A day before the Reserve Bank of India (RBI) releases its monetary policy announcement, the Indian equity market ended down in the previous session, interrupting a six-day winning streak. The Nifty was down 6.20 points or 0.04 percent at 17,382 at the close, and the Sensex was down 51.73 points or 0.09 percent at 58,298.80.

According to Vinod Nair, Head of Research at Geojit Financial Services, “taking good momentum from the robust US economic statistics, the domestic market opened with gains, although worries over the US-China rivalry kept investors on the defensive, leading to severe volatility.”

The Indian rupee and equity market were under downward pressure as a result of the trade deficit report and the weak PMI. But persistent foreign interest in Indian stocks encourages investors to buy on price declines, which causes a late rebound,” he continued.

Results on August 5

Engineers India, NMDC, One 97 Communications, Petronet LNG, Alkem Laboratories, Pfizer, Raymond, Computer Age Management Services, Eris Lifesciences, Fortis Healthcare, Greenply Industries, Minda Corporation, Indigo Paints, Motherson Sumi Wiring India, R Systems International, Shipping Corporation of India, Talbros Engineering, UCO Bank, and Mahindra & Mahindra are just a few of the companies that belong to this category.

Stocks In News

Gujarat State Petronet

For the quarter that ended in June 2022, the company reported a consolidated profit that was up 11% year over year but was hampered by higher input costs at Rs 648.16 crore. For the FY23 quarter, revenue increased by 63 percent YoY to Rs 5,670 crore.

BEML

As of June 2022, the company has an order book worth Rs 9,100 crore, including orders booked at Rs 571 crore for the quarter ending June 2022. While revenue increased by 43% YoY to Rs 669.2 crore in Q1FY23, the company reported a consolidated loss of Rs 82.36 crore for the quarter ended June 2022 compared to a loss of Rs 94 crore in the same period last year.

Adani Ports

To strategically collaborate on investments in end-to-end logistics infrastructure and solutions, including rail, maritime services, port operations, digital services, an industrial zone, and the establishment of maritime academies in Tanzania, AD Ports Group, and Adani Ports and SEZ have signed a Memorandum of Understanding (MoU).

Adani Enterprises

A firm agreement has been reached for the purchase of Swarna Tollway (STPL) and Gujarat Road and Infrastructure Company (GRICL) by subsidiary Adani Road Transport (ARTL) for Rs 3,110 crore. Subject to regulatory approval, ARTL will purchase 100% of STPL and 56.8% of GRICL from Macquarie Asia Infrastructure Fund. The deal is anticipated to be finalized in September 2022.

REC

For the quarter that ended in June 2022, the company’s consolidated earnings increased by 8.2% year over year to Rs 2,454.2 crore, in part thanks to a drop in financial instrument impairment. For the June FY23 quarter, revenue fell 0.55 percent YoY to Rs 9,497.5 crore.

Alembic Pharmaceuticals

Due to a reduced top line, the pharmaceutical business reported a consolidated loss of Rs 65.88 crore for the quarter ended June 2022 as opposed to a profit of Rs 164.52 crore in the same period the previous year. Revenue decreased by over 5% to Rs 1,262.14 crore from the same time last year.

Balkrishna Industries

For the quarter that ended in June 2022, the company’s consolidated profit decreased 7.1% year over year to Rs 307 crore due to rising input costs and freight and forwarding costs. For the June FY23 quarter, revenue rose 45.3% YoY to Rs 2,619.43 crore.

Manappuram Finance

As impairment on financial instruments remained high, the company recorded a 35.6% year-over-year fall in profit at Rs 282 crore for the quarter ended June 2022. During the same quarter, operating revenue decreased 4% to Rs 1,502 crore.

LIC Housing Finance

For the quarter that ended in June 2022, the housing financing company’s earnings increased by 503 percent year over year to Rs 925.5 crore as huge declines in financial instrument impairment were reported. For the June FY23 quarter, operating revenue climbed 9% YoY to Rs 5,285.5 crore. the order book

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