joined the race to buy out the Swiss cement giant Holcim’s stake in Ambuja Cement and ACC, as per a report.
The real estate developer in partnership with Bain Capital and Ivanhoé Cambridge will develop a next-generation green digital infrastructure platform. The platform will jointly invest around $1 billion to create approximately 30 million square feet of operating assets to serve India’s digital economy.