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Nifty futures were trading flat with a negative bias at 14,656.50 on Singaporean Exchange, hinting a flat start for BSE Sensex and Nifty 50 on Wednesday. Headline indices have been on a gaining spree for consecutive sessions. The next resistance of Nifty 50 is 14,697, which doesn’t seem difficult for Nifty to breach. “However, 14,785 being another downgap resistance (made on April 12) could be a tough resistance on the way up. On falls 14557 could offer support,” said Deepak Jasani, Head of Retail Research, HDFC Securities. Global peers were also seen trading mixed in early trade.
Stocks in focus today:
Info Edge: Info Edge Ltd on Tuesday informed that Zomato Limited will be proposing an IPO of its equity shares, comprising a fresh issue and an offer-for-sale (OFS) by Info Edge (India) Limited. The company in a BSE filing said that the Board of Directors of the company considered and have given their approval to the company to participate in the said OFS of up to such number of shares of Zomato Ltd as would aggregate upto Rs 750 crore.
Tata Communications: A total of 21 BSE-listed companies such as Bajaj Finserv, Biocon, GHCL, KPIT Technologies, Tata Communications, and UTI Asset Management Company, will declare their quarterly earnings on April 28.
Vedanta: The Supreme Court on Tuesday allowed Vedanta to operate its oxygen production unit at its Sterlite Copper plant in Thoothukudi, Tamil Nadu, amid the oxygen shortage across the country during the second wave of Covid-19.
PNB Housing Finance: PNB Housing Finance reported a consolidated net profit of Rs 127 crore for the last quarter of the fiscal ended March 2021. The company had posted a net loss of Rs 242 crore in the same quarter a year ago.
HDFC AMC: HDFC Asset Management Company (AMC) on Tuesday reported a 26.52 per cent growth in profit after tax (PAT) at Rs 316.08 crore for the three months to March 2021. The company had posted a PAT of Rs 249.83 crore in the same period a year ago.
Maruti Suzuki: Maruti Suzuki posted a net profit of Rs 1,166 crore for the January-March quarter of 2021, a fall of 9.7 per cent on-year despite strong top-line growth of nearly 34 per cent on-year to Rs 22,959 crore.
JSPL: The board of Jindal Steel & Power Ltd approved the divestment of its 96.4 per cent stake in the company’s subsidiary Jindal Power (JPL) for Rs 3,015 crore to Worldone Private, which is owned by JSPL’s promoter group.
Bajaj Finance: Bajaj Finance clocked a 42 per cent on-year rise in consolidated net profits for the January-March quarter to Rs 1,347 crore on account of a drop in loan loss provisions to Rs 1,231 crore as against Rs 1,954 crore in Q4FY20.
Axis Bank: Axis Bank posted a net profit of Rs 2,677 crore in the fourth quarter of FY21 compared to a loss of Rs 1,388 crore in the same period a year ago. The lender was back in the black thanks to an 11% year-on-year (y-o-y) growth in its net interest income (NII) to Rs 7,555 crore.