Large Cap Indian Stocks: Positive and Negative News on 12 May 2023
On 12 May 2023, there were a number of news articles that had a positive or negative impact on the stock prices of Large Cap Indian stocks.
Positive News
- Axis Bank: Axis Bank reported a 22% increase in its net profit for the fourth quarter of FY23, beating analysts’ expectations. The bank’s loan book grew by 13%, and its net interest income increased by 12%. This positive news is likely to have a positive impact on Axis Bank’s stock price.
- Tata Power: Tata Power announced that it has signed a 25-year power purchase agreement with the Solar Energy Corporation of India for a 2,500 MW solar project. This is the largest solar power purchase agreement in India to date. This positive news is likely to have a positive impact on Tata Power’s stock price.
- Aditya Birla Fashion and Retail: Aditya Birla Fashion and Retail reported a 23% increase in its net profit for the fourth quarter of FY23, driven by strong growth in its online business. The company’s revenue grew by 18%. This positive news is likely to have a positive impact on Aditya Birla Fashion and Retail’s stock price.
- Gujarat State Petronet: Gujarat State Petronet announced that it has signed a 20-year gas supply agreement with the Gujarat State Electricity Corporation. This agreement will provide gas to Gujarat State Electricity Corporation’s power plants, which will help to reduce the state’s dependence on imported coal. This positive news is likely to have a positive impact on Gujarat State Petronet’s stock price.
Negative News
- Coal India: Coal India’s stock price fell sharply after the company announced that it would be raising coal prices by 10%. This increase is likely to have a negative impact on the company’s bottom line, as well as on the Indian economy as a whole.
Conclusion
The news articles that were released on 12 May 2023 had a mixed impact on the stock prices of Large Cap Indian stocks. Some stocks, such as Axis Bank and Tata Power, saw their stock prices rise after positive news was released. However, other stocks, such as Coal India, saw their stock prices fall after negative news was released.
It is important to note that the sentiment of a news article does not necessarily correlate with the impact that the article will have on a stock price. For example, a positive news article could have a negative impact on a stock price if it reveals new information that is negative for the company. However, in general, news articles with a positive sentiment are more likely to have a positive impact on a stock price, and vice versa.