Indices at previous closing
Nifty50: 15,301 ▲ +93 (+0.6%)
Sensex: 51,017 ▲ +379 (+0.7%)
Nifty Bank: 34,684 ▲ 22 (+0.0%)
In the news
Cadila signs deal for black fungus drug
- The pharma major has signed a deal with TLC, a Taiwan-based pharma company, to sell its drug to treat Mucormycosis (black fungus) in India.
- Cadila says that the drug will be made available in India on an immediate basis. Notably, TLC will supply the drug to Cadila on a non-exclusive basis. The pharma stock closed 1.2% higher yesterday and has risen about 10% so far in May.
V-Guard reports strong profit growth
- In Q4, the Kerala-based electrical appliance company reported strong growth across all its verticals. This translated into 58% YoY growth in consolidated revenue from operations. At over ₹68 crore, net profit was up 110% during the same period.
- While the company was able to maintain QoQ growth, it expects input cost pressures to persist in the near term. Further, regional lockdowns are also likely to blunt demand in Q1FY22. The stock rose 4.8% yesterday and has gained about 13% so far this month.
TCI surges on strong Q4
- Shares of Transport Corporation of India (TCI) were locked in their 20% upper circuit yesterday as the company reported its Q4 standalone net profit at ₹53 crore, 69% higher YoY. The strong performance was led by an improvement in profitability of the supply chain division, which provides logistics and warehousing services.
- For the period, revenue grew 28% to ₹808 crore. For FY22, the company has guided for 15% revenue growth, while growth in profit is pegged at 20%. It has lined up a ₹225 crore capex, mainly for warehouses and ships for its seaways division.
Gold hallmarking deadline extended
- The government has reiterated its decision regarding mandatory hallmarking of gold jewellery. However, it has extended the hallmarking deadline for jewellers from 1 June to 15 June in view of the ongoing lockdowns.
- Hallmarking is the process of certifying the purity of gold jewellery by the Bureau of Indian Standards. The street expects organised jewellers to benefit from the hallmarking move, as it will bring transparency and ease of doing business. Shares of major jewellers—Thangamayil Jewellery (+44%), TBZ (+26%), PC Jeweller (+20%), Kalyan Jewellers (+19%) and Titan (+11%)—have seen a strong rise so far this month.
Events of the week
- Thursday: GDP data, Jobless claims (US)
Sectoral indices (26 May)
| Top gainers | Top losers |
| Nifty Realty ▲ 2.8% |
Nifty Metal ▼ 1.8% |
| Nifty Media ▲ 1.8% |
Nifty PSU Bank ▼ 0.2% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.1% |
| Nikkei 225 (Japan) |
▼ 0.6% |
| Hang Seng (Hong Kong) |
▼ 0.1% |
| SSE Composite (China) | ▲ 0.0% |
| Dow Jones (US) (26 May) |
▲ 0.0% |
Fact of the day
The famous Times Square in New York got its name after The New York Times set up its HQ there in 1904. Until then, it was known as Long Acre Square.
Source: Britannica
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