Tag: stock market news

Mcap Of 9 Most Valued Firms Jumps Rs 2.26 Lakh Cr; TCS, Infosys Biggest Gainers – News18

The combined market valuation of nine of the top-10 most valued firms jumped Rs 2.26 lakh crore last week, with Tata Consultancy Services (TCS) and Infosys emerging as the biggest gainers amid an overall bullish trend in equities.

Last week, the BSE benchmark jumped 1,658.15 points or 2.37 per cent.

Also Read: IPOs Next Week: Suraj Estate, Motisons Jewellers And 9 Others Open Next Week; Details

The 30-share BSE Sensex zoomed 969.55 points or 1.37 per cent to settle at its record closing high of 71,483.75 on Friday. During the day, it surged 1,091.56 points or 1.54 per cent to 71,605.76, its all-time intra-day high level.

The combined market valuation of the nine firms, including Reliance Industries, TCS, ICICI Bank and Infosys, jumped Rs 2,26,391.77 crore, while Bharti Airtel emerged as the only laggard from the top-10 pack.

The market valuation of TCS jumped Rs 85,493.74 crore to Rs 14,12,412.13 crore, the most among the top-10 firms.

Infosys added Rs 36,793.61 crore, taking its valuation to Rs 6,55,457.54 crore.

The market valuation of State Bank of India surged Rs 30,700.67 crore to Rs 5,78,671.84 crore, and that of Reliance Industries climbed Rs 26,386.16 crore to reach Rs 16,88,173.26 crore.

The market capitalisation (mcap) of ICICI Bank rallied Rs 18,493.9 crore to Rs 7,27,330.82 crore, and that of Life Insurance Corporation of India (LIC) zoomed Rs 14,294.5 crore to Rs 5,03,722.82 crore.

ITC’s valuation moved up by Rs 11,412.78 crore to Rs 5,71,636.39 crore, and that of HDFC Bank grew by Rs 2,428.72 crore to Rs 12,57,093.46 crore.

Hindustan Unilever Limited added Rs 387.69 crore, taking its valuation to Rs 5,92,801.88 crore.

However, Bharti Airtel’s valuation declined by Rs 3,654.15 crore to Rs 5,58,242.75 crore.

Reliance Industries continued to retain the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, State Bank of India, ITC, Bharti Airtel and LIC.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

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December 17, 2023
Stock Market Updates: Sensex Jumps 250 pts, Hits Fresh High; Nifty Inches Towards 21K – News18

Last Updated: December 06, 2023, 09:35 IST

Sensex Today: Continuing their swift rally, equity benchmark indices opened higher Wednesday and made new highs again. The BSE Sensex rose 240 points to 69,536 and the NSE Nifty50 moved 90 points up to 20,950.

Power Grid, Asian Paints, SBI, HDFC Bank, HCL Tech and Sun Pharma rose 0.5-1.3 per cent, leading gains on the Sensex, while Adani Ent and Adani Ports jumped 3-4 per cent on the Nifty.

On the flip side, Maruti, Bajaj Auto, Eicher Motors were the top frontline losers.

The BSE MidCap index rose 0.4 per cent and the SmallCap index gained 0.23 per cent.

Global Cues

China’s blue-chip stocks slumped to an almost five-year trough on Wednesday while the Chinese yuan extended losses, with market sentiment fragile after ratings agency Moody’s cut China’s credit outlook.

Moody’s issued a downgrade warning on China’s credit rating on Tuesday, saying costs to bail out local governments and state firms and control its property crisis would weigh on the world’s second-largest economy.

China stocks opened down before giving up earlier losses, with the CSI300 Index touching its lowest level since Feb. 2019.

The Hang Seng Index, meanwhile, rebounded roughly 0.6 per cent in morning trade.

Japan’s Nikkei share average traded sharply higher on Wednesday, rebounding from a steep decline in the previous session, as investors bought back beaten-down chip-related stocks. By 0207 GMT, the Nikkei index was up 1.7 per cent at 33,321.54, while the broader Topix had gained 1.41 per cent to 2,375.80.

