The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open in the red, as Nifty futures traded 35 points lower at 17,686.5 on the Singaporean exchange. On Tuesday, the markets closed lower, with Nifty down 0.26% at 17,660 while Sensex settled at 59,727, lower by 0.31%.
“The banking stocks pared the performance during the day while the market was grappling with the sell-off in the IT sector. However, the IT sector experienced a marginal relief rally, aided by bottom fishing, as the recent correction has made the sector attractive for long-term investment. The pharma sector also bucked the negative trend due to an improvement in outlook along with strong movements in mid and small-cap stocks,” said Vinod Nair, Head of Research, Geojit Financial Services.
Bank Of India
The bank’s board of directors approved capital raise up to Rs 6,500 in FY24. Out of this, up to Rs 4,500 crore will be raised through the issuance of fresh equity via FPO/QIP/Rights Issue/Preferential Issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds. Rs 2,000 crore will be raised through Tier-2 bonds.
Piramal Pharma
The US FDA has completed their inspection of Piramal Pharma’s manufacturing facility located at Sellersville, USA and issued an Establishment Inspection Report (EIR) for the facility.
Prestige Estates Projects
By means of its subsidiary, Prestige Exora Business Parks, Prestige Estates Projects has acquired 51% shares in Dashanya Tech Parkz. Dashanya Tech Parkz is engaged in the business of development and construction of commercial office space and was acquired for a total consideration of Rs 66 crore.
ICICI Lombard
The insurance major reported a 40% gain in their net profit on-year, growing from Rs 313 crore in Q4FY22 to Rs 437 crore in Q4FY23. The revenue was also up 13% at Rs 5,256 crore on-year. The board also recommended a dividend of Rs 5.50/- per equity share of face value of Rs 10.
Tata Coffee
The coffee player’s net profit rose 19.67% in the quarter ended March 2023 to Rs 48.8 crore, gaining from Rs 41 crore on-year. The board of directors also approved a dividend of Rs 3 for every equity share with the face value of Re 1 each.