M&M, Nykaa, Titan and other stocks in news today
By siliconindia | Friday, 05 August 2022, 08:40 Hrs
Indian equity markets are expected to be on a cautious note today as India's Reserve Bank of India is likely to hike the policy repo rate by 25 to 50 basis points today. This will be the third hike since the beginning of the current financial year in order to tame inflation. The rupee depreciated by 25 paise to close at 79.40 against the US dollar on Thursday, posting its second day of losses amid disappointing macroeconomic data.
Asian stocks traded higher Friday following tech gains on Wall Street while more businesses reported that higher raw material prices were weighing on profits.
US stocks sent mixed signals on Thursday as investors continued to review the latest updates on the economy and corporate earnings ahead of the US jobs report.
Stocks in news
Titan Company, Mahindra & Mahindra, FSN E-commerce Ventures, One97 Communications , Alkem Laboratories, Petronet LNG, NMDC, Aditya Birla Fashion and Retail, Motherson Sumi Wiring India are among companies that will announce their results today.
Adani Enterprises: The Adani Group's flagship firm reported a 76.48 per cent rise in consolidated profit at Rs 468.74 crore for the first quarter ended June on the back of higher revenue from operations.
Axis Bank: The private lender will wind up its UK subsidiary following termination of an agreement to sell 100 per cent of the stake to OpenPayd Holdings. In March 2021, Axis Bank had informed the exchanges about entering into a share purchase agreement with OpenPayd Holdings for sale of 100 per cent stake in Axis Bank UK.
Lupin: The drug maker reported a consolidated net loss of Rs 89 crore for the first quarter ended June on account of a dip in US sales. The Mumbai-based drug maker had posted a net profit of Rs 542 crore in the April-June quarter of last fiscal.
Macrotech Developers: Ivanhoe Op India, the real estate arm of Canadian Pension Fund offloaded 70.29 lakh shares or 1.5 per cent stake of realty major at an average price of Rs 1,047.21 apeice and Rs 1,048 for Rs 736.28 crore through open market transactions.
Hindustan Construction Company: The engineering and construction firm reported a consolidated net loss of Rs 280.67 crore for the quarter ended June 2022.
JSW Steel: The Union government may reduce or eliminate the export duty on steel products amid falling prices and rising domestic supply after a similar decline prompted a duty cut on petro products.
Tata Steel: The government is considering reducing or eliminating the export duty on steel products. This is due to the falling prices and rising domestic supply.
LIC Housing Finance: Mortgage financier LIC Housing Finance (LICHFL) reported a multifold rise in its profit after tax at â¹925.48 crore for the quarter ended June 30 on lower provisioning and higher loan growth. The company had reported a profit after tax of â¹153.44 crore in the same quarter of the previous fiscal.