PRE-MARKET INDIAN STOCKS NEWS: India considers steps to shore up forex reserves, like curbing non-essential imports of gold and electronic goods and hiking fuel prices, while PM Modi called for citizens to stop buying gold for a year
Adani Ports and Special Economic Zone (ADSEZ IS) - Co. said Pranav Choudhary resigned as CEO - Ports to pursue career opportunities outside the Adani Group, effective May 31, while the board appointed Niraj Bansal as CEO - Ports, effective June 1. (Moneycontrol)
Bharat Forge (BHFC IS) - Co. entered into a long-term contract with Embraer for the manufacturing and supply of critical landing gear forgings, becoming the first supplier from India to enter Embraer’s global aerospace supply chain for forged components. (Moneycontrol)
Indian Hotels Company (IHCL IS) - Co. Q4 (INR) net rose 14.8% Y/Y to 6.0bln, rev. rose 14% Y/Y to 27.7bln. (Moneycontrol)
JB Chemicals and Pharmaceuticals (JBCP IS) - Co. Q4 (INR) net fell 30.4% Y/Y to 1.0bln, rev. fell 4.8% Y/Y to 9.0bln. (Moneycontrol)
JSW Energy (JSE IS) - Co. Q4 (INR) net fell 9% Y/Y to 3.7bln, rev. rose 41% Y/Y to 45.0bln. (Moneycontrol)
Tech
Japan and India signed a quantum technology cooperation pact. (Nikkei)
Gold
Indian PM Modi called for citizens to refrain from buying for a year. (Newswires)
Other
India considers steps to shore up forex reserves, like curbing non-essential imports of gold and electronic goods and hiking fuel prices, according to Bloomberg. (Newswires)
Indian official said the US trade team will reach India soon for discussions, while there is no plan to hike duties on gold and silver imports. (Newswires)
India's consideration of measures to bolster forex reserves, including curbing non-essential imports and potentially hiking fuel prices, signals a proactive stance to manage economic pressures. PM Modi's call for citizens to refrain from gold purchases is particularly noteworthy as it could impact gold demand, influence currency stability, and signal broader economic adjustments amid global uncertainties. These developments may have implications for the INR and related market dynamics.