As global views remain mixed, domestic equity markets are expected to open flat. The SGX Nifty futures were quoted 16,223 levels at 7:26 a.m., indicating a 30-40 point fall for the 50-pack index.
Aside from that, Wall Street ended the day on a high note on Tuesday, with strong retail sales in April providing relief from concerns about slowing economic growth. Despite a 40-year high in inflation, US retail sales increased by 0.9% in April.
Today’s Q4 results include ITC, Lupin, Pidilite Industries, Indraprastha Gas, Indian Overseas Bank, Aditya Birla Fashion and Retail, LIC Housing Finance, Route Mobile, Manappuram Finance, Westlife Development, Ratnamani Metals, Granules, JK Lakshmi Cement, Barbeque Nation Hospitality, Arvind, Navneet Education, and Teamlease Services.
Stocks to watch out for today
Bharti Airtel: Bharti Airtel recorded an almost three-fold increase in net profit. In the fourth quarter of FY22, to Rs 2,008 crore, owing to benefits from rate hikes and extraordinary income. Airtel had a net profit of Rs 759 crore in the same period previous year. Meanwhile, consolidated revenue for the quarter increased by 22.3 percent year over year to Rs 31,500 crore. The management stated that they are able to pay their liabilities because of their robust balance sheet and cashflows.
LIC: LIC had the second-worst first-day performance among 11 worldwide companies that listed this year after raising at least $1 billion through initial public offerings. Separately, if Prime Minister Narendra Modi’s government wants them to stay around, shareholders of the state-run Life Insurance Corporation of India can expect a large payout.
Due to a margin squeeze in petrochemicals and a reduction in vehicle fuel sales, IOC recorded a 31.4 percent drop in net profit to Rs 6,021.88 crore in the March quarter. High oil prices, on the other hand, lifted operating revenue to Rs 2.06 trillion in Q4. From Rs 1.63 trillion the year before. The board has also suggested that bonus shares be issued in a 1:2 ratio. It also declared a Rs 3.60 final dividend per equity share.
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BPCL: According to sources, the government plans to sell up to a quarter of the state-run refiner. After failing to find buyers for the entire company. As the government’s divestment drive is taking longer than intended. The talks began after all bidders dropped out of the process. And the sale’s prospects were harmed by fluctuating gasoline prices.
DLF: Due to lower income, DLF’s consolidated net profit fell 16 percent to Rs 405.33 crore for the quarter ended March, compared to Rs 480.94 crore the year before. As housing demand continued to rise structurally, sales bookings more than doubled to Rs 7,273 crore. In the meantime, net debt decreased by 46% year on year to Rs 2,680 crore.
Today’s F&O bans include GNFC, Punjab National Bank, and Indiabulls Housing Finance.