Actions in focus: The SGX Nifty gained 0.23% in trading on Wednesday morning, indicating that the NSE Nifty 50 and BSE Sensex national indices would open negative, snapping a four-day winning streak. Nifty futures were down 42 points on the Singapore stock exchange at 18,687.5. The benchmark NSE Nifty 50 and BSE Sensex indices ended Tuesday's session in the green as the Bank Nifty hit a new all-time high of 44,498.60. The Nifty 50 rose 0.19% to 18,634 and the BSE Sensex advanced 123 points to 62,969.
โThe domestic market continued its recovery since the last results of the fourth quarter indicated an improvement in demand. Furthermore, expectations of a normal monsoon and a drop in international commodity prices support an increase in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of interest yields, and the forecast for strong quarter-over-quarter growth in GDP in the fourth quarter of fiscal year 2023 versus 4.4% in the third quarter." said Vinod Nair, director of research at Geojit Financial Services.
Actions to take into account on May 31, 2023
solar pharmaceutical
Pharmaceutical player Sun Pharmaceuticals entered into an exclusive distribution, license and supply agreement with Philogen to market its specialty product, Nidlegy, an anti-cancer biopharmaceutical, in Europe, Australia and New Zealand.
vedanta
Vedanta's parent, Vedanta Resources, pledged a 4.4% stake in Vedanta to rival Glencore International in lieu of a $250 million loan under an agreement signed on May 25.
Adani Ports
Adani Ports and the Special Economic Zone (APSEZ) posted its fiscal fourth quarter profit with a profit for the period of Rs 1,158.88 crore, up 5.1% compared to Rs 1,102.61 crore in the same quarter of the year. past.
Indian Coal
Indian Coal said it has increased non-coking coal prices by 8%. The prices will take effect from Wednesday, the miner said in a regulatory statement. Following this review, CIL expects to earn incremental revenue of Rs 2,703 crore for the balance period of FY23-24.
pharmaceuticals torrent
Torrent Pharma posted a profit of Rs 287 crore in the fiscal fourth quarter compared 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 for the March 2023 quarter, compared with a loss of Rs 203 crore in the March 2022 quarter.
Mahindra and Mahindra
M&M incorporated Icarus Hybren as a wholly owned subsidiary of Mahindra Sustain The firm has been incorporated for the production and sale of renewable energy, RE electricity generation and more.
