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Airline, Tata Steel, PSB, Airtel, Sugar, Max Health are in Focus

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The main Indian benchmark will likely start today’s session on a jittery basis after overnight sharp falls in US and UK markets. At 7:30 am, SGX Nifty May futures were quoted at 18,133, suggesting the Nifty 50 benchmark could open more than 50 points lower.

In other news, Sebi approved Tata Play’s proposed public offering. Tata Group Plc is the first company in India to file confidential IPO documents with the market regulator.

Aviation: Airline stocks will be in focus today after Wadia-owned Go First filed for insolvency, as it faces a cash crunch after grounding nearly half of its 57 planes. The airline blamed engine maker Pratt & Whitney directly for the step and suspended all flights until Thursday.

Tata Steel: The steel giant reported an 82.5% year-on-year fall in consolidated net profit to Rs 1,704.86 crore in Q4FY23 as steel price differentials across regions took a hit. Revenue fell 9.2% to Rs 62,961.54 crore. However, revenue and profit figures beat expectations.

Bharti Airtel: The Sunil Mittal-led telecom company, which started operations in Sri Lanka in 2009, announced the business merger of Bharti Airtel Lanka and Dialog, a subsidiary of Malaysian multinational telecom conglomerate Axiata Group Berhad. The move is expected to allow Airtel to reach out to a larger user base in the island nation.

Ambuja Cements: The newly acquired Adani Group’s cement unit posted a 1.6% rise in net profit to Rs 502.40 crore in the fourth quarter ended March 2023, compared to Rs 494.91 crore a year earlier. Total revenue rose 11.9% YoY to Rs 4,430.28 crore.

Cipla: The pharmaceutical company informed the BSE that the USFDA conducted a routine current good manufacturing practice (cGMP) inspection of the US manufacturing facility of InvaGen Pharmaceuticals Inc, a wholly-owned subsidiary of the company, from April 24 to May 1. The inspection ended with zero Form 483 observations.

PSB: Punjab & Sind Bank’s net profit rose 32% year-on-year to Rs 457 crore in the January-March quarter (Q4), as its interest income rose 17% to Rs 2,105 crore.

Max Healthcare Institute: The company has filed a lawsuit in the Bombay High Court alleging breach of contract against Touch Healthcare, Quality Care India and Evercare Group management after its (Max) bid to acquire Care Hospitals was rejected.

Sugar: Cooperative sugar mills have written to Prime Minister Narendra Modi seeking to raise the minimum selling price (MSP) of sugar to improve cash flow, which will facilitate the clearing of cane taxes by growers. The partner mills want to increase the MSP from the existing Rs 31 to at least Rs 37.20-39.70 per kg to align with past increases in sugarcane’s fair and remunerative price (FRP).

Fino Payments Bank: The company reported a 25.3% year-on-year increase in net revenue to Rs 22.08 crore in the March quarter, backed by a 13.4% rise in total income to Rs 323.43 crore.

Astec LifeSciences: The company reported a net loss of nearly Rs 5 crore in Q4FY23, compared to a net profit of Rs 43.04 crore in Q4FY22. Total revenue fell 53.5% year-on-year to Rs 129.54 crore.

Sasken Technologies: The company’s fourth-quarter net profit for the quarter ended March 2023 plunged more than 36% to Rs 17.07 crore, compared to Rs 26.88 crore in the quarter ended March 2022. Total revenue fell 2.2% year-on-year to Rs 111.27 crore.

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