Market opening - An Overview
Nifty futures on the Singapore Exchange traded 172.5 points, or 1.19 per cent, higher at 14,680, signaling that Dalal Street was headed for a positive start on Friday.
Wall Street put the brakes on a three-day losing streak with a broad stock market rally, powered by big technology companies and banks. The S&P500 index gained 49.46 points or 1.22 per cent to 4,112.50. The Dow Jones Industrial Average index rose 433.79 points or 1.3 per cent to 34,021.45. Tech heavy Nasdaq Composite climbed 93.31 points, or 0.72 per cent to 13,124.99.
The rupee declined by 8 paise to close at 73.42 against the US currency on Wednesday, snapping its four-day gaining streak due to risk aversion in the global markets and surge in crude oil prices.
Shares in News today:
Vedanta: It reported a consolidated profit of Rs 6,432 crore for March quarter 2020-21 on the back of various factors, including better volumes and lower cost of production. It had posted a loss of Rs 12,521 crore in the year-ago period.
Shriram City Union Finance: The NBFC said it has acquired over 4.44 crore shares of its housing finance subsidiary for Rs 200 crore. “The company had on May 12, 2021 subscribed 4,44,44,445 number of equity shares of face value of Rs 10 each priced at Rs 45 per share, aggregating to Rs 2,00,00,00,025 in Rights Issue offered by Shriram Housing Finance Limited (SHFL), subsidiary of the Company.”
Apollo Tyres: The tyre-maker reported a close to a four-fold increase in its consolidated net profit at Rs 289 crore for the fourth quarter ended March 31, 2021, riding on the back of robust sales across domestic and international markets. The company had reported a consolidated net profit of Rs 78 crore in the January-March quarter of 2019-20.
Pidilite Industries: The adhesive maker reported a 96.43 per cent increase in consolidated net profit to Rs 307.44 crore for the fourth quarter ended March 2021. The leading manufacturer of adhesives, sealants and construction chemicals had posted a profit of Rs 156.51 crore in the January-March period a year ago.
Indian Energy Exchange: The electric utility firm posted over 33 per cent rise in its consolidated net profit at Rs 60.85 crore in the March 2021 quarter, mainly on the back of higher revenues. The company’s consolidated net profit had stood at Rs 45.61 crore in the quarter ended on March 31, 2020.