Equity benchmarks will likely open flat on Wednesday, tracking modest moves in global markets. As noted by the SGX Nifty, quoted at 17,700, the Nifty could open around 20 points lower.

In the US, benchmarks were flat overnight as investors digested gains from Netflix and Goldman Sachs. The S&P 500 rose 0.09%, while the Dow lost 0.03%. The Nasdaq Composite closed at 0.04%.

ONGC, Oil India, RIL: The government has reportedly raised the windfall tax on domestic crude oil production from zero to Rs 6,400/tonne. The windfall tax on diesel exports has been lowered from zero to Rs 0.50/litre. Petrol and ATF exports are excluded from the windfall profits tax.

ICICI Lombard General Insurance Company: ICICI Lombard General Insurance, the country’s largest private-sector general insurer, reported a 39.6% surge in net profit for the January-March quarter (Q4FY23), helped by lower loss ratios and lower underwriting losses. The insurer reported a profit of Rs 436.96 crore in the fourth quarter of FY23 compared to Rs 312.51 crore in the same period last year.

Tata Coffee: The Tata group reported a near 20% year-on-year rise in fourth-quarter consolidated profit to Rs 48.8 crore, supported by higher other income and lower tax costs. Consolidated revenue for the quarter rose 10.2% to Rs 723 crore compared to the same period last year.

State Bank of India: The bank’s board has approved long-term funding of up to $2 billion through debt in the 2023-24 financial year. Fundraising will be done in one or more tranches by public offering or private placement of unsecured notes in US dollars or any other convertible currency.

Zydus Lifesciences: The company has received final USFDA approval for an Estradiol transdermal system to relieve menopausal symptoms.

Som Distilleries and Breweries: The board of directors announced that commercial production has commenced at their expanded capacity in Hassan, Karnataka. This will lead to better availability of their products at all distribution points in the relevant markets.

Piramal Pharma: The USFDA has issued an agency inspection report for the company’s Sellersville, US manufacturing unit and has concluded inspections of the same facility.

Bank of India: The lender’s board has approved raising up to Rs 6,500 crore during FY24, including Rs 4,500 crore through new equity capital and/or additional primary bonds and Rs 2,000 crore through secondary bond issuance.

Pidilite Industries: The company has entered into an asset purchase agreement with US-based Basic Adhesives LLC to purchase certain assets, including technology, designs, trademarks, copyrights, domain names and trade dress.

Prestige Estates Projects: The company’s wholly-owned subsidiary Prestige Exora Business Parks has acquired a 51% stake in commercial office space developer Dashanya Tech Parkz for a cash consideration of Rs 66.07 crore.

Aavas Financiers: The board of directors will meet on May 3 to consider raising funds through debt, including through one or more private placements of non-convertible notes, debentures and/or other debt securities.

RattanIndia Enterprises: The company has a direct-to-consumer fashion brand business with Neobrands Limited.

PDS: The company’s subsidiary, Norwest Industries, has proposed to acquire a 10% stake in Norlanka Manufacturing Limited, incorporated under the laws of Hong Kong.

Sprayking Agro Equipment: The company has set May 3 as the revised equity registration date to determine whether shareholders are eligible to distribute bonus shares at a ratio of 2:3.

Kanchi Karpooram: The company has entered into a joint venture agreement with Prince Housing Chennai to build residential and commercial apartments at its property in Purasaiwalkam, Chennai, on a profit-sharing basis.

Calcom Vision: The board of directors has approved the preferential issue and allotment of equity shares of Rs 10 each face value amounting to Rs 921 crore to non-promoter class persons.