Morning Update for 5 May 2022

Indices at previous closing

Nifty50: 16,677 ▼ 391 (-2.2%)

Sensex: 55,669 ▼ 1,306 (-2.2%)

Nifty Bank: 35,264 ▼ 899 (-2.4%)

For more updates on F&O, click here.

Adani Green posts strong growth

Adani Group's renewable energy arm reported a 46% rise year-on-year in Q4 total income to ₹1,587 crore due to a sharp uptick in energy sales. Net profit grew 16% to ₹121 crore on higher revenues but was impacted by rising borrowing costs and interest payments.

The company's debts continue to grow. As of March 2022, its net debt stood at ₹38,297 crore. This is much higher than the net debt of ₹14,547 at the end of March 2011.

Tata Consumer profits jump multifold

Tata Consumer reported a Q4 net profit of ₹239 crore, a 222% rise year-on-year. This was due to cost-saving measures and lower exceptional costs. Its revenue from operations was up 5% to ₹3,175 crore supported by the growth in its India foods business.

The FMCG company said revenues from its India foods business rose 19%, while the Indian beverages business declined by 1%.

EU plans import ban, oil rises

As the European Union’s plans for Russian oil imports intensifies, oil prices jumped by 3% yesterday. Brent crude futures surged 2.8% to $107.9 a barrel. 

The European Commission hopes to eliminate Russian crude oil over the next six months and refined products by the end of the year. With demand worries due to the ongoing lockdown in China along with the holiday season also observed in Japan, oil prices fell more than 2% on Tuesday. 

Sectoral indices (May 5)

Global markets (at 7:30 AM today)

Fact of the day

Indians bought nearly 28 tonnes of gold this Akshaya Tritiya, surpassing pre-Covid levels by 25-30%.

Source: ET

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