Sensex, Nifty Log Worst Day In Two Weeks Dragged By Financials
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
Closing Bell
India's stock benchmarks logged the worst day in over two weeks, dragged by financials.
Banking stocks declined in the final hour as the markets closed near day's low.
The S&P BSE Sensex fell 0.72% (equivalent of 435 points) to 60,176.50. The 30-stock gauge shed 0.90% to an intraday low of 60,067.18. The NSE Nifty 50 declined 0.53% to close at 17,957.40. The move was the biggest since falling 1% on March 21 and follows the previous session's increase of 2.2%. HDFC Bank Ltd. had the largest drop, falling 2.9%. Today, 23 of 50 shares fell, while 27 rose.
The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap adding about 1.3%. Fifteen of the 19 sectoral indices advanced with S&P BSE Power and Utilities rising over 3.3%. On the flip side, the S&P BSE Finance and Bankex lost over 1%.
The market breadth was skewed in the favour of bulls. About 2,334 stocks advanced, 1,069 declined and 104 remained unchanged.
"Domestic equities closed lower due to steep decline in financial sector. Nifty lost 0.5%, while broader markets outperformed the main indices with Nifty MidCap and Nifty SmallCap gaining 1.4% and 1.1% respectively", summarised Mitul Shah, Head of Research at Reliance Securities. In a note, he added, "Markets continue to remain jittery as investors try to gauge the effects of Russia-Ukraine war, whilst simultaneously mulling over the possibility of FED raising interest rates even further to curb inflation. Additionally, rising oil and commodity prices are threatening supply-chain and logistics by disrupting shipping and air freight. Over near-term, devastation due to the war and additional sanctions on the Russian economy, would have menacing effects on global and Indian equities".
Bharat Forge, Ramkrishna Forgings, MM Forgings Rise
Shares of Bharat Forge, Ramkrishna Forgings, MM Forgings advanced in today's session.
Ramkrishna Forgings bagged an export order worth Rs 135 crore today.
Bharat Forge approved the issuance of 2,000 listed, rated, unsecured, redeemable, NCDs of face value Rs 10 lakh, aggregating to Rs 200 crore, on a private placement basis on Saturday. The stock has risen over 3% over the last two days.
Source: Exchange Filing, Bloomberg
Zomato Has 1.54 Million Shares Change Hands In A Large Trade
Zomato has 1.54 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
KEC International Surges The Most In 11 Weeks On Rs 945 Crore Order Win
Shares of KEC International surged over 5.3%, the most in 11 weeks, after the company secured orders worth Rs 945 crore across its various businesses such as transmission and distribution, railways and cables.
Trading volume on the stock is 3.6 times the 30-day average volume at this time of the day.
Of the 31 analysts tracking the company, 23 maintain 'buy', seven suggest 'hold' and one recommends 'sell'. The return potential of the stock is at 36.6%.
Source: Exchange filing, Bloomberg
Tata Power Jumps The Most In Five Weeks To Fresh Record
Shares of Tata Power rose 8.9% to a fresh record Rs 274.45 apiece.
This is the biggest intraday gain in five weeks.
Trading volume on the stock is nearly twice the 30-day average at this time of the day. The relative strength index on the stock is at 73, suggesting it may be overbought.
The company's subsidiary Tata Power Solar Systems commissioned a 160 Mega Watt solar project at Jetstar, Rajasthan. About 6.75 lakh monocrystalline photovoltaic modules were used in this installation, which will product 387 Million Units of energy per year.
The project has been completed in 15 months.
Source: Exchange filing, Bloomberg
Top Sectoral Gainers
Mindtree Makes Strategic Investment In U.S. Healthcare Consulting Firm COPE Health Solutions
Mindtree has made a strategic investment in U.S. healthcare consulting firm COPE Health Solutions.
COPE Health works with healthcare organisations across the U.S. to enable the transition to value-based care and payments.
Mindtree seeks to leverage the consulting, data analytics and management capabilities of COPE Health to expand its provider and payer footprint with this investment.
Mindtree will acquire 6.64% stake in COPE Health for $4.5 million. COPE Health had a turnover of $20.6 million in FY2020-21.
