KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Tenth Straight Day
Overseas investors in Indian equities remained net buyers for the tenth day in a row on Thursday.
Foreign portfolio investors mopped up stocks worth Rs 221.85 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net sellers for the third straight day and offloaded stocks worth Rs 273.68 crore, the NSE data showed.
Foreign institutions have remained net sellers of Indian equities so far in 2023, offloading stocks worth around Rs 45,597.91 crore.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 2 bps higher at 7.21% on Thursday. It closed at 7.19% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated 23 paise to close at 81.86 against the greenback.
It closed at 82.09 on Wednesday.
Source: Bloomberg
Sensex, Nifty Log Longest Stretch Of Gains In Over 30 Months
Indian equity benchmarks logged nine straight days of gains to end higher on the last day of the truncated trading week. The indices rose to a seven week high, ending at its highest level since Feb. 21, 2023. The S&P BSE Sensex Index ended above 60,400 mark and the NSE Nifty 50 Index was above 17,800 level.
The nine days of gain was highest in 30 months or two and a half years, when the indices advanced for 10 days staring Sep. 30, 2020 to Oct. 14, 2020. On a weekly basis, the indices advanced for the third week in a row following two shortened weeks of trade.
European markets and U.S. equity futures rose on Thursday as investors digested inflation data. The Stoxx Europe 600 Index posted a modest gain, contracts for U.S. stocks pointed to a recovery after the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.
Shares of Alibaba sank in Hong Kong and Sunac China Holdings Ltd. slid by a record as its stock trading resumed after a year's halt.
The S&P BSE Sensex Index closed up 38 points or 0.06% at 60,431 while the NSE Nifty 50 Index was higher by 16 points or 0.09% at 17,828.
IndusInd Bank Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Maruti Suzuki India Ltd., and HDFC Life Insurance Co Ltd. were positively adding to the change.
Whereas, Sun Pharmaceutical Industries Ltd., HCL Technologies Ltd., Infosys Ltd., Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. were negatively contributing to the change in the Nifty 50 Index.
NDTV Ltd., Adani Enterprises Ltd., Adani Ports and SEZ Ltd., ACC Ltd. advanced, whereas other Adani Group company stocks declined on Thursday.
The broader market indices outperformed their larger peers; the S&P BSE MidCap was up by 0.37%, whereas S&P BSE SmallCap closed higher by 0.76%.
Ten out of the 20
The headline indices advanced for the third week in a row following two shortened weeks of trade. Sensex logged weekly gains of 1%, whereas Nifty advanced 1.30% in trade this week.
The S&P BSE Sensex Index advanced 1.43%, and the NSE Nifty 50 Index was up 1.38%.
Nifty IT and Nifty Media are the only sectoral indices that declined this week, whereas Nifty Realty emerged as the top gainer for the second week in a row.
Sensex, Nifty Reverse Declines
Top stocks contributing positively to the change in the Nifty 50 Index
Stocks At 52-Week High Intraday
Industry Posts Total Net Outflow Of Rs 19,264.26-Crore In March Vs Inflow Of Rs 9,575.17-Crore In February
Equity mutual funds see inflow of Rs 20,534.21 crore in March versus an inflow of Rs 15,685.57 crore in February.
Debt mutual funds see outflow of Rs 56,884.13 crore in March versus outflow of Rs 13,815.23 crore in February.
Hybrid mutual funds see outflow of Rs 12,372.04 crore in March versus inflow of Rs 460.32 crore in February.
Source: AMFI
European Markets Trade Mixed
Vedanta To Raise Rs 2,100-Crore Via NCDs On Private Placement Basis
The company approved raising up to 21,000 secured, unrated, unlisted, redeemable, non-convertible debentures of face value is Rs 10,00,000 on a private placement basis.
It will raise an aggregate of up to Rs 2,100 crore in one or more tranches.
Source: Exchange filing
Fertiliser Companies Advance
Shares of most fertiliser companies were trading higher on Thursday as, as compared to a 0.33% decline in the NSE Nifty 50.
