Stocks to watch: Indigo & other aviation stocks, Central Bank of India, Bank of Baroda, Tata Steel, oil-linked counters
Hindustan Zinc's proposal to buy certain zinc assets from Vedanta Group for $2.98 billion in cash has lapsed as the Indian miner did not get shareholders' approval within the stipulated time limit, said a Reuters report.
![Stocks to watch: Indigo & other aviation stocks, Central Bank of India, Bank of Baroda, Tata Steel, oil-linked counters Stocks to watch: Indigo & other aviation stocks, Central Bank of India, Bank of Baroda, Tata Steel, oil-linked counters](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2023/05/03/240115-market-fall-unsplash.jpg?itok=ZuaSazBp&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
Indian market is expected to see a listless start on May 3, 2023, amid negative global cues. In the overnight trade, major US stock indexes fell more than 1 per cent each as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Federal Reserve may need to hike interest rates. SGX Nifty, at the time of writing this report, was absolutely flat. Further, the crisis in the aviation sector back home is also expected to weigh on investor sentiment.
Let's take a look at the key stocks that may remain in focus today -
Indigo, other aviation stocks and select banks are expected to trade actively today as GoFirst on May 2 filed for insolvency citing a severe cash crunch. IndiGo, as per analysts, stands to benefit the most with GoFirst going bust, in terms of market share. Further, a sharp drop in crude oil will also aid aviation stocks, along with tyre, paint, and oil exploration and upstream companies. That apart, lenders who have exposure to GoFirst such as the Central Bank of India, and Bank of Baroda, among others will also be on investors' radar.
Cipla: The drug major, in a regulatory filing, on May 3 informed that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the USFDA at the manufacturing facility of InvaGen Pharmaceuticals Inc. (a wholly-owned subsidiary of the Company) located in Fall River, Massachusetts, USA, from April 24, 2023 to May 1, 2023. The inspection concluded with zero Form 483 observations.
Titan: The Tata Group company is slated to announce its March quarter results later in the day.
Earnings today: Besides Titan, over 35 companies are slated to release their financial results for the quarter ended March 31, 2023, including Havells, Godrej Properties, Tata Chemicals, and MRF.
Suzlon Energy on May 2 said it has secured second order for their 3 MW series turbines from Juniper Green Energy Private Limited of 69.3 MW
Bharti Airtel: Airtel Lanka to merge with Dialog Axiata in Sri Lanka Bharti Airtel and Dialog Axiata have entered into a binding term sheet to combine the operations of Bharti Airtel Lanka (Bharti's subsidiary in Sri Lanka) and Dialog, a subsidiary of Malaysia-based telecom provider, Axiata.
Hindustan Zinc: Hindustan Zinc's proposal to buy certain zinc assets from Vedanta Group for $2.98 billion in cash has lapsed as the Indian miner did not get shareholders' approval within the stipulated time limit, said a Reuters report.
Ambuja Cements on Tuesday reported a decline of 10.87 per cent in its consolidated net profit at Rs 763.30 crore for the quarter ended on March 31, 2023. The company, now part of the Adani Group, had clocked a net profit of Rs 856.46 crore in the January-March quarter a year-ago, Ambuja Cements said in a BSE filing.
Spandana Sphoorty: The microlender on Tuesday reported a 268 per cent jump in its consolidated March quarter net profit to Rs 105.55 crore. The Hyderabad-based company, specialising in rural loans, had posted a post-tax profit of Rs 71.36 crore in the preceding December quarter.
Tata Steel: The steel major reported its March quarter numbers last evening. It also announced a dividend of 360 per cent.
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