Shares of Mindtree rose over 2% in intraday trade.
Source: Bloomberg, Exchange filing
Adani Power Has 3.2 Million Shares Change Hands In A Large Trade
Shares of Adani Power surged 10% to a fresh record, after 3.2 million shares changed hands in a large trade.
Details of buyers, sellers are not known immediately.
Over the past four days, the stock has risen over 35%.
Trading volume was nearly twice the 30-day average volume at this time of the day.
Relative strength index on the stock is at 91, suggesting it may be overbought.
Source: Bloomberg
Endurance Techologies Gains 9% In Three Days
Shares of Endurance Technologies rose over 7.5%, the biggest intraday gain in over five months, before trimming the gains.
The stock rose nearly 9% in three sessions. Trading volume on the stock is 2.5 times the 30-day average volume at this time of the day.
Choice Equity initiated coverage on the stock on Monday with a recommendation of 'outperform'. The price target has been set at Rs 1,328, an implied upside of 19%.
Of the 25 analysts tracking the company, 20 maintain 'buy', two suggest 'hold' and three recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 48.3%.
Source: Bloomberg
DCX Systems Files For IPO; Seeks Rs 500 Crore In New Shares
DCX Systems seeks to raise as much as Rs 500 crore ($66.4 million) via new shares while its founders will offer up to Rs 100 crore worth of shares in an initial public offering, according to a draft red herring prospectus available on issue manager Edelweiss Financial’s website.
Axis Capital and Saffron Capital Advisors are managing the issue.
Source: Bloomberg
Cement Stocks Advance After Motilal Oswal Expects Demand To Improve Due To Government's Infrastructure Push
Motilal Oswal
Sees improvement in cement demand in most markets in March after sluggish demand in January and February.
Expects industry volumes to fall by 2% YoY in Q4FY22.
Expects volume growth for the industry to 8.7% YoY for FY2022.
Cement prices rose 2-3% MoM across regions in March. Expect cement companies to further increase the prices to mitigate the impact of rising raw material costs. Companies have hinted at a cumulative price increase of Rs 40-50 per bag across regions in April.
Expects a price hike of Rs 15-20 per bag to be announced in the first week of April.
Believes that the average spreads for the industry improved significantly in March.
Hike of Rs 30 per bag in April-May 2022 will have the industry achieve profitability in Q1FY2022-23, if current coal prices sustain.
Maintains positive view on the sector despite near-term headwinds on earnings.
Expects cement demand to improve led by government's push for infrastructure growth, low-cost housing schemes and uptick in real estate demand.
Any correction in fuel prices will help improve industry sentiment.
UltraTech Cement remains the top sectoral pick, followed by ACC.
Prefers Birla Corp in the mid-cap space.
Source: Motilal Oswal note
European Markets Open Mixed
European markets open mixed ahead of PMI data for United Kingdom and across Euro zone. European union and the U.S. are mulling further sanctions against Russia after Ukraine accuses Russia of killing civilians.
Tata Consultancy Services Jumps To Six-Week High
Shares of Tata Consultancy Services rose over 1.6%, the most in two weeks, to a six-week high of Rs 3,834 apiece.
The company entered into a strategic partnership with Payments Canada, the country's largest payment organisation to transform its payment system operations.
TCS will help Payments Canada implement Real-Time Rail (RTR), a new real-time payments system.
TCS also signed a multi-year contract with a large American company to accelerate their cloud transformation journey.
Of the 51 analysts tracking the company, 27 maintain 'buy', 16 suggest 'hold' and eight recommend 'sell'. The return potential on the stock is at 7.4%.
Source: Exchange filings, Bloomberg
Zomato Promises To Assist CCI In Its Probe On Preferential Listing, Pricing Parity
Zomato says that it will assist Competition Commission of India in their investigation on preferential listing of restaurant partners, pricing parity across platforms.
In an exchange filing, the company said that CCI had not found prima facie any concerns over independence on levy of commissions or alleged bundling of services.
Source: Exchange filing
March Total Vehicle Retail Falls 3% YoY: FADA
Total vehicle retail sales for March declined 3% YoY
Total vehicle retail rose by 7% YoY for FY2022.
