Market Update 30-05-2022


The positive sentiments remain extended to the 3rd consecutive day. The market sentiments gained strength by positive global cues as the US markets witnessed a sharp rally last Friday, the release of the US Fed monetary policy meeting minutes which laid emphasis on the prevailing strength in the US economy, further relaxation of COVID-related curbs announced by China and early onset of monsoon in the country which raised hopes of a bumper harvest this year which will boost rural demand. Some of the major events of the day are covered here in a precise way.

Commerce Insiders

πŸ‘‰After a gap up Opening in the Market , Nifty remained positive throughout the day. Nifty ended with a gain of 1.89% or +308.95 points ,closed at 16661.40 while the Sensex gained by 1.90% and closed at 55925.74.

πŸ‘‰IRCTC declared its March 2022 result. Its net profit for the quarter ended March was at Rs 213.78 crore, up 105.99 % compared to Rs 103.78 crore in the same quarter last year. Its revenue from operations came in at Rs 690.96 crore, up 103.95 % from Rs 338.78 crore in the year-ago quarter. Its revenue from internet ticketing was at Rs 292.82 crore, compared to Rs 212.01 crore. From catering, its revenue jumped about four fold to Rs 266.19 crore against 67.38 crore in the same quarter year ago. Revenue from Rail Neer was at 51.88 crore, up from Rs 27.80 crore.

πŸ‘‰LIC also declared its March 2022 result and reported an 18 % drop in standalone net profit. Net profit of the insurance giant came in at Rs 2,372 crore in Q4FY22 as against Rs 2,893.48 crore in the year-ago period. However, its net profit for the full year (FY22) was up 39.4 % at Rs 4,043.12 crore from Rs 2,900.56 crore in FY21. The board has also recommended a dividend of Rs 1.50 per equity share with face value of Rs 10 each for the year ended March 31, 2022, which is subject to the approval of the shareholders in the annual general meeting.

πŸ‘‰Vodafone Idea is in talk with Amazon to invest up to Rs.20,000 Crores in the Vodafone Idea. The proceeds will be used to bid for the upcoming 5G auction of spectrum and in capital expenditure for the rollout of services by year-end.

πŸ‘‰DGCA imposes Rs 10 lakh penalty on SpiceJet for using faulty simulator to train pilots.

πŸ‘‰Ethos IPO list at discount of 5.5 % at Rs 830 and failed to surpass its issue price of Rs 878 throughout session. It corrected up to Rs 774 intraday and finally settled at Rs 802.60, down 8.6 % from issue price and down 3.3 % from opening price on the BSE. On the NSE, it closed with 8.53 % loss at Rs 803.1.

πŸ‘‰India plans to reduce power generation from least 81 coal-fired utilities over the next four years, the federal power ministry said in a letter, in an effort to replace expensive thermal generation with cheaper green energy sources.

πŸ‘‰Hero Electric Pvt. Ltd. has joined hands with Cholamandalam Investment and Finance Co. Ltd. to offer retail finance for electric two-wheelers. The partnership will enable the company to cater to newer markets with Chola's widespread presence across the country, the electric two-wheeler maker said in a statement.

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Disclosures and Disclaimer

This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.

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