Indian equity markets are likely to open gap-down as Nifty futures on the Singapore Exchange traded 15.50 points, or 0.09 per cent, lower at 17,055.50, signaling that benchmark indices BSE Sensex and NSE Nifty 50 are headed for a negative start on Thursday. Global cues were mixed as US markets ended flat, while Asian markets are trading mostly higher. “We expect the market volatility to continue, with the index trading in a broader range. Continuous selling by FIIs and weak results by few heavyweights has further added pressure to the market. Given the on-going result season, we are witnessing strong reaction on stocks on either side based on the result outcome. Hence we suggest investors to remain focused on selective stocks in the market which are resilient on the back of strong quarterly results,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Stocks in focus on 28 April, Thursday

Hindustan Unilever (HUL): Hindustan Unilever Ltd on 27 April said it achieved a Rs 50,000 crore turnover in the last fiscal, which makes it the first pure FMCG entity to hit the milestone. The company released its financial performance for the quarter and year ending March 2022. The Q4 profit after tax rose to Rs 2,327 crore, marking an 8.6 per cent on-year surge. The revenue during the same period climbed to Rs 13,462 crore, an increase of 11 per cent as compared to the corresponding quarter in the past fiscal.

Reliance Industries: Mukesh Ambani-owned Reliance Industries (RIL) and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots. The joint bid for Walgreens Boots Alliance’s UK-based business, if successful, would see Boots expand its presence into India, Southeast Asia and the Middle East, according to a Reuters report. Both RIL and Apollo would own stakes in Boots under the plan, although it is not clear whether the stakes would be of the same size, the report added. Walgreens put its Boots business up for sale after announcing a strategic review in January as the second-largest US pharmacy chain renews its focus on domestic healthcare. The firm has set a deadline of May 16 for bids, the Financial Times reported.

Bajaj Auto: Bajaj Auto on Wednesday reported a 2 per cent decline in consolidated net profit at Rs 1,526 crore in the fourth quarter ended March 2022, with sales in both domestic and export markets hit by weak demand and semiconductor shortage. The profit for the quarter was aided by an exceptional income of Rs 315 crore towards incentive receivable from the State Government of Maharashtra for the period April 2015 to March 2021 and Rs 31 crore receivable for the period April 2021 to March 2022. The revenues for the Pune-based automaker came in at Rs 7,975 crore, declining by 7.2 per cent from the revenues of Rs 8,596 crore reported in the corresponding period last year

Indian Hotels Company (IHCL): Tata group hospitality firm Indian Hotels Co (IHCL) reported a consolidated net profit of Rs 71.57 crore in the March quarter against a consolidated net loss of Rs 97.72 crore in the same period of the previous fiscal. It reported consolidated revenue of Rs 872.08 crore during the quarter as against Rs 615.02 crore in the year-ago period. Its annual losses crimped to Rs 265 crore from Rs 796 crore in fiscal 2020-21. The hospitality firm said it has recorded the highest number of new hotel signings in India for the second consecutive year, totalling 19 new hotels. The firm has also raised Rs 4,000 crore, Rs 2,000 crore by way of the rights issue and an additional Rs 2,000 crore through QIP.

ONGC: State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said it has signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects. The memorandum of understanding (MoU) was inked on April 26, the company said in a statement. The agreement is “for collaboration and partnership in areas of upstream exploration and production, midstream, downstream and clean energy options, including carbon capture utilisation and sequestration (CCUS),” it said. The MoU was signed during the visit of a high-level delegation of Norway to India

Q4 Results Today: Axis Bank, Bajaj Finserv, Ambuja Cements, SBI Life Insurance Company, Vedanta, Agro Tech Foods, Biocon, Coromandel International, Embassy Office Parks REIT, Fineotex Chemical, IIFL Finance, IndiaMART InterMESH, Laurus Labs, Motilal Oswal Financial Services, Mphasis, Procter & Gamble Hygiene & Health Care, PNB Housing Finance, Shoppers Stop, Shriram Transport Finance, Sterlite Technologies, and Varun Beverages will release quarterly earnings on 28 April.