Gland Pharma rebounds with robust intraday gains, M&M plans to sell stake in subsidiary

Indian Markets:

• The key equity indices ended with minor gains on Tuesday, rising for the third consecutive trading session.
• The Nifty managed to settle a tad below the 17,350 mark.
• Metals and auto shares advanced, while IT and consumer durables shares corrected.
• IT and consumer durables shares: corrected.
• Consistent FII buying and healthy results from index heavyweights supported the sentiments.
• However, global events including the release of FOMC minutes and US inflation will be in focus during the course of the week.

Global Markets:

• Most shares in Europe and Asia declined Tuesday as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.
• US stocks ended the session mixed on Monday, as talks in Washington resumed to avert a US default. President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. Treasury Secretary Janet Yellen said the chances are quite low that the US can pay all its bills by mid-June.

Stocks in Spotlight:

• Gland Pharma shares experienced a sharp decline in the last five sessions. However, this correction created an opportunity for bargain buying, resulting in a rebound during Tuesday’s session. The decline in the stock was primarily influenced by the drugmaker’s disappointing quarterly results, which showed a significant decrease in net profit, revenue, and operating margins. Factors such as an unfavorable base, production shutdown at one of its facilities, and sluggish demand contributed to these disappointing figures.
• Garware Technical Fibres Limited witnessed a significant surge of almost 4 percent in morning trade on May 23, following the release of their strong Q4 results. The company’s performance in the current quarter exhibited improvements across all aspects. Notably, the operating EBITDA margins increased to 21.5 percent in Q4F23, compared to 20.6 percent in the same period of the previous year (PYQ4F22). This growth can be attributed to the high demand for their new aquaculture products in Chile and Scotland. 
• Mahindra & Mahindra, a prominent automotive major and promoter company, is planning to sell a 3.2 percent stake or 1.2 crore shares in Mahindra CIE Automotive Ltd, an automotive component supplier. The sale is anticipated to be conducted through a block deal and is likely to be offered at a discount of approximately 5-6 percent compared to the current market price (CMP). 

News from the IPO world🌐

• Vinsys raises pre-IPO funding at Rs. 200 crore valuation
• SEBI proposes to cut down IPO listing timeline to 3 days
• Westbridge and Nexus-backed India Shelter Finance eyes Rs 2,000-cr IPO

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