Stocks to watch May 26: The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 18,415.50, down 51 points or 0.28% from the previous close.
Earnings Watch: Archean Chemical, Astra Microwave Products, BEML, BHEL, Chambal Fertilisers, City Union Bank, Easy Trip Planners, Edelweiss Financial Services, Engineers India, Finolex Cables, Gateway Distriparks, Grasim, GVK Power, Hinduja Global Solutions, Imagicaa World, Indigo Paints, Inox Wind, Ion Exchange, Jain Irrigation, Karnataka Bank, Lokesh Machines, Mahindra & Mahindra (M&M), Maharashtra Seamless, Mirc Electronics, MOIL, Samvardhana Motherson, Naukri, NCC, Nucleus Software, ONGC, Purvankara, Shree Renuka Sugars, Sundaram Brakes, Sun Pharma, Sunteck Realty, TCPL Packaging, Tide Water Oil, VIP Clothing and Wockhardt are few of the prominent companies scheduled to announce March quarter earnings today on Friday.
Telecom operator Vodafone Idea saw its net loss for the January-March quarter narrowing to Rs 6,419 crore from Rs 7,990 crore in the preceding quarter, owing to fall in network expenses, finance cost, depreciation, among others. The company lost 2.7 million mobile subscribers in the quarter, taking its subscriber base to 225.9 million at the end of March.
The steel major’s consolidated net profit plunged 53.2 per cent to Rs 1,159.21 crore for the quarter ended March 2023 when compared with Rs 2,478.82 crore in the corresponding quarter a year ago. Total income too was down 5.6 per cent YoY at Rs 29,416.39 crore.
Zee Entertainment Enterprises posted a consolidated net loss of Rs 196 crore for the quarter ended on March 31, 2023, on the back of an advertising slowdown, missing street estimates by a wide margin.
Billionaire Anil Agarwal’s Vedanta has pledged its entire 64.9 per cent stake in Hindustan Zinc to raise funds. Vedanta Resources, the London-based parent firm of Vedanta, has over the past month repaid all loans and bonds due in April this year, helped by a hefty dividend from the Indian subsidiary.ONGC
Oil major ONGC is set to announce its results on 26 May. Experts predicted that the oil and gas explorer may post a decline in profits on the back of windfall taxes.
Sun Pharmaceuticals will report its March quarter earnings results today. Analysts expect the pharma giant to report a positive set of numbers on the back of robust domestic sales.
Reliance Consumer Products, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures, completed the acquisition of 51% controlling stake in Lotus Chocolate Company for an aggregate consideration of Rs 74 crore.
The Steel Authority of India announced a consolidated net profit at Rs 1,159.21 crore for the January-March quarter, down 53.24% on-year. Additionally, the board of directors recommended a dividend of Rs 0.5 for equity shares with the face value of Rs 10.
The lender, after divesting 2.15% of its stake in Siti Networks on 3 May, further sold 1,86,38,101 shares representing 2.14% of the paid-up share capital of Siti on Thursday,
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