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Shares of HFCL, which makes telecom equipment and optical fiber cables, slumped over 7 percent after the company reported disappointing earnings for the quarter ended June 30, 2022.
HFCL said its profits tanked 42 percent year-on-year (YoY) while revenue fell 13 percent for the quarter ended June 30, 2022. Ebitda margins were also lower by 345 basis points at 12.37 percent. All numbers contracted sequentially as well.
“Revenue and consequently profitability during the quarter got impacted due to spill over of service billing followed by non-availability of required infrastructure from the customer end and also continued shortage of semiconductors,” said Mahendra Nahata, Managing Director, HFCL.
Tata Steel Q1 PreviewIndia’s largest steel producer Tata Steel Limited (Tata Steel) is expected to report a year-on-year decline of 19-32 percent in its consolidated profit after tax (PAT) on July 25, when it will declare its results for the quarter ended June 2022. On a sequential basis, the decline in profit is likely to be more pronounced at 26 – 38 percent.The revenues are likely to grow 9-16 percent over the same period a year ago. On a sequential basis however, the revenues are seen decreasing by 11-16 percent.According to a poll of brokerages that Moneycontrol had access to, including Motilal Oswal Financial Services, Kotak Institutional Equities and ICICI Securities, the Tata Group company is expected to report a PAT of Rs 6,000 – 7,200 crore on consolidated revenues of Rs 59,300 – 61,700 crore.Tata Steel had registered a PAT of Rs 8,907 crore during the corresponding period last year when it had achieved consolidated revenues of Rs 53,372 crore. Read More
Market at 12 PMBenchmark indices were trading lower with Nifty around 16600.The Sensex was down 364.63 points or 0.65% at 55707.60, and the Nifty was down 110.40 points or 0.66% at 16609.10. About 1216 shares have advanced, 1864 shares declined, and 167 shares are unchanged.
Axis Bank Q1 PreviewAxis Bank is expected to report strong growth in its net profit as well as topline aided by improvement in asset quality and a conducive environment for credit offtake in the economy.The private sector bank is likely to report a 66.6 percent year-on-year (YoY) rise in net profit to Rs 3,597.7 crore for the quarter ended June, according to an average of estimates from eight brokerages polled by Moneycontrol.The lender will report its June quarter earnings on July 25. Read More
Tech Mahindra may log in double-digit drop in Q1 profit; constant currency revenue may grow 2-3.6%
The deal wins for the quarter ended June 2022 could be in the range of $750-800 million, the brokerages said.
Intellect Design arm bags order from Mineral Development Bank
Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that Mineral Development Bank has chosen iGCB’s Intellect Digital Core to transform its banking solutions.
Intellect Design Arena was quoting at Rs 692.60, up Rs 2.80, or 0.41 percent on the BSE.
BSE Realty index fell 0.5 percent dragged by the Indiabulls Real Estate, Macrotech Developers, Godrej Properties
GAIL India to consider bonus issue on July 27GAIL India board will hold a meeting on July 27 to consider issuance of bonus shares. Hence, the trading window for dealing in securities of GAIL for designated persons and their immediate relatives will remain closed till the approval of financial results for the quarter ended June 2022.
The auto index shed a percent dragged by Eicher Motors, Mahindra & Mahindra and Maruti Suzuki
Jyothy Labs Q1: Net profit was up 18% at Rs 48.4 crore against Rs 41 crore (YoY). Revenue rose 13.7% at Rs 597.2 crore against Rs 525.4 crore (YoY). EBITDA went down 5.4% at Rs 59.8 crore against Rs 63.2 crore (YoY). Margin at 10.1% against 12.0%(YoY). Other income at Rs 13.2 crore against Rs 4.5 crore (YoY). The stock was trading at Rs 169.50, up Rs 5.25, or 3.20 percent on BSE. It has touched an intraday high of Rs 174.75 and an intraday low of Rs 164.05. It was trading with volumes of 41,216 shares, compared to its five day average of 18,002 shares, an increase of 128.95 percent.
#OnCNBCTV18 | Expect some earnings cuts owing to high inflation which could impact demand. See more downside for IT companies as margin could be under pressure, says Dhiraj Agarwal of Ambit Capital pic.twitter.com/tz02KKbynQ
— CNBC-TV18 (@CNBCTV18Live) July 25, 2022
