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Another 5-7% correction in market to make valuations palatable, says Vinit Sambre
Vinit Sambre, head of equities at DSP Investment Managers, believes that another 5-7 percent correction in the stock market could make valuations palatable for long-term investors.
Domestic equities are currently flat for the year despite the spike in global volatility triggered by Russia’s invasion of Ukraine and hawkish shift in global monetary policy to tame record high inflation.
While Nifty 50 index has seen compression of its price-to-earnings multiples from the record highs of 2021, it is still quoting more than 20 times one-year forward earnings, which is above its long-term average valuation. Click To Read More
Mastek Q4 Earnings:
Mastek has reported 8.6 percent jumped in its Q4 net profit at Rs 79.9 crore versus Rs 73.6 crore and revenue was up 5.4% at Rs 581.5 crore versus Rs 551.9 crore, QoQ.
Earnings before interest, tax, depreciation and amortization (EBITDA) 3.8% at Rs 120.6 crore versus Rs 116.2 crore and margin was at 20.7% versus 21%, QoQ.
Mastek was quoting at Rs 2,830.80, up Rs 36.80, or 1.32 percent on the BSE.
ITC proposes to acquire 10% stake in Blupin Technologies
ITC proposes to acquire 10% stake in Blupin Technologies Private Limited, the company behind brand Mylo.
The share acquisition is expected to be completed within 45 days from the date of execution of the Agreements.
The Company has entered into Share Subscription Agreement, Share Purchase Agreement, and Shareholders’ Agreement on April 20, 2022 to acquire up to 10.07% ofthe share capital of Mylo (on a fully diluted basis), subject to completion of conditions precedent.
ITC was quoting at Rs 260.45, up Rs 0.95, or 0.37 percent on the BSE.
BSE Smallcap index rose 1 percent supported by the Uttam Sugar Mills, Centrum Capital, Cupid
Shriram Properties Q4 Business Update:
Shriram Properties reported impressive performance with highest-ever sales volume, sales value as well as record high collections and construction for the year ended March 31, 2022 (FY22).
Its performance for the quarter remained impressive with strong growth in key operating parameters compared to Q3 FY22.
The Company achieved sales volumes2 of 1.17 msf in Q4FY22, supported by 4 successful launches, reflecting 14% growth over Q3FY22 (QoQ). For the full year, aggregate sales volumes reached a record high of 3.76 msf in FY22, up 25% year-on-year (YoY).
Shriram Properties was quoting at Rs 80.20, up Rs 3.20, or 4.16 percent on the BSE.
Results Today:
HCL Technologies, ICICI Lombard General Insurance Company, L&T Technology Services, Tata Communications, CRISIL, Cyient, Rallis India, Sasken Technologies, Shiva Cement, Betala Global Securities, Rajratan Global Wire, Roni Households, Shukra Jewellers, S&T Corporation, and Trident Texofab will release quarterly earnings on April 21.
Nifty IT index gained 1 percent supported by the Coforge, Infosys, TCS:
Market at 2 PMBenchmark indices were trading at day’s high level with Nifty above 17300.The Sensex was up 734.35 points or 1.29% at 57771.85, and the Nifty was up 203.90 points or 1.19% at 17340.40. About 2171 shares have advanced, 914 shares declined, and 113 shares are unchanged.
Enforcement Directorate (ED) has conducted searches at 2 locations of JSPL in Delhi & Gurgaon, quoting Sources, reported CNBC-TV18.
Hitachi Energy wins Rs 160 crore order from MP Power Transmission
Hitachi Energy India has won an order worth about Rs 160 crore from MP Power Transmission Package-II Limited, a project-specific business to strengthen the transmission system in the rural area of Madhya Pradesh to increase capacity and improve reliability of the power infrastructure in the region. The order was booked in the January to March quarter.
Hitachi Energy India was quoting at Rs 3,305.00, up Rs 2.00, or 0.06 percent on the BSE.
CLSA on Bharti Airtel Research firm CLSA has kept buy rating on Bharti Airtel with a target at Rs 915 per share.Airtel Payments Bank have 122 million users and saw annual revenue exceed Rs 1,000 crore, up 60% YoY.The payments bank’s edge versus competition is led by access & reach, reported CNBC-TV18.