Asian shares advanced as a further US labor-market slowdown reinforced speculation the Federal Reserve will be able to cut interest rates next year to prevent a recession. Benchmark indexes rose over 1 per cent in Japan, the most in three weeks. Stocks in Australia and South Korea also advanced while futures in Hong Kong pointed to gains.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March. Wall Street’s most valuable companies rose as Treasury yields dipped to multi-month lows. Nvidia and Apple rose more than 2 per cent, while Amazon.com and Tesla gained more than 1 per cent.

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December 6, 2023
Sensex Rallies 1,100 pts, Investors Become Richer by Rs 4 L Cr; Why is Market Rising? – News18

Why Is the Market Rising Today? Indian shares hit fresh all-time highs on Monday, driven by financials and energy stocks as state election results boosted market momentum emerging from strong macroeconomic data and the ruling Bharatiya Janata Party’s (BJP) victory in key state elections.

The BSE Sensex soared 1000 points to new high of 68,486 and the NSE Nifty50 jumped 280 points to 20,550.

The market capitalisation of all listed companies on BSE surged by Rs 4.09 lakh crore to Rs 341.76 lakh crore.

From the Sensex pack, SBI, ICICI Bank, L&T, NTPC, and Airtel were the top gainers, rising over 2% each. M&M, HDFC Bank, Bajaj Finance, and Axis Bank also opened higher. Whereas only Nestle opened in the red.

At the same time, Adani stocks also rallied up to 14%. Adani Energy Solutions rose 14%, while Adani Power and Adani Green Energy surged over 12%. Adani Enterprises, Adani Total Gas, and Adani Wilmar advanced 6-8%.

Five State Assembly Election Result

Ruling Bharatiya Janata Party (BJP) secured key victories in three of the four state assembly elections, results showed over the weekend.

“The state election outcome will lead to greater confidence on continuity of BJP government at the centre which will drive markets higher,” Anjali Verma and Ravi Kumar, research analysts at PhillipCapital said in a note.

Strong FPI inflows

After 2 months of strong outflows foreign portfolio investors (FPIs) turned net buyers in the Indian stock market in November after three consecutive months of selling. A decline in the US treasury yields and softening of the dollar amid rising bets that the US Federal Reserve is done with raising key interest rates have triggered foreign fund inflows into emerging markets like India. FPI inflows into Indian equities during November stood at Rs 9,001 crore, compared to over Rs 39,000 crore worth of shares sold in September and October together. Meanwhile, just in the one session of December, on the 1st, FPI inflows in Indian equities stood at Rs 9,744 crore, as per NSDL data.

Strong domestic macro trends

India’s Q2 GDP grew 7.6 percent, significantly exceeding expectations. A Mint poll of 18 economists had estimated the gross domestic product (GDP) growth to be about 6.8 per cent in the quarter.

Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities observed that the sharp upside rise seen in India’s second-quarter GDP figure underlines that the economic growth has come on the back of robust domestic demand.

“Growth based on domestic demand also points to the fact that India’s economy will continue to grow in the future despite the global economy slowing down. Hence, the Indian economy will also continue to attract foreign capital inflows and will carve out a different category among its emerging market (EM) peers,” said Sheth.

US bond yield

Treasury yields hit multi-month lows last week after a US Federal Reserve official made fresh hints of interest rate cuts. The two-year yield hit its lowest since mid-July at 4.6% and the benchmark 10-year yield fell its lowest since September at 4.23%

Asian Markets

Asian shares were mixed in early trade on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan was still up 0.4%, led by gains in South Korea and Australia. Japan’s Nikkei dipped 0.4% as the yen extended recent gains.

Crude oil below $80

Oil futures fell on Monday amid geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector’s outlook.

Brent crude futures fell 52 cents, or 0.5%, to $78.36 a barrel, while US West Texas Intermediate crude futures were at $73.62 a barrel, down 45 cents, or 0.6%.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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December 4, 2023
Analysts Anticipate Global Trends To Guide Market Direction Amid Limited Domestic Triggers – News18

Foreign portfolio investors have largely been sellers in Indian markets since August.

FPI selling is completely neutralised by DII and individual investor buying.

Stock markets will be largely driven by global trends in the absence of any major domestic triggers this week, say analysts. The trading activity of foreign investors, global crude oil prices and rupee-dollar movement will also influence market movement, they said.