Three-Wheelers and CV sales rose 27% and 15% YoY, respectively.
Passenger vechicles and tractors sales decline YoY, due to slowdown in rural demand.
FADA expects auto industry to reach pre-pandemic levels by FY2023-24.
Source: Federation of Automobile Dealers Associations (FADA) press release
Rupee Appreciates Against The U.S. Dollar
Mid-Day Market Update: Sensex, Nifty Fall; Banking Stocks Decline
India's stock benchmarks declined, dragged by banking stocks as they took a breather after yesterday's rise due to the announcement of the plan to merge HDFC and HDFC Bank. Both the counters fell in today's session. The fall comes amid a rise in crude prices and escalation in geopolitical tensions as European Union mulls fresh sanctions of Russia after Ukraine alleged war crimes on Kremlin.
The S&P BSE Sensex fell 0.40% to 60,370.11. The 30-stock gauge fell over 0.6%, the steepest intraday decline in over a week. The NSE Nifty also declined by similar magnitude to 18,005.60.
The broader indices outperformed their larger peers with S&P BSE MidCap adding 1.1% and S&P BSE SmallCap gaining 1.5%. Barring S&P BSE Finance and S&P BSE Bankex, all the other 17 sectoral indices advanced, with S&P BSE Consumer Durables rising nearly 2%.
The market breadth was skewed in the favour of bulls. About 2,384 stocks advanced, 919 declined and 117 remained unchanged.
Glenmark Pharma Rises The Most In Two Weeks To Six-Week High
Shares of Glenmark Pharma rose over 3.6%, the most in over two weeks, to Rs 477.2 apiece, higher than any close in six weeks since Feb. 16.
Today's rise comes after the company approved repurchase of an aggregate principal amount of $75 million of bonds due in 2022 by way of on-market purchases at an early redemption amount plus accrued and unpaid interest.
Trading volume on the stock is more than twice the 30-day average volume at this time of the day.
Stock price rose above 50-day simple moving average, suggesting potential upward price momentum.
Of the 21 analysts tracking the company, 12 maintain 'buy', seven suggest 'hold' and two recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 24.5%.
Source: Exchange filing, Bloomberg
Lupin Enters Into Licensing Agreement With Alvion To Market Cardiometabolic Drugs In Southeast Asia Region
Lupin entered into a licensing deal with Alvion Pharmaceuticals to commercialise medicines for cardiometabolic diseases in the Southeast Asia region.
This comes the company signed a definitive agreement on Friday to acquire a portfolio of brands from Anglo-French Drugs & Industries.
The acquisition is intended to strengthen the company's presence in Vitamins, Minerals & Supplements and CNS segments.
Source: Exchange Filings
Dr. Reddy's, JB Chemicals Surge As Nomura Calls Acquisiton Of Drug To Treat Cardiac Arrest As 'Strategic'
Shares of Dr Reddy's Laboratories and JB Chemicals rose over 2% after Nomura said that the recent acquistion of the trademarks and brands of Valsartan and Sacubitril combination as an expensive but strategic buy.
The combination is used to treat cardiac failure
Dr. Reddy's acquired the brand Cidmus, currently marketed in India by Lupin.
Cidmus (a combination of Valsartan and Sacubitril) recorded a revenue of Rs 136 crore, according to IQVIA, for the 12 months ended Feb. 2022.
Dr. Reddy's, as well as JB Chemicals, separately announced the acquisitions of trademark and brand of Valsartan and Sacubitril combination (used to treat cardiac failure) from Novartis AG, on April 1.
JB Chemicals acquired the brand Azmarda, currently marketed by Cipla.
Dr. Reddy's would pay Rs 460 crore (3.4x sales) for the acquisition.
Nomura says that the acquisition may not be earnings-accretive in the initial year, but it could be earnings-accretive from FY2024-25 onwards.
Source: Bloomberg, Nomura Note
Broader Indices Outperform Their Larger Peers
Here's How The Proposed Merger Of HDFC, HDFC Bank Could Change India's Financial Services Sector
Indian Pharma Firms Bet On New Launches To Tackle Price Erosion In The U.S.