Coromandel International Ltd., GSFC Ltd., Tata Chemicals Ltd., Fertilisers and Chemicals Travancore Ltd., Madras Fertilizers Ltd., Shiva Global Agro Industries Ltd., Rashtriya Chemicals And Fertilisers Ltd. advanced in trade.
Source: Bloomberg
IDBI Bank Advances The Most In Over Three Weeks
Shares of IDBI Bank Ltd. rose 3.82% to Rs 48.9 apiece, as of 1:11 p.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.30%.
The stock gained as much as 4.78% intraday, the most in over three weeks since March 21. Total traded volume stood at 1.8 times its 30-day average. The relative strength index was at 58.
One analyst tracking the company suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 7.2%.
Source: Bloomberg
Do Charts Suggest Topping Out Or More Steam Left In The Rally?
Stocks In Focus: Fertiliser Stocks, TCS, Infosys, AU Bank And More
Sensex, Nifty Extend Declines As L&T, TCS, JSW Steel Drag: Midday Market Update
Indian equity benchmarks extended declines through midday on Thursday after struggling amid volatility in early trade. However, the S&P BSE Sensex Index was trading above 60,200 mark and the NSE Nifty 50 Index was above 17,200 level.
Asian stocks fluctuated as traders assessed how close the Federal Reserve is to peak interest rates after U.S. inflation data. Emerging-market currencies in Asia strengthened, following their global peers, as some investors bet the the Fed will just hike one more time.
Shares of Alibaba sank in Hong Kong and Sunac China Holdings Ltd. slid by a record as its stock trading resumed after a year's halt. U.S. futures edged higher on Thursday after both the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.
On Wednesday, the headline U.S. consumer prices rose less than economists forecast, while the closely watched core CPI number — which excludes food and energy — increased 0.4%, meeting estimates. As per FOMC minutes, Fed officials project a mild recession starting later this year, with a recovery over the subsequent two years.
Back home, India's retail inflation eased to 15 month low as it dipped to 5.66%, compared to 6.44% in February.
As of 12:07, the S&P BSE Sensex Index was down 221 points or 0.37% at 60,171.74 while the NSE Nifty 50 Index was lower by 55 points or 0.31% at 17,756.30.
Infosys Ltd., JSW Steel Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd., and Larsen & Toubro Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, Hindustan Unilever Ltd., Apollo Hospitals Enterprise Ltd., Maruti Suzuki India Ltd., Eicher Motors Ltd., and HDFC Life Insurance Co. were positively adding to the change.
Except NDTV Ltd. all the other Adani Group stocks declined in trade on Thursday.
The broader market indices were mixed in trade; S&P BSE MidCap Index was down by 0.03%, whereas S&P BSE SmallCap Index was higher by 0.10%.
Twelve out of the 19 sectors compiled by BSE advanced, while seven sectors declined in trade.
The market breadth was skewed in the favour of buyers. About 1,659 stocks rose 1,616 declined, and 127 remained unchanged on the BSE.
Auto Wholesale Sales March (YoY):
Total sales rose 8.4% to 16.37 lakh units.
Passenger vehicle sales grew 4.5% to 2.92 lakh units.
Sales of passenger cars fell 11.51% to 1.22 lakh units.
SUV sales rose 19.5% to 1.58 lakh units.
Two-wheeler sales rose 7.7% to 12.91 lakh units.
Three-wheeler sales rose 69.2% to 54,360 units.
Source: SIAM
PNB Housing Finance Declines On The Record Date For Its Rights Issue
Shares of PNB Housing Finance Ltd. fell 5.47% to Rs 414.85 apiece, as of 11:39 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.31%.
This as the company's rights issue will open on April 13 and close on April 27. The price has been fixed at Rs 275 apiece, a discount of nearly 40% to its current market price of Rs 470 per share.
The stock fell as much as 5.87% intraday, the most in over four weeks since March 14, 2023.
Total traded volume stood at two times its 30-day average. The relative strength index was at 41.
Out of the 11 analysts tracking the company, six maintain a 'buy' rating, four recommend a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 25.1%.
