Indian markets may open lower on Wednesday as trends on SGX Nifty indicate a negative start and following losses in Asian peers. At 7:10 am, the SGX Nifty was trading 76.50 points or 0.50 percent lower at 15,084.00, cnbctv18.com reported. Top stock to look for the day: Axis Bank: The Specified Undertaking of the Unit Trust
Indian markets may open lower on Wednesday as trends on SGX Nifty indicate a negative start and following losses in Asian peers. At 7:10 am, the SGX Nifty was trading 76.50 points or 0.50 percent lower at 15,084.00, cnbctv18.com reported.
Top stock to look for the day:
Axis Bank: The Specified Undertaking of the Unit Trust of India (SUUTI) will offload up to 3.6 crore equity shares of the private lender, via OFS on Wednesday, May 19 and Thursday May 20, with an option to additionally sell 2,20,78,568 equity shares. The floor price for the offer is fixed at Rs 680 per share.
GlaxoSmithKline Pharmaceuticals: The company’s Q4FY21 consolidated net profit dropped to Rs 14.33 crore from Rs 138.07 crore. While revenue rose to Rs 813.75 crore from Rs 775.80 crore, YoY.
Tata Motors: The homegrown automaker’s Q4FY21 consolidated loss narrowed to Rs 7,605 crore from Rs 9,894.25 crore, YoY. Revenue rose to Rs 88,627.9 crore from Rs 62,492.96 crore, YoY.
Jindal Stainless (Hisar): The company’s Q4FY21 consolidated net profit jumped to Rs 350.65 crore from Rs 108.35, YoY, mostly on account of increased income. Total income increased to Rs 3,128.20 crore from Rs 2,297.94 crore, YoY.
Infosys, Majesco: Both the companies announced a strategic collaboration to work together to help joint customers accelerate their digital transformation drive.
Adani Ports & SEZ: The company received Competition Commission of India’s (CCI) approval for the proposed acquisition of an additional 25 percent stake of Adani Krishnapatnam Port Ltd, in the Nellore District of Andhra Pradesh.
Torrent Pharmaceuticals: The company’s Q4FY21 net profit increased 2.9 percent to Rs 324 crore from Rs 315 crore, while revenue fell 0.5 percent to Rs 1,937 crore from Rs 1,946 crore, YoY.
IndiGo, SpiceJet: IndiGo’s passenger load factor (PLF) in April fell to 58.7 percent from 66.4 percent in March 2021. While SpiceJet’s PLF in April stood at 70.8 percent, it was 76.5 percent in March this year.
Sun Pharmaceutical Industries: Life Insurance Corporation of India (LIC) acquired 4.83 crore shares (2.016 percent stake) of the company, thus increasing stake to 7.026 percent from 5.010 percent earlier.
Brigade Enterprises: The company’s Q4FY21 consolidated profit rose to Rs 39.57 crore from Rs 2.68 crore. While revenue jumped to Rs 791.24 crore from Rs 635.92 crore, YoY.
Central Bank of India: The state owned bank’s shareholders have approved allotment of preference shares to the government for Rs 4,800-crore capital infusion.
Minda Corporation: The company reported a consolidated net profit of Rs 12.92 crore in Q4FY21 as against a loss of Rs 299.78 crore YoY. Revenue increased by 45 percent to Rs 801.30 crore from Rs 552.50 crore, YoY.
Ujjivan Small Finance Bank: The company’s Q4FY21 net profit jumped 86 percent to Rs 136 crore from Rs 73 crore. While net interest income fell by 21 percent to Rs 368 crore from Rs 467 crore, YoY.
List of companies which are going to declare their quarterly results: Endurance Technologies, Heritage Foods, JK Tyre & Industries, Indian Oil Corporation, Indiabulls Housing Finance, Rane Engine Valve, SML Isuzu, Shriram Asset Management, Tanla Platforms, TD Power Systems, TCI Express, and Zuari Agro Chemicals among others will release their quarterly results on May 19.
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