Indices at previous closing
Nifty50: 14,677 ▼-18 (-0.1%)
Sensex: 48,732 ▲ +41 (+0.0%)
Nifty Bank: 32,169 ▼ -282 (-0.8%)
In the news
L&T profits beat street estimates
- The engineering and construction major reported consolidated revenues of ₹48,088 crore in Q4, up 8% YoY. Meanwhile, net profit for the period stood at ₹3,293 crore, up 3% YoY, higher than the estimate of ₹3,043 crore.
- The growth came on account of project activities normalising on easing of Covid-19 restrictions in Q4. However, the company expects growth momentum to slow during Q1FY22 due to the second wave. Meanwhile, at consolidated group level it carries an order book of ₹3.2 lakh crore. The stock closed 2.1% higher on Friday, and has risen 5% in May.
Cipla’s Q4 misses street expectations
- The Mumbai-based drug maker improved its Q4 revenue by 5% YoY to ₹4,606 crore, but missed street estimates of ₹4,999 crore. At ₹413 crore, its profit for the quarter was 68% higher YoY, but missed the street’s expectation of ₹621 crore.
- The growth was driven by its North America and South Africa businesses, which grew 17% and 14%, respectively. The company plans to expand its Covid-19 portfolio along with its respiratory therapies for FY22. The stock is up 10% so far this year.
Rossari Biotech rises on strong quarter (Mkt cap: ₹7,065 crore)
- The speciality chemicals maker recorded a 37% rise in its consolidated revenues from operations at ₹218 crore in Q4FY21. During the same period, its consolidated net profit jumped by 47% to ₹22 crore.
- Its new plant at Dahej, Gujarat is now operational and has doubled the company’s total production capacity to 252,500 MTPA. It will be able to scale up utilisation levels over the next 3-4 years. The stock closed 2.2% higher on Friday and has gained over 36% so far this year.
Ramkrishna Forgings’ Q4 profits surge
- The Kolkata-based auto components maker’s Q4 revenue more than doubled YoY to ₹517 crore on account of a surge in its forging business. Profit for the quarter stood at ₹35 crore, versus a loss of ₹6 crore in Q4FY20, which was affected by Covid.
- The company achieved new business wins across domestic and export markets. It was able to offset the rise in commodity costs by increasing product prices and thus protect margins. The stock closed flat on Friday after hitting its 52-week high of ₹661.6, and has risen about 35% so far in 2021.
Sectoral indices (14 May)
| Top gainers | Top losers |
| Nifty FMCG ▲ 2.1% |
Nifty Metal ▼ 3.7% |
| NA | Nifty Realty ▼ 3.1% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.3% |
| Nikkei 225 (Japan) |
▼ 1.1% |
| Hang Seng (Hong Kong) |
▲ 0.6% |
| SSE Composite (China) | ▲ 0.9% |
| Dow Jones (US) (14 May) |
▲ 1.0% |
Fact of the day
"SKOT" was an early Icelandic word for "tax", which came into modern English as "scot". Thus "scot-free" literally means "exempt from tax"; it has since been broadened to indicate "exempt from punishment."
Source: The Guardian
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