RIL, Tata Power and other stocks in news today

US stocks ended sharply lower on Thursday amid a broad sell-off, as investor sentiment cratered in the face of concerns that the Federal Reserve’s interest rate hike the previous day would not be enough to tame surging inflation.

A 900-point Dow rally on Wednesday was followed 12 hours later by a 1,000-point decline. Thursday was only the fourth day in 20 years in which stocks and bonds each posted 2%-plus declines. European stocks also slipped for the second day in a row following the hawkish stance of the US Fed. Bitcoin, the world’s largest cryptocurrency, dropped the most in almost a month after the Bank of England flagged a possible recession and double-digit inflation. It fell 8.4% to $36,639, the biggest intraday drop since 11 April.

Ethereum, the next largest token, also slumped as much as 7.2%. On Thursday, the BSE Sensex rose 33 points to 55,702, while the Nifty50 fell from 16,950 levels to close with 5 points gains at 16,683. Domestically, Life Insurance Corporation of India’s initial public offering, the country’s biggest ever, was fully subscribed on the second day of bidding. The issue opened for subscription on Wednesday, May 4, 2022.

Compared to Day 1 while QIB saw little movement and is expected to see increased inflows only on the last day, it was subscribed 0.40 times; the NII portion was subscribed 0.47 times; Retail Category was subscribed 0.93 times; Eligible Policyholder and Employee portion saw an increased interest and was subscribed 3.11 times and 2.21 times respectively.

RBI vide its Circular dated May 4 recommended all bank branches designated to handle ASBA applications kept open to public on Sunday, May 8,2022. The same reflect on the exchanges and bids will be accepted on Saturday as well as Sunday now between 10am to 7pm.

Corporate results today: Reliance Industries, Tata Power, Canara Bank, Steel Authority of India, Sundaram Finance, CSB Bank, Apollo TriCoat, Federal Bank, Grindwell Norton, IRB Infrastructure Developers, Brigade Enterprises, HIL, Sundaram Clayton, Paushak and Greenpanel Industries, are among the companies which will announce their earnings today.

ABB India: The engineering firm said its Chairman Morten Wierod has resigned, effective closure of business hours of May 5, 2022. The resignation was consequent to the change in his global role within the ABB Group.

Wipro: The IT major and domestic telecom gear maker HFCL have entered into a partnership to jointly develop 5G product portfolio, mainly the routers required to connect mobile sites with the core network of telecom operators.

Marico: Net profit increased 13% in March quarter to Rs 257 crore.

Adani Power: Adani Power’s consolidated net profit jumped to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues.

Dabur India: FMCG company Dabur India reported a 22 percent year-on-year decline in consolidated profit to Rs 294 crore for the quarter ended March 2022, dented by higher input cost and impairment of goodwill of the Turkey arm.