After selling the four-wheeler lighting business in the Americas and Europe, Varroc freezes in the upper circuit.
Varroc Engineering’s stock hit a 52-week high of Rs 494.60 on April 29 and was stuck in a 20% upper circuit after the company announced plans to sell its four-wheeler lighting business in the Americas and Europe for 600 million euros. There were 325,879 pending buy orders with no sellers available.
Varroc has entered into a divestiture agreement with Compagnie Plastic Omnium Se, France, through its wholly-owned subsidiary VarrocCorp Holding BV Netherlands.
Varroc will continue to manage its China joint venture as well as other international two-wheeler operations in Italy and Vietnam, as well as worldwide electronics businesses in Poland and Romania. In Asia, the corporation will keep its four-wheeler lighting operations.
For the first time, India’s most valuable company, Reliance Industries, surpasses $250 billion in market capitalization, extending the gap with TCS.
Reliance Industries, India’s most valuable company, broke the $250 billion market capitalization barrier for the first time on April 28 when its shares hit a new high. The stock was valued at Rs 19.20 lakh crore ($250.7 billion), the most among India’s publicly traded companies. At 13:02 IST, a share was trading at Rs 2,831.95, up 1.93 percent.
Reliance has corrected by around 18% since October 2021. It has gained strength since March 8, climbing 27 percent to a new record high of Rs 2,838.5, and has been one of the main stocks supporting the market. During the same time span, the Nifty50 index increased by more than 8%.The gap between Reliance and Tata Consultancy Services has now widened even more, approaching a 19-month high. TCS is currently valued at over Rs 13.07 lakh crore.
The difference in revenue between Reliance and TCS is about Rs 6 lakh crore. On September 11, 2020, when Reliance was trading near Rs 15 lakh crore and TCS was trading near Rs 9 lakh crore, there was a similar huge difference.
In the March quarter, SBI Life Insurance’s net profit increased by 26% year on year.
SBI Life Insurance Co Ltd reported a 26 percent increase in net profit for the fourth quarter ended March on April 28. According to a regulatory filing, the profit of the private sector insurer was Rs 532.38 crore in the same quarter of the previous fiscal.
Total income, on the other hand, increased by 2.5 percent to Rs 21,427.88 crore in the quarter under review, compared to Rs 20,896.70 crore in January-March 2021. Net premium income increased by 12% year on year to Rs 17,433.77 crore, up from Rs 15,555.74 crore the previous quarter.
As of March 31, 2022, the company’s solvency ratio was 205 percent, compared to the regulation requirement of 150 percent. In FY22, SBI Life gained private market leadership in Individual Rated Premium with a 23.4 percent private market share of Rs 128.7 billion.
Due to a semiconductor shortage, Bajaj Auto expects a 15-20% drop in motorcycle volumes in the June quarter.
Due to a shortage of semiconductor chips, Bajaj Auto expects a 15-20 percent drop in motorcycle sales in the June quarter. The executive director, Rakesh Sharma, also cautioned that rising cell prices could slow the transition to electric vehicles. According to him, this will mostly affect the domestic business unit and, to a lesser extent, international sports companies. In terms of semiconductor availability, April was the worst month.
Bajaj Auto continues to confront serious supply chain issues, which are affecting motorcycle and commercial vehicle sales, according to the firm. According to the company, a serious scarcity of semiconductors caused a significant drop in the domestic motorbike market.
In the March quarter, Bajaj Auto reported an 18 percent drop in total two-wheeler volumes, while commercial vehicle volumes declined 4% year over year. Domestic two-wheeler sales plummeted by 30%, while commercial vehicle sales dropped by 8%.
Varun Beverages rises 3% as the board of directors considers issuing bonus shares on March 28.
The stock of Varun Beverages surged more than 3% intraday on April 28 after the board of directors decided to examine a bonus share issue at their meeting that same day.
Varun Beverages’ board of directors will also evaluate and approve unaudited financial statements on a standalone and consolidated basis for the quarter ended March. Varun Beverages is a franchisee bottler of carbonated soft drinks and non-carbonated beverages distributed under PepsiCo brands.
Varun Beverages was trading at Rs 1,065.00 on the BSE at 10:05 a.m. on March 28, up Rs 27.95 or 2.70 percent. On 26 April 2022 and 28 April 2021, the stock reached a 52-week high of Rs 1,140 and a 52-week low of Rs 603.37, respectively. After that, it was trading at 76.51 percent above its 52-week low and 6.58 percent below its 52-week high.
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