The market gained for the first time in its last seven consecutive sessions on May 16, but volatility remained high, indicating that there is still discomfort for bulls and more volatile swings are underway. The BSE Sensex rose 180 points to 52,974 after losing more than 5 percent in the previous six consecutive sessions, while the Nifty50 gained 60 points at 15,842.
Results today
Bharti Airtel, Indian Oil Corporation, DLF, PI Industries, Abbott India, Bajaj Electricals, Bajaj Healthcare, EID Parry (India), Indoco Remedies, IRB Infrastructure Developers, Jubilant Ingrevia, Kajaria Ceramics, Dr Lal PathLabs, Minda Corporation, Sapphire Foods India , Fairchem Organics, Galaxy Surfactants, GMR Infrastructure, NOCIL, Nucleus Software Exports, Sun Pharma Advanced Research Company and Zydus Wellness will be the focus for March quarterly results on May 17.
Life Insurance Company (LIC)
Shares of PSU stock will be promoted ahead of the listing of the Life Insurance Corporation of India on May 17. The gray market premium is trading at a discount of Rs 30 per share. LIC is likely to trade flat to negative on exchanges amid volatility in global equity markets, analysts say.
InterGlobe Aviation
Shares of InterGlobe Aviation will be in the spotlight after the company said it received DGCA reports about the treatment of a special child at Ranchi Airport. DGCA at first glance found Indigo’s association with a special child at Ranchi Airport inappropriate. DGCA will provide Indigo with a cause statement to explain. The company said it would respond to the matter in due course.
Aditya Birla Capital
Aditya Birla Capital said on exchanges that the company has received a whistleblower complaint over allegations against Aditya Birla Sun Life and employees. The company said an independent committee investigating the complaint has found no grounds for allegations. The company also said the complaint raised no allegations against CEO Ajay Srinivasan. Srinivasan expressed interest in a new role within the group, which led to him stepping down as CEO of Aditya Birla Capital. The company also said there has been no employee departures in Aditya Birla Capital and Aditya Birla Sun Life AMC due to the allegations.
IRB infrastructure
IRB Infrastructure on exchanges said gross tolls were Rs 327 crore in April versus Rs 306.66 crore in March. The gross tolls in April last year were Rs 196.64 crore. The company said on April 21 it had suspended the toll due to farmers’ agitation.
KEC International
KEC International won orders worth Rs 1,150 crore across its various businesses. The company said the various orders in the civil sector further strengthen portfolio diversification and confirm the company’s confidence in the company’s continued strong growth going forward.
SJVN
The state-owned company SJVN Ltd will develop another Arun-4 hydropower project worth Rs 4,900 crore in Nepal. A Memorandum of Understanding (MoU) for the development of Nepal’s 490MW Arun-4 hydropower project has been signed in Lumbini, Nepal in the presence of Prime Minister Narendra Modi and Prime Minister of Nepal Sher Bahadur Deuba, the company said in a statement.
GlaxoSmithKline
GlaxoSmithKline Pharmaceuticals on Monday reported a consolidated net loss of Rs 55 crore from continuing operations for the fourth quarter. The pharmaceutical company had reported net profit of Rs 4 crore for the January-March quarter of fiscal year 2020-21. Operating revenue rose to Rs 810 crore for the fourth quarter compared to Rs 744 crore in the same period a year ago, GlaxoSmithKline Pharmaceuticals said in a regulatory filing.
VIP Industries
VIP Industries said it reported a profit of Rs 12 crore in the March quarter from a loss of Rs 4 crore a year ago. Revenue for the quarter was Rs 356 crore versus Rs 243 crore last year. EBITDA was Rs 33 crore against Rs 3 crore.
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