The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,692.50, down 29 points or 0.16% from the previous close.
The Nifty50 managed to defend the 17,600 level in the previous session despite selling pressure in the equity markets for the second consecutive session, which experts feel can act as a support in coming sessions.
Results on April 19
ICICI Securities, Mastek, Tata Communications, Alok Industries, Artson Engineering, Citadel Realty and Developers, G G Engineering, Gujarat Hotels, and Stampede Capital will be in focus ahead of quarterly earnings on April 19.
ICICI Lombard General Insurance Company: The firm has recorded a massive 40 percent year-on-year growth in profit at Rs 437 crore for the quarter ended March FY23. Net premium earned for the quarter grew by 12.3 percent to Rs 3,726 crore and total income increased by 13.3 percent to Rs 5,256 crore compared to the year-ago period. The combined ratio was at 104.2 percent in Q4FY23, against 103.2 percent in Q4FY22. The insurance company announced a final dividend of Rs 5.5 per share.
Avalon Technologies: Goldman Sachs has bought a stake in Avalon Technologies post the listing on Tuesday through bulk deals, BSE data showed.
SBI: The Board of India’s largest lender State Bank of India (SBI) has approved long term fund raising of up to $2 billion in debt during financial year 2023-24.
Tata Coffee: The Tata Group company reported a nearly 20 percent year-on-year increase in consolidated profit at Rs 48.8 crore for the March FY23 quarter supported by higher other income and lower tax cost. Consolidated revenue for the quarter grew by 10.2 percent to Rs 723 crore compared to the same period last year. However, EBITDA fell 4.8 percent YoY to Rs 105.72 crore with the margin falling 230 bps for the quarter.
Bank of India: The public sector lender said the board of directors has approved the raising of capital up to Rs 6,500 crore for FY24, comprising Rs 4,500 crore via the issue of fresh equity capital in the form of FPO/QIP/Rights issue/preferential issue and/or Basel III compliant additional Tier-1 (AT-1) bonds, and Rs 2,000 crore via Basel III compliant Tier-2 bonds.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Estradiol Transdermal system in the US. Estradiol transdermal system is indicated for the prevention of postmenopausal osteoporosis. The drug will be manufactured at the group’s formulation manufacturing facility at Moraiya near Ahmedabad.
Pidilite Industries: The company has entered into an agreement with US-based Basic Adhesives LLC for the purchase of its certain assets comprising technology, design, trademark, copyright, domain name and trade dress. The company will pay the consideration in tranches over a period of time.
Prestige Estates Projects: Subsidiary Prestige Exora Business Parks acquired 51 percent shares in Dashanya Tech Parkz. The acquisition cost for a 51 percent stake is Rs 66.07 crore.
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