17 May , 2022 By : monika singh
Indian equity markets are likely to open gap-up on Tuesday amid mixed global cues. Nifty futures were trading 44.5 points, or 0.28% higher at 15,888 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start. “Since markets are closely following global cues, the rebound in the US market is giving hope for some respite on the domestic front as well. However, we recommend participants to continue with a cautious stance until we see some sign of reversal in the Nifty index. Meanwhile, sectors are offering trading opportunities on both sides so the focus should be more on stock selection and risk management,” said Ajit Mishra, VP – Research, Religare Broking.
Life Insurance Corporation of India (LIC): LIC will be listing its shares on the stock exchanges on Tuesday. The Rs 21,000 crore blockbuster initial public offering (IPO) of LIC had witnessed a good response from the investors getting subscribed 2.95 times after a marathon 6-day subscription period from May 4-9. The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 2.83 times, while those of non institutional investors was subscribed 2.91 times and that of retail individual investors (RIIs) was subscribed 1.99 times. Apart from these, the policyholders portion was subscribed 6.12 times while the employees segment was subscribed 4.40 times.
Interglobe Aviation (IndiGo): Shares of Interglobe Aviation will be in focus after the firm said it got DGCA communications on handling of special child at Ranchi Airport. DGCA prima facie found Indigo’s handling of special child at Ranchi Airport inappropriate. DGCA will issue a show-cause notice to Indigo to explain. The firm said it will respond the matter in due course. Depending on that, the regulator may impose a monetary penalty on the airline. After the amendment of the Aircraft Act, 1934, the regulator can now impose financial penalties for violations.
Aditya Birla Capital: Aditya Birla Capital on Monday said that outgoing CEO Ajay Srinivasan is transitioning to a new role being crafted at the group level in consultation with him. Srinivasan had expressed his desire to take on a new role within the group, after having served as chief executive for over 14 years, the statement said. The clarification comes after a news report earlier today cited a whistleblower letter, which alleged that Srinivasan was asked to leave due to corruption, insider trading and front running at Aditya Birla Sun Life Asset Management Company (AMC). “A story has appeared this morning based on insinuations of vested interest. These insinuations/allegations are bereft of facts and we wish to emphatically deny them,” said the Aditya Birla Capital spokesperson.
Max Healthcare: Max Healthcare said on exchanges that its board approved merger of its wholly owned subsidiaries of Alps Hospital and Max Hospitals. The company said the Scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the shareholders of the Transferor and Transferee Companies and approval of the Hon’ble National Company Law Tribunal (NCLT).
Reliance Industries (RIL): India’s biggest retailer Reliance NSE 0.02 % will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business to challenge foreign giants like Unilever, reported Reuters citing sources. Reliance, run by Indian billionaire Mukesh Ambani, plans to build a portfolio of 50 to 60 grocery, household and personal care brands within six months and is hiring an army of distributors to take them to mom-and-pop stores and bigger retail outlets across the nation, the report added. RIL is in final stages of negotiations with around 30 popular niche local consumer brands to fully acquire them or form joint venture partnerships for sales, the report further said.
GlaxoSmithKline Pharmaceuticals: GlaxoSmithKline Pharma on Monday reported a Rs 55 crore consolidated net loss from continuing operations for the fourth quarter. The drug firm had reported a net profit of Rs 4 crore for the January-March quarter of the 2020-21 fiscal. Revenue from operations rose to Rs 810 crore for the fourth quarter compared to Rs 744 crore in the year-ago period.
Kajaria Ceramics: Kajaria Ceramics Ltd said in a notice to exchanges that the expansion of Gailpur, Rajasthan and Chittoor, Andhra Pradesh manufacturing facility has completed and have commenced the commercial production from May 16. The Rajashtan faciltiy capacity has increased to 4.2MSM per annum for ceramic floor tiles while Chittoor facilty increased to 3.8MSM per annum for manufacturing of vitrified tiles.
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