The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open in the red, as Nifty futures traded 71 points lower at 18,149.5 on the Singaporean exchange. Benchmark indices NSE Nifty and BSE Sensex ended Tuesday’s session in the green territory. The NSE Nifty 50 surged 82.65 points to 18,147 and Sensex skyrocketed to 61,354.7, up 0.4%.
“Defying the trend in global peers, Indian benchmark indices continued its upward momentum, fuelled by strong Q4 earnings and favourable domestic macroeconomic data. The manufacturing PMI surpassed expectations due to an increase in new business, moderation in price pressures, and improved supply chain conditions. Additionally, the GST collection in April was the highest recorded to date. While western markets traded with mild cuts ahead of the US Fed policy announcement, the domestic market benefited from strong inflows by FIIs” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 3 May, 2023
Titan
Titan is set to announce its financial results on 3 May. Experts predict that the firm will see a sharp spike in net profit, aided by a healthy wedding season demand and healthy base from last year.
Ambuja Cements
Ambuja Cements, Adani Group’s building materials arm, posted a 10.86% fall in consolidated net profit at Rs 763 crore for the quarter ended March, missing analysts’ estimates of it posting a net profit of Rs 799 crore.
Cipla
A manufacturing facility of InvaGen Pharmaceuticals, a wholly owned subsidiary, underwent an inspection by the US FDA. The facility passed the inspection with no observations.
Infosys
SolarWinds and Infosys announced a collaboration to advance the shift of SolarWinds solutions to a new SaaS model.
Tata Steel
Tata Steel posted a steep fall of 84% in its consolidated net profit at Rs 1,566.24 crore during the quarter ended March 2023, dragged by lower income.
Godrej Consumer Products
Godrej Consumer Products (GCPL) said that it was looking to raise up to Rs 5,000 crore via non-convertible debentures (NCDs). The move comes within days of the company announcing that it would acquire the FMCG business of Raymond Consumer Care.
NTPC
State-owned NTPC reported an over two-fold jump in production of coal from its captive mines at 2.75 million metric tonnes in April 2023
Adani Total Gas
Adani Total Gas reported its fiscal fourth quarter consolidated revenue from operations at Rs 1,197.31 crore, up 12% on-year. The directors of the company also recommended a final dividend of Rs 0.25 per equity share.
Suzlon
Renewable energy solutions provider Suzlon has bagged an order to develop a 69.3 MW wind power project from Juniper Green Energy. The project is located at Surendra Nagar district in Gujarat and is expected to be commissioned in 2024, a company statement said.