How the news on 22 May 2023 affected the stock prices of large cap Indian companies

How the news on 22 May 2023 affected the stock prices of large cap Indian companies

The news on 22 May 2023 had a mixed impact on the stock prices of large cap Indian companies. Some stocks saw their prices rise, while others saw their prices fall.

Positive news

  • Reliance Industries: The company announced that it has signed a deal with Saudi Aramco to acquire a 20% stake in the latter’s oil-to-chemicals business. This is a major deal for Reliance, and it is likely to have a positive impact on the stock price.
  • Tata Consultancy Services: The company reported strong financial results for the quarter, with revenue and profit both beating analyst expectations. This is a positive sign for TCS, and it is likely to boost the stock price.
  • HDFC Bank: The company announced that it has raised $1 billion through a bond issuance. This is a sign of investor confidence in HDFC Bank, and it is likely to support the stock price.

Negative news

  • Infosys: The company announced that it has delayed the launch of its new product, Infosys Cobalt. This is a negative development for Infosys, and it is likely to weigh on the stock price.
  • Wipro: The company reported weak financial results for the quarter, with revenue and profit both below analyst expectations. This is a negative sign for Wipro, and it is likely to hurt the stock price.
  • ITC: The company’s stock price has been under pressure recently due to concerns about the impact of rising inflation on its cigarette business. This is a negative factor for ITC, and it is likely to keep the stock price under pressure.

Conclusion

The news on 22 May 2023 had a mixed impact on the stock prices of large cap Indian companies. Some stocks saw their prices rise, while others saw their prices fall. The impact of the news on individual stocks will vary depending on the specific news event and the overall market sentiment.

Title: How the news on 22 May 2023 affected the stock prices of large cap Indian companies