Stocks to watch: Shares of firms like Titan, IndiGo, Tata Steel, Bharti Airtel, Coforge, Adani Gas, and others will be in focus on Wednesday’s trade.
The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 18,144.50, down 80 points or 0.44% from the previous close.
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Earnings Watch: ABB India, Godrej Properties, Havells India, Jyothy Labs, MRF, KEC International, Petronet, Sona BLW, Sula Vineyards, Tata Chemicals and Titan are few of the prominent companies scheduled to announce March quarter results on Wednesday.
Aviation: Shares of Airlines will be in focus today after Wadia-owned Go First filed for insolvency, driven by a cash crunch that resulted from the grounding of nearly half its 57 aircraft. The airline squarely blamed engine manufacturer Pratt & Whitney for the step and suspended all flights till Thursday.
Tata Steel: The steel major reported an 82.5 per cent YoY drop in consolidated net profit to Rs 1,704.86 crore for Q4FY23 as steel spreads across regions took a hit. Revenue was down 9.2 per cent at Rs 62,961.54 crore. The revenue and profit numbers, however, came ahead of expectations.
Bharti Airtel: The Sunil Mittal led teleco, which started operations in Sri Lanka in 2009, announced the merger of operations of Bharti Airtel Lanka with Dialog – a subsidiary of Malaysian multinational telecommunications conglomerate Axiata Group Berhad. The move is expected to give Airtel access to a larger user base in the island nation.
PSB: Punjab & Sind Bank net profit jumped 32 per cent YoY to Rs 457 crore in the January- March quarter (Q4) as its interest income rose by 17 per cent to Rs 2,105 crore.
Max Healthcare Institute: The company has moved the Bombay High Court against Touch Healthcare, Quality Care India, and the Evercare Group management for an alleged breach of contract after its (Max’s) offer to acquire Care Hospitals was turned down.
Sugar: Cooperative sugar factories have written to Prime Minister Narendra Modi seeking to increase the minimum sale price (MSP) of sugar to improve their cash flows that would make clearing sugarcane dues to growers convenient. The cooperative factories want the MSP to be raised from the existing Rs 31 per kilogram to at least Rs 37.20-39.70 in line with the past increases in fair and remunerative price (FRP) of sugarcane.
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Adani Total Gas: Adani Total Gas reported a consolidated net profit of Rs 98 crore for the quarter ended March, up 21% over previous year period
Coforge: Promoter Baring Private Equity Asia has offloaded 3.5% stake in Coforge Ltd through the open market for Rs 887 crore.
UCO Bank: Public sector lender UCO Bank posted its highest-ever net profit of Rs 1,862.34 crore for the fourth quarter
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Hindustan Zinc: Hindustan Zinc’s proposal to buy certain zinc assets from Vedanta Group for $2.98 billion in cash has lapsed as the Indian miner did not get shareholders’ approval within the stipulated time limit, Reuters reported.
