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Inditex, the parent company of Zara, reported a 16% increase in sales of its spring-summer collection for the past month, indicating its strong performance in the face of cost pressures and the loss of business in Russia. The company’s Q1 profit rose by 54%, reaching €1.2bn ($1.24bn), and resulting in the marketplace value exceeding €100bn ($107bn) for the first time. Meanwhile, the company intends to open another 30 stores within two years in the US. The solid results show the company has successfully addressed the challenges of maintaining competitive prices in a difficult environment.

Satin Creditcare Network, a microfinance firm, has seen a breakout from the Cup & Handle pattern on the daily charts, allowing for a potential move to fresh 52-week highs. It rose more than 5% in a week and over 30% in the last three months, as it broke through stiff resistance and hit a 52-week high in early June 2022. Analysts recommend that as long as it holds on to Rs150, bulls will remain in control, and expect prices to potentially touch Rs230 in the next 2-3 months.

The Relative Strength Index of the stock stood at 61.39 on Wednesday.

Torrent Power shares surged by more than 9% after it signed a MoU with the Government of Maharashtra for the development of pumped storage hydro projects worth INR27,000 crore ($3.7bn). The three projects will have a total capacity of 5.7 GW and will be built over five years, providing a minimum of six hours of energy storage on a daily basis. The stock has been performing well, with gains of INR105 per share or 19% over the past five trading sessions alone.

Bitcoin surged by 5% up to $26,936, whereas Ethereum stood above $1,850, and the global cryptocurrency market cap rose by 3.14% in the last 24 hours to $1.13 trillion. Other currencies such as Dogecoin and Litecoin also surged by over 4%. Although crypto fear and greed index regained its position in the neutral zone by climbing 9 points since yesterday, BTC may face strong resistance near the $27,400 level and support around the $26,400 level, according to experts.

Valiant Laboratories Ltd, the subsidiary of Valiant Organics said it has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with stock market regulator Sebi.

As of 31-Mar-2023, promoters held 0.0 per cent stake in the company, while FIIs held 22.39 per cent and domestic institutional investors had 16.55 per cent.

The stock quoted a 52-week high of Rs 113.95 and a 52-week low of Rs 83.0.

A total of 123,929 shares changed hands on the counter till 01:42PM (IST)

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.