Indian equity markets are likely to open gap up ahead of monthly F&O expiry amid mixed global cues. Nifty futures were trading 37.50 points, or 0.23%, higher at 16,136.50 on the Singapore Exchange, signaling that benchmark indices BSE Sensex and NSE Nifty are headed for a positive start on Wednesday. “Market would react to the minutes from the last U.S. Federal Reserve meeting which would be released on Wednesday, and could give insights into their future course of action. We expect volatility to continue this week given uncertain environment as well as monthly F&O expiry on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 25 May, Wednesday
Indian Hotels Company: Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Tuesday said its board has approved the re-appointment of Puneet Chhatwal as Managing Director and CEO for another term of five years. The board of directors, at its meeting held on Tuesday, based on the recommendations of the nomination and remuneration committee, approved Chhatwal’s reappointment for another term commencing from 6 November 2022 up to 5 November 2027 subject to shareholders’ approval, IHCL said in a regulatory filing. Chhatwal was appointed on the company’s board on 6 November 2017, it added.
Future Retail: Future Retail informed exchanges on Tuesday that it won’t be able to release its March quarter earnings on May 30 due to board structure imbalance amid multiple resignations by its top level managements. The company said it is taking necessary actions to the fill the vacancies caused by such cessation/resignation. It will announce the captioned results as early as possible after composition of the Board of Directors and the Audit Committee is complied with the provisions of the Act and the Listing Regulations and statutorily capable to approve it.
Coal India: With the Centre prodding central public sector enterprises (CPSEs) to privatise or disinvest stakes in their subsidiaries, Coal India will sell a 25% stake each in its unlisted subsidiaries Bharat Coking Coal (BCCL) and consultancy arm Central Mine Planning & Design Institute (CMPDI), company sources told FE. Both the companies are wholly-owned by the coal miner. While government officials indicated that CIL may list one of its profitable subsidiaries also, company sources said it is not on the immediate agenda.
Dr Reddy’s Laboratories: The drug maker said it along with Senores Pharmaceuticals, Inc has launched Ketorolac Tromethamine tablets, used for managing severe pain, in the US market. The product is a therapeutic generic equivalent of the reference listed drug Toradol tablets.
Grasim: Aditya Birla Group’s flagship company Grasim Industries intends to invest Rs 10,000 crore for its paint foray by FY25, double of what was initially earmarked, in line with the changing dynamics of the industry. “We have accelerated the execution of our paints capacity of 1,332 MLPA, with commissioning of plants to start by the fourth quarter of financial year 2024. The project cost is likely to be Rs 10,000 crore by FY25,” the company said in a statement.
Q4 Results today: BPCL, Coal India, Deepak Fertilizer, Apollo Hospitals Enterprises, HEG, NHPC, Easy MyTrip, Fortis Healthcare, GMM Pfaudler, InterGlobe Aviation, JaiCorp, Kolte Patil, Bata India, Nalco, PFC, Torrent Pharma, Whirlpool, MSTC.