Stocks

Market may open flat, but with negative bias

KS Badri Narayanan Chennai | Updated on May 14, 2021

Ignoring inflation concern, global markets turn bullish

Indian markets are likely to open marginally lower on Friday even as the US stocks ended with sharp gains on Thursday. Asian markets too rallied in early trade on Friday.  However, according to analysts, bears may take a pause on Friday.

The SGX Nifty is currently ruling at 14,691 (8 am IST) on the Singapore Stock Exchange, as against the Nifty futures Wednesday’s closing value of 14,710. 

The US markets such as Dow Jones Industrial Average and S&P 500 that were tamed by rising inflation managed end with over one per cent gain. Tech-heavy Nasdaq too jumped 0.72 per cent overnight. 

Among the Asia-Pacific markets, Taiwan, which was reeling under selling pressure, surged the most by gaining 2.6 per cent. Stocks from Japan, Korea and Australia are also up. 

Analysts expect the market move in a narrow range for some time before taking a clear direction. Rising covid cases and following lock-down in several States keep market under pressure, while (weak) inflation data and (rising) IIP numbers give come comfort to market participants, they said. 

 

STOCKS TO WATCH

Torrent Pharmaceuticals Limited has entered into a royalty free, non-exclusive voluntary licensing agreement with Eli Lilly and Company, joining a group of leading Indian pharmaceutical companies for baricitinib for Covid-19 in India. Under the agreement, Lilly has provided the license to manufacture and distribute baricitinib to Torrent for India along with Lilly's other license partners. The agreement will help ensure wider reach and access to patients in India and further adds to Torrent Pharma's effort in helping patients affected by the pandemic. 

KEC International has secured new orders of Rs 1,514 crore across its various businesses. The company has secured orders of Rs 326 crore for Transmission & Distribution projects and Rs 153 crore for various types of cables. The company has also secured orders of Rs 1,035 crore for the construction of an elevated viaduct along with stations for a metro project and for mechanical & civil works in two cement plants. 

 

Ajanta Soya: Brickwork Ratings India Private Limited has assigned and upgraded the Bank Loan External Ratings of Ajanta Soya Limited. The total bank loan facilities Rated was Rs 130 crore. The long-term rating has been upgraded from BWR BBB- (Stable) to BWR BBB (Stable) and the short-term rating has been upgraded from BWR A3 to BWR A3+. 

 

Nxtdigital: The board of Nxtdigital Ltd has approved a proposal for raising up to Rs 300 crore on rights basis. The offer price has been fixed as Rs 300 a share and two shares will be offered to the existing shareholders of the company for five shares held by them. The company will due course announce the record date to identify eligible shareholders to participate in the rights issue. 

 

 

Results Calendar

Over two dozen companies will declare quarterly results on Friday. Among them are Aditya Birla Capital, The Anup Engineering, Asian Star Company, Automotive Axles, Balkrishna Industries, BCPL Railway Infrastructure, Bharat Seats, Cholamandalam Financial Holdings, Cipla, Dr Reddy’s Lab, Deccan Gold Mines, DRC Systems India, Escorts, Gokaldas Exports, Greenpanel Industries, Hi-Klass Trading and Investment, HIL, Indigo Paints, Jindal Stainless, Just Dial, Kartik Investments Trust, Kesoram Industries, L&T, Macrotech Developers, Menon Bearings, Mindspace Business Parks REIT, Monte Carlo Fashions, Oberoi Realty, Octal Credit Capital, Onward Technologies, Privi Speciality Chemicals, QGO Finance, Reliance Infrastructure, Rossari Biotech, Sagarsoft (India), Saint-Gobain Sekurit India, SKF India, Surbhi Industries, Texmaco Infrastructure, Vimta Labs, and Welspun India. 

 

 

Wall Street ends sharply higher

 

 

 

 

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Published on May 14, 2021

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