RIL, Tata Power and other stocks in the news today

US stocks ended sharply lower on Thursday amid a broad sell-off as investor sentiment plummeted amid fears that the Federal Reserve’s rate hike the previous day would not be enough to tame rising inflation. A 900-point rally in the Dow on Wednesday was followed 12 hours later by a 1,000-point drop. Thursday marked just the fourth day in 20 years that stocks and bonds each fell more than 2%.
European stocks also fell for the second day in a row after the US Federal Reserve’s hawkish stance.
Bitcoin, the world’s largest cryptocurrency, has fallen its most in nearly a month after the Bank of England warned of a possible recession and double-digit inflation. It fell 8.4% to $36,639, its biggest one-day decline since April 11. Ethereum, the next largest token, also plunged as much as 7.2%.
On Thursday, the BSE Sensex rose 33 points to 55,702 while the Nifty50 fell from 16,950 to up 5 points at 16,683.
Domestically, Life Insurance Corporation of India’s IPO, the country’s largest to date, was fully subscribed on the second day of the tender. The issue was opened for subscription on Wednesday 4th May 2022.
Compared to Day 1, when QIB saw little movement and only expected increased inflows on the last day, it was drawn 0.40 times; the NII share was subscribed 0.47 times; Retail Category received 0.93 subscriptions; Eligible policyholder and employee shares saw increased interest and were subscribed for 3.11 times and 2.21 times, respectively.
RBI recommended in its May 4 circular that all bank branches designated to process ASBA applications remain open to the public on Sunday May 8, 2022. The same goes for the exchanges and bids are accepted on both Saturday and Sunday between 10am and 7pm.
Company Results Today: Reliance Industries, Tata Power, Canara Bank, Steel Authority of India, Sundaram Finance, CSB Bank, Apollo TriCoat, Federal Bank, Grindwell Norton, IRB Infrastructure Developers, Brigade Enterprises, HIL, Sundaram Clayton, Paushak and Greenpanel Industries on the companies announcing earnings today.
ABB India: The engineering firm announced that its Chairman, Morten Wierod, has resigned effective close of business on May 5, 2022. The resignation follows the change in his global role within the ABB Group.
Wipro: The IT major and domestic telecom equipment maker HFCL have partnered to jointly develop a 5G product portfolio, mainly the routers required to connect cellular sites to the core network of telecom operators.
Marico: Net profit rose 13% to Rs 257 crore in the March quarter.
Adani Power: The consolidated net profit of Adani Power increased to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the same period last year mainly due to higher revenues.
Dabur India: FMCG company Dabur India reported a 22 percent year-on-year fall in consolidated profit to Rs.2.94 billion for the quarter ended March 2022, impacted by higher input costs and an impairment of goodwill at its Turkish division became.

Cheryl Tenny

"Thinker. Food advocate. Incurable coffee enthusiast. Communicator. Proud student. Zombie buff. Tv fanatic. Extreme troublemaker."

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