Analyst Actions: Nykaa, HDFC Bank
Nykaa: Axis Capital initiates coverage of the stock with a recommendation of 'add'; price target set at Rs 1,950.
HDFC Bank cut to 'accumulate' from 'buy' at Arihant Capital; price target set at Rs 1,910.
Source: Bloomberg
AU Small Finance Bank Gains As Motilal Oswal Cites Robust Business Momentum & Healthy Collection Efficiency As Positives
Shares of AU Small Finance Bank rose over 2.5%, the most in two days, after the lender logged deposit growth of 46%/19% YoY/QoQ to Rs 52,585 crore in Q4 FY22.
CASA ratio stood at 37.1% vs 23%/39% YoY/QoQ.
Motilal Oswal, in its note, identified robust growth in advances aided by strong disbursements as a key positive.
It also added that the deposit growth remained strong, led by CASA growth, leading to moderation in the cost of funds.
Motilal Oswal reiterated 'buy', with the target price kept at Rs 1,550, an implied upside of 18%.
Source: Exchange filing, Motilal Oswal note, Bloomberg
Adani Wilmar Has 1.08 Million Shares Change Hands In A Large Trade
Shares of Adani Wilmar rose 5% and are on course to extend gains for the fourth session.
About 1.08 million shares changed hands in a large trade.
Details of buyers and sellers are not immediately known.
The relative strength index on the stock is at 86, suggesting it may be overbought.
Source: Bloomberg
Ramkrishna Forgings Jumps The Most In Three Weeks On Rs 135 Crore Order Win
Shares of Ramkrishna Forgings rose over 5.7%, the most in three weeks, after the company secured an export order worth Rs 135 crore from a Euroasian original equipment manufacturers.
The order pertains to the supply of heavy duty commercial vehicle crank shafts and is to be executed over five years.
Executive Director and CFO of the company said that the 'order wins will not only raise the profile of international business but also contribute to the strengthening of our long-term customer relationships'.
Trading volume on the stock was more than twice the 30-day average volume at this time of the day. All the five analysts tracking the company maintain 'buy'. The return potential on the stock is at 55.4%.
Source: Exchange filing, Bloomberg
Bonds, Rupee Inch Higher Ahead Of Friday's RBI Review
India’s rupee and government bonds traded in relatively narrow ranges as most traders avoided placing large bets before the RBI’s policy announcement Friday.
USD/INR fell 0.1% to 75.4675
India’s 10-year bond yields drop 1 bp to 6.89%
Source: Bloomberg
Nazara Technologies Rises The Most In Three Days
Shares of Nazara Technologies rose over 2.8%, the most in three sessions after the gaming and sports media firm announced an investment of $2.5 million in U.S.-based Game Fund BITKRAFT Ventures.
Nazara will invest $0.875 million upfront, while the rest will be deployed over a period of three years.
BITKRAFT Ventures is a leading investment platform for gaming and Web3/blockchain projects globally.
Nazara aims to build a network with Limited Partners and investee firms to gain access into the global gaming ecosystem.
Of the nine analysts tracking the company, six maintain 'buy', one suggests 'hold' and two recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 38.6%.
Source: Exchange Filing, Bloomberg
Larsen & Toubro's Construction Arm Bags Significant Contracts For Its Transportation Infrastructure Business
The transportation infrastructure business of Larsen & Toubro has secured significant orders.
L&T defines significant orders to be in the range of Rs 1,000 crore-Rs 2,500 crore.
Transportation business received a order from Tamil Nadu Road infrastructure corporation to construct the Chennai Peripheral Ring Road in the EPC mode.
The railways business unit won an order from Uttar Pradesh Metro Rail Corporation Ltd.
Shares of L&T rose over 0.8% in intraday trade. Of the 43 analysts tracking the company, 41 maintain 'buy', one suggests 'hold' and one maintains 'sell'. The return potential on the stock is at 23.9%.
Source: Exchange filing, Bloomberg
India Yields Mixed
Yields along the India sovereign yield curve were mixed, with 12-year bonds moving the most in Tuesday morning trading.
