Zomato slips on block deal, Apollo Hospitals report 50 percent growth in profits

Indian Markets:

• The domestic equity benchmarks wrapped up Tuesday’s trading session with respectable gains, marking the fourth consecutive session of growth.
• The Nifty index successfully closed above the 18,600 level, rebounding from the day’s low of 18,575.50 observed during afternoon trade.
• The market rally was propelled by several factors, including robust foreign institutional investor (FII) inflows, positive Q4 results from companies, and the anticipation of a normal monsoon season.
• Despite the reduced probability of a U.S. debt default, investors remained cautious due to concerns of a potential recession in the world’s largest economy and escalating tensions with China.

Global Markets:

• Shares in Europe and Asia were mixed on Tuesday as optimism over a deal to raise the U.S. debt ceiling was offset by fears of worsening ties between Beijing and Washington, amid renewed sparring between the two over trade and political sanctions.
• China has reportedly declined a request for a meeting between U.S. defence secretary Lloyd Austin and Chinese defence minister Li Shangfu at a forum in Singapore later this week.
• Worsening ties between the two countries also come amid waning optimism over a Chinese economic recovery this year.
• President Joe Biden and House Speaker Leader Kevin McCarthy reached a deal over the weekend to raise the United States $31.4 trillion debt ceiling and avert a debt default.

Stocks in Spotlight:

• Zomato, the prominent food delivery and restaurant aggregator platform, witnessed a slight decrease in its stock price despite a surge earlier in the day. The market saw a notable block trade of approximately 2,232,081 shares on the NSE, which contributed to the fluctuation in Zomato’s closing price. 
• Apollo Hospitals Enterprise reported a significant milestone on Tuesday, as the company recorded a remarkable 50% growth in consolidated net profit, amounting to ₹146 crore, for the quarter ended March 2023. In comparison to the corresponding quarter of the previous fiscal year, when the profit stood at ₹97 crore, Apollo Hospitals Enterprise has shown substantial growth.
• NHPC’s share price experienced a 5 percent increase during intraday trading on May 30, propelled by the company’s favorable financial performance for the quarter ended March 2023. NHPC reported a substantial 39.20 percent surge in its consolidated net profit for Q4FY23, amounting to Rs 719.18 crore compared to Rs 515.90 crore in the corresponding quarter of the previous year. Additionally, the company’s total income witnessed growth, rising to Rs 2,228.68 crore from Rs 2,026.62 crore in the year-ago quarter.

News from the IPO world🌐

• Ola Electric aims for IPO by 2023 end, hires Goldman, Kotak
• SEBI proposes to cut down IPO listing timeline to 3 days
• Westbridge and Nexus-backed India Shelter Finance eyes Rs 2,000-cr IPO

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