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Operating cash flow improved in FY23 to Rs 626 crores as compared to Rs 170 crores in FY22, strongly aided by the higher proportion of India business and a strong focus on working capital management, which includes inventory and receivables.

The telecom operator is expected to post a consolidated net loss of Rs 7,524 crore, according to the average of estimates given by 4 brokerages. This would be higher than the loss of Rs 6,563 crore posted a year ago. On a sequential basis, however, the losses are seen narrowing. The company will release its quarterly numbers on Thursday. Consolidated revenue for the quarter is seen rising 3% on year to Rs 10,543 crore, but falling by around 1% sequentially.

Time is short to strike a deal before a deadline as soon as June 1, when the Treasury says the government risks running out of cash to pay its bills. Negotiators are expected to convene Wednesday for another round of talks as frustration mounts.

"The board considered and approved sub-division of existing equity shares of face value Rs 2 each of the company to equity shares of face value Re 1 each of the company, subject to regulatory approvals and the approval of the shareholder," the company said in a filing

Exchanges often impose restrictions when there is unusual movement in share prices so as to curb volatility and potential losses to retail investors. Shares of the company fell as much as 8% to a low of Rs 2,425.35 on Wednesday intraday before closing 6% down at Rs 2,475.

The broad-based S&P 500 also shed 0.5 percent to 4,123.00, along with the tech-rich Nasdaq Composite Index, which stood at 12,502.01.

Mahindra and Mahindra has sold its entire 3.2% stake in its subsidiary, Mahindra Automotive CIE, via open market transactions, for approximately INR 542 crore. The buyers for the stake are unclear. Mahindra CIE Automotive designs, manufactures, installs and repairs automotive components. Following the bulk deal, shares in the automative component supplier rose 4.55%.

The impasse in Washington over debt ceiling negotiations has helped lift the dollar, even though it could lead to a default and push the country into recession, as investors reckon this could spell worse trouble for the global economy.Share markets around the world fell as well due to the uncertainty.

Bailey, speaking at an event hosted by the Wall Street Journal, said the fall was welcome but the BoE had to focus on food prices - which were up 19% over the 12 months to April - and core inflation which rose.While inflation expectations were falling and companies were sending signals that they intended to slow their price increases, there were risks that inflation falls only slowly from now on, he said

The total turnover for the fiscal year 2022-23 stood at Rs 476.13 crore for ITDC, representing an increase of over 56% compared to the previous year.