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Market opening - An Overview
Nifty futures on the Singapore Exchange traded 65 points, or 0.43 per cent, lower at 15,161 signaling that Dalal Street was headed for a negative start on Monday
US stocks ended a wobbly Friday with mixed results on Wall Street. The S&P500 index gave up an early gain and ended 0.1 per cent lower Friday, giving the benchmark index its second losing week in a row.
The rupee gained 0.61 per cent to end at 72.83 per dollar on Friday, its strongest since March 30 and up 0.4 per cent versus its previous close of 73.10. On the weekly basis, the unit rose 0.6 per cent, posting its fourth straight week of gains.
Shares in News today:
JSW Steel: The steel maker posted a manifold jump in its consolidated net profit to Rs 4,191 crore for the quarter ended March 31. The company had clocked a net profit of Rs 188 crore in the corresponding quarter of the previous financial year, JSW Steel said.
Dr Reddy’s Laboratories: The drug major is working on the development of new treatment options for COVID-19 patients which it aims to launch over the next few months while ensuring uninterrupted supplies of its existing range of products for the infectious disease in the market, said managing director of the company.
Power Grid Corporation: The state-run power firm said its board has approved investments totalling Rs 2,202 crore for various power transmission projects. The Board of Directors and Committee of Directors on Investment on Projects, in their respective meetings held on May 21, have accorded approvals to the investments.
UBI: Life Insurance Corporation of India’s shareholding has risen by over 5 per cent in the state-run lender with acquisition of nearly 2 per cent additional stake in the bank. LIC held 3.09 per cent stake in UBI earlier, representing 19,79,23,251 equity shares of the bank.