Nifty futures on the Singapore Exchange were down 82.5 points, or 0.45 percent, at 18,376.50, indicating Dalal Street was off to a negative start on Wednesday.
Watch earnings: Aban Offshore, Aptech, Ashoka Buildcon, Atlas Cycle, Avanti Feeds, Bayer Cropscience, Brigade Enterprises, Cummins, Fine Organic Industries, Gujarat Pipavav Port, Hindalco, ICRA, India Cements, IRCON International, ITDC, JB Chemicals, Lakshmi Machine Works, LIC of India, National Aluminium, Noida Toll Bridge, Nykaa, Oil India, Phoenix Mills, Sanghvi Movers, Tribhovandas Bhimji Zaveri, TN News Print, Titagarh Wagons, Venus Pipes and Wonderla Holidays are some of the prominent companies slated to launch the March quarterly results to be announced Wednesday.
Vedant Fashions, Max Healthcare: Global index provider FTSE has increased the weight of Vedant Fashions (Manyavar) in four of its indices. Earlier this month, Manyavar’s promoters sold a 9.88 percent stake in the company to meet minimum public ownership standards of 25 percent.
Similarly, Max Healthcare Institute is expected to be added to the MSCI Standard index by the end of this month. The move follows GQG Partners Emerging Markets’ acquisition of 7.55 million shares of the company.
Adani Group: Shares of companies promoted by Gautam Adani are likely to remain in the spotlight following a report that US-based GQG Partners has raised its awareness and willingness to support any of the Adani group’s “new offerings”.
Ashok Leyland: The company posted a four-fold jump in net profit during the fourth quarter of FY23 to Rs 803 crore, from Rs 158 crore during the January-March quarter of FY22. Revenue from operations rose 33 percent from Rs 9,927 crore to Rs 13,203 crore.
biocon: The company posted a 31 percent increase in net profit in the fourth quarter to Rs 313 crore in 2022-23 compared to Rs 239 crore in the same period in 2021-22. Revenue from operations grew 57 percent to Rs 3,774 crore from Rs 2,409 crore.
Amara Raja Batteries: The company posted a 41 percent growth in net profit during the January to March quarter of 2022-23 to Rs 139 crore as compared to Rs 99 crore in the same period of the previous financial year. Revenue from operations rose 11 percent to Rs 2,429 crore from Rs 2,181 crore.
Glenmark Life Sciences: Ahmedabad-based Nirma group and leading private equity firms have joined the race to take over the pharmaceutical company. Glenmark has an 82.8 percent stake in Glenmark Life, which has a market value of Rs 6,361 crore on Tuesday. According to sources, in addition to Nirma, US private equity giants – KKR, Blackstone and BPEA-EQT – are also interested in buying a stake in the company.
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