“The domestic market, though experiencing a lack of decisive direction, closed the day on a positive note. The optimism in the US market was fuelled by progress in debt ceiling talks and stronger-than-expected jobless claims. However, the prospect of a stronger US economy suggests that the Federal Reserve may keep policy rates elevated for an extended duration,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to Watch on 22 May, 2023
Food delivery platform Zomato posted net loss for the fiscal fourth quarter at Rs 187.60 crore that narrowed from Rs 359.70 crore on-year. The total income stood at Rs 2,226.50 crore in comparison to Rs 1,350 crore in Q4FY22.
Federal Bank plans to raise as much as $486 million in the next few months to support its expansion. The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, said the bank’s CEO.
JSW Steel posted fiscal fourth quarter profit at Rs 3,741 crore, up 11.9% on-year, from Rs 3,343 crore, beating estimates. It posted revenue from operations at Rs 46,962 crore as against Rs 46,895 crore in Q4FY23.
India’s largest power generator NTPC on Friday reported its highest-ever annual power generation of 399 billion units in FY23 as a group, an increase of about 11% over 361 BU in FY22.
Power Grid Corporation of India reported a 2.5% decline in its standalone net profit to Rs 4,214.40 crore in the quarter ending March. The state-run company saw a 12.5% hike in its revenue from operations to Rs 11,494.90 crore in Q4FY23 on-year.
Zee Entertainment Enterprises
The Mumbai bench of the National Company Law Tribunal (NCLT) dismissed a petition filed by IDBI Bank seeking initiation of insolvency proceedings against Zee Entertainment Enterprises.
Balrampur Chini Mills, Shree Renuka, EID Parry
The government is learnt to have decided against allowing a second tranche of sugar exports in the current season (October-September), following the shipment of 6 million tonne (MT) of the sweetener.