Benchmark stock indices opened the week on a muted note on Monday, with the Sensex plunging nearly 483 points due to selling in IT, capital goods and banking shares amid losses in global equities. The Sensex tanked 482.61 points (0.81 per cent) to settle at 58,964.57. The 50-issue Nifty declined by 109.40 points (0.62 per cent) to finish at 17,674.95.
Here are the key stocks to watch on Tuesday, April 12, 2022:
Tata Consultancy Services (TCS) on Monday reported a 7.4 per cent increase in its March quarter net profit to Rs 9,926 crore as profit margins narrowed, but the country’s largest software exporter sounded confident about the new fiscal on positive business momentum.
For FY22, the net profit jumped 14.8 per cent to Rs 38,327 crore under the International Financial Reporting Standards (IFRS) accounting system on the back of a 15.4 per cent expansion in the topline to Rs 1.91 lakh crore.
The company also reported its highest-ever total revenues of Rs 50,591 crore in the quarter.
Telecom regulator Trai on Monday recommended about 39 per cent reduction in the reserve or floor price for the sale of spectrum for mobile services, including the latest 5G offering, as it looked to match revenue expectations with the industry’s paying capacity.
With large swathes of spectrum remaining unsold in the last two auctions, the Telecom Regulatory Authority of India (Trai) recommended to the government for selling airwaves in all existing bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz and new slots of 600 MHz, 3300-3670 MHz and 24.25-28.5 GHz.
It has suggested a lower reserve price for all bands, compared to the prices proposed in the previous recommendations in 2018.
State-owned Central Bank of India on Monday said the government has nominated Hardik Mukesh Sheth to its board with immediate effect.
Sheth, a director at the Department of Financial Services, has been appointed as the government nominee in place of Bhushan Kumar Sinha with immediate effect and until further orders, according to a regulatory filing.
UltraTech Cement on Monday said it has been declared as the preferred bidder for a limestone block in an e-auction conducted by the Karnataka government.
“The company participated in the e-auction of Diggaon Limestone Block conducted by the Government of Karnataka and has been declared as the preferred bidder,” it said in a regulatory filing.
The block is situated in Tehsil Chittapur of Kalburgi district in Karnataka. This is adjacent to UltraTech’s Rajashree unit and has total cement grade geological resources of 530 million tonnes of limestone over an area of 7.86 sq km, it added.
JSW Steel on Monday said its subsidiary has received the environmental clearance to set up a Rs 65,000-crore steel plant in Odisha. The company will set up the plant at Paradip in Odisha, where the South Korean steel giant Posco was keen to set up a Rs 52,000-crore steel plant.
In 2005, Posco had entered into a pact with Odisha government to set up a steel unit but dropped the plan after facing stiff opposition from the locals for more than a decade.
“JSW Utkal Steel Ltd (JUSL), a wholly-owned subsidiary of JSW Steel Ltd… has today received the environmental clearance for setting up of a greenfield Integrated Steel Plant (ISP) of 13.2 million tonnes per annum crude steel from the Union Ministry of Environment & Forest and Climate Change (MoEF&CC),” it said in a statement.
The capital expenditure for the project is likely to be Rs 65,000 crore.
-with PTI input