Indian equities tracked a steady flow of corporate developments on Wednesday, with high delivery activity seen in stocks including HDFC Bank, SBI Life, ICICI Bank, Ambuja Cements, Bharti Airtel, HDFC Life, ICICI Prudential, Power Grid, Marico and Dabur. In the derivatives segment, SAIL and Sammaan Capital remained under the futures and options ban.
Steel and cement performance
Tata Steel reported strong operational performance in India during the third quarter, with crude steel production rising 11.4% year-on-year to 6.34 million tonnes. Delivery volumes increased 14.2% to 6.04 million tonnes, marking the company’s best-ever quarterly production and deliveries in the domestic market.
Cement maker NCL Industries posted moderate growth in its core segment, with cement production and dispatches both increasing 5% year-on-year. However, its cement boards business saw a sharp decline, with production falling 41% and dispatches down 25% compared with the same period last year.
Technology and pharmaceuticals
Infosys announced a strategic collaboration with US-based Cognition to accelerate artificial intelligence-led software development. The partnership integrates AI software engineer Devin with Infosys Topaz Fabric, aimed at improving productivity and reducing time-to-market. The company is scheduled to announce its October–December quarter results on 14 January.
Gland Pharma said it had received approval from the US Food and Drug Administration for its abbreviated new drug application for Olopatadine Hydrochloride Ophthalmic Solution, an over-the-counter treatment for allergic conjunctivitis.
Cipla disclosed that one of its supply partners in Greece received a Form 483 following a USFDA inspection, adding that it is currently assessing the potential impact.
Infrastructure, energy and other updates
IRB Infrastructure Developers reported an 11.7% year-on-year rise in toll collections for December. HUDCO signed a non-binding agreement with the Chhattisgarh government to potentially fund housing and infrastructure projects.
Adani Green Energy announced agreements to supply hybrid renewable power to Asahi India Glass, while Lemon Tree Hotels denied reports of any stake sale discussions with Warburg Pincus.
