Whalesbook
Indian equity markets are expected to open lower on Wednesday, May 20, influenced by a subdued global outlook. Persistent inflation worries are keeping bond yields high, and the lack of a resolution in US-Iran tensions has dampened investor confidence. GIFT Nifty futures pointed to a loss of 110 points, trading at 23,449.
Global Markets Dip
Asian markets broadly traded lower, reflecting renewed geopolitical anxieties following US President Donald Trump's indecision on a strike against Iran. Investors are cautious, fearing that rising geopolitical risks and elevated oil prices could worsen inflation. Japan's Nikkei 225 fell 1.25%, South Korea's KOSPI dropped 1%, Hong Kong's Hang Seng slipped 0.50%, and Australia's S&P/ASX 200 lost nearly 1%. Brent crude was down 0.50% at $110.72 per barrel, and WTI crude fell 0.48% to $103.65.
US markets closed lower for the third straight session. The Nasdaq Composite declined 0.8%, while the Dow Jones Industrial Average and S&P 500 both fell 0.7%. The 10-year Treasury yield reached its highest level since early last year.
Key Corporate Earnings and Developments
Bharat Petroleum Corporation (BPCL): Reported a net profit of ₹3,191 crore for the March 2026 quarter, a 1% decrease from ₹3,214 crore in the previous year. Revenue from operations grew 6.3% to ₹1,34,896 crore.
Karnataka Bank: The private lender announced a significant 61.7% year-on-year increase in net profit to ₹408 crore for the March 2026 quarter. Net interest income (NII) rose by 8% to ₹843 crore.
Hindalco Industries: Its subsidiary, Novelis, recorded a net loss of $84 million for Q4FY26, a notable shift from a $294 million profit in the prior year. This was attributed to fires at its US Oswego plant. Net sales increased by 4.4% to $4,787 million.
Mankind Pharma: The pharmaceutical company posted a 31.7% rise in net profit to ₹554 crore for Q4FY26, with revenue up 11.8% to ₹3,443 crore.
JSW Energy: The company has agreed to acquire an additional stake in Toshiba JSW Power Systems from Toshiba Corporation for ₹150 crore, aiming to strengthen its thermal power equipment supply chain and support expansion plans.
Godawari Power and Ispat: Reported a consolidated net profit surge of 26.6% year-on-year to ₹280.1 crore for Q4FY26. Revenue from operations increased 9.7% to ₹1,610.3 crore.
Orkla India: The food products company announced a 107% year-on-year rise in net profit to ₹73 crore for Q4FY26. Revenue grew 5% to ₹626 crore.
PTC India: Despite a 33.3% revenue increase to ₹3,897.5 crore, the company's net profit declined 69.3% to ₹105 crore for Q4FY26.
Sula Vineyards: Abhishek Kapoor has stepped down as Chief Financial Officer, effective July 14. Rinku More has been appointed as the CFO designate.