Business News, Strategy, Finance and Corporate Insight

Top gainers and losers

On the BSE Sensex pack, 24 out of top 30 shares were flashing in red, barring NTPC, Tata Steel, HUL, Nestle India, Mahindra & Mahindra, and Maruti Suzuki India.

IT heavyweight Infosys was the worst performer with a 7% loss, followed by Tech Mahindra (-5.29%), Housing Development Finance Corporation (-3.90%), HDFC Bank (-3.78%), Wipro (-3.56%), among others.

Infosys shares dropped 7.5% to ₹1,617 apiece on the BSE after the country’s second-largest software exporter posted lower-than-expected earnings in the fourth quarter ended March 31, 2022. The consolidated net profit rose 12% year-on-year to ₹5,686 crore in the January-March quarter of the financial year 2021-22 while its revenue grew 22.7% YoY to ₹32,276 crore in Q4 FY22. Going ahead, the company expects revenue to grow by 13%-15% in constant currency for FY23.

Investors continued to book profit in HDFC group shares after the unveiled merger plans. Shares of mortgage lender HDFC fell nearly 7% in the past one week, while private lender HDFC Bank dropped nearly 4% during the same period.

HDFC Bank, the country’s largest private sector lender by assets, on Saturday reported 22.82% year-on-year (YoY) growth in its net profit at ₹10,055.2 crore for the fourth quarter ended March 31, 2021. The net revenues (net interest income plus others income) increased 7.3% YoY to ₹26,509.8 crore in Q4 FY22. For the full financial year ended March 2022, net profit grew 18.8% YoY to ₹36,961.3…