Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Wednesday, as suggested by trends on SGX Nifty in early trade. Wednesday will also mark the beginning of the LIC IPO. Nifty futures were ruling 97.50 points or 0.57 per cent up at 17,082 on Singaporean Exchange. On Tuesday, Equity, equity derivative segment, Currency Derivatives Segment and Interest Rate Derivatives segments remained closed on account of Eid-Ul-Fitr (Ramzan Eid). Analysts say that despite the uncertainty in the market, Nifty held on to its key psychological level of 17,000 mark. Volatility is likely to continue as investors keenly wait for the outcome of policy meetings due later this week where the US Federal Reserve and the Bank of England are expected to hike interest rates. “The mega IPO of LIC would also open on 4 May 2022 which is expected to attract many retail investors to the equity market but could suck out some liquidity from the market,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Stocks to watch
Kotak Mahindra Bank, Adani Green Energy: BSE-listed companies such as Kotak Mahindra Bank, Tata Consumer Products, ABB India, Adani Green Energy, CarTrade Tech, Adani Total Gas, Equitas Small Finance Bank, Havells India, Bombay Dyeing & Manufacturing Company, Deepak Nitrite, Laxmi Organic Industries, Mahindra EPC Irrigation, Satin Creditcare Network, SIS, Oracle Financial Services Software, Rain Industries, EIH, IIFL Wealth Management, Aptech, Cigniti Technologies, and MAS Financial Services will release their Q4 results today.
LIC: Life Insurance Corporation of India’s Rs 21,000-crore IPO will open for subscription today. The country’s largest public offer so far will remain open till 9th May. So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
Godrej Properties: Mumbai-based real estate firm Godrej Properties on Tuesday reported a consolidated net profit of Rs 260 crore during the January-March quarter against a loss of Rs 192 crore during the same period a year ago.
NTPC: NTPC is planning to raise around Rs 2,000 crore from the sale of a stake in its renewable-energy subsidiary NTPC Green Energy (NGEL). The sale could be through private placement of shares or an initial public offering (IPO) or both, a company official said.
Titan Company: Pandemic-related restrictions on physical shops and volatility in gold prices saw Titan Company on Tuesday posting a 7.7% year-on-year (y-o-y) decline in standalone net profit to Rs 491 crore during the January-March quarter. The company’s revenue during the period grew a meagre 2% to Rs 7,276 crore.
Tata Steel: Tata Steel posted a 37.3% year-on-year increase in its consolidated net profit to Rs 9,835 crore for the quarter ended March, beating Street estimates. The company’s board also approved a proposal to split its shares in a 10-to-1 ratio on Tuesday.
Adani Enterprises: Adani Enterprises on Tuesday reported a marginal 2 per cent decline in consolidated profit after tax (PAT) to Rs 325.76 crore for the quarter ended on March 31, 2022, on the back of higher expenses.
JSW Energy: JSW Energy on Tuesday posted an over eight-fold jump in consolidated net profit to an all-time high of Rs 864 crore in the quarter ended March, mainly on the back of higher revenues.