Anticipating a period of consolidation in the absence of clear global cues, the market’s trajectory will likely hinge on the movement of the US bond yields, the dollar index, and crude oil prices, as well as institutional flows.

“The market’s stability may be influenced until the conclusion of state elections, at which point a discernible trend might materialize,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Foreign portfolio investors have largely been sellers in Indian markets since August. During August, September October and November till 15th FPIs cumulatively sold stocks for Rs 83,422 crores through the exchanges, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. During this period DIIs alone bought stocks worth Rs 77,995 crores.

FPI selling is completely neutralised by DII and individual investor buying. This is the reason why Nifty is around 19700, the same level which it was in early August, he added.

“The market will focus on global and domestic macroeconomic data, US bond yields, crude oil inventories, FII (Foreign Institutional Investors), DII (Domestic Institutional Investors) investment trend, movement of the rupee against the dollar,” Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, said.

Markets will take further cues from US existing home sales, initial jobless claims, US manufacturing and services PMI, FOMC (Federal Open Market Committee) meeting minutes, UK manufacturing and services PMI, Nanda added. Softer-than-expected US inflation data and easing bond yields have bought optimism in equities.

Last week, the BSE benchmark jumped 890.05 points or 1.37 per cent, while the Nifty climbed 306.45 points or 1.57 per cent.

Ajit Mishra, SVP – Technical Research, Religare Broking Ltd, said, “Global cues are largely dictating the trend and we expect this trend to continue in the coming week as well.”

All key sectors, barring banking, participated in the move and posted strong gains wherein IT, realty and auto were the top gainers.

The broader indices maintained their buoyancy and the midcap index also reclaimed its record high after two months.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

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Namit is Senior Sub Editor in the business vertical of News18.com. With over five years of experience, he covers personal finance, brands and economy.…Read More

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November 19, 2023
Sensex rises by 354 pts, Nifty closes above 19,500 in Mahurat session – Times of India

MUMBAI: Benchmark stock indices Sensex and Nifty closed higher by more than half a per cent in the special Mahurat trading session on Sunday driven by across-the-board buying by investors. The 30-share BSE Sensex rose by 354.77 points or 0.55 per cent to close at 65,259.45 with 28 of its components settling in the green on the first trading session of Samvat 2080.
The broader Nifty50 of the National Stock Exchange advanced 100.20 points or 0.52 per cent to settle at 19,525.55 led by gains in IT, infra and energy shares. As many as 43 Nifty50 stocks ended in green while seven in red.
Muhurat trading is a one-hour, symbolic trading session conducted by Indian stock exchanges on Diwali, a Hindu festival considered auspicious for new beginnings, including investments.
Buyers flooded Dalal Street on the special occasion of Diwali, propelling benchmark indices higher despite the lower volume, marking a strong start to Samvat Year 2080.
Investors’ wealth soared by over Rs 2 lakh crore, as reflected in the total market capitalization of BSE-listed companies.
During the Samvat year 2079 ended on Friday, the BSE Sensex jumped 5,073.02 points or 8.47 per cent, while the Nifty climbed 1,694.6 points or 9.55 per cent.
Among the Sensex shares, Infosys rose the most by 1.41 per cent, followed by Wipro (0.88 per cent), Asian Paints (0.78 per cent), and TCS (0.77 per cent).
HDFC Bank, ICICI Bank, Reliance Industries, ITC, Kotak Bank, Asian Paints, NTPC and Titan were among the lead gainers.
Ultratech Cement and Sun Pharma were the only losers among Sensex firms.
Broader markets also advanced with the BSE MidCap gaining 0.67 per cent and BSE SmallCap by 1.14 per cent.
All the sectoral indices closed with gains.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East.

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November 12, 2023
Samhi Hotels IPO Day 1: Know Price, GMP, Reviews, Other Details Before Investing – News18

Last Updated: September 14, 2023, 11:49 IST

Samhi Hotels IPO Subscription Day 1

Samhi Hotels IPO: The initial public offering (IPO) of Samhi Hotels Limited has opened for subscription today; Should you invest?

