Markets are likely to open marginally down on Tuesday, amidst combined international cues. Though the optimistic restoration fee in Covid instances bodes properly, economists are nonetheless grappling with uncertainty, analysts mentioned. The SGX Nifty is at the moment hovering round 14,663 (8 00 am IST), which is about 20 factors decrease as in opposition to Nifty May futures that closed at 14,685 on the NSE on Monday.
As Japan market is closed, different Asian markets present little cues. Overnight, the US markets ended sharply increased with Dow and S&P 500 climbing 0.70 per cent and 0.3 per cent respectively. However, tech-heavy Nasdaq closed 0.5 per cent decrease.
Joining a number of others international brokerage corporations, Barclays too lower India’s FY22 GDP development estimate to 10 per cent from its earlier projection of 11 per cent.
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Markets are likely to be range-bound because the concern over steady rise in Covid instances and prolonged lockdowns in varied States are likely to cap the upside, mentioned Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd.
“Most Indian States have introduced native lockdown measures to fight the virus of their respective jurisdictions. We count on exercise ranges to sequentially weaken additional in May as most States prolong mobility restrictions to flatten the curve, thus adversely impacting actual GDP development within the June-2021 quarter,” mentioned Tanvee Gupta Jain, Economist, UBS Securities India Pvt. Ltd.
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However, the report GST assortment for April and robust service PMI give hope for the Indian financial system. India’s Manufacturing PMI knowledge in April was flat at 55.5 with a gentle change from March’s knowledge of 55.4, primarily due to pick-up in worldwide demand for Indian items.
Stocks to watch
JSW Energy: JSW Future Energy Limited (previously JSW Solar Ltd and 100 per cent subsidiary of JSW Energy) had obtained Letter of Awards for complete Blended Wind capability of 810 MW from Solar Energy Corporation of India Limited (SECI) by means of aggressive bidding. JSW Renew Energy has signed a Power Purchase Agreement with SECI for the contracted capability of 540 MW out of complete awarded capability of 810 MW. This is the only largest PPA for wind/blended wind class within the business, and marks the foray of the corporate into wind/blended wind power technology section.
IIFL Wealth Management: After all the ultimate regulatory approvals and enablements of SEBI, Exchanges and Depositories, and many others., the migration of all the broking, DP, distribution actions, operations, system and course of are efficiently applied from IIFL Wealth Management Limited (IIFLW) to wholly-owned subsidiary IIFL Wealth Distribution Services Limited (IIFLWDSL) from May 3, the corporate mentioned in a discover to the inventory exchanges.
Uttam Sugar Mills has efficiently arrange and applied the “Incineration Boiler” on the Distillery unit (Barkatpur) of the corporate. This will end in enhance within the distillery capability of the corporate from 450 Lakh BL p.a. to 540 Lakh BL p.a, it mentioned in a discover to the inventory exchanges.
Bafna Pharmaceuticals Ltd has added two fully-automated packaging strains to its present capability they usually have been accredited by the UK-MHRA (Medicines and Healthcare merchandise Regulatory Agency) for the UK United Kingdom and the European Union (EU).
Nava Bharat Ventures, which had introduced cessation of operations on the sugar division at Samalkot, East Godavari District, Andhra Pradesh, has now entered right into a binding settlement for the sale of plant and tools, excluding land.
KPI Global Infrastructure Ltd has bagged an order to execute solar energy challenge of 12.50 MW capability underneath “Captive Power Producer (CPP)” class from Anupam Rasayan India Limited, Surat. The Letter of Intent has been obtained by the corporate for the order.
Results calendar: Adani Ports and Special Economic Zone, Alembic Pharmaceuticals, Apollo Pipes, Adani Total Gas, Bhagiradha Chemicals, DCM Shriram, Dr Agarwals Eye Hospital, EIH Associated Hotels, Elango Industries, Elantas Beck India, Greaves Cotton, IIFL Securities, Larsen & Toubro Infotech, Morepen Laboratories, Procter & Gamble Hygiene & Health Care, RBL Bank, Skipper, Srikalahasthi Pipes, Suven Life Sciences and Vikas WSP will declare their quarterly/annual outcomes for the interval ended Mach 2021, on Tuesday,