Stocks in focus: The SGX Nifty gained 0.23% in trade on Wednesday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis, snapping a four-day winning streak. Nifty futures were 42 points lower on the Singaporean exchange at 18,687.5. Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session in the green as Bank Nifty hit a new all-time high of 44,498.60. The Nifty 50 rose 0.19% to 18,634 and BSE Sensex advanced 123 points to 62,969.
“The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3,” said Vinod Nair, Head of Research, Geojit Financial Services.
Vedanta
Vedanta parent Vedanta Resources pledged 4.4% of its holding in Vedanta to its rival Glencore International in lieu of a $250-million loan under an agreement signed on May 25.
Adani Ports
Adani Ports and Special Economic Zone (APSEZ) posted its fiscal fourth quarter earnings with profit for the period at Rs 1,158.88 crore, up 5.1% in comparison to Rs 1,102.61 crore in the same quarter last year.
Coal India
Coal India said it has increased prices of non-coking coal by 8%. The prices will come into effect from Wednesday, the miner said in a regulatory filing. Following this revision, CIL is expecting to earn incremental revenue of Rs 2,703 crore for the balance period of the financial year 2023-24.
Torrent Pharmaceuticals
Torrent Pharma posted profit at Rs 287 crore for the fiscal fourth quarter in comparison to a loss of Rs 118 crore in the corresponding quarter of last year. The board also recommended a final dividend of Rs 8 (160% per equity share of Rs 5 each.
Suzlon Energy
Suzlon Energy reported a consolidated net profit of Rs 320 crore during the March 2023 quarter, compared to a loss of Rs 203 crore in the March ’22 quarter.
Mahindra and Mahindra
M&M incorporated Icarus Hybren as a wholly owned subsidiary of Mahindra Susten. The firm has been incorporated for production and sale of renewable energy, generating RE electricity, and more.