PNB Housing Finance will issue 29 new equity shares for every 54 shares held by its existing shareholders as of the record date of April 5. The housing finance company will issue over nine crore fully paid-up equity shares, each worth Rs 275, for an amount aggregating up to Rs 2,493.8 crore.
The issue is proposed to be listed on both the NSE and BSE Ltd. on May 17.
Source: Bloomberg, Exchange filing
Infosys Shares Decline Ahead Of Q4 Earnings
Shares of the IT bellwether, Infosys Ltd. declined over 2% in trade as it will deliver its fourth-quarter earnings on Thursday, which will be the second among tier-I Indian software exporters, after Tata Consultancy Services Ltd.
The IT major is expected to report a revenue of Rs 38,769.82 crore for the quarter under review, according to Bloomberg data, as compared with Rs 38,318 crore in the previous quarter. The company's net profit for the quarter ended March is expected to reach Rs 6,582.17 crore, as against Rs 6,586 crore in the previous quarter.
Shares of Infosys Ltd. fell 2.42% to Rs 1,393.75 apiece, as of 11:24 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.37%.
The stock gained as much as 2.61% intraday, the most since April 11, 2023.
Total traded volume stood at 2.3 times its 30-day average. The relative strength index was at 40.7.
Out of the 49 analysts tracking the company, 41 maintain a 'buy' rating, four recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 21.1%.
Shares of companies in the information technology sector were trading lower on Thursday, as the NSE Nifty IT declined 1.82%, alongside a 0.09% drop in the NSE Nifty 50.
Except for Coforge Ltd., that gained by 0.22%, stocks of the rest of the listed IT companies declined, according to Bloomberg data.
LTIMindtree lost the most, dropping 3.02%, while Tata Consultancy Services slid 1.77%, after its margins missed estimates in Q4.
Rites Gains The Most In Over Two Weeks On Securing Rs 72-Crore Project
Shares of Rites Ltd. advanced the most in over two weeks after securing a work order from Kerala Infrastructure Investment Fund Board.
As per the exchange filing by the company, it will look after the project management consultancy work for the Kerala Infrastructure Investment Fund Board at an estimated fee of Rs 72 crore.
Shares of Rites Ltd. rose 0.64% to Rs 348.5 apiece, as of 11:08 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.30%.
The stock gained as much as 2.22% intraday, the most in over two week since March 29, 2023. The relative strength index was at 50.5.
Out of the eight analysts tracking the company, three maintain a 'buy' rating, four recommend a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 5.7%.
Source: Bloomberg, Exchange filing
Rail Vikas Nigam Gains The Most In Over A Week After Receiving Order From North Western Railway
Shares of Rail Vikas Nigam Ltd. rose 1.86% to Rs 74.1 apiece, as of 10:50 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.24%.
The company received an order from North Western Railway worth Rs 63.08 crore for the provision of automatic block signalling on the Madar-Sakhun section of Jaipur Division.
The stock gained as much as 2.96% intraday, the most in over a week since April 5, 2023.
The relative strength index was at 63.8. Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 25.4%.
Source: Bloomberg, Exchange filing
Campus Activewear Shares Surge After Acquiring Land And Buildings From Marico Industries
Shares of Campus Activewear Ltd. surged on Thursday as the company acquired a land parcel from Marico Industries Ltd. in Himachal Pradesh.
The land and buildings acquired from Marico Industries are present in the Ponta Sahib region of Himachal Pradesh. The cash consideration of the deal stands at an aggregate amount of Rs 16.7 crore.
The company will use this land to expand its existing capacity for the manufacturing of semi-finished goods and the assembly of footwear.
With the land acquisition, Campus Activewear Ltd. plans to add additional annualized capacity to manufacture 7.2 million pairs of shoe soles and 3.6 million pairs of uppers at the plant. It also plans to assemble 3.6 million pairs of shoes at the facility.
Shares of Campus Activewear Ltd. rose 4.34% to Rs 345.15 apiece, as of 10:35 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.05%.
The stock gained as much as 4.78% intraday, the most in over eight weeks since Feb. 10, 2023.
Total traded volume stood at 1.1 times its 30-day average. The relative strength index was at 43.7.
