Stocks in news: RIL, Infosys, Bajaj Auto, Adani Enterprises and more

The Indian equity market is likely to open on a flat note today as SGX Nifty fell 11 points to 17,039. Equity market ended lower on Wednesday, weighed down by a correction in Bajaj twins and Titan Company amid weak global cues. Sensex fell 537 points to 56,819 and Nifty slipped 162 points to end at 17,038. Bajaj Twins, ICICI Bank and Titan were the top Sensex losers, falling up to 7.28 per cent. Tata Steel, Asian Paints, TCS and HCL Tech were the top Sensex gainers, rising up to 1.05 per cent. Of the 30 Sensex stocks, 22 ended in the red.

Here are the stocks that are likely to remain in news today.

Bajaj Auto: India's leading two and three-wheeler company reported a 10 per cent year-on-year rise in its consolidated net profit at Rs 1,469 crore for the quarter ended 31 March 2022. The automaker had reported a net profit of Rs 1,332 crore in the year-ago period. Revenue from operations, however, fell 7 per cent to Rs 7,975 crore in the said quarter from Rs 8,596 crore in the same quarter last fiscal.

Adani Enterprises: The Adani Group announced that it has incorporated a wholly-owned subsidiary AMG Media Networks with an initial authorised and paid-up share capital of Rs 1,00,000 each. The new subsidiary will aim to carry on the business of media related activities, including inter alia the publishing, advertising, broadcasting, distributing of content over different types of media networks. AMG Media Networks Limited will commence its business operations in due course, the Gautam Adani-led conglomerate said.

ALSO READ: Sensex falls 537 points, Nifty holds 17K; banking, consumer durables stocks top losers

Bharti Airtel: The telecom major announced that it has acquired a minority stake (approximately 7 per cent) in cloud-based networking solutions provider Cnergee Technologies under the Airtel Startup Accelerator Program. The Navi Mumbai-based company specialises in integrated networking solutions over cloud for businesses of all sizes. Cnergee has developed multiple 5G-ready software tools for Network as a Service (NaaS) that can be deployed at scale to enable zero touch service provisioning, central remote monitoring, and management of all connected devices with a host of real time analytics, the telco said.

TVS Motor Company: The two- and three-wheeler manufacturer has signed a MoU with on-demand delivery and mobility platform Rapido to leverage synergies of their respective businesses in the fast-moving mobility market. The company said that hyperlocal mobility, buoyed by an increasing urban population with ready access to smartphones and increasing penetration of e-commerce and on-demand services, has boomed into a potential $158 billion opportunity. With the MoU, TVS and Rapido will bring in their strength in mobility and technology platform to deliver a winning proposition.

Reliance Industries: The Mukesh Ambani-led firm and Viacom18 announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch's Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India. Under the partnership, Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a "streaming-first" approach, Reliance Industries said.

Infosys: The IT services giant has been served a notice by the Union Labour Ministry in connection with a complaint filed by the employee union Nascent IT Employee Senate (NITES) which had alleged violation of labour laws by the Bengaluru-based tech firm. According to the notice, which was addressed to Krish Shankar, Infosys' group head at the human resources department, states, "It has been decided to hold a joint discussion on the issue before the Chief Labour Commissioner, Ministry of Labour & Employment on April 28, 2022."

HUL: India's largest consumer goods maker posted a 8.5 per cent year-on-year rise in standalone net profit at Rs 2,327 crore in the quarter ended 31 March, 2022. The Indian unit of British consumer goods giant Unilever, had posted a net profit of Rs 2,143 crore in the year-ago period. Sequentially, the profit increased 4 per cent from Rs 2,243 crore December quarter. The company's revenue from operations rose 10.4 per cent to Rs 13,190 crore as compared to Rs 11,947 crore in the corresponding quarter last fiscal, it said in a regulatory filing.