Indian equity markets are likely to open gap-up on Tuesday amid mixed global cues. Early trends on SGX Nifty indicated a flat to positive start for benchmark indices BSE Sensex and NSE Nifty 50 as the Nifty futures were trading with a gain of 52.50 points or 0.32% at around 16,228 level on the Singaporean Exchange. “Global headwinds are keeping the markets on the edge and the last leg of earnings is further adding to the volatility. We reiterate our cautious view and suggest preferring hedged positions until we see a decisive breakout from the 15,700-16,400 range in Nifty,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, indices ended marginally lower, dragged by metal stocks as the government imposed export duties on iron ore and some steel intermediaries.
Stocks in focus on 24 May, Tuesday
Maruti Suzuki: Maruti Suzuki India has agreed to acquire an equity stake of 12.09% in Sociograph Solutions (SSPL) for a cash consideration of Rs 1.99 crore. The investment would help the company to strengthen its offering to customers by creating a customized sales experiences on the web, virtual reality and augmented reality. SSPL is an artificial intelligence (AI) software company that specializes in a visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business.
Zomato: Online food delivery platform Zomato on Monday reported that its consolidated net loss widened to Rs 360 crore in the quarter ending March 31, 2022 as expenses nearly doubled. Consolidated revenue from operations rose 75% to Rs 1,212 crore as against Rs 692 crore in Q4FY21. Total expenses during the fourth quarter rose to Rs 1,701.7 crore as against Rs 885 crore earlier. Gross Order Value grew by 77% on-year to a record high of Rs 5,850 crore in Q4FY22, driven by healthy growth in order volumes while the average order value remained stable.
ONGC: State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange, trading unspecified volumes from its eastern offshore KG-DWN-98/2 block. In a statement, ONGC said it will increase volumes slowly. The gas traded is from ONGC Krishna Godavari 98/2 block, it said, but did not specify the volumes that were sold.
Marico: Marico Limited has acquired a 54% equity in HW Wellness Solutions Private Limited through primary infusion and secondary buy-outs. Co-founded by Puru Gupta and Sreejith Moolayil, HW Wellness Solutions Private Limited owns True Elements – a digital-first brand playing in the healthy breakfast and snacks segment in India. True Elements is another step towards expanding Marico’s total addressable market in the healthy foods segment, Saugata Gupta, MD and CEO, Marico Limited, said.
Bharat Electronics (BEL): Bharat Electronics reported a 16% on-year drop in its net profit for the March quarter to Rs 1,140 crore. Revenue for the quarter fell 9% from a year ago to Rs 6,320 crore. Total order book as on 1 April stood at Rs 57,570 crore.
Q4 Results today: Grasim Industries, Adani Ports, JM Financials, Clariant Chemicals, Ugro Capital, Bank of India, EClerx, Ipca Lab, Inox Wind, Jyothi Lab. Metropolis, Minda Industry, MTAR Tech, NIIT, National Fertiliser, Rail Tel, Renuka Sugars, RITES, Strides Pharma Science, Zee Media.