Eicher Motors Q4 Earnings:Eicher Motors share price rose 4 percent on May 16 after company declared a consolidated profit after tax (PAT) of Rs 610 crore for the quarter ended March 2022, up 16 percent from Rs 526 crore in the year-ago period.On a sequential basis, the growth in profit was 34 percent from Rs 456 crore in the previous quarter.The maker of iconic Royal Enfield reported a year-on-year (YoY) growth of 8.6 percent in its consolidated revenue at Rs 3,193 crore from Rs 2,940 crore in the corresponding period of the previous year.Sequentially, revenues rose 11 percent from Rs 2,881 crore in the December quarter.
PhilipCapital View On Holcim Deal
Foreign research house PhilipCapital has upgraded Ambuja Cement to buy and raised the target price to Rs 440 per share and also maintain buy on ACC and raised the target price to Rs 2,850 per share.
Research firm kept estimates unchanged for Ambuja & ACC.
It upgraded target multiples for ACC from 13x to 15x and Ambuja Cement to 18x from 16x, reported CNBC-TV18.
Nifty PSU Bank index rose 2 percent supported by the Indian Overseas Bank, Indian Bank, Bank of Maharashtra
As SBI slips after results, should you buy or sell stock?
Net profit was highest ever but shares slipped a little over one percent in response to the results.
Adani wins race to buy cement makers Ambuja and ACCThe Adani family has agreed to buy Swiss firm Holcim’s India assets, Ambuja Cements and ACC, for $10.5 billion (Rs 800 billion) in one of the largest ever acquisitions by an Indian group. Adani will acquire 63.19 percent of Ambuja and 54.53 percent of ACC through an offshore special purpose vehicle.
Shanghai aims for return to normal life from June 1
Shanghai aims to reopen broadly and allow normal life to resume from June 1, a city official said on Monday, after declaring that 15 of its 16 districts had eliminated cases outside quarantine areas.
Deputy Mayor Zong Ming, speaking at a daily online news conference, gave the clearest timetable yet for a return to normal for the city’s 25 million people who have been frustrated by more than six weeks of lockdowns and inconsistent messaging as to when they can resume their lives.
Shanghai officials declared the city’s epidemic under control but they also said their goal until May 21 would be to prevent a rebound in infections, meaning many curbs will remain in place.
BSE Auto index added 1 percent led by the Eicher Motors, Escorts, Balkrishna Industries
HDFC Bank gets RBI nod to setup step-down subsidiary via HDFC SecuritiesReserve Bank of India (RBI) has conveyed its approval to the Bank for setting up a step-down subsidiary through HDFC Securities Limited (the Bank’s subsidiary), for offering broking and clearing services in International Financial Services Centre (IFSC) at GIFT City, on the terms as prescribed by the RBI.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on positive note on May 16 with Nifty around 15800.
At 09:16 IST, the Sensex was up 78.13 points or 0.15% at 52871.75, and the Nifty was up 14.10 points or 0.09% at 15796.30. About 1545 shares have advanced, 479 shares declined, and 91 shares are unchanged.
Eicher Motors, JSW Steel, Maruti Suzuki, Titan Company and Tata Steel were among major gainers on the Nifty, while losers were UltraTech Cement, Shree Cements, Tech Mahindra, NTPC and Power Grid Corp.
Indian markets are likely to open on a positive note today on the back of mostly positive global cues. Markets will largely be driven by global trends, economic outlook, WPI inflation data for April and the ongoing quarterly earnings of corporates.
US markets ended higher tracking gains in technology stocks as investors looked to go on a bargain hunt.
Stocks under F&O ban on NSE
Three stocks – GNFC, Indiabulls Housing Finance, and Punjab National Bank – are under the F&O ban for May 16. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.