The SGX Nifty on Friday signaled a positive start for the benchmark index BSE Sensex and the NSE Nifty 50. The Nifty futures traded up 211 points, or 1.34%, at 15,996 on the Singapore Exchange, indicating that Dalal Street is heading for a gap-up. “Rising inflationary pressures, continued FII sales and the devaluation of the rupee have left investors frustrated at all-time lows. After a short hiatus, the market saw sharp sell-offs again and could not hold on to higher levels. The rising VIX is giving more discomfort and suggesting a wild swing in front. The Nifty has broken its key support level and until it falls below 16,000 – the weakness could move to 15,500, “said Siddharth Khemka, Head-Retail Research, Motilal Oswal Financial Services.
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Hindustan Aeronautics (HAL): Hindustan Aeronautics has announced that the Type Certification of the first Indigenous Light Transport Civil Passenger aircraft “Hindustan 228-201” has been transferred to the Directorate General of Transport Aircraft R&D Center, HL Kanpur today at DGCA Headquarters, New Delhi. The Hindustan 228-201 aircraft is the first type certified fixed wing aircraft in India to comply with the latest FAR 23 certification requirements which is a major milestone in building a new, self-reliant India.
Biocon: Biocon Biologics Ltd., a subsidiary of Biocon, and Viatris Inc. Announced Thursday that Abevmy® (bBevacizumab) is now available in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, has been approved by Health Canada across Roche’s Avastin® (Bevacizumab) biosimilar and four oncology hints, according to the companies’ press release on Thursday. “With the launch of Abevmy, (bBevacizumab), we are adding another world-class biosimile to our oncology portfolio in Canada, including Ogivri (Trustuzumab) and Fulphila (Pegfilgrastim). Abevmy will be a significant addition to our existing portfolio and enable us to expand patient access to another affordable biology for cancer care, “Matthew Eric, Chief Commercial Officer, Advanced Markets, Biocon Biologics, said in a statement.
HPCL: State-owned oil refiner and marketer Hindustan Petroleum Corporation Limited (HPCL) consolidated net profit for the March quarter at 34% to Rs 2,019 crore from Rs 3,061 crore in the year-ago period. Revenue stood at Rs 1.07 lakh crore in the quarter, up 24.2% from Rs 85,755 crore in the year-ago period. Total expenditure increased by 28% to Rs 1.05 lakh crore from Rs 81,717 crore a year ago. Operating margin for the quarter narrowed sharply to 1.57% from 4.46% last year. The average gross refining margin for the year ended March 2022 was 19 7.19 per barrel, compared to 8 3.86 per BBL in the same period last year.
Ashok Leyland: Ashok Leyland Limited’s net profit rose 274% to Rs 901.4 crore in the fourth quarter. Total revenue for the quarter stood at Rs 8,744.3 crore, up 24.9% from Rs 7,000.5 crore in the same period of the previous fiscal. Its truck market share for Q4 FY22 rose to 30.6%, from 28.9% in Q4 FY21, the highest market share seen in the last 11 quarters.
Fortis Healthcare: Market regulator Sebi has imposed fines totaling Rs 38.75 crore on 32 companies, including Fortis Healthcare Holdings, in a case involving the misappropriation of Fortis Healthcare Limited (FHL) funds and concealment of fraud. The matter goes back to 2018 when a media report was published alleging that the promoters of the listed FHL had taken huge funds from the listed companies. It also noted that Deloitte Haskins & Sells LLP, FHL’s statutory auditor, refused to sign the company’s second-quarter results until the funds were accounted for.
Q4 Today Results: Amara Raja Batteries, IDFC Ltd, Indigo Paints, Lakshmi Mills Co Ltd, Mindteck India Ltd, Nuvoco Vistas Corp Ltd, Rane Madras Ltd, SML Isuzu Ltd will report their March quarterly earnings today.