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CORPORATE AND ECONOMY NEWS

* Infosys Q4 FY23 (Consolidated, QoQ): Revenue down 2.28% at Rs 37,441 crore, EBIT down 4.42% at Rs 7,877 crore, EBIT margin at 21.03% vs 21.5%, Net profit down 6.86% at Rs 6,134 crore and the board recommended a final dividend of Rs 17.50 per share for the 2023 fiscal.

* TV18 Broadcast/Reliance Industries/Bodhi Tree Multimedia: Viacom18, a subsidiary of the company, closed the merger of Reliance Storage with itself and integrated JioCinema as well. Viacom18 allotted shares to RIL group entities and Bodhi Tree Systems as consideration for the scheme of merger.

* Brightcom Group: SEBI found that the company overstated profit after tax for fiscals 2019 and 2020 by more than Rs 1,280 crore. The regulator has ordered the company to publish correct shareholding pattern, and its managing director and directors not to sell their shares.

* Zee Entertainment: CEO Punit Goenka settled with SEBI a case of insider trading norms violation related to the Zeeplex rollout for Rs 50.7 lakh.

* State Bank of India: The bank kept 1-year MCLR-based lending rates unchanged across tenures for the second month in a row.

* Max Healthcare: The Company completed acquisition of additional 34,000 shares of Eqova Healthcare for Rs 68.87 crore, taking its shareholding from 26% to 60%.

* KIOCL: The Company received two mineral exploration projects in Karnataka for reconnaissance survey for polymetallic mineralisation in Nagavanda gold and base metal block in parts of Dhanvangere, Haveri and Shimoga districts at Rs 1.48 crore, and preliminary exploration for amalgamated Kalaburagi limestone blocks in Jevargi region at Rs 2.33 crore.

* HCL Technologies: Anand Birje, head of Digital Business Services, resigned from the company to pursue another opportunity.

* Torrent Power: The Company appointed Saurabh Mashruwala as chief financial officer, effective April 14, 2023, after the resignation of Lalit Malik from the post.

* Zee Entertainment Enterprise Ltd: Oppenheimer will sell 5.65 percent stake in the media company via block deal. The offer price range for the stake sale will be at Rs 199.80-208.15 per share, taking the total size of the stake sale will be Rs 1,130 crore.

* Tata Motors Ltd: The auto major will increase the prices of its passenger vehicles from May 1, the third hike in 2023. The weighted average increase of the hike will be 0.6 percent on average but will depend on the variant and the model.

* Zydus Lifesciences Ltd: The pharma company received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market isoproterenol hydrochloride injection. The injection is indicated to improve hemodynamic status in patients in distributive shock and shock due to reduced cardiac output and for treatment of bronchospasm occurring during anesthesia.

* GTPL Hathway Ltd: The TV broadcasting company reported a net loss of Rs 11.7 crore for the March quarter vs a profit of Rs 54.4 crore in the year-ago period. The company’s consolidated EBITDA for the quarter under review came at Rs 102 crore vs Rs 129.3 crore in the corresponding period in the preceding year. The consolidated margin slipped to 14.72 percent against 21 percent in the previous year.

* Vodafone Idea: Vodafone Idea has reportedly placed an order of approximately ?200 crore with Chinese company ZTE for network gear, according to three sources familiar with the matter. The order pertains to broadband network equipment in the telecom circles of Gujarat, Maharashtra, and Madhya Pradesh-Chhattisgarh (MP-CG), as informed by the sources to PTI.

* Adani Green: Adani Group’s renewable energy division, Adani Green announced a 49% increase in its operational capacity, reaching 8,086 MW by the end of the fiscal year 2023. This marks the most substantial capacity expansion by any domestic renewable energy company to date. As the nation’s leading green energy firm, Adani Green boasts a total installed capacity of 20,000 MW.

GLOBAL MARKETS

Global Market Update

Futures tied to the S&P 500 gained 0.2 percent, or 7 points, while Nasdaq-100 futures added 0.1 percent. Dow Jones Industrial Average futures also ticked up 49 points, or 0.14 percent. US stocks ended Friday’s trading session all lower as the market entered its earnings season. All three major US stock indices seesawed throughout the session to close in the negative territory. The Dow Jones Industrial Average fell 143 points, or 0.42 percent, to 33,886.5; the S&P 500 lost 8.58 points, or 0.21 percent, at 4,137.64; and the Nasdaq Composite dropped 42.81 points, or 0.35 percent, to 12,123.47.

Crude Oil

The International Energy Agency (IEA) also warned that deep output cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia - a group known as OPEC+ could exacerbate an oil supply deficit and hurt consumers. Brent crude futures settled at $86.31 a barrel, rising 22 cents, or 0.3 percent. West Texas Intermediate crude futures (WTI) settled at $82.52 a barrel, gaining 36 cents, or 0.4 percent

SGX Nifty

SGX Nifty indicates a mildly negative start for the broader index with a loss of 83 points after Nifty closed 15 points higher at 17,828 on Thursday. SGX futures stood at 17,786

TECHNICAL VIEW

Nifty Outlook:

Nifty opened flat on Thursday at 17807, made a high of 17842, made a low of 17730, and closed on a positive note at 17828 levels. For the day, support for the Nifty exists at 17700 and 17600 levels, whereas resistance for the Nifty stands at 17900 and 18000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Thursday at 41680, made a high of 42196, made a low of 41503, and closed on a positive note at 42133 levels. For the day, support for Bank Nifty exists at 41800 and 41500 levels, whereas resistance for Bank Nifty stands at 42500 and 43000 levels

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