Tata Motors, Bharti Airtel, Dr Reddy’s, Grasim and others

Nifty futures on the Singapore Stock Exchange traded up 25 points, or 0.16%, at 15,334.50, signaling that Dalal Street was heading for a positive start on Friday. After the US Fed announced a 75 basis point hike, the domestic stock market fell for the fifth straight day today. Nifty hit a 52-week low at 15,335.10, while the Sensex also hit a low of 51,425.48 last session. Sensex finished down more than 1,000 points. Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Thursday’s strong weakness below crucial support (15,600) indicates a major downside breakout in the market. “The Nifty can be expected to slide to the next lows around 15,000-14,800 in the near term. Any upside bounce from here could be an opportunity to sell on the upside.

Results today

Supreme Infrastructure India, Aroma Enterprises and JR Foods are among the companies that will announce their quarterly results today.

Telecom stocks

The telecommunications department issued a notice on Thursday for the 5G spectrum pre-auction conference to be held on June 20. The pre-bid conference is the first major event in the detailed auction schedule mentioned in the tender document.

Tata Engines

Amid a fluid near-term outlook with multiple challenges, Tata Motors is taking the right steps to address them while taking concerted steps to be ready for the future and create a virtuous cycle of growth, according to the Chairman of the company, N Chandrasekaran.

Dr. Reddys Laboratories

LIC increased its stake in Dr Reddy’s Pharmaceutical Laboratories to over 5% through open market share purchases from September 2021 to June this year at an estimated cost of Rs 1,556 crore.

Grasim Industries

The Aditya Birla Group company has announced the appointment of Pavan Jain as Chief Financial Officer effective August 15, 2022. His appointment follows incumbent Ashish Adukia’s plan to pursue career opportunities outside the Aditya Birla Group.

RITES

The rail consultancy firm said it has won a contract worth Rs 364.56 crore from Container Corporation of India. The order covers the operation and maintenance of shunting locomotives for 10 years.

Housing

The country’s largest mortgage lender, HDFC, said it had relied on 50 lakh shares of Ansal Housing as a pledge of its arrears from the developer. Ansal Housing is engaged in the construction and development of residential townships and commercial complexes.

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Garland K. Long