Gift Nifty indicates a flat to positive start for the Indian stock indices; The US markets ended higher; The Asian markets traded mixed following Japan’s economic data


The Indian equity market is expected to open on a cautious note Wednesday amid mixed global market cues.

Gift Nifty was trading around the 22,620 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.

The US stock market ended higher on Tuesday, with the S&P 500 and Nasdaq closing at record levels. The Dow Jones Industrial Average gained 66.22 points, or 0.17%, to 39,872.99, while the S&P 500 rose 13.28 points, or 0.25%, to 5,321.41. The Nasdaq Composite ended 37.75 points, or 0.22%, higher at 16,832.62.

Asian markets traded mixed on Wednesday as investors assessed Japan’s economic data. Japan’s Nikkei 225 fell 0.5%, while South Korea’s Kospi declined 0.35%. Hong Kong’s Hang Seng index stood at 19,212 pointing to a slightly weaker start compared with the HSI’s close of 19,220.62.


BHEL: State-owned Bharat Heavy Electricals Limited (BHEL) on May 21 reported a 25 percent decline in net profit at Rs 484.36 crore for the quarter ended March 31, 2024, amid higher expenses by the company. It reported a net profit of Rs 645.13 crore in the year-ago period. Sequentially, net profit soared multi-fold for Q4 as the company posted a profit of Rs 46.31 crore in the December quarter. The PSU firm’s revenue from operations rose marginally to Rs 8,260.25 crore in Q4FY24 as against Rs 8,227.99 crore in the year-ago period.

Coforge: Coforge has launched a share placement for qualified institutional buyers late on Tuesday, May 21, CNBC-TV18 reported citing sources. The share sale is intended to raise Rs 2,240 crore, for which approval had already been sought in March earlier this year. The floor price of the share sale has been decided to be Rs 4,531.40/share, which is at a discount of 5.4 percent to Tuesday’s closing price.

Vodafone Idea: Vodafone Idea has announced that its board has approved raising to Rs 2,075 crore from Oriana Investments, an entity of promoter Aditya Birla Group, through a preferential share issue. In a regulatory filing, Vodafone Idea informed the exchanges that its board has approved the allotment of 139.54 crore equity shares to Oriana Investments Pte Limited.

RITES: The company signed a contract agreement for supplying 200 passenger carriages to Bangladesh Railways. The export arm of Indian Railways said that the order is worth Rs 915 crore and is funded by the European Investment Bank (EIB) through a global competitive bidding process. “Besides supply, RITES will offer its expertise in design, spare parts support, and training,” RITES said in a regulatory filing on May 20.

Shriram Properties: The company signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru,” the company said in an exchange filing. The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh sq ft.

Bharat Electronics Ltd: The company reported above-estimate earnings for the quarter that ended March 2024, driven by better-than-expected EBITDA margin, PAT, and strong revenue growth. The state-owned company reported a 30 percent year-on-year rise in its consolidated net profit at Rs 1,797 crore. Its revenue from operations also jumped 32 percent to Rs 8,564 crore.