Stocks in focus: The GIFT Nifty was flat during Tuesday’s early trading session, down by 0.03% at 19605.5, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, the Nifty 50 added 61.7 points to close at 19,632.55. On the other hand, Sensex gained 0.23% to end at 65,995.81.
“The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
Axis Bank
Axis Bank will raise its stake in Max Life to 16.22% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares. Axis Bank, along with its entities (Axis Securities and Axis Capital), had acquired a 12.99% stake in Max Life in 2021, and through this new investment they will own 19.02% in the insurer.
Eicher Motors
Eicher Motors is set to supply e-commerce giant Amazon with 1,000 electric trucks, in a move to shift towards green energy. The trucks will be used for middle-mile and last-mile delivery operations, across various payload categories.
ZEEL
Zee Entertainment posted a net loss of Rs 53.4 for the first quarter this fiscal year. However, during the corresponding quarter in the previous financial year, ZEEL reported a profit of Rs 107 crore. Additionally, the NCLT is set to pronounce its order on the merger scheme between Zee Entertainment Enterprises and Sony on Thursday.
Banking stocks, NBFCs
As the RBI gears up to announce its policy decisions from the Monetary Policy meeting today, rate-sensitive sectors, along with banks and NBFCs, will be closely watched.
Berger Paints
Berger Paints posted its fiscal first quarter profit at Rs 354.35 crore, up 39.8 per cent as against Rs 253.43 crore during the corresponding quarter of FY23, riding on favourable raw material costs and operational efficiencies.
Tata Power
Tata Power announced a net profit of Rs 972.5 crore, up 22.4% on-year from Rs 794.6 crore. The firm’s consolidated revenue closed at Rs 15,213.29 crore, up 5% on-year.
LIC, Biocon, Alkem Laboratories, Apollo Tyres, Hero MotoCorp, Mazagon Dock Shipbuilders, Steel Authority of India, Torrent Power, Bajaj Electricals, Manappuram Finance, Page Industries, Sanofi India, Grasim Industries
Shares of LIC, Biocon, Alkem Laboratories, Apollo Tyres, Hero MotoCorp, Mazagon Dock Shipbuilders, Steel Authority of India, Torrent Power, Bajaj Electricals, Manappuram Finance, Page Industries, Sanofi India, Grasim Industries will be in focus today as the firms gear up to announce their first fiscal quarter earnings results.
(With agency inputs.)