Out of the six analysts tracking the company, five maintain a 'buy' rating and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 25.4%.
Source: Bloomberg, Exchange filing
Jindal Steel & Power To Set Up New 1.2 MTPA Rail Mill In Odisha
The 1.2 MTPA Rail & Heavy structure mill will be established at its Angul Steel complex in Odisha.
Post commissioning the new Rail Mill, Jindal Steel & power's total rail-making capacity will be 2.2 MTPA.
Source: Press Release
AU Small Finance Bank Shares Rise The Most Since Listing As RBI Reappoints MD And CEO For A Three-Year Period
Shares of AU Small Finance Bank Ltd. rose the most since its listing in July 2017 on Thursday as RBI approved the reappointment of its managing director and chief executive officer along with its whole-time director.
As per the exchange filing, the Reserve Bank of India approved the reappointment of Sanjay Agarwal as the managing director and chief executive officer of the bank and Uttam Tibrewal as a whole-time director. Both reappointments have been approved for a period of three years, until April 18, 2026.
Shares of AU Small Finance Bank Ltd. rose 13.20% to Rs 656.75 apiece, as of 10:10 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.12%.
The stock gained as much as 18.92% intraday, the most in over 69 months or nearly five years since its listing on July 10, 2017.
Total traded volume stood at 48.4 times its 30-day average. The relative strength index was at 70.3, implying that the stock maybe overbought.
Out of the 28 analysts tracking the company, 18 maintain a 'buy' rating, five recommend a 'hold' and five suggest to 'sell' the stock, as per Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 5.6%.
Source: Bloomberg, Exchange filing
Anand Rathi Wealth Shares Rise As Q4 Revenue Beats Estimates
Shares of Anand Rathi Wealth Ltd. rose as the company's revenue in the fourth quarter ended March, 2023. Revenue grew by 27.05% year-on-year to Rs 142.96 crore, as compared to the estimates polled by Bloomberg, which stood at Rs 140.2 crore.
The net profit however, missed estimates in the said quarter as it rose 23.44% to Rs 42.71 crore, in comparison with the average of the analysts estimates polled by Bloomberg, which stood at Rs 44.6 crore.
Anand Rathi Wealth Q4 FY23 (Consolidated, YoY)
Revenues up 27.05% at Rs 142.96 crore (Bloomberg estimate: Rs 140.2 crore)
Ebitda up 32.83% at Rs 60.85 crore (Bloomberg estimate: Rs 62.3 crore)
Ebitda margin at 42.56% vs 40.71% (Bloomberg estimate: 44.4%)
Net profit up 23.44% at Rs 42.71 crore (Bloomberg estimate: Rs 44.6 crore)
The board recommended a final dividend of Rs 7 per share for the 2023 fiscal.
Shares of Anand Rathi Wealth Ltd. rose 2.86% to Rs 24 apiece, as of 9:43 a.m., in trade on Thursday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.02%.
The stock gained as much as 2.98% intraday, the most in over three weeks since March 17.
Total traded volume stood at 26.8 times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.
One analyst tracking the company maintains a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 22.8%.
Source: Bloomberg, Exchange filing
TCS Decline After Q3 Earnings As Margins Miss Estimates
Shares of Tata Consultancy Services Ltd. declined in trade on Thursday after its revenue and profit met estimates in the final quarter of fiscal 2023 amid a banking crisis in its largest market. However, its margins came short.
Revenue of India’s largest IT services firm increased 1.6% over the previous quarter to Rs 59,162 crore in the three months ended March 31, according to an exchange filing on Wednesday. That compares with the Rs 59,505 crore consensus estimate of analysts tracked by Bloomberg.
TCS Q4 Results: Key Highlights (QoQ)
Revenue up 1.6% at Rs 59,162 crore, as against an estimate of Rs 59,505 crore.
EBIT up 1.4% at Rs 14,488 crore, as compared with a forecast of Rs 14,896 crore.
EBIT margin at 24.48% versus 24.53%, as compared with an estimate of 25.03%.
Net profit up 5.08% at Rs 11,436 crore. Analysts had forecast it at Rs 11,535 crore.
