Nifty Halts Lower Highs; Manipal Health, RailTel See Action
By Market Desk
Nifty 50 breaks 12-session lower highs. Manipal Health reports 38.1% revenue growth, RailTel secures Rs 164.79 crore order. Key market and corporate updates.
The Nifty 50 index broke a 12-session streak of lower highs, offering a potential reprieve for market bulls on Friday. Despite this technical improvement, the index closed nearly unchanged.
Nifty Levels to Watch
A sustained move above 24,280 is crucial for confirming any near-term recovery in the Nifty. The index faces an immediate hurdle at 24,265, with 24,160 acting as a key support level.
- Crucial recovery level: 24,280
- Immediate resistance: 24,265
- Key support: 24,160
Corporate Earnings & Orders
Several companies announced their Q1 results and new orders after Thursday’s market hours, which will likely influence trading activity. Manipal Health’s Q1 performance notably featured a significant revenue increase.
- Manipal Health’s Q1 revenue rose 38.1% to Rs 3,091 crore year-over-year.
- EBITDA increased by 25.6% to Rs 737 crore.
- EBITDA margin saw a slight decrease to 23.8% from 26.2%.
- Net profit declined 7.5% to Rs 232 crore, attributed to a Rs 15.5 crore one-time cost.
Beyond earnings, other companies reported significant operational and financial developments. These announcements span across hospitality, infrastructure, and manufacturing sectors, impacting their respective market positions.
- Lemon Tree Hotels opened an 85-room hotel in Bharuch, expanding its Gujarat portfolio to 12 operational hotels.
- RailTel secured a Rs 164.79 crore order from Western Coalfields for an MPLS VPN network on a 60-month rental basis.
- Saatvik Green Energy received a Rs 190 crore order for solar PV modules, slated for execution by March 2027.
- Tata Motors PV restored normal operations at its Sanand plants following flood disruptions, estimating damages between Rs 35-40 crore.
- Karur Vysya Bank increased its MCLR by 5-25 basis points across various tenors.
- Tata Steel acquired a 23% stake in TM International Logistics from IQ for Rs 335 crore, increasing its total stake to 74% and making TMILL a subsidiary.
These corporate developments highlight varied operational shifts and financial results across key sectors. Market participants will integrate these updates into their trading strategies as the week progresses.