Corporate news :

Stock Market LIVE: Indices turn flat; NTPC, Tata Motors shine; Divi’s Lab drags Noon Update: Indices stay mostly flat in today’s session with marginal gains at noon; NTPC and Adani Ports shine; Divi’s Lab drags. Hindustan Unilever among the biggest laggards in Sensex S&P stocks as it sheds more than  a per cent

Corporate earnings and global cues to remain in focus Share Markets: Indian stock markets are trading flat with marginal gains. Most sectors stay around yesterday’s mark with Pharma and Realty dragging the market, while Consumer Durable shine. Tata Motors, NTPC and Adani Ports jump, while Divi’s Lab and Eicher Motors lag.

The focus remains on the IT sector as HCL Tech will be declaring its quarterly result today. The sector has been experiencing a downside after TCS and Infosys failed to meet market estimates and an overall negative outlook. US corporate results have also been mixed as the Banking sector continues to experience the aftereffects of the SVB collapse. 

Fortis to acquire Manesar-based Medeor Hospital for ₹225 crore

Fortis Healthcare on Thursday said it has inked a pact with the VPS Group to acquire Manesar-based Medeor Hospital for ₹225 crore.

The healthcare major said it has signed definitive agreements to acquire Medeor Hospital for an overall purchase consideration of ₹225 crore.

The hospital has a potential capacity of 350 beds and can be operationalised in a phased manner in around nine months, it added.

The deal entails the purchase of land, building and movable assets of Medeor and is expected to close by end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements. The transaction will be funded through a mix of debt and internal accruals, Fortis Healthcare said in a statement. 

Indian central bank, bank executives to discuss supervisory issues in May -sources

India’s central bank will hold separate meetings with the executive of state-run and private banks late next month to discuss supervision, ethics and governance issues, five banking sources said on Thursday.

Reserve Bank of India (RBI) officials, including Governor Shaktikanta Das, will meet with executives at state-run banks on May 22 and with private banks’ executives on May 29, the sources said.

“The RBI has been regularly gathering inputs from banks about the status of supervisory methods, risk management and stress testing,” said a senior banker at a private sector lender.

“The RBI is probably looking to discuss the feedback with banks’ management on a broader and individual level.”

RBI Governor Shaktikanta Das will address the chairpersons and directors of state-run banks on these topics, including the role of the board of directors on a bank’s “assurance functionalities”, one of the sources said.

IndiGo market share soars to new heights in March while SpiceJet struggles

March air traffic data from the Directorate General of Civil Aviation shows a significant divergence in the fortunes of two listed Indian airlines.

InterGlobe Aviation Ltd, the parent company of IndiGo, saw a 90 basis point (one basis point is one-hundredth of a percentage point) sequential increase in market share to 56.8% in March, marking a six-month high. In stark contrast, SpiceJet Ltd’s market share plunged to a fiscal year low of 6.4%, down from 12.7% in March 2018.

A series of setbacks over the past three-four years, including the grounding of Boeing 737 Max fleet, delayed aircraft deliveries, the pandemic, and surging crude oil prices, have weighed heavily on Spice Jet’s performance.

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