Nifty futures on Singapore Exchange were down 44 points on Wednesday morning, hinting at a gap-down start for domestic equity markets. Headline indices on Dalal Street have been moving flat for the last two days now. However, Sensex and Nifty have held above their support levels and technical analysts continue to believe that the short term trend is positive. “There is a possibility of further consolidation or minor weakness in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed at 15,130,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Investors could go for stock-specific trades in such a market.
HDFC: Housing Development Finance Corporation (HDFC) said it will raise up to Rs 7,000 crore by issuing bonds on a private placement basis. The base issue size for the secured redeemable non-convertible debentures (NCDs) is Rs 5,000 crore with an option to retain oversubscription of up to Rs 2,000 crore, HDFC said in a regulatory filing. HDFC will offer a coupon rate of 6% per annum on the bonds, the issue for which opens on May 28, 2021.
DHFL: The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the order passed by the Mumbai bench of the NCLT, which had directed the administrator of Dewan Housing Finance (DHFL) to consider the settlement offer made by its former promoter, Kapil Wadhawan.
Thermax: The company reported a 174% On-year increase in its consolidated net profit at Rs 107 crore for the quarter ended March 31, 2021, driven by strong growth in revenue. For the full year ended March 31, 2021, the company maintained its consolidated net profit levels as it reported a decline of 2% to Rs 207 crore, compared to last year.
Emami: FMCG firm Emami Ltd on Tuesday reported over a three-fold jump in its consolidated net profit to Rs 87.73 crore for the January-March quarter. The company had posted a net profit of Rs 22.75 crore during the March quarter of the previous financial year.
Computer Age Management Services: CAMS reported a net profit of Rs 60 crore in the January-March quarter, up 39.5% from a year ago period when the company’s net profit stood at Rs 43 crore. Revenue grew 15% on-year basis.
Results today: BPCL, Berger Paints, Pfizer Ltd, Cummins India, Burger King, Hindustan Foods, LT Foods, MPS, The Karnataka Bank, Manappuram Finance, Somany Home Innovation, Astra Microwave Products are some of the companies that will report their quarterly results today.