Daily Snippets – 20 July 2022

The Markets Today in a nutshell

• The domestic equity benchmark ended in strong gains. 
• Positive sentiments continued to prevail in the Indian equity markets as they edged higher for the fourth consecutive day. The positivity was aided by strong cues from the global markets amid the removal of levy on gasoline exports as well as a cut in windfall taxes on other fuels by the Indian government.

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Capital Flows

News you could use

Wipro net profit tanks 21% yoy
WIPRO reported a 20.93 percent year-on-year (YoY) decline in its consolidated profit after tax (PAT) at Rs 2,563.6 crore for the quarter ended June as compared to a PAT of Rs 3,242.6 crore recorded during the same period last year.

Govt lowers windfall tax on fuel exports
Shares of Reliance Industries Limited (RIL), ONGC, and Chennai Petrochem surged on Wednesday after government cut windfall taxes on fuel exports. The decision came after oil prices in the international market had declined. In early trade, RIL shares rose over 4 per cent, ONGC gained as much as 7 per cent, and Chennai Petroleum Corp jumped 11 per cent.

HUL rises as earnings top estimates and global brokerages raise targets
HUL Q1 profit grows 11% to Rs 2,289 crore, with underlying volume growth of 6%. The FMCG major recorded a 11% year-on-year growth in profit at Rs 2,289 crore for the quarter ended June 2022, with underlying volume growth of 6%, but EBITDA margin contracted 100 bps YoY to 23.2% amid unprecedented inflationary headwinds. Revenue grew by 20% to Rs 14,272 crore during the same period YoY.

News from the IPO world

• Mitsu Chem Plast files draft papers with SEBI.
• Arohan Financial in talks with PEs to raise Rs. 1,900 crore.
• Government revives IPO plans for RRBs.

Numbers that matter