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Mankind Pharma, EID Parry, India Pesticides Coal India, Cipla are in Focus

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The SGX Nifty Index got off to a lacklustre start on Thursday, trading at around 18,617 by 7:45 am, down more than 46 points.

US markets ended lower overnight as the Dow, Nasdaq Composite, and S&P 500 fell 0.6%.

However, Asia-Pacific markets rose sharply this morning after the US House of Representatives passed a debt ceiling bill just days before the default deadline. The main indexes Nikkei 225, S&P 200 and Hang Seng rose 0.8%.

Adani group stocks: The group hopes to raise as much as $3 billion by selling stakes to institutional investors after reports of the US short seller hit institutional investors. The boards of the group’s flagship companies Adani Enterprises and Adani Transmission have reportedly approved fundraising of up to Rs 21,000 crore. In comparison, Adani Green has proposed raising up to $1 billion.

Coal India: The Centre has proposed to sell up to 3% of its stake in the national miner via an offer for sale (OFS) starting Thursday, June 1. The government hopes to secure about Rs 4,162 crore through the sale process.

Mankind Pharma: The company’s consolidated profit after tax (PAT) rose 52% year-on-year to Rs 294 crore in Q4FY22-23 on solid sales. Operating income also rose to Rs 2,053 crore in Q4FY23.

EID Parry: The sugar maker reported a consolidated profit after tax (PAT) of Rs 286.90 crore in Q4FY23, down 33% year-on-year. Meanwhile, 4QFY23 consolidated total revenue increased to Rs 6,865.28 crore, up 19.26% YoY.

Allcargo Logistics: The company’s consolidated net profit fell 78% year-on-year to Rs 51.9 crore in Q4FY23. Also, total revenue from continuing operations slipped 37.49% YoY to Rs 3,415.40 crore in the March quarter.

India Pesticides: The company’s revenue rose 10.8% to Rs 201.1 crore in Q4FY23. The company reported a net profit of Rs 30 crore, compared to an Ebitda of Rs 45 crore in Q4FY23.

Cipla: The pharmaceutical giant has announced that the proposed stake sale in Ugandan subsidiary CQCIL is expected to close on or before July 31, 2023. However, the timetable is subject to regulatory approval and the following conditions: agreed in the share purchase agreement.

Rainbow Children’s Hospital: The Board approved the appointment of Vikas Maheshwari as CFO (Key Officer) of the company following the resignation of R Gowrisankar as CFO for personal reasons.

MIC Electronics: The company has secured a Letter of Acceptance (LoA) from Secunderabad Railway Division, Central South Railway District, for Rs 3.9 crore. The time limit for executing orders is 12 months from the date of issue of the LoA.

LTIMindtree: Credit rating agency CRISIL reiterated its “stable” rating on the company’s bank credit. The rating agency said the rating reflected the company’s enhanced market position in the IT services industry following the merger of the two entities (L&T Infotech and Mindtree).

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