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CORPORATE AND ECONOMY NEWS

* Infosys Q2 FY23 Results (Consolidated, QoQ): Revenue up 6% at Rs 36,538 crore Vs Rs 34,470 crore. EBIT up 14% at Rs 7,873 crore Vs Rs 6,914 crore. EBIT margin 21.5% Vs 20.06%. Net profit up 12% at Rs 6,021 crore Vs Rs 5,360 crore.

* Mindtree Q2 FY23 Results (Consolidated, QoQ): Revenue up 8.9% at Rs 3,400.4 crore Vs Rs 3,121.1 crore. EBIT up 8.8% at Rs 650.6 crore Vs Rs 598.2 crore. EBIT margin 19.13% Vs 19.16%. Net profit up 7.9% at Rs 508.7 crore Vs Rs 471.6 crore.

* Den Networks Q2 FY23 Results (Consolidated, QoQ): Revenue up 1% at Rs 287 crore Vs Rs 283 crore. EBITDA fell 8% at Rs 37.76 crore Vs Rs 40.91 crore. EBITDA margin 13% Vs 14%. Net profit up 3.7x at Rs 47.5 crore Vs Rs 12.82 crore.

* Cyient Q2 FY23 Results (Consolidated, QoQ): Revenue up 12% at Rs 1396 crore Vs Rs 1,250 crore. EBIT down 0.35% at Rs 141.6 crore Vs Rs 142.1 crore. EBIT margin 10.14% Vs 11.37%. Net profit down 32% at Rs 79.1 crore Vs Rs 116.1 crore. Declared interim dividend of Rs 10 per equity share on par value of Rs 5 each.

* Infosys: The company announced a buyback programme worth Rs 9,300 crore where it will buy 5.03 crore shares at Rs 1,850 apiece, a premium of 30% over Thursday’s closing price.

* HDFC Life Insurance Company: Company gets final approval of IRDAI for Exide Life Insurance merger. The company has received final approval from Insurance Regulatory and Development Authority of India (IRDAI) for the merger of Exide Life Insurance with itself. The appointed date for the scheme of amalgamation is 1 April 2022 and the scheme will be effective from the end of the day on 14 October 2022.

* Mahanagar Telephone Nigam: Shareholders approved plans to raise Rs 17,571 crore through government-guaranteed debt bonds on private placement basis, and enhanced power of the board to borrow up to Rs 35,000 crore from banks and other financial institutions.

* National Highways Infra Trust: The InvIT is looking to raise additional Rs 3,800 crore, out of which Rs 1,500 crore will be raised via non-convertible debentures

* Inox Leisures: The company executed an agreement with Jazz Cinemas for transfer of its theatre business, Luxe Cinemas, on a going concern basis, by means of a slump sale.

* Pricol: Crisil has assigned ‘Crisil A-/Stable’ rating to long-term credit facilities of the company.

* Coal India: The company signed an MoU with Rajasthan Vidyut Utpadan Nigam for developing a solar power project of 1,190 MW. Meanwhile, exchanges sought clarification from the company over reports related to the MoUs the company signed with other PSUs for coal gasification

* Karnataka Bank: The board of the bank considered the request of Mahabaleshwara MS, managing director and CEO, not to offer himself for reappointment. He will continue in the office till the completion of his tenure on April 14, 2023. The Board decided to constitute a se

* KPI Green Energy: The company received commissioning certificate from Gujarat Energy Development Agency for capacity of 6 MW solar power project for three clients—Parag Syntex, Murlidhar Texprints and Shabnam Petrofils.

* Tata Steel Long Products: The company subscribed 4.69 crore shares of its subsidiary Neelachal Ispat Nigam for Rs 300 crore, taking its shareholding to 95.81% from 95.65%. NINL will use the funds for meeting its capital and capex requirements.

* Bandhan Bank: The private lender said it will diversify its asset base by increasing exposure to secured loans to 70 per cent by 2025. The bank will also diversify its geographical presence.

* Key Results today: Bajaj Auto, Tata Elxsi, Shree Cement, and Federal Bank.

GLOBAL MARKETS

Global Market Update

US stocks surged to close more than 2% higher on Thursday, as technical support and investors covering short bets drove a dramatic rebound from a selloff earlier in the day. The reversal marked a jump of nearly 194 points in the S&P 500 from its low of the session to its high, the biggest intraday jump for the index since January 24. The Dow Jones Industrial Average rose 827.87 points, or 2.83%, to 30,038.72, the S&P 500 gained 92.88 points, or 2.60%, to 3,669.91 and the Nasdaq Composite added 232.05 points, or 2.23%, to 10,649.15.

Crude Oil

Oil prices slipped in early Asian trade on Friday as US crude and gasoline inventories jumped, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production. Brent crude futures fell 15 cents, or 0.2%, to $94.42 per barrel by 0034 GMT, while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.2%, cents at $88.90 per barrel.

SGX Nifty: Trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 218 points. The Nifty futures were trading around 17,175 levels on the Singaporean exchange

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Thursday at 17087, made a high of 17112, made a low of 16957, and closed on a positive note at 17014 levels. For the day, support for the Nifty exists at 16950 and 16780 levels, whereas resistance for the Nifty stands at 17120 and 17400 levels

Bank Nifty Outlook:

Bank Nifty opened gap down on Thursday at 38958 made a high of 39061, made a low of 38438, and closed on a negative note at 38624 levels. For the day, support for Bank Nifty exists at 38500 and 38000 levels, whereas resistance for Bank Nifty stands at 39000 and 39500 levels.

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