Stocks in focus: The SGX Nifty gained 0.24% in trade on Thursday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Nifty futures were 43.5 points higher on the Singaporean exchange at 18,275.5. On Wednesday, Nifty 50 closed down by 100 points, giving up the 18,200 level at 18,181 while Sensex lost 360 points at 61,560.
“In response to weak global sentiments, domestic investors remained cautious as the US market grappled with recession concerns led by recent economic data indicating slowdown. The US retail sales figures for April reflected a decrease in demand, and ongoing debt ceiling negotiations further dampened market sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.
ITC
The cigarette-to-hotels conglomerate ITC is set to announce its fourth quarter earnings on Thursday, as industry experts predicted that the FMCG company will see a double digit growth in net profit, while revenues are expected to grow between 3-6%.
SBI
The largest domestic lender will announce its quarterly earnings results today. State Bank of India. Analysts expect SBI to extend its record-high PAT performance. In the previous quarter, SBI reported 66% growth in profit-after-tax at Rs 14,205 crore.
HDFC Bank, SBI
The Reserve Bank of India has given SBI Funds its nod to pick up a 9.99% stake in HDFC Bank. The acquisition must be completed by 15 November, six months from the date of RBI’s approval. Additionally, SBI Funds’ aggregate holding in HDFC Bank must be below 10% at all times.
NDTV
NDTV received approval to approach the Ministry of Information & Broadcasting for permission to launch nine news channels.
Vedanta
The board of directors will convene on 22 May to consider and approve the first interim dividend for the fiscal year 2023-24. If approved, the record date for the same will be 30 May.
NHPC
NHPC received a letter of intent from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW capacity solar power project within 600 MW GSECL’s Solar Park at Khavda (GSECL Stage-1). The estimated financial implication for the project is Rs1,007.60 crore.