· Market Summary – JK Lakshmi Cement announced Q4 strong volume growth. IndiGo CEO Dutta to Step Down, KLM’s Pieter Elbers to Succeed, AB Fashion announced better than expected Ebitda and Ebitda Margin, Ruchi Soya to Change Name to Patanjali Foods, Vedanta-Foxconn talks with Karnataka on setting up chip unit stuck over sops, Tata Consumers in Buyout Talks With as Many as Five Consumer Brands, Aurobindo Pharma says U.S. FDA Concludes Assessment With 'No Remaining Deficiencies', Arvind Ltd, Indoco Remedies and IOB announced impressive Q4 results. Sun Pharma Introduces Oral Lipid-Lowering Drug In India, Bharti expect at least one round of tariff hike this year, IGL announced better than expected Ebitda margin and volume in line with expectation. RBL Bank raises $100mn Tier 2 Note from US International Finance Corp -
· Sun Pharma announced the launch of Bempedoic Acid, its first-in-class oral drug to reduce low-density lipoprotein cholesterol in India. The drug, launched by one of Sun Pharma's wholly owned subsidiaries, will
· be sold under the brand name "Brillo". The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol remains high.- positive.
· ONGC weighs raising stakes in Russian oil despite Shell snub – ONGC is weighing the options of placing more bids for Western companies' stakes in multiple Russian oil and gas fields even as its first bid for Shell's 50% stake in Salym fields in Siberia has not been accepted, people familiar with the matter said.- poditive
· Watch on Airlines stocks – IndiGo, SpiceJet - Delhi airport's daily domestic traffic crosses pre-covid level - Delhi airport, ranked as the second busiest airport in the world in March, has breached the pre-Covid-19 level of daily average domestic traffic and is expected to grow further during the summer vacation, said two senior airport executives - positive
· Jet Airways - Jet Airways 2.0 likely to get air operator's permit this week - will likely this week get its air operator's permit to take to the skies, more than three years after it was grounded, said a govt official. – positive.
· Birla Soft – Company’s board meeting on 23rd May to decide on share buy-back
· Watch on Gamming stocks – Delta Corp and Nazara Tech – Media report that the Panel Of Ministers Suggest 28% GST from 18% on Casinos, Race Course, Online Gaming – negative for Delta Corp, Nazara Tech
· Bharti Airtel CEO Gopal Vittal Speaks At Earnings Webinar - Expect moderate 5G rollout in India in the coming year. TRAI’s airwave auction reserve price was disappointing. Mobile tariffs at current levels are very low. Expect at least one round of tariff hike this year. – Positive, company has announced strong Q4 results
· IndiGo - Ronojoy Dutta has decided to retire on Sept. 30, InterGlobe Aviation. Pieter Elbers, who has been CEO of KLM Royal Dutch Airlines, will join IndiGo on or before Oct. 1 – Long term positive
· RBL Bank has announced that it has completed its first issuance of Basel III compliant unsecured and subordinated Tier 2 Notes aggregating to US$ 100 million with a tenor of 117 months to United States International Development Finance Corporation (“DFC”), America’s development finance institution. – Positive
· Nelco and Telesat have successfully conducted their first in-orbit demonstration of high-speed broadband connectivity in India with Telesat's Phase 1 Low Earth Orbit (LEO) satellite, marking yet another milestone for bringing next-generation satellite communication technologies to the country. – Positive for NELCO
· Tata Communication launches DIGO, an in-network, cloud communications platform to power up customer engagement for digital-first businesses. – positive
· HCL Tech has launched its Kubernetes Migration Platform (KMP) to help organizations accelerate application modernization.- Positive
By: via @AlliesFin Serve Stock Market
