Stocks in emphasis include Tata Motors, L&T, SBI, Bharti Airtel, RIL, Tech Mahindra, HAL, and Future Group.

  • May 13, 2022, 12:07 p.m.

Indian equity markets are likely to open on a positive note on Friday amid mixed global cues. Ahead of the final trading session of the week, the SGX Nifty was up more than 100 points, suggesting a gap-up start for benchmark indices like the BSE Sensex and NSE Nifty 50. Global cues were mixed as Asian stock markets gained while on Wall Street, the Dow Jones and S&P 500 ended with losses. "Overall weakness is expected to continue. Markets are now in oversold territory after witnessing a sharp decline in the last few trading sessions." "Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said that the India VIX spiked by 6% to 25 zones, its 7-week high, indicating that uncertainty may continue in the market for some more time," said Siddhartha Khemka, Head – Retail Research,

Stocks in focus on 13 May, Friday

Tata Motors reported a consolidated net loss of Rs 1,032 crore for the quarter ended March 31st as against a consolidated net loss of Rs 7,605 crore in the year-ago quarter. The company reported an 11.5% on-year decline in consolidated revenue from operations to Rs 78,439 crore for the reported quarter. The weakness in the performance of the company was largely down to subsidiary Jaguar Land Rover, whose revenues in the reported quarter nosedived 27.1% on-year to 4.8 billion pounds sterling. The weakness in the revenues of JLR was down to the company’s inability to secure semiconductors to ramp up production, while disruption in the European and Chinese businesses also weighed.

Larsen & Toubro (L & T): India’s largest infrastructure company, Larsen & Toubro (L & T), on May 12 reported a 10% on-year rise in consolidated net profit at Rs 3,621 crore, which was below analysts’ expectations. The infrastructure giant’s consolidated revenue from operations rose 10% on-year to Rs 52,851 crore for the reported quarter, missing expectations. The company said it had bagged orders worth Rs 73,941 crore during the quarter ended March 2022, a growth of 46% over the corresponding quarter of last fiscal, with international orders contributing 44% of the total order inflow. The company secured nearly Rs 1.93 lakh crore worth of orders at the group level during the year, which grew by 10% over the previous year.

Future Group: Future Group promoter Kishore Biyani’s daughter Ashni Biyani has resigned as managing director of Future Consumer, citing personal reasons, while she will continue to serve on the board as a non-executive director. Future Consumer said in a regulatory update that Biyani has resigned due to personal constraints and challenges, due to which she is unable to devote the necessary time and attention to the affairs of the company. Ashni Biyani’s resignation follows that of Rakesh Biyani, who resigned as managing director of another group company, Future Retail, a week ago. Along with Rakesh Biyani, other officials, including the company secretary, have also tendered their resignations.

Bharti Airtel: Bharti Airtel added the maximum number of subscribers in March at 2.25 million, followed by Reliance Jio, which added 1.26 million subscribers. Despite losing subscribers for the past few months, Jio has been increasing its active user base by weeding out inactive subscribers from its network. Vodafone Idea continues to lose subscribers with a decline of 2.81 million in March. According to the data shared by the Telecom Regulatory Authority of India (Trai), the total wireless subscribers in March increased to 1,142.09 million from 1,141.53 million last month. In terms of percentage of active subscribers, Bharti Airtel continues to lead with 98.74%, followed by Reliance Jio with 93.80%. Vodafone Idea’s percentage of active subscribers stood at 86.70%.

Market regulator SEBI and Reliance Industries (RIL) on Thursday strongly countered each other in the Supreme Court as they sought remedy in a case concerning alleged irregularities by the latter in connection with the acquisition of its own shares between 1994 and 2000. RIL wants SEBI to share certain documents that it thinks will exonerate it and its 108 promoters in the case. The company believes that these documents would negate the allegations of wrongdoing in the acquisition of shares, and this would have a vital bearing on the criminal case being filed by SEBI.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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