Stocks in focus: The SGX Nifty slipped 0.19% in trade on Tuesday morning, indicating that domestic indices NSE Nifty 50 and BSE Sensex would open on a flat-to-negative basis. Nifty futures were 35 points lower on the Singaporean exchange. On Monday, the markets closed sharply lower. Nifty 50 ended down by over hundred points at 18,286 while Sensex gave up the 62,000 level to settle at 61,932.
“The domestic benchmark’s ascent towards record high was interrupted by selling pressure in heavyweight stocks, although small and mid-cap stocks outperformed. As predicted, the Eurozone economy experienced a modest growth of 0.1% QoQ in the Jan-Mar period, following a surprising previous quarter. In the US market, cautious trading prevailed as debt-ceiling negotiations took precedence,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to watch on May 17, 2023
Dish TV
Minority shareholders at Dish TV have flagged questionable investments made by the direct-to-home operator and said that its board has lost credibility. The shareholders called for an extraordinary general meeting and have said the board is not acting in line with good corporate governance standards.
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Max Healthcare
Max Healthcare Institute posted fiscal fourth quarter profit at Rs 250.92 crore, up 102.8% from Rs 123.73 crore in the same quarter last year.
Infosys
Infosys signed a memorandum of understanding (MoU) with global energy firm BP, under which Infosys would be the BP’s primary partner for end-to-end application services, including development, modernisation, management and maintenance.
wipro
VICE Media, which filed for Chapter 11 bankruptcy on Monday, owes about $10 million to Wipro, making the Indian IT firm the largest unsecured creditor of the media group.
Bharti Airtel
Telecom major Bharti Airtel announced that their Q4FY23 profit clocked in at Rs 3,005.60 crore, up 49.7% from Rs 2,007.80 crore in the same quarter last year. It posted revenue from operations at Rs 36,009 crore, up 14.3% from Rs 31,500.30 crore in Q4FY22.
Reliance Industries
Jio-bp, the fuel retailing joint venture of Reliance Industries and UK’s bp, launched a premium diesel that is said to improve mileage and give drivers a saving of up to Rs 1.1 lakh per truck.