Indices at previous closing
Nifty50: 14,864 ▲ 211 (+1.4%)
Sensex: 49,733 ▲ 789 (+1.6%)
Nifty Bank: 33,722 ▲ 987 (+3.0%)
In the news
Tata Communications back in black in Q4
- The telecom company witnessed a 7.4% YoY decline in its Q4 consolidated revenue, reported at ₹4,073 crore. The drop is a result of degrowth in the company’s voice and data businesses, due to longer deal cycles during the pandemic.
- In contrast, better operating performance led to a profit of ₹299 crore versus a loss of ₹275 crore reported last Q4. In fact, the company’s profit after tax of ₹1,251 crore for FY21 is its highest in 11 years. The results were declared after market hours. The shares closed 0.4% lower yesterday.
KPIT’s profit rises in Q4
- For Q4, the Pune-based IT services company reported a 4.3% sequential improvement in revenue from operations, which stood at ₹540 crore. However, profits grew at a faster clip to ₹47 crore up 9.4% QoQ due to improved utilisation and offshore revenues.
- The company claims to have a healthy order book and decent medium-term visibility and expects to grow at double-digits in FY22. The stock has risen about 10% in April but fell 2% yesterday in an otherwise strong market.
Morepen Labs soars on new investment
- Shares of the pharma company hit their 52-week high after the company’s board approved the investment of $32.5 million by Switzerland-based Corinth Group. The investment is part of an overall package of $100 million, and the remaining $67.5 million will go into promoter group companies.
- The company envisages a total investment of ₹565 crore by the investor and promoter to be used for expanding the API R&D centre and setting up a new plant and diagnostic facilities. The stock was locked in its 10% upper circuit yesterday and has jumped over 72% this month.
ABB India reports strong quarter
- For the March quarter, the engineering services company reported a 128% YoY jump in net profits to ₹151 crore. This surge was supported by improvement in margins and a ₹74 crore one-time gain on sale of a property.
- Its revenues saw a modest rise of 7% YoY to ₹1,629 crore. The company's order inflows declined by 7% YoY to ₹1,830 crore during the quarter, and total order book stands at around ₹4,330 crore. The stock dipped 0.6% yesterday but has gained 14.5% so far in 2021.
Events/data releases of the week
- Thursday: GDP, Initial jobless claims (US)
Sectoral indices (28 April)
| Top gainers | Top losers |
| Nifty Bank ▲ 3.0% | Nifty Realty ▼ 0.5% |
| Nifty Fin Serv ▲ 2.8% | Nifty Pharma ▼ 0.3% |
Global markets (at 8:30 am)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.2% |
| Hang Seng (Hong Kong) | ▲ 0.8% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (28 April) | ▼ 0.4% |
Fact of the day
In some European markets, Netflix monitors illegal downloads to decide which shows to purchase.
Source: Forbes
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