 "Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life")
Equity benchmark indices are likely to open flat on Wednesday tracking tepid moves across global markets. As indicated by the SGX Nifty, which was quoting at 17,700 levels, the Nifty index may open around 20 points lower.
In the US, benchmark indices were muted overnight as investors digested earnings from Netflix and Goldman Sachs. The S&P 500 rose 0.09 per cent, while the Dow shed 0.03 per cent. The Nasdaq Composite ended 0.04 per cent lower.
Asia-Pacific markets were mixed this morning. Key indices Nikkei 225, Hang Seng fell 0.34 per cent and 1 per cent, respectively, while Strait Times rose 0.14 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q4 earnings watch: ICICI Securities, Mastek, Tata Communications, Alok Industries, Artson Engineering, Citadel Realty and Developers, G G Engineering, Gujarat Hotels, and Stampede Capital will release their Q4 results today.
ONGC, Oil India, RIL: The government has reportedly increased the windfall gain tax on domestic crude production to Rs 6,400/tonne from zero. Windfall gain tax on diesel export has been reduced to nil from Rs 0.50/ltr. Petrol and ATF exports have been kept out of the ambit of windfall gain tax.
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ICICI Lombard General Insurance Company: The country’s largest private sector general insurer, ICICI Lombard General Insurance, has reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23, aided by a lower loss ratio and a dip in underwriting losses. The insurer reported a profit of Rs 436.96 crore in Q4FY23, compared with Rs 312.51 crore in the year-ago period
Tata Coffee: The Tata Group company reported a nearly 20 per cent year-on-year increase in consolidated profit at Rs 48.8 crore for Q4 supported by higher other income and lower tax cost. Consolidated revenue for the quarter grew by 10.2 per cent to Rs 723 crore compared to the same period last year.
State Bank of India: The bank's board has approved long-term fundraising of up to $2 billion in debt during the financial year 2023-24. The fundraising will be done in one or multiple tranches through a public offer or private placement of unsecured notes in US dollar or any other convertible currency.
State Bank of India: The bank's board has approved long-term fundraising of up to $2 billion in debt during the financial year 2023-24. The fundraising will be done in one or multiple tranches through a public offer or private placement of unsecured notes in US dollar or any other convertible currency.
Zydus Lifesciences: The company has received the final approval from the US FDA for Estradiol Transdermal System, used to reduce symptoms of menopause.
Som Distilleries and Breweries: The board announced that their expanded capacity at Hassan, Karnataka has commenced commercial production. This will lead to better supply of their products across all the distribution points in the relevant markets.
Piramal Pharma: The US FDA has issued an establishment inspection report for the company’s manufacturing unit in Sellersville, US and closed the inspection of the same facility.
Bank of India: The lender’s board approved raising up to Rs 6,500 crore, including Rs 4,500 crore via fresh equity capital and/or additional tier-1 bonds and Rs 2,000 crore by issuance of Tier-2 bonds, during the 2024 fiscal.
Pidilite Industries: The company has entered into assets purchase agreement with US-based Basic Adhesives LLC for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress
Prestige Estates Projects: The company’s wholly subsidiary Prestige Exora Business Parks has acquired 51 per cent stake in commercial office space developer Dashanya Tech Parkz for a cash consideration of Rs 66.07 crore.
Aavas Financiers: The Board will meet on May 3 to consider fund rasing by way of debt by issuance of non-convertible debentures, bonds and/or other debt securities etc on private placement basis in one or more tranches.
RattanIndia Enterprises: The company has launched direct-to-consumer fashion brands business with Neobrands Limited.
PDS: The company's arm Norwest Industries has proposed to acquire an equity stake of 10 per cent in Norlanka Manufacturing Limited, a company incorporated under the laws of Hong Kong.
Sprayking Agro Equipment : The company has fixed May 03 as the revised record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the proportion of 2:3.
Kanchi Karpooram: The company has entered into a joint venture agreement with Prince Housing Chennai for the construction of residential and commercial apartments at its property situated at Purasaiwalkam, Chennai on a profit-sharing basis.
Calcom Vision: The board has approved the issue and allotment of equity shares of face value of Rs. 10/- each to person(s) belonging to the non-promoter category on a preferential basis, aggregating up to Rs 9.21 crore.