After a strong beginning for the week, Indian markets are expected open on a cautious note with minor gains on Tuesday. With global cues remaining mixed, shut-down worries in some States due to Covid pandemic will keep then domestic market on the edge, said analysts.

The SGX Nifty at 14,542 (8 am IST) indicates a positive opening for Nifty futures, which on Monday closed at 14,537 points (May futures) and at 14,486 points (April futures). Most markets in the Asia-Pacific region such as Japan, Korea, China, Australia and the Philippines are in the red marginally while Taiwan market is up by about by 0.2 per cent.

Overnight, the US markets too ended mixed with Dow Jones ending a shade negative while S&P 500 and tech-heavy Nasdaq closed on strong note.

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, Indian markets are likely to continue with its volatility as the earnings season gains momentum while Covid-19 cases continue its upward trajectory. Market would continuously watch out for government’s course of action along with progress on vaccination drive in order to curb pandemic. Investors would also keep an eye on management commentaries in the their post result concalls, given the current situation.

Mohit Nigam, Head, PMS & Advisory, Hem Securities, said: "We feel that Covid-related developments in the next two weeks, corporate results & commentary are going to be crucial to gauge the direction of the markets in the following months. 14,200 remains a key support on the downside."

STOCKS TO WATCH

Aarti Drugs : The ₹ 60-crore buyback offer of Aarti Drugs opens for subscription today and will end on May 10. The company plans to buy back up to 6 lakh equity shares, representing up to 0.64 per cent of the total number of paid-up equity shares capital, at c 1,000 a share from all the equity shareholders/beneficial owners of the company who holds equity shares as on the record date, i.e., April 1. The buyback will be on a proportionate basis, through the tender offer using stock exchange mechanism.

BGR Energy Systems : The Tamil Nadu government electricity board has cancelled orders awarded to BGR Energy. Earlier, the company was awarded an EPC contract by Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) for execution of of 1x660 MW Supercritical Ennore Thermal Power Station Expansion Project for ₹ 4,442.75 crore. However, the company has received a letter now from TANGEDCO cancelling the LoI for non-submission Bank Guarantees for Security Deposit and Performance Bank Guarantee by the company and consequential forfeiture of EMD of ₹ 5 crore.

Shilpa Pharma , Inc. a U.S operating company of Shilpa Medicare has filed a patent infringement lawsuit against Novartis Pharmaceutical Corporation in the US District court at Delaware seeking relief for the infringement of the US Patent entitled "Fingolimod Polymorph and Their Processes". Shilpa is a global brand in manufacturing and supplying of affordable Active Pharmaceutical Ingredients (APIs), generic and innovative Formulations globally in different markets. Shilpa has invested significant time and effort to develop its own IP related to the drug Fingolimod. Shilpa is now making efforts to enforce its IP in the US.

NILE has informed the exchanges that operations at its Tirupati plant has been interrupted due to oxygen issue. The Government of India, with a view to ensure availability of oxygen in hospitals, instructed all State governments to stop supply of liquid oxygen to industries which are not in exempted categories. Accordingly, oxygen supplies to Tirupati lead recycling plant have been interrupted. The company has requested the Andhra Pradesh Government to permit resumption of oxygen supply to the factory since it is in the exempted category and is waiting for the Government's decision. In the meantime, the smelting operation in rotary furnaces has stopped, but the refining operations are continuing. Other recycling plant in Telangana does not use liquid oxygen, and the operations at this plant are not affected.

Swelect Energy: The board of directors of Swelect Energy Systems has approved the setting up of the wholly owned subsidiary (WOS) - 'SWELECT HHV Solar Photovoltaics Private Limited. The WOS will be engaged in manufacture and maintenance of solar photovoltaic cells and modules suitable for renewable energy power generation.

Olectra Greentech has received Letters of Award for supply of Composite Polymer Insulators worth about ₹30 crore. International / Export Order received from one of the reputed American based Company for supply of 15 to 35 KV Composite Polymer Insulators for ₹ 15 crore. This order shall be executed over a period of 8 to 10 months. Domestic Order received from one of the reputed Indian Power Transmission Company for supply of 765 KV Composite Polymer Insulators for ₹15 crore. This order shall be executed over a period of 8 to 10 months.

Power Mech Projects has received a Letter of Intent from The Singareni Collieries Company Limited for award of contract for Operations and Maintenance of 2x660 MW STPP. The contract value is Rs 343.44 crore.

Results Calendar: ABB, Axis Bank, Bajaj Finance, Britannia Industries, CHPL Industries, Cochin Malabar Estates, Gateway Distriparks, HDFC Asset Management Company, Hatsun Agro Product, Hindustan Zinc, Indag Rubber, JTL Infra, LKP Securities, Maruti Suzuki, Nippon Life India Asset Management, Moschip Technologies, PNB Housing Finance, Prism Medico and Pharmacy, Sanofi India, Sanathnagar Enterprises, Sky Industries, Symphony, Syngene International, Tata Investment Corporation, TVS Motor Company, United Breweries, Vesuvius India, and VST Industries will announce their quarterly earnings today.

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