Samhi Hotels IPO Subscription Day 1: The initial public offering (IPO) of Samhi Hotels Limited has opened for subscription today and it will remain open for subscription till September 18, 2023. SAMHI Hotels is a prominent hotel ownership and asset management platform in India, with the third largest inventory of operational keys (owned and leased) in the country as of February 2023.

The issue comprises fresh issuance of equity shares worth Rs 1.200 crore and an offer for sale (OFS) of up to 1.35 crore equity shares.

Samhi Hotels IPO price: The company has fixed price band of the book build issue at Rs 119 to Rs 126 per equity share.

Samhi Hotels IPO date: The book build issue has opened today and it will remain open till 18th September 2023.

Samhi Hotels IPO size: The company aims to raise 1,370.10 crore from this public issue out of which Rs 1,200 crore is aimed from fresh issue and rest Rs 170.10 crore is expected via OFS (offer for sale) route.

Samhi Hotels IPO lot size: A bidder will be able to apply in lots and one lot will comprise 119 company shares.

Samhi Hotels IPO allotment date: Tentative date for finalisation of share allocation is 22nd September 2023.

Samhi Hotels IPO registrar: KFin Technologies Limited has been appointed as official registrar of the book build issue.

Samhi Hotels IPO listing: The public offer is proposed for listing on BSE and NSE.

Samhi Hotels IPO listing date: The likely date for share listing is September 27, 2023.

Samhi Hotels IPO GMP today: According to market observers, Samhi Hotels IPO grey market premium (GMP) today is Rs 35.

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers for the issue, and KFin Technologies is the registrar.

Samhi Hotels IPO review:

Choice Broking said: “On the back of favorable macros like continued higher domestic business & personal travels, hotel room demand in excess of supply and improving occupancy levels & room rents, the hotel sector is showing positive traction in the operating and financial performance. SHL with its multi-brand presence across the price points is likely to benefit from this up-cycle. The company has reported net loss during FY20-23, further we are anticipating continued losses in the medium term but of lower magnitude. Thus, we assign a ‘Subscribe with Caution’ rating for the issue.”

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More

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September 14, 2023
larsen toubro finance share price gains on reports of likely Rs 24,000-crore high new order from Saudi Aramco – News18

Last Updated: September 07, 2023, 13:07 IST

L&T shares hit new high on reports of likely Rs 24,000 cr mega order from Saudi Aramco

Shares of Larsen & Toubro (L&T) hit a new high of Rs 2,787.65, up 2 per cent on the BSE in Thursday’s intraday trade

Shares of Larsen & Toubro (L&T) hit a new high of Rs 2,787.65, up 2 per cent on the BSE in Thursday’s intraday trade, ahead of the record date for buyback. This comes after reports that the Indian infrastructure player was likely to bag an order worth $2.9 billion (around Rs 24,000 crore) from Saudi Aramco’s Jafurah unconventional onshore gas development project.

Saudi Aramco has planned a $110 billion Jafurah gas project in the eastern province. A CNBC-TV18 report said that L&T is the preferred contractor for a $2.9 billion contract.

The company classifies projects worth Rs 1,000 to 2,500 crore as significant orders, while those in the range of Rs 2,500 to 5,000 crore as classified as “large”.

According to the report, L&T will develop a gas processing plant and main process units for the project. However, the company is yet to respond to queries from CNBC-TV18.

Besides, L&T also submitted bids for another package of orders worth $10 billion for Saudi Aramco Safaniyah Gas Field recently.

L&T Buyback

The company has fixed September 12, 2023, as the record date for the purpose of determining the entitlement and the names of equity shareholders who would be eligible to participate in the buyback.

The Board of L&T, at its meeting held on July 25, 2023, had approved the buyback of 33.33 million equity shares at a maximum price of up to Rs 3,000 for an aggregate consideration of up to Rs 10,000 crore on a proportionate basis, through the tender offer route.

In financial year 2021·2022, the L&T formulated its Lakshya’26 Strategic Plan, one of the key strategic objectives of which was to improve return on equity and maximize shareholder value.

Increased profitability, release of working capital higher dividends apart, return of extra capital to shareholders in the form of buyback of shares of the company is one such initiative which can help in meeting these objectives, L&T had said as the objective of the buyback.

