Share Market News May 29: Hindalco, IRCTC, Tata Steel, Infosys, other stocks to track on Wednesday
Stocks to Track on May 29, Stocks in News: A bunch of stocks will be in focus on May 29, including Indian Railway Catering and Tourism Corporation (IRCTC), a day after domestic equity benchmarks Sensex and Nifty50 ended a choppy session lower amid selling pressure in energy shares.
Stocks to Track on May 29, Stocks in News: At 8:04 am, Gift Nifty traded with a cut of 0.49 per cent or 113.25 at 22,824, signalling a weak start for the Indian equities today. Domestic equity benchmarks finished a volatile session 0.2-0.3 per cent lower amid selling pressure in energy shares. The Sensex lost 220.1 points to end at 75,170.5 while the Nifty50 shed 44.3 points to settle at 22,888.2. At these levels, the indices have retreated 839.2 points and 222.7 points from their all-time highs registered on Monday, respectively.
All eyes are on the next session on Dalal Street, with a bunch of stocks set to be in focus including Indian Railway Catering and Tourism Corporation (IRCTC).
550+ companies scheduled to report quarterly results on Wednesday
More than 550 companies are all set to release their earnings reports for the quarter as well as the year ended March 31, including Tata Steel, Cummins India, Emami, GMR Airports Infrastructure, Alkem Labs, Samvardhana Motherson International, GR Infraprojects, Deepak Fertilisers & Petrochemicals, Jubilant Pharmova, Suprajit Engineering, Lemon Tree Hotels, Shree Renuka Sugars, IPCA Labs, Solara Active Pharma Sciences, and Bata India.
Tata Steel likely to log 20% fall in Q4 profit
According to Zee Business research, Tata Steel is likely to register a consolidated net profit of Rs 1,354 crore for the March quarter, a year-on-year fall of 20 per cent. The analysts estimate the Tata group steelmaker's quarterly revenue at Rs 61,096 crore as against Rs 62,962 crore for the corresponding period a year ago.
Tata Steel's EBITDA per tonne is expected to contract to Rs 15,322 for the March quarter from Rs 16,160 a year ago, according to the research.
J Kumar Infraprojects Q4 PAT grows 35%
PTI) EPC company J Kumar Infraprojects has registered a 35 per cent year-on-year increase in its consolidated net profit to Rs 99.7 crore for the January-March period on the back of higher income.
US-based Novelis to launch $945-million IPO
Novelis Inc, part of Hindalco Industries, will launch an IPO to raise up to $945 million, with an estimated equity valuation of up to $12.6 billion, according to news agency PTI.
In the proposed public issue, around 45 million shares will be sold by Novelis Inc's sole shareholder AV Minerals (Netherlands) NV, a wholly-owned subsidiary of Hindalco Industries, according to the report.
Brigade Enterprises quarterly profit jumps nearly three times
Realty developer Brigade Enterprises has registered a nearly three-fold jump in its consolidated net profit to Rs 206.1 crore for the March quarter.
Infosys collaborates with German bank Commerzbank
IT major Infosys has collaborated with Commerzbank, a German lender, and Murex, which is into trading, risk management and processing solutions for capital markets.