The 1-year yield fell 0.5bps to 4.715%
The 10-year yield was little changed at 6.897%
The 19-year yield remained unchanged at 7.25%
The 2-year-10-year yield spread was 189.2bps, vs previous close 189.1bps
Source: Bloomberg
Bharat Electronics Gains Over 5% In Three Days
Shares of Bharat Electronics rose as analysts expected the company to benefit significantly from India's push for indigenisation of defence equipment production.
The company achieved a turnover of Rs 15,000 crore during FY2021-22 against Rs 13,818 crore in FY2020-21, despite challenges due to the Covid-19 pandemic and global semiconductors shortage, according to an exchange filing during market hours on Friday.
Morgan Stanley reiterated its 'Overweight/In-Line' recommendation on the stock and raised target price to Rs 260 from Rs 202 apiece, an implied upside of 20.87%
Source: Exchange filing, Morgan Stanley note, Bloomberg
Rupee Appreciates Against The U.S. Dollar
Zomato Slips The Most In Five Weeks As CCI Orders Probe
Shares of Zomato fell 4.52%, the most in five weeks, after Competition Commission of India announced a probe on Zomato and Swiggy.
This probe comes after National Restaurant Association of India complained of alleged contravention of rules by the two food-delivery firms.
The CCI Director General will submit the report on the allegations within 60 days.
Trading volume on the stock is nearly 2.5 times the 30-day average volume at this time of the day.
Of the 19 analysts tracking the company, 16 maintain 'buy', two suggest 'hold' and one recommends 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 47.8%.
Source: Bloomberg
Auto Stocks Advance
SBI Cards Has 3.3% Equity Change Hands In Three Large Trades
Shares of SBI Cards & Payment Services fell 4.58%, the steepest decline in over a month after 31.28 million shares of the company changed hands in three large trades.
Details of buyers, sellers are not known immediately.
Carlyle Group had sought to sell about 29.2 million shares in SBI Cards via block deals, according to the terms of the deal obtained by Bloomberg News. The shares are being offered at Rs 851.50-Rs 876.75 each, a 2.9% discount to Monday's closing price.
Source: Bloomberg
Opening Bell: Sensex, Nifty Open Little Changed; HDFC, HDFC Bank, Bajaj Finance Decline
India's stock benchmarks opened little changed, as gains in auto and power stocks were offset by losses in financials, amid an uptick in crude oil prices and escalation of geopolitical risks as European Union mulls fresh sanctions on Russia.
The Sensex fell 0.20% to 60,487.58. The Nifty 50 was little changed at 18,029.95.
The broader indices outperformed their larger peers with S&P BSE MidCap rising 0.5% and S&P BSE SmallCap adding 0.7%. Barring S&P BS Finance, Bankex and Realty, all the other 16 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto gaining over 1%.
The market breadth was skewed in the favour of bulls. About 1,944 stocks advanced, 653 declined and 102 remained unchanged.
Rupee Seen Drifting Before Friday's RBI Decision
India’s rupee and government bonds are expected to remain in relatively narrow ranges before the RBI’s policy announcement Friday with most traders avoiding placing large bets.
USD/INR fell 0.3% on Monday to 75.5450
India’s 10-year bond yields rose 6bps Monday to 6.90%
India march trade deficit widened 36.97% YoY at $18.69 billion, the ministry of commerce and industry said Monday
Global funds bought a net Rs 1,150 crore of Indian stocks Monday: NSE
They bought Rs 924 crore of sovereign bonds under limits available to foreign investors, the most in more than a month, and sold Rs 85 crore of corporate debt
State-run banks sold Rs 405 crore of sovereign bonds on April 4: CCIL data. Foreign banks bought Rs 900 crore of bonds.
Source: Bloomberg
SEBI Constitutes Committee To Strengthen Governance Of Market Infrastructure Institutions
SEBI has constituted ad-hoc committee to review and make recommendations to further strengthen the governance norms at Market Infrastructure Institutions (MIIs).
The terms of the reference of the committee include
making recommendations on steps to strengthen the role of governing boards and committees of MIIs,
reviewing the requirements related to appointment of directors on the board and Key Managerial Persons,
developing effective metrics to monitor the functioning of MIIs and KMPs,
enhancing accountability and transparency,
reviewing the policy on safekeeping and sharing of information help by MIIs,
revisiting the code of conduct and ethics for directors of the governing board and KMPs and
any other steps that the committee may find appropriate.