The company is currently following an asset-light business model, and hence a significant investment, which may utilise surplus cash, is not envisaged. Hence, it is proposed to undertake a buyback to increase shareholder value in the longer term and improve return on equity.

Since the announcement of buyback plan on July 20, L&T has outperformed the market by surging 12 per cent from a level of Rs 2,489.60. In comparison, the S&P BSE Sensex has slipped 2.5 per cent during the same period. L&T had also paid total dividend of Rs 30 per share, including a special dividend of Rs 6 per share, for the financial year 2023-24 in August.

The stock has given a return of 20 percent in three months, 45 percent in one year and 200 percent in three years.

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Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More

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September 7, 2023
Sensex Sheds 376 Points, Nifty Down 124 Points; Rupee Loses 25 Paise – News18

The BSE Sensex on Monday, August 14, opened lower by 376.13 points or 0.58 per cent to 64,953.75, owing to pessimism across the Asian indices. The NSE Nifty also declined 124.85 points or 0.64 per cent to 19,303.45 in the opening trade. The rupee fell 25 paise to 83.07 against US dollar in early trade.

All 30 Sensex companies were in the red. Top-5 losers included Tata Motors, Bajaj Finance, SBI, JSW Steel, and Bajaj Finserv declining up to 2.29 per cent.

Prashanth Tapse, senior vice-president (research) of Mehta Equities, said, “Technically speaking, bears are in total control with immediate downside risk at 19,268 mark (NSE), while Nifty could see upward momentum only above the 19,757 mark.”

The dollar index rose to 103 on Monday.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said the market construct has turned a bit negative. The spike in the dollar index to 103 and the US 10-year bond yield rising to 4.18 are negative for capital flows to emerging markets. The FPI sell figure of Rs 3,073 crore last Friday is in tune with these negative trends.

“The Bank Nifty has been a pressure point for the markets during the last several trading days. The RBI decision to raise the CRR of banks to neutralise the excess liquidity created by the withdrawal of Rs 2000 notes has added to the negative sentiments in the banking sector. However, leading banking stocks would be good bargain buys on market corrections since the fundamentals of the sector remain strong and valuations are fair. Investors should exercise caution for the near term and wait for the market to consolidate,” he said.

On the rupee-dollar exchange rate, Anand James, chief market strategist at Geojit Financial Services, said, “The rupee’s dip to 82.65 found enough support last week, raising hopes of reviving upswing attempts towards 82.90. But, we will wait for a clean break of 83.26 before playing directional upsides. Alternatively, fall back below 82.4 will puncture upside hopes.”

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August 14, 2023
Stock Market Update For Tomorrow: How Analysts See Equity Markets Next Week?

Last Updated: May 28, 2023, 16:54 IST

Stock markets ended a two-week-long consolidation phase and gained over one-and-a-half per cent.

Last week, the BSE benchmark jumped 772.01 points or 1.25 per cent.

Stock markets would be largely driven by macroeconomic data, auto sales numbers, FII inflows and global trends this week, analysts said.

The US debt ceiling negotiations and institutional flows will also be watched by investors.

“This week, market participants will closely monitor institutional flows, as there is a historical observation that when both FIIs and DIIs become net buyers simultaneously, there is a likelihood of some profit-booking in the market,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

On the global front, the US debt ceiling issue holds significant importance, alongside US macroeconomic indicators, movement of the US bond yields, the dollar index and crude oil prices, Meena added.

President Joe Biden said a deal to resolve the government’s debt ceiling crisis seemed “very close” late Friday, even as the deadline for a potentially catastrophic default was pushed back to June 5.

“Domestically, attention will be directed towards key macroeconomic data, including GDP figures and monthly auto sales numbers,” he said.

”This week marks the beginning of the new month also so participants will be eyeing high-frequency data viz. auto sales, manufacturing PMI and services PMI data. Before that, GDP data scheduled on May 31, will also be on their radar,” said Ajit Mishra, VP Research, Religare Broking.

PMI data for the manufacturing sector is scheduled to come on Thursday.

Apart from these factors, the performance of the US markets amid the ongoing debt ceiling talks will be in focus, he added.

Last week, the BSE benchmark jumped 772.01 points or 1.25 per cent.

Stock markets ended a two-week-long consolidation phase and gained over one-and-a-half per cent.

