Mankind Pharma reports 50 percent growth in profits, Adani Ports and SEZ reports 5.1 growth in profits; announced divided

Opening Bell:

SGX Nifty is down by 41.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific markets were lower as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling amid growing opposition within the GOP. The Hang Seng is down by 1.37%, while the Nikkei 225 and Shanghai Composite are down by 0.73% and 0.31% respectively. Overnight in the U.S., all three major indexes ended mixed, with the Dow Jones Industrial Average losing 0.15% and the Nasdaq Composite adding 0.32%. Meanwhile, the S&P 500 eked out a marginal gain, after trading both above and below the flatline during the session.

Stocks News:

👉Adani Ports and Special Economic Zone Ltd on May 30 reported 5.1 percent rise in its consolidated net profit at Rs 1,158.9 crore for the quarter ended March 31, 2023. The Adani Group company had posted a profit of Rs 1,103 crore in the year-ago period. Revenue from operations increased 40 percent year-on-year to Rs 5,797 crore in the quarter under preview from Rs 4,140.8 crore in last fiscal.

👉Mankind Pharma Ltd reported a 50% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 285 crore. Revenue from operations grew nearly 19% on year to Rs 2,053 crore.

👉Patanjali Foods has recorded 13% growth in its standalone net profit at Rs 264 crore for the three months ended March period. Revenue from operations during the quarter under review rose 18% to Rs 7,873 crore. Net profit was Rs 234 crore and revenue was Rs 6,663 crore a year ago.

👉Leading hospital chain Apollo Hospitals has reported a net profit of Rs 146 crore for the three months ended March. The profit was higher by 50% from Rs 97 crore posted in the corresponding quarter of last year. Revenue from operations jumped 21% to Rs 4,302 crore in the March quarter.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 2,086 crore on Tuesday. DIIs, on the other hand, stock sold worth Rs 439 crore.

Domestic and International Events

• Inflation is already moderating and the external account is sound, the Reserve Bank of India (RBI) said, but the El Nino and its adverse impact on rainfall remain potential threats to macroeconomic stability and food prices. Furthermore, moderating global growth, protracted geopolitical tensions and a possible upsurge in the financial market volatility, evident in the implosion of many regional US banks, pose downside risks.
• While income for the year increased by 47.06 per cent to its highest ever at Rs 2.65 lakh crore, the expenditure increased by 14.05 per cent. The year ended with an overall surplus of Rs 87,416.22 crore that was transferred to the government in the form of dividend as against Rs 30,307.45 crore in the previous year, RBI’s latest annual report released on Monday said. RBI’s surplus transfer was more than the budgeted amount of Rs 48,000 crore for banking sector.
• Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling.
• Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal.

Key Equity Indices