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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.12% higher at 16,197.5, signalling that Dalal Street was headed for a positive start on Tuesday.
Stocks in Asia were trading lower as worries over economic slowdow loomed. Japan’s Nikkei 225 was down 0.51% and Topix fell 0.48%. China’s Hang Seng dropped 1.1% and CSI 300 lost 0.3%.
Logistics company Delhivery will get listed on the bourses today. The issue price was fixed at Rs 487 per share.
Further, Venus Pipes and Tubes company will also make its market debut today. The issue price was fixed at Rs 326 apiece.
Indian currency stood at 77.53 against the US dollar on Monday.
FII/DII Trading Data
Upcoming Results
Adani Ports, Grasim Industries, Metropolis Healthcare, Ipca Lab, Inox Wind, Jyothi Lab, Minda Industries, MTAR Tech, NIIT, National Fertiliser, Rail Tel, Renuka Sugars, RITES, Strides Pharma Science, Zee Media, JM Financials, Clariant Chemicals, Ugro Capital, Bank of India, EClerx, among others will announce their quarterly results.
Stocks in News Today
Aditya Birla Fashion & Retail (ABFRL): Singapore’s GIC sovereign wealth fund is in talks to buy a stake in ABFRL for about Rs 2,330 crore, Moneycontrol reported citing sources. The board of Aditya Birla Group’s fashion arm will meet on May 24 in this regard. This comes after Flipkart had invested in the company during the pandemic. The company will utilise the funds to grow its offline business.
Zomato: The online food delivery platform reported that its consolidated net loss widened to Rs 360 crore in the quarter ending March 2022 as expenses nearly doubled. The company reported a net loss of Rs 134 crore in the year-ago period. Consolidated revenue from operations rose 75% to Rs 1,212 crore in the reported quarter as against Rs 692 crore in Q4FY21.
Oil and Natural Gas Corporation (ONGC): The state-owned company said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange, trading unspecified volumes from its eastern offshore KG-DWN-98/2 block. ONGC said it will increase volumes slowly.
Steel Authority of India (SAIL): The PSU reported a 29% decline in consolidated net profit at Rs 2,479 crore for the quarter ending March 2022. It reported consolidated net profit of Rs 3,470 crore in the year-ago period. Its consolidated revenue from operations rose 32% to Rs 30,759 crore in the reported quarter as against Rs 23,285 crore in Q4FY21.
Maruti Suzuki India (MSI): The automaker said it will acquire an equity stake of 12% in Sociograph Solutions Pvt Ltd (SSPL) for about Rs 2 crore. SSPL is an artificial intelligence (AI) software company that specialises in visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business.
Marico: The FMCG company said it has acquired a majority 54% stake in the digital-first healthy breakfast and snacks brand True Elements for an undisclosed amount. True Elements’ existing leadership team will continue to run the brand independently and build synergies, Marico added.
CarTrade Tech: The company has entered into a partnership with Cholamandalam Investment and Finance Company to offer financing for used cars. Cholamandalam will be the preferred financier for customers purchasing used vehicles from CarTrade Tech’s CarWale abSure’s dealers.
Ramco Cement: The company ‘s net profit fell 73% YoY in March quarter to Rs 124 crore compared with Rs 214 crore a year back, due to cost pressures and lower realisation. Revenue from operations for the quarter stood at Rs 1,698 crore compared to Rs,624 crore in the year-ago period.
Bharat Electronics: The company’s consolidated net profit declined 15.63% to Rs 1,154.20 crore in the quarter ended March 2022 as against Rs 1,368.09 crore during the same last year. Sales declined 8.24% to Rs 6,212.16 crore in the quarter ended March 2022 as against Rs 6,769.96 crore during the previous quarter ended March 2021.
Olectra Greentech: The company announced securing the biggest ever order in the history for 2,100 electric buses from Brihanmumbai Electric Supply and Transport (BEST). Evey Trans Private Ltd (EVEY), an arm of Olectra, has obtained the letter of award from BEST after being declared as an L1 (least quoted) bidder.