#ImportantUpdate: Certain SpiceJet systems faced an attempted ransomware attack last night that impacted and slowed down morning flight departures today. Our IT team has contained and rectified the situation and flights are operating normally now.— SpiceJet (@flyspicejet) May 25, 2022
Indian markets are likely to open on a positive note today tracking mixed global cues amid positive moves in other Asian markets and a mixed session on Wall Street. Investors also await the last leg of corporate earnings for cues.
US markets ended mixed tracking losses in technology stocks amid release of macroeconomic data.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session.
At 09:03 IST, the Sensex was up 109.18 points or 0.20% at 54161.79, and the Nifty was up 39.70 points or 0.25% at 16164.90.
Stocks under F&O ban on NSE
One stock – Indiabulls Housing Finance – is under the F&O ban for May 25. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Mohit Nigam, Head – PMS, Hem Securities:
According to the SGX Nifty and Global trend, the Indian market will open higher. The US stock market was trading lower. The Nasdaq fell 2.35 percent on additional pressure in technology stocks following a poor outlook from social media platform Snap which sent shares down as much as 40%, putting the company on track for its worst one-day plunge on record.
Global equity markets have been turbulent as investors analyse the future for monetary policy, inflation, and the impact of China’s tough capital controls. Investor sentiment is unstable, with foreign institutional investors pulling out of Indian shares due to a global collapse, rising inflation, and impending central bank tightening.
In these situations, investors should exercise caution and take advantage of any declines in fundamentally sound companies.
Immediate support and resistance for Nifty are 16,000 and 16,400 respectively. Immediate support and resistance for Bank Nifty are 34,000 and 35,000 respectively.
Shree Renuka Sugars posts Rs 156.3 crore net profit in March quarter
Wilmar group firm Shree Renuka Sugars Ltd on Tuesday reported a consolidated net profit of Rs 156.3 crore for the quarter ended in March. The company had posted a net loss of Rs 44 crore in the year-ago period.
Total income rose to Rs 2,190.7 crore in the fourth quarter of last fiscal from Rs 1,327.7 crore in the year-ago period. Shree Renuka Sugars posted a net loss of Rs 138.5 crore for 2021-22 as against a net loss of Rs 114.7 crore in the previous year.
Total income rose to Rs 6,501.6 crore in the 2021-22 fiscal from Rs 5,685.6 crore in the previous year. Shree Renuka Sugars is one of the leading sugar companies in the country.
Top 10 things to know before the market opens today
Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 71 points
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 2,393.45 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,948.49 crore worth of shares on May 24, as per provisional data available on the NSE.
Adani Ports posts 22.4% fall in Q4 net profit at Rs 1,024 crore
Adani Ports has posted 22.4 percent fall in its Q4 net profit at Rs 1,024 crore versus Rs 1,320 crore and revenue was up 13.1% at Rs 3,845 crore against Rs 3,608 crore, YoY.
Earnings before interest, tax, depreciation and amortization (EBITDA) was up 4.2% at Rs 2,383 crore versus Rs 2,287 crore and margin was at 62% versus 63.4%, YoY
Bank of India aims to recover bad loans worth Rs 12,000 crore in FY23, says MD
State-run Bank of India is targeting bad loan recoveries worth Rs 12,000 crore in this financial year that began on April 1, its managing director and chief executive officer said on May 24.
“For the current financial year, in a baseline scenario, we are aiming (recoveries) at about Rs 12,000 crore,” Atanu Kumar Das told reporters at a press conference after January-March earnings.
“Out of this NCLT (National Company Law Tribunal) recoveries are expected to be around Rs 4,500 crore, NARCL (National Asset Reconstruction Company) will be around Rs 2,500 crore and the remaining will be through a normal recovery process.”
Dr. Reddy’s launches Ketorolac Tromethamine Tablets in US market
Dr. Reddy’s Laboratories and Senores Pharmaceuticals, Inc. today announced the launch of Ketorolac Tromethamine Tablets USP, 10 mg, a
therapeutic generic equivalent of the reference listed drug Toradol Tablets, 10 mg in the U.S. market approved by the US Food and Drug Administration (USFDA).