India Financial News

Sikko Industries Ltd.(up 8.29%), Krishana Phoschem Ltd.(up 2.10%), Aries Agro Ltd.(up 1.54%), Madhya Bharat Agro Products Ltd.(up 0.88%), Mangalore Chemicals & Fertilizers Ltd.(up 0.81%), Gujarat State Fertilizer & Chemicals Ltd.(up 0.59%) and Zuari Agro Chemicals Ltd.(up 0.38%) were among the top gainers.

services and expansion of new export orders led to India’s private sector activity picking up in May, recording the third strongest increase since July 2010, according to the preliminary results of a private survey released Thursday. The HSBC Flash India Composite Output Index rose to 61.7 in May compared with 61.5 in the previous month. “The latest data showed strength in new export orders for both sectors, which rose at the fastest pace since the series started in September 2014,” said Pranjul Bhandari, chief India economist, HSBC.

Indian rupee’s top forecaster is going against the majority. The currency will test a fresh low by year-end, according to Danske Bank A/S, defying the consensus prediction for the first gain in seven years. The currency may decline to 83.60 per dollar by December, said Allan von Mehren, chief analyst at Danske Bank, who had the most accurate estimates in Bloomberg’s quarterly rankings. That compares with a median forecast of 82.80 in a Bloomberg survey.

—Name withheld on request.

stocks are under the Future & Options (F&O) trade ban on Thursday, viz. Aditya Birla Capital, Balrampur Chini Mills, Bandhan Bank, Biocon, Hindustan Copper, Vodafone Idea, IEX, Indian Cements, Metropolis Healthcare, National Aluminium, Piramal Enterprises, Punjab National Bank, and Zee Entertainment Enterprises. The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits (MWPL). The ban on it is reversed only if the open interest falls below 80%.

quarterly earnings for the January-March 2024 period on Thursday, with some important names like ITC, IndiGo, Honasa, and Tata Investment in the mix. Other companies which will also announce their earnings include Bikaji Foods, Cello World, Concord Biotech, Fortis Healthcare, Icra, Uno Minda, Zaggle Prepaid and many more.

Jane Street Group, many trading firms are employing a relatively simple strategy: short volatility. The trade, or variations of it, revolves around a bet that Indian stock indices will move within relatively small ranges, according to five participants familiar with the strategy, who asked not to be identified discussing private information. Significant amounts of capital are deployed to scale the derivatives bets in the world’s largest market by number of options contracts traded, the people said.

severe heat wave is expected to persist across the plains of northwest India, including north Madhya Pradesh and Gujarat, over the next five days, according to India Metrological Department. West Rajasthan is experiencing the most intense heat wave conditions, with east Rajasthan, Gujarat, and west Madhya Pradesh also significantly impacted. Haryana, West Uttar Pradesh, Punjab, and Himachal Pradesh are also facing concerning heat wave conditions. Gujarat has been under heat wave conditions since May 15th, with Saurashtra and Kutch following on the 16th, and Punjab, Haryana-Chandigarh-Delhi, Uttar Pradesh, and Rajasthan since May 17th. Nighttime temperatures remain high in parts of Rajasthan, with daytime highs ranging from 44-48°C in many areas of Rajasthan, and slightly lower in Haryana, Madhya Pradesh, and Gujarat, according to IMD. Some places in West Uttar Pradesh, Punjab, Odisha, and interior Maharashtra are experiencing temperatures between 40-44°C. These temperatures are 2-4°C above normal in Punjab, Saurashtra, Kutch, Haryana, and isolated areas of Uttar Pradesh, Rajasthan, and Gujarat. A further increase of 2-3°C is anticipated in central India and Maharashtra over the next five days.

Royal Canadian Mounted Police (RCMP) has issued a warning to Hardeep Malik, the son of Ripudaman Singh Malik, who was acquitted in connection with the Air India bombing of 1985. Hardeep Malik, a Surrey-based businessman, received an official letter cautioning him about potential threats to his life. This comes in the wake of Ripudaman Singh Malik's murder in 2022, for which two individuals have been charged, CBC News reported. Despite the lack of concrete evidence, the CBC News report claims that RCMP investigators are exploring the possibility of the Indian government's alleged involvement in Ripudaman Singh Malik's assassination, similar to their alleged role in the killing of Sikh separatist Hardeep Singh Nijjar the previous year.

Lupin, and Reliance Industries, while Patel Engineering is recommended as a buy at CMP 65 for an intermonth momentum play."--Prashanth Tapse, Senior VP (Research), Mehta Equities LtdSensex Today Live : L&T Technology Services announced the inauguration of the Simulation Centre of Excellence for Airbus, strategically located at the LTTS stateof-the-art campus in Bangalore. This Centre of Excellence is designed to bolster engineering support for Airbus aircraft structural simulation activities across its diverse business units in Europe spanning France, Germany, the UK, and Spain.The Simulation CoE aims to unify and standardize processes across all Airbus European business units and aircraft programs.