Shares of Tata Consultancy Services Ltd. fell 0.87% to Rs 3,213.3 apiece, as of 9:28 a.m., in trade on Thursday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.06%.
The stock gained as much as 1.77% intraday, the most since April 11. Total traded volume stood at 4.2 times its 30-day average. The relative strength index was at 46.7.
Out of the 49 analysts tracking the company, 23 maintain a 'buy' rating, 14 recommend a 'hold' and 12 suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 7.2%.
Source: Bloomberg, Exchange filing
Adani Group Company Stocks Open Mixed
NDTV Ltd., Adani Green Energy Ltd., Adani Wilmar Ltd., ACC Ltd., and Adani Power Ltd. rose in early trade on Thursday morning, whereas the rest of the group company stocks declined.
Source: Bloomberg
Broader Markets Open Higher
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.36%, whereas S&P BSE SmallCap Index was higher by 0.38%.
Eighteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Information Technology and S&P BSE Teck declined in trade.
The market breadth was skewed in the favour of buyers. About 1,638 stocks rose 770 declined, and 86 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Apollo Hospitals Enterprise Ltd., Britannia Industries Ltd., ONGC Ltd., Mahindra and Mahindra Ltd., and Housing Development Finance Corp Ltd. were the top gainers in the NSE Nifty 50 gauge.
IndusInd Bank Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., Infosys Ltd., and TCS Ltd. were the top losers in the NSE Nifty 50 gauge.
Source: Bloomberg
Sensex, Nifty Decline At Opening Bell
Indian equity benchmarks declined in trade on Thursday morning after extending gains for eight straight days at closing on Wednesday.
Asian markets extended declines as traders assessed the prospects of another rate hike by the Federal Reserve in May and a report that SoftBank Group Corp. was selling a stake in Alibaba Group Holding Ltd.
MSCI Inc.’s Asia Pacific Index dropped with tech stocks in Hong Kong leading regional losses. Shares of Alibaba sank as much as 5.2% in Hong Kong and Sunac China Holdings Ltd. slid by a record as its stock trading resumed after a year's halt.
U.S. futures fluctuated after both the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.
On Wednesday, the headline U.S. consumer prices rose less than economists forecast, while the closely watched core CPI number — which excludes food and energy — increased 0.4%, meeting estimates. As per FOMC minutes, Fed officials project a mild recession starting later this year, with a recovery over the subsequent two years.
Back home, India's retail inflation eased to 15 month low as it dipped to 5.66%, compared to 6.44% in February.
At pre-open, the S&P BSE Sensex Index was down 28 points or 0.05% at 60,364.33 while the NSE Nifty 50 Index was lower by 5 points or 0.03% at 17,807.30.
Sensex, Nifty Decline At Pre-Open
At pre-open, the S&P BSE Sensex Index was down 28 points or 0.05% at 60,364.33 while the NSE Nifty 50 Index was lower by 5 points or 0.03% at 17,807.30.
Source: Bloomberg
Yield On The 10-Year Flat
The 10-year bond yield opened flat at 7.20% on Thursday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated about 10 paise to open at 81.99 against the greenback.
It closed at 82.09 on Wednesday.
Source: Bloomberg
Varun Beverages Board To Meet On May 2, 2023 To Mull Stock Split
Company will approve the uaudited financial results, on standalone and consolidated basis, for the quarter ended March, 2023.
The board will also consider a stock split of the existing shares having a face value of Rs. 10/- each, subject to shareholders and regulatory approvals.
Source: Exchange filing
I.T. Not Inspiring Confidence; Energy Stocks In Focus: Trade Setup
Global Cues
U.S. Dollar Index at 101.5
U.S. 10-year bond yield at 3.41%
Brent crude down 0.08% to $87.26 per barrel
Nymex crude down 0.06% to $83.21 per barrel
Dow Jones Futures down 0.03% at 33,803
S&P 500 Futures up 0.05% at 4,121.25
Nasdaq Futures up 0.15% at 12,972
SGX Nifty down 0.11% at 17,860.5 as of 8:10 a.m.
