The SGX Nifty hinted at a negative start for Indian equities. Happiest Minds and Adani Ports are some of the stocks in focus on Tuesday.
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The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open lower, as Nifty futures traded 40 points lower at 18,310 on the Singaporean exchange. Benchmark indices NSE Nifty and BSE Sensex ended Monday’s session broadly in green. The Nifty 50 jumped 1.12% to 18,271.8 and Sensex surged 709.96points to 61,764.25.
“Indian equities gained confidence from strong domestic earnings and fading concerns over the US economic slowdown following robust job data. The recent weakness in the US dollar is drawing more foreign funds to the domestic market, with FIIs remaining net buyers for seven consecutive days. The US inflation report, due on Wednesday, is expected to remain around the March level of 5.0%,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Happiest Minds
IT firm Happiest Minds revenues grew 3% quarter-on-quarter to Rs 377.9 crore in the last quarter of FY23. The midcap IT firm also reported a net profit of Rs 57.6 crore in the March quarter, up just 0.1% QoQ.
Pidilite Industries
The Fevicol maker reported net profit of Rs 283 crore for the March quarter, an 11.3% increase on-year from Rs 254.4 crore. Additionally, the company’s board of directors recommended a final dividend of Rs 11 per share.
Adani Ports and SEZ
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Adani Ports and Special Economic Zone announced the results as of the Early Tender Date with respect to its previously announced offer to purchase for cash up to $130 million in aggregate principal amount of its outstanding 3.375% Senior Notes due 2024.
Punjab National Bank
The lender infused capital amounting to Rs 498.75 crore in the rights issue of PNB Housing Finance. Post allotment in the rights issue, the bank’s shareholding in PNBHFL will reduce from 32.52% to 28.15%.
HFCL
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Telecom equipment manufacturer HFCL reported a 23% quarter-on-quarter fall in net profit to Rs 79 crore in the January-March period. The company’s revenue from operations rose 32% QoQ to Rs 1,433 crore.
