The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open in the red, as Nifty futures traded 38 points lower at 18,235 on the Singaporean exchange. Benchmark indices NSE Nifty and BSE Sensex ended Friday’s session in the green territory. The NSE Nifty 50 surged 150 points to 18,065 and Sensex skyrocketed 463.06 points to 61,112.44.
“Despite concerns about potentially weaker US GDP numbers and high inflation, the stronger-than-expected earnings reported by Meta propelled IT stocks to the forefront of the Wall Street rally. The trend was reflected in the domestic market, as beaten-down IT stocks helped to lift broader market sentiment. However, with US inflation remaining high, the prospect of another rate hike by the Fed is looming, keeping global markets volatile in the coming days,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 2 May, 2023
The steel player is set to announce its fourth quarter earnings results on 2 May. The firm’s India operations are projected to fare better as a result of price hikes to offset the dearer input costs.
NTPC Limited, on Monday, announced the appointment of Shivam Srivastava as the director for fuel at the power giant. Shivam Srivastava took charge as the Director (Fuel), NTPC on 30 April, 2023.
Adani Green Energy
Adani Green Energy’s (AGEL’s) consolidated net profit for the fourth quarter ended March 31 more than tripled to Rs 507 crore, primarily backed by strong capacity addition. The Adani Group firm’s total income nearly doubled to Rs 2,988 crore from Rs 1,587 crore recorded during the year-ago quarter, the company said.
FMCG major Nestle India is planning to open a new factory to meet the growing demand, said Chairman & Managing Director Suresh Narayanan. This will be Nestle India’s tenth factory in the country.
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 396,107 units in April 2023. Sales were down 5.37% from the corresponding period last year, as the firm sold 418,622 units in April 2022.
NDTV’s quarterly profit tanked 97.6% as the company saw lower demand for advertising. The net profit fell to Rs 59 lakhs versus Rs 24.16 crore in the year-ago period.
Coal India announced a 7.7% growth on-year in coal production for the period of April 2023 across its subsidiaries.
Rail Vikas Nigam
The joint venture between Rail Vikas Nigam and SCC emerged as the lowest bidder for planning, design and construction of main canal and structures for upper high-level canal of Mahi Bajaj Sagar Project, Banswara (Raj). The total cost of the project is Rs 2248.95 crore.
Kotak Mahindra Bank
Kotak Mahindra Bank’s net profit rose 26% on-year in the March quarter due to a strong growth in its loan book. The private sector bank posted a bottomline of Rs 3,496 crore in the quarter under review, up 25% on a sequential basis.