Good morning, people!
Bears won the daily tussle yesterday. And given that we’re just one day away from this month’s futures contracts expiry, volatility might remain high. So sit tight, brace yourself and ride it out. Here are the top stories to start your day.
For more updates on F&O, click here.
⭐ Zee sports a comeback 📺
Zee is making a return to sports broadcasting with the UAE T20 League. The entertainment giant has signed a 10-year long-term global media rights contract for an estimated ₹800-900 crore. The cricket league will be showcased on Zee’s television and OTT channels. Back in 2016, the company had exited the sports business by selling its Ten Sports network to Sony for ₹2,600 crore.
⭐ High-flying Grasim 😀
The cement-to-textile conglomerate Grasim Industries posted a Q4 net profit of ₹2,777 crore, up by 62% year-on-year. The profit growth was driven by higher revenues and a tax write back. Revenue from operations increased by 18% YoY to ₹28,811 crore. The company has announced a dividend of ₹10 per equity share.
⭐ Ipca Labs’ profits decline
Pharmaceuticals company Ipca Laboratories registered a 19% year-on-year decline in its Q4 net profit to ₹130 crore due to higher expenses. Total income during the quarter rose 15% YoY to ₹1,303 crore on the back of a 27% rise in its domestic formulations business.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.3% |
| Nikkei 225 (Japan) | ▼ 0.1% |
| Hang Seng (Hong Kong) | ▼ 0.1% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (May 24) | ▲ 0.1% |
| NYSE (US) (May 24) | ▲ 0.2% |
| Nasdaq (US) (May 24) | ▼ 2.3% |
| S&P 500 (US) (May 24) | ▼ 0.8% |
Fact of the day
In FY22, about 80% of the housing demand was for mid-segment and high-end homes, while the affordable housing segment accounted for only 10% of the demand.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.
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