Indices at previous closing
Nifty50: 14,341 ▼ 64 (-0.4%)
Sensex: 47,878 ▼ 202 (-0.4%)
Nifty Bank: 31,722 ▼ 60 (-0.1%)
In the news
HCL Tech reports weak quarter
- The IT major reported a 72% sequential decline in net profit, impacted by a one-time bonus to employees and higher taxes. Its revenues grew 1.8% QoQ to ₹19,642 crore. The revenue growth was lower than that of its competitors, which witnessed growth of 2–4%.
- Last week, HCL Tech’s stock fell 5.6%, underperforming the Nifty IT index, which fell 2.7%. For FY22, its management has guided for double-digit growth, supported by deal wins and the rising share of it's products and platforms business.
ICICI Bank’s profits surge in Q4
- The private lender posted a 260% YoY growth in profits of ₹4,403 crore on account of higher interest income and lower provisioning. However, the profit was still below the street’s expectation of ₹4,507 crore.
- At 4.96%, the bank's gross non-performing assets (NPAs) are lower than Q4FY20's 5.53% but more than last quarter's 4.38%. Shares of ICICI Bank were down 2% on Friday, but rose 0.5% last week.
Mahindra Finance profit drops in Q4
- The Mahindra Group NBFC reported an 8% YoY drop in consolidated net profit to ₹219 crore in Q4FYF21. The total income declined 3% to ₹3,038 crore.
- As on FY21, the company’s loan assets contracted 5% YoY to ₹64,608 crore, while disbursements were down 41% to ₹19,001 crore. Further, gross non-performing assets (GNPAs) rose to 9.0% in March 2021 from 8.4% in March 2020. The stock was up 2.1% on Friday, but has fallen over 10% this month.
Oriental Hotels shows sequential recovery
- The Chennai-based hotel company reported a ₹4.6 crore loss in Q4 as its revenue declined 26% YoY to ₹52.7 crore. However, compared to Q3, revenues jumped 23% as it witnessed some recovery in demand mainly in the leisure destinations.
- The company is an associate company of Indian Hotels Company Limited (IHCL). It has seven hotels mostly in southern states, predominantly in Tamil Nadu.
Sectoral indices (23 April)
| Top gainers | Top losers |
| Nifty Media ▲ 0.4% | Nifty Realty ▼ 1.1% |
| Nifty PSU Bank ▲ 0.3% | Nifty FMCG ▼ 0.9% |
Global markets (at 8:15 am)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.2% |
| Hang Seng (Hong Kong) | ▲ 0.2% |
| SSE Composite (China) | ▲ 0.4% |
| Dow Jones (US) (23 April) | ▲ 0.6% |
Fact of the day
In the first month of its launch, Amazon had already sold books to people in all 50 US states and in 45 different countries.
Source: History Channel
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