Good morning, people!
At the risk of stating the obvious, it’s a new day today! And if you are still upset with yesterday’s market performance or the unexpected showers, the EV industry might light up your mood. In a step towards sustainability and hoping to avoid such clima(c)tic changes, the green revolution has set its wheels in motion. And Delhi-walo, you have the chance to experience it first hand as the government is offering free rides for 3 days aboard the new electric buses. Talking about electric buses… let’s quickly move to the top stories to start your day.
For more updates on F&O, click here.
⭐ Olectra Greentech bags its BEST order 🚌
Olectra Greentech has landed its ‘biggest-ever’ order from Brihanmumbai Electric Supply & Transport (BEST). The order worth ₹3,675 crore will involve the supply of 2,100 electric buses to BEST. The buses are to be delivered over a period of 12 months.
⭐Amara Raja Batteries loses charge 🔋
Amara Raja Batteries closed 5.7% lower on Monday, after it reported a 48% year-on-year (YoY) decline in its Q4 net profit to ₹99 crore. This was largely due to a rise in prices of raw materials consumed in the quarter. Meanwhile, the company’s revenue rose by 3.7% YoY to ₹2,181. Volumes from the two-wheeler segment fell 20% YoY, while the inverter segment witnessed a 25% decline.
⭐ Marico’s healthy bite 😎
Marico Limited has acquired a 54% stake in HW Wellness Solutions, owner of the brand True Elements. The value of the all-cash deal has not been disclosed by the company. True Elements, which is a digital-first brand in the healthy breakfast and snacks segment, recorded sales worth ₹54 crore in the March quarter.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.2% |
| Nikkei 225 (Japan) | ▼ 0.5% |
| Hang Seng (Hong Kong) | ▼ 0.8% |
| SSE Composite (China) | ▼ 0.2% |
| Dow Jones (US) (May 23) | ▲ 1.9% |
| NYSE (US) (May 23) | ▲ 0.4% |
| Nasdaq (US) (May 23) | ▲ 1.5% |
| S&P 500 (US) (May 23) | ▲ 1.8% |
Fact of the day
Inflation in Sri Lanka hit another record high in April. The consumer price inflation jumped by 33.8% year-on-year in April, compared to just 5.5% a year earlier.
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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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