Source: SEBI Press Release
Morgan Stanley Maintains 'Overweight/Attractive' On Bajaj Finance On 'Stronger-Than-Expected AUM Growth'
Morgan Stanley
Reiterates 'Overweight/Attractive' on the stock with the target price kept unchanged at Rs 8,750; an implied return of 16.81%
AUM growth exceeded forecasts in Q4FY2021-22.
New customer acquisitions declined 14% QoQ due to the impact of Omicron in January and February.
Customer franchise rose to 57.6 million while new loans rose to 6.3 million vs 5.5 million YoY.
Company has not opted for the deferment despite RBI's decision to defer the applicability of IRAC norms.
Key risks to upside: Sharper decline in cost of funds, rise in loan spreads, decline in underlying credit costs and significantly higher-than-expected growth in AUM and/or profitability.
Key risks to downside: No return to normalcy in business conditions due to deeper economic recession and risk in competition or fund issues, which will decelerate AUM growth and lead to NIM compression.
Source: Morgan Stanley note
Analyst Actions: Adani Wilmar, CG Power & Industrial Solutions
Adani Wilmar: Edelweiss Capital initiates coverage of the stock with a 'hold' recommendation; price target set at Rs 559, an implies upside of 1.2%.
CG Power & Industrial Solutions: Spark Capital Advisors reinstates coverage of the stock with a recommendation of 'add'; price target set at Rs 208; an implied upside of 7.8%
Source: Bloomberg
Motilal Oswal Prefers Ultratech Cement, ACC & Birla Corp Among Cement Stocks
Motilal Oswal
Sees improvement in cement demand in most markets in March after sluggish demand in January and February.
Expects industry volumes to fall by 2% YoY in Q4FY22.
Expects volume growth for the industry to 8.7% YoY for FY2022.
Cement prices rose 2-3% MoM across regions in March. Expect cement companies to further increase the prices to mitigate the impact of rising raw material costs. Companies have hinted at a cumulative price increase of Rs 40-50 per bag across regions in April.
Expects a price hike of Rs 15-20 per bag to be announced in the first week of April.
Believes that the average spreads for the industry improved significantly in March.
Hike of Rs 30 per bag in April-May 2022 will have the industry achieve profitability in Q1FY2022-23, if current coal prices sustain.
Maintains positive view on the sector despite near-term headwinds on earnings.
Expects cement demand to improve led by government's push for infrastructure growth, low-cost housing schemes and uptick in real estate demand.
Any correction in fuel prices will help improve industry sentiment.
UltraTech Cement remains the top sectoral pick, followed by ACC.
Prefers Birla Corp in the mid-cap space.
Source: Motilal Oswal note
Nirmal Bang Sees Multiple Positives From HDFC, HDFC Bank Merger
Nirmal Bang
Reiterates 'buy' with the target price kept unchanged at Rs 2,151; an implied upside of 30%.
The announced merger has been anticipated for a long time by investors of both HDFC and HDFC Bank.
Cost of regulatory compliance remains a key concern.
The biggest benefit from the merger to HDFC will be the lower cost of funds, improving its competitiveness in mortgage segment.
Sees multiple positives from the merger like cross-sell of para-banking products and non-mortgage retail products, liability sourcing from HDFC's branch network, diversification in product concentration.
Expects the merger to be EPS accretive from the first year itself.
RBI's aversion to banks holding considerable stakes in para-banking businesses remains a key concern.
Impact of SLR/CRR/PSL compliance costs is another major challenge.
Stocks To Watch
Vedanta: The company achieved highest ever alumina production of 19.7 lakh tonnes while its aluminium output rose 15% year-on-year to 22.7 lakh tonnes, helped by operational efficiencies.
Reliance Industries: The company has received NCLT's approval for scheme of amalgamation of the company and Reliance Syngas.
Bajaj Finance: Reports 26% year-on-year growth in core assets under management in the fourth quarter of 2021-22. AUMs stood at Rs 1.97 lakh core as on March 31, 2022, compared to Rs 1.53 lakh crore a year ago. Core AUM, excluding IPO financing receivables, grew 26%.
