Tata Consultancy Services: Reported a 7.4% year-on-year rise in its March quarter net profit, slightly below analysts’ estimate, as rising employee costs squeezed earnings even as demand remained robust. Net profit rose to ₹9,926 crore during the period, trailing the ₹10,077 crore consensus profit estimate in a Bloomberg survey. Revenue grew 15.8% on year to ₹50,591 crore, beating the ₹50,249 crore consensus Bloomberg estimate.
Telecom stocks: The telecom regulator has recommended a 36% cut in the base price of 5G spectrum band (3300-3670MHz band) to ₹317 crore on a pan-India basis from the ₹492 crore it suggested in 2018, offering major relief to telcos and setting the stage for them to secure prized airwaves in a government auction.
he Reserve Bank of India on Monday decided to restore the opening time of financial markets regulated by itself to their pre-pandemic time of 9 am, with effect from April 18.
ZEE Entertainment Enterprises: Has decided to go full throttle on its movie production business, housed under Zee Studios. The company, which released 23 films in the financial year that ended March 31, is looking to more than double that to 48 in the current year and is eyeing revenues of ₹2,000 crore to ₹2,500 crore from the movie business alone.
Ruchi Soya: Baba Ramdev’s Ruchi Soya Industries has said it will evaluate the most efficient mode to merge Patanjali Ayurved Ltd’s food portfolio with itself and has also decided to change the name of the company to Patanjali Foods Ltd. The company recently raised ₹4,300 crore through a follow-on public offer. It has also repaid ₹2,925 crore loans to banks and has become debt free.
UltraTech Cement: Has been declared a preferred bidder for the Diggaon limestone block. The company participated in the e-auction conducted by the Karnataka government. The block is adjacent to the company’s Rajashree unit
Piramal Enterprises: The Supreme Court has stayed the NCLAT’s order in which it had sent back the Piramal Group’s winning bid for DHFL to the debt-laden finance company’s lenders for reconsidering the valuation. Piramal Enterprises Ltd had bought the bankrupt DHFL in September 2021 by making an upfront cash payment of ₹14,700 crore to creditors. It had made a total payment of ₹34,250 crore, which included a debt instrument issuance of ₹19,550 crore.
JSW Steel: JSW Utkal Steel, a subsidiary of JSW Steel, has received environmental clearance for setting up a greenfield integrated steel plant with a capacity of 13.2 million tonnes per annum crude steel, from the government. The capital expenditure for the project is estimated at ₹65,000 crore.
Adani Green Energy: The company on Monday entered the list of top-10 valued firms as its market valuation zoomed to over ₹4.22 lakh crore, backed by a sharp rally in its share price. The company commanded a market valuatuion of ₹4,22,526.28 crore to grab the tenth spot on the top-10 list.
Moving on to markets
The key benchmark indices are likely to start Tuesday’ session on a negative note as global sentiment remains weak. The SGX Nifty futures were quoting at 17,573 levels around 8 am, hinting at a gap-down start of 150 points for the Nifty50. The markets will be reacting to TCS Q4 numbers that were announced the previous day after market hours
Moreover, key economic data is also on the radar with the CPI and IIP numbers for March and Feb, respectively, slated to be released today. The US CPI numbers will also be announced later in the day.
Overnight, the US markets started the holiday shortened week with heavy losses as bond yields rose to a 3-year high ahead of inflation data on Tuesday.
Brent crude tumbled 4.2 per cent to $98.48 a barrel
Business term of the day
An infrastructure investment trust, simply put, is a pooled investment vehicle like a mutual fund. While mutual funds invest the sum received in financial securities, an InvIT invests the same in real infrastructure assets like roads, power plants, transmission lines, pipelines etc.
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of t ... Read more
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of the Day: enterprise value Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Busin ... Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Business Term of the Day: Demerger Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of ... Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of the Day: Foreign direct investment Read more
In this episode, find out about why Essel Group chairman Subhash Chandra is questioning Invesco’s motive behind seeking change in Zee board, also find out why big tech firms are co ... Read more
In this episode, find out about why Essel Group chairman Subhash Chandra is questioning Invesco’s motive behind seeking change in Zee board, also find out why big tech firms are coming together to form an alliance Business Term of the Day: sovereign rating Read more
In this episode, find out about why France’s AXA group plans to sell entire shareholding in ICICI Lombarad, also find out why SBI is looking to raise another round of AT1 bonds Bu ... Read more
In this episode, find out about why France’s AXA group plans to sell entire shareholding in ICICI Lombarad, also find out why SBI is looking to raise another round of AT1 bonds Business Term of the Day: Additional Tier 1 bonds Read more
In this episode, find out about why IT depth has imposed a capital gains tax on Grasim Industries, also find out why Indian markets are set to open in trade today Business Term of ... Read more
In this episode, find out about why IT depth has imposed a capital gains tax on Grasim Industries, also find out why Indian markets are set to open in trade today Business Term of the Day: capital gains tax Read more
In this episode, find out about why RIL is defending the appointment of Saudi Aramco chairman on its board, also find out why Inveco has taken Zee to court Business Term of the Da ... Read more
In this episode, find out about why RIL is defending the appointment of Saudi Aramco chairman on its board, also find out why Inveco has taken Zee to court Business Term of the Day: unicorn Read more
In this episode, find out about why India is pitching for a revision in sovereign rating, also find out why Sebi has put Adani Wilmar IPO on track Business Term of the Day: Credit ... Read more
In this episode, find out about why India is pitching for a revision in sovereign rating, also find out why Sebi has put Adani Wilmar IPO on track Business Term of the Day: Credit ratings Read more
In this episode, find out about why BPCL is looking at divestment by March 2022, also find out why RIL is in talks to buy Glance InMobi. Business Term of the Day: Non-convertible ... Read more
In this episode, find out about why BPCL is looking at divestment by March 2022, also find out why RIL is in talks to buy Glance InMobi. Business Term of the Day: Non-convertible debentures Read more
In this episode, find out about why Google has taken CCI to court, also find out why Accenture reported better than expected Q1 nos Business Term of the Day: Delisting Read more
In this episode, find out about why Google has taken CCI to court, also find out why Accenture reported better than expected Q1 nos Business Term of the Day: Delisting Read more