S&P Global Ratings economist.Tapping the country’s $644 billion reserves to tame volatility is an option, but that can be “fairly costly," senior economist Vishrut Rana said in an interview Wednesday. Letting currency volatility play out may lead to an increase in bond yields and raise the government’s funding costs, he said. Still, he anticipates India will move toward more open capital flows and less intervention over time.

Grasim Industries: The company reported a 15.5% YoY rise in its Q4FY24 consolidated net profit at ₹2,721.81 crore, up from ₹2,355.67 crore in Q4FY23. The company’s revenue from operations also saw a 13% increase to ₹37,727.1 crore. The company’s EBITDA for Q4FY24 stood at ₹6,196 crore, marking a 27% growth YoY.

The Securities and Exchange Board of India (Sebi) has changed its takeover regulations to shield acquirers from cost spikes in the event information of a merger and acquisition (M&A) plan gets leaked. From 1 June, when its new rumour verification framework comes into effect, the pricing formula for an open offer will be stripped of any spike that arises from the stock market getting whiff of a company’s control being in play. At one level, India’s top 100 listed entities will be mandated to confirm, deny or clarify market rumours in case of significant movements in their share price.

Sensex rose 267.75 points to end at 74,221.06, while the Nifty 50 settled 68.75 points, or 0.31%, higher at 22,597.80.Nifty 50 formed a bullish candlestick pattern with a long lower shadow on the daily charts. This pattern indicates support-based buying interest.“On the daily chart, Nifty continues to hold above the 20 and 50 day SMA, which is a positive signal.

general elections enter their penultimate phase, the spotlight turns to Delhi's seven Lok Sabha seats. The BJP aims for another clean sweep, while Aam Aadmi Party (AAP) and Congress, allies in the INDIA bloc, seek to make significant inroads. AAP and Congress Form Alliance in Delhi AAP and Congress are contesting the elections as partners in the INDIA bloc, with AAP vying for four seats and Congress for three. The alliance also extends to one seat in Haryana and two in Gujarat, while opting for a friendly fight in Punjab.

Sensex climbed 267 points to settle at 74,221.06 and Nifty rose by 68 points to finish at 22,597. Stocks that were in focus include names like Indian Bank, which fell 1.33%, Sun Pharma, which jumped 1.5%, and Hindustan Zinc, whose shares rose 4% on Wednesday.

Also Read: Go Digit IPO fully booked on the last day of bidding: Check subscription updates, GMP, other detailsGo Digit General Insurance Limited, a well-known digital insurance company, is gearing up for its stock market debut shortly, according to Shivani Nyati, Head of Wealth, Swastika Investmart Ltd. Although there was immediate excitement around the IPO, the grey market premium (GMP) hasdropped to ₹30, which is around 11% over the issue price.

artificial intelligence tools that can suggest perfumes or cosmetics to woo customers and score over rivals in the burgeoning Indian beauty sector.Tira, which was launched by billionaire Mukesh Ambani’s conglomerate in April last year, also uses electronic vending machines in its stores to dispense free samples of skincare products, according to Tejas Kapadia, head of marketing of the year-old startup that has 12 stores across India and a website.“Customers love that and they keep coming back for that," Kapadia said in Tira’s first interview since its launch. The idea is to give a “plethora of experiences" using “some form of AI," he added.

Also Read: Union Budget and the path forward for Indian RailwaysThe platform maintenance work will last nearly a fortnight and will result in the cancellation of many trains operating between Pune and Mumbai.Also Read: Buddha Purnima 2024: From banks to offices, what's open and what's closedAccording to an HT report, the Pune-Mumbai-Pune Pragati Express will stand cancelled from May 28 to June 2. Meanwhile, Pune Mumbai Intercity Express will be cancelled from May 31 to June 2.

Sensex gained 267.75 points, or 0.36%, to close at 74,221.06, while the Nifty 50 ended 68.75 points, or 0.31%, higher at 22,597.80.“Despite weak global cues, markets moved in a range and were positive for most part of the trading session aided by selective buying in IT, FMCG and realty stocks. The mood is currently of utmost caution, as investors don’t want to risk taking major exposure to equity assets with a couple of weeks left for the poll outcome," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.Here are key global market cues for Sensex today:The Gift Nifty today morning is trading lower by more than 10 points from Wednesday close.

Q4 FY2024 Earnings: A slew of companies across various sectors are scheduled to unveil their financial results on May 23, 2024, providing insights into their performance and shaping market sentiments. Among the notable names are aviation giant IndiGo, conglomerate ITC, Fortis Healthcare, Finolex Cables, Rupa & Company, Page Industries, Shilpa Medicare, Nucleus Software Exports, Schneider Electric Infrastructure and Suraj Products.Saven Technologies, Abhijit Trading Company, Adline Chem Lab, Allied Digital Services, Ahasolar Technologies, Alankit, Alchemist Corporation, Alstone Textiles (India), Alufluoride, AMD Industries, Amerise Biosciences, Amraworld Agrico, Amrutanjan Health Care, Aravali Securities & Finance, Arex Industries, Aryan Share and Stock Brokers, Asian Granito India, Asit C.