Stocks in focus: The SGX Nifty lost 0.28% in trade on Friday morning, indicating that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis. Nifty futures were 52.5 points lower on the Singaporean exchange at 18,414. Benchmark indices NSE Nifty 50 and BSE Sensex ended the monthly F&O expiry session in green. The Nifty 50 ended near the day’s high, rising 0.20% to 18,321 and BSE Sensex rose 98.84 points to 61,873.
Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projects from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to watch on May 26, 2023
Telecom operator Vodafone Idea saw its net loss for the January-March quarter narrowing to Rs 6,419 crore from Rs 7,990 crore in the preceding quarter, due to fall in network expenses, finance cost, depreciation, among others. The company lost 2.7 million mobile subscribers in the quarter, taking its subscriber base to 225.9 million at the end of March.
Zee Entertainment Enterprises posted a consolidated net loss of Rs 196 crore for the quarter ended on March 31, 2023, on the back of an advertising slowdown, missing street estimates by a wide margin.
Mining major Vedanta, a subsidiary of Vedanta Resources, has pledged almost 95% of its holdings in Hindustan Zinc (HZL), including a pledge three days ago. According to data from the buyers, the total encumbered stake stands at 64.51%, as Vedanta holds a 64.92% stake in Hindustan Zinc.
Oil major ONGC is set to announce its results on May 26. Experts predicted that the oil and gas explorer may post a decline in profits on the back of windfall taxes.
Sun Pharmaceuticals will report its March quarter earnings results today. Analysts expect the pharma giant to report a positive set of numbers on the back of robust domestic sales.
Reliance Consumer Products, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures, completed the acquisition of 51% controlling stake in Lotus Chocolate Company for an aggregate consideration of Rs 74 crore.
The Steel Authority of India announced a consolidated net profit at Rs 1,159.21 crore for the January-March quarter, down 53.24% on-year. Additionally, the board of directors recommended a dividend of Rs 0.5 for equity shares with the face value of Rs 10.
The lender, after diving 2.15% of its stake in Siti Networks on May 3, further sold 1,86,38,101 shares representing 2.14% of the paid-up share capital of Siti on Thursday.