Reliance Industries, Sun Pharma, HDFC Bank, Wipro, Adani Ports, ICICI Bank stocks in focus

Reliance Industries, Sun Pharma, HDFC Bank, Wipro, Adani Ports, ICICI Bank stocks in focus

The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open in the green, as Nifty futures traded 44 points higher at 17,683.5 on the Singaporean exchange. On Friday, Nifty and Sensex ended flat, with Sensex settling at 59,655 and Nifty maintaining its position just under 17,625.

“Mounting uncertainty in both global and domestic markets has kept Indian equities highly volatile. Weak signals of a softening job market and declining manufacturing activity in the US have raised fears of a possible recession. Despite the RBI MPC’s unanimous decision to pause rates, its minutes revealed that its members continue to hold concerns about high inflation. However, the market received some support towards the closing bell from the IT and FMCG sectors, facilitating its recovery,” said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma

Leading pharmaceutical major Sun Pharma halted the release of batches from its Mohali-based facility until it resumes, with measures taken in line with guidelines and rules imposed by the US FDA. “US FDA has directed the Company to take certain corrective actions at the Mohali facility before releasing further final product batches into the US,” said the company.

Wipro

The IT major announced that its board of directors will meet on 27 April to consider a share buyback proposal and the release of its Q4FY23 report card.

Adani Ports and SEZ

Adani Ports began a cash tender offer for up to $130 million in the aggregate principal amount of the outstanding 3.375% Senior Notes due 2024. “The purpose of the Tender Offer is to partly prepay the Company’s near-term debt maturities and to convey the comfortable liquidity position of the Company,” said the ports player in a filing with the exchanges.

ICICI Bank

ICICI Bank, the country’s second-largest private sector bank, announced a healthy 30% year-on-year (y-o-y) growth in net profit at Rs 9,122 crore for the January-March quarter. The spike in profits was led by growth in its net interest income, which grew by 40.2% y-o-y to Rs 17,667 crore for the quarter under review. 

HDFC Bank

In a relief to HDFC Bank and HDFC, the Reserve Bank of India (RBI) has allowed the bank to meet priority sector lending requirements post the merger with HDFC in a gradual manner, up to three years.