Glenmark: The company approved repurchase of an aggregate principal amount of $75 million of bonds due in 2022 by way of on-market purchases at an early redemption amount plus accrued and unpaid interest.
SBI Card and Payment Services: Carlyle Group will raise up to Rs 2,560.60 crore ($339 million) by selling its sale in the company. It will sell 2.92 crore shares at Rs 851.50-876.75 each—a 2.9% discount to Monday’s closing price of Rs 876.75.
Zomato: Competition Commission of India will investigate Zomato and Swiggy after the National Restaurant Association of India complained of alleged contravention of rules by the two food-delivery companies. The CCI Director General will submit the report in 60 days.
Mindtree: To consider declaration of final dividend on April 18.
Moil: The company’s recorded a turnover of Rs 1,436 crore in FY22, a growth of 22% over the previous fiscal. That's marginally lower than the highest-ever turnover of Rs 1,441 crore in FY19.
BEML: The company’s provisional revenue from operations for FY22 crossed Rs 4,000 crore.
Muthoot Finance: To consider declaration of interim dividend on April 26.
Tata Consultancy Services: The company has entered into a strategic partnership with Payments Canada to facilitate real-time transactions in that country. The company has also signed a multi-year, cloud-computing contract with a large American company.
PCBL: Commissioned 7.3 MW power plant at Palei, Gujarat.
IndusInd Bank: The bank’s deposits rose 15% year-on-year to Rs 2.93 lakh crore in FY22. CASA ratio stood at 42.8% in FY22 against 41.8% in FY21. Net advances grew 13% to Rs 2.39 lakh crore.
Tata Elxsi: To consider declaration of final dividend on April 20.
Federal Bank: The bank’s customer deposits rose 8.9% year-on-year to Rs 1.63 lakh crore in FY22. CASA ratio stood at 37% in FY22 against 33.8% in FY21. Gross advances increased 9.5% to Rs 1.34 lakh crore.
Wockhardt: The company has appointed Pramod Gupta as the new chief financial officer with immediate effect after Deepak Madnani’s resignation.
Persistent: To consider declaration of final dividend on April 27.
Biocon: To consider declaration of final dividend on April 28.
Mahindra & Mahindra: Mahindra Electric introduces Alfa CNG Passenger, Cargo variants.
Hindustan Zinc: The company's mined metal output rose 3% year-on-year to 2,95,000 tonnes in the March quarter of FY22.
AU Small Finance Bank: Reports sharp jump in both advances and deposits. Firm logged deposit growth of 46%/19% YoY/QoQ to Rs 52,585 crore in Q4FY2021-22. CASA ratio at 37.1% vs 23%/39% YoY/QoQ.
M&M Financial Services: Disbursement at Rs 3,932 crore, up 66% YoY in March. The disbursement for FY2021-22 stands at approximately Rs 27,466 crore, up 45% YoY. Collection efficiency at 109% in March 2022.
Petrol & Diesel Prices Have Been Hiked By 80 Paise Per Litre
The total increase in rates in the last two weeks stands at Rs 9.20 per litre.
Petrol in Delhi now costs Rs 104.61 per litre against Rs 103.81 earlier.
Diesel rates have risen to Rs 95.87 per litre against Rs 95.07 earlier.
This is the 13th increase in prices since March 22.
Source: ANI
SGX Nifty Gains; Vedanta, RIL, Bajaj Finance, TCS, Mindtree, Zomato In Focus
Stocks in Asia were mixed on Tuesday amid an uptick in crude oil prices as the European Union and the U.S. weighed tougher sanctions against Russia for alleged atrocities in Ukraine during the ongoing war.
Japanese and Australian equities were volatile, while South Korea declined. U.S. futures fell after a positive close in Wall Street, aided by technology stocks. Markets are closed for holidays in Hong Kong and China.
Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, rose 0.58% to 18,202 points as of 6:30 a.m.
Commodities including oil and wheat advanced amid renewed fears about supply disruptions stemming from the war. Elsewhere, bitcoin rose above $46,500.