“After a firm start, the benchmark remained range bound in the middle, tracking mixed global cues however strong recovery in the final sessions changed the tone. Consequently, Nifty managed to surpass the hurdle at 18,400 and settled around the week’s high at 18,499.30 levels,” Mishra said.

All sectors contributed to the move wherein metal, pharma and IT were the top gainers. The buoyancy continued on the broader front, with the midcap index scaling to a new high.

“Nifty looks set for a new high after the consolidation breakout, thanks to improved participation from across sectors. However, stability on the global front would be critical else the momentum could derail,” Mishra added.

“As we are entering into the last leg of the earnings season, we have companies like Adani Ports, IRCTC and PFC, who will be announcing their numbers during the week, Mishra said.

Last week, the performance of the domestic market was influenced by global cues, including concerns surrounding the ongoing US debt ceiling negotiations, German recession and hawkish comments from the US Fed officials, said Vinod Nair, Head of Research at Geojit Financial Services.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

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May 28, 2023
Stocks to Watch: Raymond, Dr Reddy’s, Apollo Tyres, Nazara Tech, SpiceJet, and Others

Last Updated: May 10, 2023, 08:34 IST

Stocks to Watch Today: The May futures contract of Nifty 50 on the Singapore Exchange indicates a positive/negative start for domestic equities. The contract was trading at 18,346.50, up 35.5 points or 0.19% from the previous close.

Results Today:

Larsen & Toubro, Dr Reddy’s Laboratories, Godrej Consumer Products, Bosch, Procter & Gamble Hygiene, Escorts Kubota, Sanofi India, and Max Financial Services, and several others are scheduled to release their March quarter earnings today.

Mankind Pharma: The pharmaceutical major’s shares listed on the bourses with a 20% gain over the issue price of Rs 1,080. Mankind Pharma ended its first session on the stock exchanges with a hike of 32% at the day’s high.

Birla Corporation: Birla Corporation reported a 23.52% decline in consolidated net profit to Rs 84.95 crore in the fourth quarter ended March 2023. It had posted a net profit of Rs 111.08 crore in the year-ago period.

Raymond: Raymond’s net profit for Q4FY23 dropped by 26.2% at Rs 194.35 crore from Rs 263 crore on-year. The firm’s revenue from operations clocked in at Rs 2,150.18 crore, up 9.8% from Rs 1,958.10 crore in the fourth quarter of FY22. The firm is to raise Rs 2,200 crore by issuing NCDs.

Apollo Tyres: Apollo Tyres reported 276.73% rise in consolidated net profit to Rs 427.4 crore. Revenue from operations increased 12% on-year to Rs 6,247 crore. The company’s board of directors recommended a final dividend of Rs 4 per share, along with a special dividend of Rs 0.50 per share.

Lupin: Lupin’s revenue for the quarter ended March 2023 was Rs 4,430.08 on-year, a gain of 14.09%. The company reported a net profit of Rs 235.96 crore compared to a net loss of Rs 517.98 crore in the corresponding quarter last year. The board of directors recommended a dividend of Rs 4 for all equity shares with the face value Rs 2 each.

Nazara Technologies: Nazara Technologies acquired 19.50% of Next Wave Multimedia, an existing subsidiary. Nextwave is a Chennai based mobile gaming company predominantly focusing on developing mobile games in the sports genre. The total consideration for the deal with Rs 15 crore. The gaming firm reported a revenue of Rs 1,091.0 crore for FY23, up 75% from Rs 621.7 crore on-year.

Larsen & Toubro: The company will release its March quarter earnings today. Analysts expect a double-digit growth in both the topline and the bottomline on the back of healthy execution and strong order book. The management’s guidance for sales and order inflow growth for FY24 will be closely tracked by Dalal Street investors. Besides, the status of non-core assets like Nabha power, metro ridership and financial assistance will be other key monitorables.

SpiceJet: Lessors have approached aviation regulator DGCA for deregistration of three planes of the airline. Many aircraft of the budget carrier are grounded due to various reasons.

Gujarat Gas: The company’s board is scheduled to meet today to consider and approve the earnings for the quarter and the year-ended March, and recommend dividend payout.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More

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May 10, 2023