The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open flat, as Nifty futures traded 21 points lower at 18,264 on the Singaporean exchange. Benchmark indices NSE Nifty and BSE Sensex ended Thursday’s session higher, reversing Wednesday’s losses. Nifty 50 gained 165 points to reclaim the 18,250 mark while Sensex soared 555 points to end just shy of 61,750.
“Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed their bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood,” said Vinod Nair, Head of Research, Geojit Financial Services.
Tata Power
Tata Power has posted a 48.58% rise in consolidated net profit to Rs 939 crore for the fourth quarter ended March, beating Street estimates, led by growth across all its business verticals. The board of directors recommended a final dividend of Rs 2 per equity share.
HDFC
Private sector lender HDFC announced its net profit for the fourth quarter at Rs 7,623.58 crore, up 18% from Rs 6,458.51 crore in the same quarter last year. The company reported total revenue from operations at Rs 44,633.62 crore, up 27.6% on-year.
Adani Ports and SEZ
Adani Ports and Special Economic Zone Ltd (APSEZ) said that it has concluded the Myanmar Port sale for a total consideration of $30 million.
Tech Mahindra
Tech Mahindra to increase stakeholding in Tech Mahindra Arabia from 51% to 80%. The total consideration for the additional 29% stake acquired is $11.1 million.
Zydus Lifesciences
The pharma major received approval from the US FDA, permitting Zydus to manufacture and market Sucralfate tablets, which are used to treat ulcers in intestines.
Coal India
The coal ministry of India set an assets monetisation target of Rs 50,119 crore for this financial year, which is 67% higher than last year’s target of Rs 30,000 crore.