Market LIVE Updates: Indices off day’s low; IT stocks gain, metal, power under pressure – Moneycontrol

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Morgan Stanley view on Federal Bank
 
Morgan Stanley has kept overweight rating on Federal Bank with a target at Rs 130 per share.The negative was NIM, owing in part to interest income reversals.The upside risk led by higher rates, high excess liquidity & positive loan mix shift, reported CNBC-TV18.

Market at 1 PMBenchmark indices were erased some of the intraday losses but still trading lower with Nifty above 16300.The Sensex was down 250.94 points or 0.46% at 54584.64, and the Nifty was down 73.10 points or 0.45% at 16338.20. About 973 shares have advanced, 2229 shares declined, and 122 shares are unchanged.

Buzzing:DCB Bank clocked a 46 percent year-on-year growth in profit at Rs 113 crore in quarter ended March 2022 driven by lower provisions with improved asset quality and higher net interest income. Net interest income during the same period increased by 22.2 percent to Rs 380 crore in Q4

Nifty FMCG index shed 1 percent dragged by the Marico, Nestle India, United Spirits

JUST IN | Inox Wind board approves IPO for arm Inox Green Energy Services

UPL Q4 Results:

The company has reported 29.7 percent jump in its Q4 net profit at Rs 1,379 crore versus Rs 1,063 crore and revenue was up 24% at Rs 15,861 crore versus Rs 12,796 crore, YoY.

One-time loss at Rs 168 crore versus loss of Rs 80 crore, YoY, reported CNBC-TV18.

UPL was quoting at Rs 796.35, up Rs 9.55, or 1.21 percent on the BSE.

BSE Capital Goods index fell 1 percent dragged by Bharat Forge, Graphite India, Schaeffler India

Buzzing:Shipping Corporation of India share price fell 3 percent despite company recorded a massive 77.4 percent year-on-year growth in consolidated profit at Rs 152 crore in the quarter ended March 2022 on strong topline and operating income. Revenue from operations grew by 50 percent to Rs 1,314.5 crore during the same period.

LIC IPO Subscription Updates:

Asian currencies performance against the US dollar

Market at 12 PMBenchmark indices were trading lower with Nifty around 16300. The Sensex was down 344.40 points or 0.63% at 54491.18, and the Nifty was down 100 points or 0.61% at 16311.30. About 875 shares have advanced, 2306 shares declined, and 102 shares are unchanged.