SBI Q4 results beat estimates, ITC posts 21.4 percent y-o-y growth in net profit

Opening Bell:

SGX Nifty is up by 17.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets are mixed. The Nikkei 225 is higher by 0.83%, while the Hang Seng is down by 1.45% Shanghai Composite is down by 0.60% respectively. U.S. stocks rallied and the dollar reached a seven-week peak on Thursday as discount retail giant Walmart Inc (WMT.N) raised its sales outlook and strong economic data calmed recession fears while also dampening hopes the Federal Reserve would cut interest rates before year-end. U.S. stock indexes, tech shares (.SPLRCT) boosted the Nasdaq to the biggest gain, while healthcare (.SPXHC) capped the blue-chip Dow’s (.DJI) advance, the S&P 500 up by 0.94%. while the Nasdaq Composite is up by 1.51%. The Dow Jones Industrial Average down by 0.34%.

Stocks News:

👉Aviation major IndiGo posted consolidated net profit of Rs 919 crore during the January-March period as against a loss of Rs 1,682 crore in the year-ago period. Revenue from operations during the March quarter rose 76% year-on-year to Rs 14,160 crore.

👉Bata India has reported 4% growth in standalone net profit at Rs 65 crore for the quarter ended March. Revenue from operations rose 17% to Rs 778 crore during the quarter under review.

👉ITC Limited on May 18 reported a 21.4 percent year-on-year growth in standalone net profit at Rs 5,086.9 crore for the March quarter. Net profit stood at Rs 4,190.9 crore in same period last year. According to a poll of brokerages, the cigarette-to-soap maker was expected to report a net profit of Rs 4,764.4 crore and revenue of Rs 16,152 crore.

👉State Bank of India (SBI) on May 18 reported a standalone profit of Rs 16,694.51 crore for the March quarter, up 83.18 percent from Rs 9,113.53 crore in the same quarter of the previous. State Bank of India was expected to post a 68 percent rise in profit over the last year, according to a Money control poll of brokerages. Whereas net interest income (NII) was expected to increase 25.8 percent.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 970 crore on Thursday. DIIs, on the other hand, stock sold worth Rs 850 crore.

Domestic and International Events

• The Delhi High Court has sought response of the NHAI and the Centre on a plea seeking to direct banks to pay interest to the authorities on the money collected by them with the issue of FASTag and minimum balance requirement on the card. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notices to the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRT&H)
• Wheat prices have increased by more than 4% in the last two weeks across the country – an unusual occurrence during the harvest season that runs from April to June because normally the new crop keeps the supply side augmented, experts said.
• Gold prices slipped below the Rs 60,000 mark on Thursday as the US Federal Reserve signalled that it may be more hawkish than previously thought. This caused international prices of gold to fall, and the Indian market followed suit

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