Analysts Predict Market Volatility as Q4 Earnings and Macroeconomic Updates Take Center Stage This Week

The Financial Services Institution Bureau (FSIB) has postponed the interview to select the next SBI Chairman, as reported by PTI. The headhunter for directors of publically owned banks and financial entities made this decision just hours before the scheduled interview. The report mentioned that the interview is now expected to take place after the formation of the new government post-elections.

In another development, rating agency ICRA projected a growth rate of 6.7 per cent for the March quarter in the 2023-24 fiscal year. The agency also estimated the full fiscal year growth at 7.8 per cent. Aditi Nayar, Chief Economist at ICRA, highlighted that lower volume growth and diminishing gains from commodity prices could impact India’s GVA growth in Q4 FY2024.

Glenmark Pharmaceuticals’ unit, Glenmark Specialty SA, has entered into a marketing and distribution agreement with BeiGene to sell the latter’s oncology medicines in India. Alok Malik, President and Business Head at Glenmark Pharmaceuticals, expressed the company’s commitment to providing access to novel therapies for cancer patients in India.

Ajooni Biotech has launched a rights issue to raise Rs 43.81 crore from existing shareholders. The issue, which offers 8,76,13,721 fully paid-up equity shares at Rs 5 apiece, will close on May 31. This move aims to strengthen the company’s financial position and support its growth initiatives.