01 Jun , 2022 By : monika singh
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Wednesday, a day before weekly F&O expiry. Today, markets are likely to react to India’s fourth quarter GDP growth data which slowed to 4.1 per cent as the omicron variant hampered economic activity while the war in Ukraine worsened fuel and food inflation. Nifty futures were trading 32 points or 0.2 per cent down at 16,528 on Singaporean Exchange. In the previous session, BSE Sensex ended 359 points or 0.64% lower at 55,566, NSE Nifty 50 settled 0.46% down at 16,584. Technical analysts say that the near term uptrend status of Nifty remains intact. “The present consolidation movement or minor downward correction could continue for the next 1-2 sessions, which is likely to prepare a base for another round of sharp upmove in Nifty for the near term. The next upside levels to be watched around 16900-17000,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
LIC: State-owned Life Insurance Corporation of India (LIC) on Tuesday said the exercise of determining its embedded value as on March 2022 is a “work in progress” and is likely to be completed by the end of next month. The Embedded Value (EV) is a measure of the consolidated value of shareholders’ interest in the life insurance business.
Religare Enterprises: Religare Enterprises and Religare Finvest on Tuesday settled with markets regulator Sebi a case pertaining to alleged financial mismanagement and diversion of funds after collectively paying Rs 10.5 crore towards settlement fees.
ONGC: Reversing the declining trend of the past few years, ONGC said its crude oil production will rise 11 per cent and natural gas output will jump 25 per cent after newer discoveries in the western and eastern offshore start producing.
Bata India: Bata India parent to sell 2.8 per cent stake via block deal with floor price at Rs 1,750 per share. The deal size would be Rs 630 crore. JP Morgan is the banker.
eMudhra: India’s largest licensed certifying authority, eMudhra, will make its debut at the bourses on Wednesday, 1 June 2022. The company sold its Rs 412.79 crore initial public offering (IPO) in a the range of Rs 243-256 apiece. The issue was overall subscribed 2.72 times.
Campus Activewear: Campus Activewear reported over three-fold increase in its consolidated net profit at Rs 39.60 crore for the fourth quarter ended March 2022. It had posted a net profit of Rs 10.01 crore in the January-March quarter a year ago.
Bharat Dynamics: Bharat Dynamics has inked a contract worth Rs 2,971 crore with Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associates equipments to Indian Air Force & Indian Navy.
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