The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open on a positive note, as Nifty futures traded 46.5 points higher at 18,405 on the Singaporean exchange. Nifty and Sensex closed Wednesday’s session in the green territory despite unfavorable global cues. The NSE Nifty 50 rose 0.27% to 18,315.1 and Sensex surged 178.87 points to 61,940.2.
“The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend. The US inflation rate, which is expected to remain unchanged at its March level of 5.0%, is causing worries that the Fed will remain stricter for long. However, the sustained support from FIIs is guarding the domestic market from a steep correction,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to watch on 11 May, 2023
Larsen & Toubro posted its fiscal fourth quarter profit at Rs 3,986.78 crore, up 10.1% from Rs 3,620.69 crore in the same quarter last year. It recorded revenue from operations at Rs 58,335.15 crore
Procter & Gamble
Procter & Gamble Hygiene and Health Care reported a dip in quarterly sales on Wednesday, as a pandemic-driven demand for healthcare products waned with new COVID cases dropping across the country.
Godrej Consumer Products
FMCG major Godrej Consumer Products reported a 24.47% growth in its consolidated net profit to Rs 452.14 crore in the fourth quarter ended March 31, 2023, led by volume growth.
Dr Reddy’s Laboratories reported nearly an eleven-fold surge in fourth-quarter profit, driven by higher sales from its mainstay generic drugs business in North America. The Hyderabad-based company’s consolidated profit rose to Rs 9.59 billion in the three months ended March 31, compared with Rs 875 million on-year.
Tube Investments of India
Tube lnvestments of lndia acquired 67% of Lotus Surgicals, purchasing 33.6 lakh equity shares with face value of Rs 10 each. Following the acquisition, Lotus Surgicals has become a subsidiary of the company. Pl Opportunities Fund I Scheme ll (“Premji lnvest”) acquired the remaining 33%. Tll has entered into a shareholders’ agreement with Premji lnvest in connection with the acquisition of Lotus.