Domestic stocks will likely remain on edge on Thursday as pessimism in Adani Group shares could overshadow positive global signals.

At 7:30 am, the SGX Nifty index closed at 17,601, down 99 points. Meanwhile, other Asian indexes were mixed this morning after Federal Reserve Chairman Jerome Powell said overnight that the Fed saw signs of deflation. On Wall Street, the Nasdaq Composite was up 2%, the S&P 500 was up 1%, and the Dow was up 0.02%.

Adani Enterprises, other group stocks: In a late-night development, the Adani Enterprises (AEL) board announced that it had decided not to proceed with a fully subscribed follow-on public offering (FPO). The AEL Board does not consider moving morally right given the exceptional circumstances.

Adani Green: Norway’s largest pension company KLP has sold its stake in Adani’s clean energy unit following allegations of fraud and share price manipulation at the group as a whole, the Financial Times reported. The Oslo-based fund with $77 billion in assets under management sold all of its stake in Adani Green Energy last week amid concerns it could inadvertently finance the group’s coal mine investments.

Britannia: Britannia Industries said on Wednesday its third-quarter profit more than doubled, helped by higher prices and resilient demand for its products, as well as a one-time gain. The company, which makes biscuits such as Good Day and Little Hearts, reported a profit of Rs 932 crore, up from Rs 371 crore a year ago.

Insurance companies: Shares of LIC, HDFC Life, SBI Life and ICICI Prudential Life Insurance may be in focus for the second day in a row as the Budget’s proposed tax on life products with annual premiums above Rs 5 lakh could hit players’ top lines 10 -12%. The stock fell as much as 10% on Wednesday.

Railtel Corporation: The company has received a work order from the State Bank of India to provide 4G LTE connectivity to 15,000 ATMs off-site with 5-year maintenance for Rs 253.35 crore.

Tata Steel: The company bought 29.98 crore shares in the subsidiary Tata Steel Utilities and Infrastructure Services for Rs 58 crore.

Rail Vikas Nigam: RVNL has received the LoA (Letter of Acceptance) from the Southern Railway’s Chennai Division. The project cost is Rs 41.78 crore.

Ashok Leyland: On Wednesday, Hinduja Group flagship Ashok Leyland reported a multi-fold profit after tax of Rs 361 crore in the third quarter that ended December, thanks to strong sales performance. The company said in a statement that revenue for the quarter was Rs 9,030 crore compared with Rs 5,535 crore a year earlier.

Eicher Motors: The company’s unlisted subsidiary, VE Commercial Vehicles (VECV), sold 7,181 commercial vehicles (CVs) in January 2023, an increase of 32.1% compared to the 5,434 sold in January 2022. On a sequential basis, the company’s CV sales were down slightly from the 7,221 units sold in December 2022.

Hero Moto: Hero MotoCorp sold 356,690 units in January 2023, the company said in a business update on Wednesday. However, this is down from 380,476 in January 2022. While domestic sales slowed, exports rose slightly, supporting overall growth.

Maruti Suzuki India: Maruti Suzuki production will rise to 186,044 units by January 2023 from 161,383 units last year. The company said that the shortage of electronic components had little impact on vehicle production that month. However, it took all possible measures to lower the effect.

Syngene International: Drugmaker Biocon Ltd on Wednesday divested a 10% stake in its research arm Syngene International for Rs 2,240 crore.

Kamat Hotels: The company has settled arrears worth Rs 275 crore with various asset restructuring firms.

Zuari Agro Chem: The company reported total revenue of Rs 1,428.73 crore for the quarter that ended December 31, 2022, compared to Rs 968.13 crore in the third quarter of FY22. The company posted a net profit of Rs 69.21 crore, compared to a net profit of Rs 29.65 crore last year.

Ajanta Pharma: The pharmaceutical company posted a total revenue of Rs 1,006.7 crore for the third quarter of FY23 compared to Rs 861.94 crore for December 31, 2021. However, its net profit came in at Rs 134.51 crore compared to a year-on-year net profit of Rs 191.78 crore.

Hindustan Copper: Its total revenue rose slightly over 2% year-on-year to Rs 568.7 crore in Q3FY23, compared to Rs 555.43 crore last year. However, the company’s net profit fell 53% year-on-year to Rs 80.2 crore, compared with a net profit of Rs 171.67 crore in the third quarter of FY22.

Welspun Enterprises: The company will acquire a 100% stake in Welspun New Energy, a promoter group company, at a fair value of Rs 1 lakh to foray into the sustainable energy solutions segment. Meanwhile, the board has appointed Lalit Jain as the company’s interim chief financial officer.

IDFC: IDFC completed the final step in corporate simplification by selling their mutual fund business to Bandhan Consortium for Rs 4,500 crore. Also, the board approved in principle an investment of Rs 2,200 crore in IDFC FIRST Bank, raising its stake to 40% from the current 36.38%. The board also declared a special interim dividend of Rs 11 per share to shareholders.

Coal India: The state-owned coal producer’s January output rose 11.5% from a year earlier to 71.9 million tonnes. Led by the strong performance of its subsidiaries, CIL’s total production increased 15% year-on-year to 550.93 metric tons in the April-January 2022-23 period.

Tata Chemicals: Tata Chemicals on Wednesday reported a 21.42% rise in consolidated net profit to Rs 425 crore in the December quarter. The company’s operating income rose by 32.05% to Rs 4,148 crore.

ISGEC Heavy Engineering: The company has received an order for 500 units of KLPD Syrup Ethanol Plant and 100 units of KLPD Ethanol/Extra Neutral Alcohol (ENA) Grain Plant from Panchganga Sugar and Power Private Limited in Maharashtra.

Prestige Estate Projects: Management expects to beat annual sales guidance by the end of the fiscal year. Earlier, the company had posted sales of Rs 2,519 crore for the October-December quarter.