Domestic equities are likely to open lower on May 22, Monday as indicated by SGX Nifty and global cues. On Sunday, US Treasury Secretary Janet Yellen said June 1 remains a "hard deadline" for raising the federal debt limit, with the odds relatively low that the government will collect enough revenue to bridge to June 15, when more tax receipts are due. At 08:16 AM, the Nifty futures on the Singapore Exchange (SGX) traded 29.5 points, or 0.16 per cent lower at 18,208.5. Further, Asian stocks and Wall Street futures slipped on Monday as US debt ceiling negotiations approached crunch time after stalling last week, said a Reuters report. 

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Back home, the RBI's decision to phase out Rs 2,000 banknotes from circulation could have some impact on a few pockets of the market. That said, let's take a look at the top stocks that may remain in focus today - 

Banks: The RBI's decision to withdraw Rs 2,000 banknote from circulation is expected to boost the liquidity of the banks by anywhere between Rs 40,000 crore to Rs 1.1 lakh crore, even if just about a third of these heavily hoarded high currency notes are flushed out by the exercise, according to a research report.

JSW Steel: The steel major on Friday posted an 11.90 per cent rise in consolidated net profit at Rs 3,741 crore for the March quarter of 2022-23, helped by higher income. Its net profit in the year-ago period was Rs 3,343 crore, JSW Steel said in a BSE filing. Total income rose to Rs 47,427 crore from Rs 47,128 crore in the year-ago quarter.

Divi's Labs: The pharma company's net profit for the quarter ended March 2023 slumped 63.89 per cent on-year to Rs 318.79 crore, due to the high base of Covid-19 sales of Molnupiravir and elevated input costs. Revenue also fell 23.52 per cent YoY to Rs 1,908.17 crore.

Delhivery: The logistics startup on Friday reported a widening of losses in the March quarter of fiscal 2022-23. The loss stood at Rs 159 crore in Q4 FY23. In the year-ago period, the figures stood at Rs 120 crore in the same period last year.

Zomato: Online food delivery platform Zomato on Friday said its consolidated net loss narrowed to Rs 187.6 crore in the fourth quarter ended March 2023 on the back of robust revenue growth. The company had posted a consolidated net loss of Rs 359.7 crore in the year-ago period. 

SpiceJet: As the insolvency issue of SpiceJet heats up, prior red-flagging to the company by the Directorate General of Civil Aviation (DGCA) had pointed out long-awaited trouble for the aviation giant. Last year itself the DGCA had warned the airline after noticing various anomalies regarding its service. "Financial assessment carried out by DGCA revealed SpiceJet is operating on cash and carry and suppliers/approved vendors are not being paid on regular basis leading to the shortage of spares and frequent invoking of minimum equipment list (MEL)... it was deduced SpiceJet failed to establish a safe, efficient and reliable air transport service," as per a 2022 order. READ MORE

Bandhan Bank on Friday reported a 58 per cent decline in its net profit to Rs 808 crore for the March 2023 quarter due to higher provisions. The Kolkata-based private bank had earned a standalone net profit of Rs 1,902 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 4,897.38 crore from Rs 4,844 crore a year ago, Bandhan Bank said in a regulatory filing.

Vedanta: The board of billionaire Anil Agarwal-led mining major Vedanta is scheduled to meet today to consider and approve its first interim dividend for the current financial year.  

 

Earnings today: BPCL, Dhanlaxmi Bank, EIH Ltd, HEG, and Jtekt India are among notable names that are scheduled to release their March quarter results later today. 

NTPC: The government-owned power giant – reported over a six per cent fall in its consolidated net profit to Rs 4,871.55 crore in the quarter ended on March 31, 2023. NTPC had reported a consolidated net profit of Rs 5,199.55 crore in the quarter ended March 2022, a BSE filing showed. Its total income in the quarter increased to Rs 4,4745.74 crore from Rs 37,724.42 crore a year ago.

Power Grid has reported a growth of 3.94 per cent year-on-year (YoY) in consolidated net profit to Rs 4,320.43 crore from Rs 4,156.44 crore. Revenue from operations came in at Rs 12,263.72 crore, up 14.75 per cent from Rs 10,686.77 crore in the same quarter last year, Power Grid said in an exchange filing.