Dr Reddy’s in deepwater

Indices at previous closing

Nifty50: 15,809 ▼ 430 (-2.6%)
Sensex: 52,792 ▼1,416 (-2.6%)
Nifty Bank: 33,315 ▼ 848 (-2.4%)

For more updates on F&O, click here.

Good morning, people!

After the turmoil in the market yesterday, let’s hope that bears don’t show up again and we can get on with our plans for the weekend.

⭐ Dr Reddy’s profit plunges 👎
Dr Reddy’s Laboratories’ Q4 net profit fell 76% year-on-year to ₹88 crore, owing to pricing pressure in North America and Europe. The company said although there was healthy growth in revenues, profits were impacted by impairment charges. 

⭐ Manappuram Finance loses glitter 🌟

Shares of Manappuram Finance closed 9% lower on Thursday, after a poor show in its Q4 results. The gold loan business witnessed a 44% fall year-on-year (YoY) in its Q4 net profit to ₹261 crore, owing to higher operating expenses. Meanwhile, its net interest income (NII) also declined 10% YoY to ₹986 crore in the quarter.

⭐ Palm oil to make a comeback 🛢

Indonesia will lift its ban on palm oil exports next week. The country accounts for 60% of the world's production of palm oil. The ban was imposed last month due to the supply shortage in Indonesia’s domestic market. With the rising oil prices due to the geopolitical crisis, this news will come as a relief in the global vegetable oil market.

Sectoral indices (May 20)

Global markets (at 7:30 AM today)

Fact of the day

5G voice is estimated to have 2.5 billion users by 2026, 8 times more than 290 million in 2022.

Source: Business Standard

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