Domestic stocks rallied for a third straight day on Tuesday, shrugging off election jitters. The Nifty 50 closed above 22,200, fueled by buying in metals, autos, and oil & gas. While the wait-and-see approach dominates due to ongoing elections, a close above 73,000 on the Sensex is a bullish sign. However, caution lingers due to upcoming US inflation data as higher inflation could dampen rate cut hopes. Technically, the Nifty 50 needs to stay above 22,200 to maintain its upward climb.
Posts in category Business Standard
Hindalco’s arm Novelis files paper with US securities regulator for IPO (14-05-2024)
Hindalco Industries on Tuesday said its arm Novalis Inc has filed papers with the US securities regulator, the Securities and Exchange Commission, for its proposed Initial Public Offering (IPO).
Novelis will be listing its common shares on the New York Stock Exchange.
Hindalco, the flagship company of Aditya Birla Group, did not disclose the size of the IPO of its wholly-owned subsidiary Novelis Inc. It also did not give any timeline to hit the market with its public issue.
The common shares are expected to be offered by Novelis’ sole shareholder — A V Minerals (Netherlands) NV, also, a fully-owned subsidiary of Hindalco Industries Limited.
Novelis Inc will not receive any proceeds from the sale of common shares by its sole shareholder. Hindalco owns 100 per cent of Novelis through AV minerals.
In a regulatory filing, the company said, “it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public .
Bharti Airtel Q4 PAT tumbles 31% YoY; ARPU rises to Rs 209 (14-05-2024)
The telecom major’s consolidated net profit dropped 31.07% to Rs 2,071.6 crore in Q4 FY24 as against Rs 3,005.6 crore reported in Q4 FY23.
CG Power & Industrial Solutions allots 40,600 equity shares under ESOP (14-05-2024)
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Shree Cement consolidated net profit rises 28.36% in the March 2024 quarter (14-05-2024)
Sales rise 6.52% to Rs 5432.81 crore
Siemens consolidated net profit rises 70.24% in the March 2024 quarter (14-05-2024)
Sales rise 18.60% to Rs 5681.00 crore
Haryana Leather Chemicals standalone net profit rises 308.62% in the March 2024 quarter (14-05-2024)
Sales rise 4.50% to Rs 11.37 crore
Chowgule Steamships reports standalone net profit of Rs 0.53 crore in the March 2024 quarter (14-05-2024)
Sales reported at Rs 1.14 crore
Bombay Super Hybrid Seeds standalone net profit rises 63.87% in the March 2024 quarter (14-05-2024)
Sales decline 15.82% to Rs 30.12 crore
Resonance Specialities standalone net profit declines 45.97% in the March 2024 quarter (14-05-2024)
Sales decline 10.99% to Rs 16.36 crore