As of 7:20 am, the SGX Nifty, which tracks positive global signals, was at 18,711 on Monday, up more than 150 points.

US stock futures rose this morning after US President Joe Biden and senior congressional leaders reached a tentative deal to raise the debt ceiling. The major indexes – Dow futures, Nasdaq futures and S&P 500 futures rose 0.5%.

The cheers also spread to Asia-Pacific markets, with the Nikkei 225, Topix and S&P 200 surging as much as 2%.

Sun Pharmaceuticals: The pharma giant has proposed a full acquisition of Israel-based Taro Pharmaceutical Industries through a reverse triangle merger. According to the indicative proposal, upon completion of the acquisition, Taro Pharmaceuticals will become a wholly-owned subsidiary of Sun Pharma and will be delisted from the NYSE.

ONGC: The oil and gas producer reported a net loss of Rs 247.7 crore in the January-March quarter (Q4FY23), compared with a net profit of Rs 8,859.54 crore a year ago. Management said charges related to the controversial service tax, or GST, had an “adverse” impact on the company’s fourth-quarter profitability.

Tata Motors: Moody’s Investors Service upgraded Tata Motors’ rating outlook to positive from stable. The rating agency said the upgrade reflected hopes that Tata Motors’ substantial improvement in its credit profile over the past few quarters will continue over the next 12-18 months.

Adani Wilmar: The FMCG company has entered the whole wheat category with its brand Fortune. With this pure whole grain variant Sharbati, Poorna 1544, Lokwan and MP Grade 1 will be sold under the Fortune brand in Delhi, Maharashtra, Madhya Pradesh, Gujarat, and Rajasthan.

Karnataka Bank: The private sector lender reported a 171.5% year-on-year rise in net profit to Rs 353.53 crore in Q4FY23. Net interest income also grew 27.1% YoY to Rs 860.05 crore in Q4FY23 from Rs 656.49 crore in Q4FY22.

Barbeque Nation: The fast-food restaurant operator reported a net loss of Rs 11.6 crore in Q4FY23, compared to a net profit of Rs 0.48 crore in the same period last year. However, operating income in Q4FY23 rose by 11.64% to Rs 280.23 crore from Rs 251 crore in the corresponding quarter of the previous fiscal year.

Power Finance Corporation: The state-owned power company’s consolidated net profit rose by more than 44% to Rs 6,128.63 crore in Q4FY23 mainly due to higher revenue. Total revenue for the quarter rose to Rs 20,074.11 crore from Rs 18,873.55 crore in the same period last year.

Bajaj Electricals: MD and CEO Anuj Poddar said the company will increase its focus on high-end products in home appliances and other segments and expects revenue contribution from these high-end products to rise slightly.

Equitas Small Finance Bank: The company signed an agreement with IBM Consulting to design and build a digital banking platform designed to provide customers with a secure experience. According to management, the agreement is intended to facilitate the digital products offered by Equitas and its services.

Salasar Techno Engineering: Driven by higher revenue, the company doubled its consolidated net profit to Rs 14.73 crore in Q4FY23. Meanwhile, total revenue rose 35% to Rs 269.32 crore from Rs 212.71 crore a year earlier.

Jain Irrigation: The company reported that its consolidated net profit more than quadrupled to Rs 976.9 crore in the March 2023 quarter and reduced debt by Rs 2,800 crore following the merger of its global unit with Rivulis.