Bitcoin up 0.74% at $30,189.86
Pledge Share Details
India Cements: Promoter EWS Finance & Investment created a pledge of 91.19 lakh shares on March 12.
Trading Tweaks
Ex-Date Interim Dividend: Britannia Industries, Edelweiss Financial Services, Goodluck India
Record Date Interim Dividend: Britannia Industries, Edelweiss Financial Services
Ex-Date Right Issue of Equity Shares: Som Distilleries
Record Date Right Issue of Equity Shares: Som Distilleries
Move Into Short-Term ASM Framework: Bombay Dyeing & Manufacturing Company, Hindustan Foods
Bulk Deals
Bombay Dyeing & Manufacturing Company: Nexpact bought 11 lakh shares (0.5%) at Rs 76.87 apiece.
Stocks To Watch: TCS, Infosys, HDFC Bank, NTPC, Campus Activewear, Karnataka Bank In Focus
HDFC Bank: The bank signed an agreement with the Export Import Bank of Korea for a $300 million credit line to be used for funding Korea-related business, it said in a statement.
NTPC: The company will issue non-convertible debentures worth Rs 3,000 crore on April 17 on a private placement basis with a coupon of 7.35% for a tenor of three years. The funds will be used for capital expenditures, financing existing loans, and other general purposes.
Bharat Heavy Electricals: The company signed an MoU with the Nuclear Power Corporation of India to jointly pursue business opportunities around nuclear power plants based on pressurised heavy water reactor technology.
Rail Vikas Nigam: The company received an order from North Western Railway worth Rs 63.08 crore for the provision of automatic block signalling on the Madar-Sakhun section of Jaipur Division.
RITES: The company received a project worth Rs 72 crore from the Kerala Infrastructure Investment Fund Board for project management consulting work.
Campus Activewear: The company acquired land and buildings from Marico Industries in Ponta Sahib, Himachal Pradesh, for a cash consideration of Rs 16.7 crore. The company will use this land parcel to expand its existing capacity for the manufacturing of semi-finished goods and the assembly of footwear.
HDFC: Regulator Securities and Exchange Board of India, has approved a change in control of the company’s subsidiary, HDFC Capital Advisors, under a composite scheme of amalgamation.
SRF: On April 12, the company commissioned and capitalised a project to create a pharma intermediates plant at Dahej for undertaking precursor processes for the production of pharma products at a cost of Rs 223 crore.
AU Small Finance Bank: The Reserve Bank of India approved the reappointment of Sanjay Agarwal as the managing director and chief executive officer of the bank and Uttam Tibrewal as a whole-time director. Both reappointments have been approved for a period of three years, until April 18, 2026.
Karnataka Bank: The Reserve Bank of India approved the appointment of Sekhar Rao as interim managing director of the company for three months, effective April 15.
Torrent Power: The company clarified that it received a contract from the nodal agency of the Ministry of Power, after competitive e-bidding, for the supply of 921 MW for 21 days.
Earnings Fineprint: TCS, Anand Rathi Wealth
Tata Consultancy Services Q4 FY23 (Consolidated, QoQ)
Revenue up 1.6% at Rs 59,162 crore (Bloomberg estimate: Rs 59,505 crore)
EBIT up 1.4% at Rs 14,488 crore (Bloomberg estimate: Rs 14,896 crore)
EBIT margin at 24.48% vs 24.53% (Bloomberg estimate: 25.03%)
Net profit up 5.08% at Rs 11,436 crore (Bloomberg estimate: Rs 11,535 crore)
The board approved a final dividend of Rs 24 per share for the last fiscal.
Anand Rathi Wealth Q4 FY23 (Consolidated, YoY)
Revenues up 27.05% at Rs 142.96 crore (Bloomberg estimate: Rs 140.2 crore)
Ebitda up 32.83% at Rs 60.85 crore (Bloomberg estimate: Rs 62.3 crore)
Ebitda margin at 42.56% vs 40.71% (Bloomberg estimate: 44.4%)
Net profit up 23.44% at Rs 42.71 crore (Bloomberg estimate: Rs 44.6 crore)
The board recommended a final dividend of Rs 7 per share for the 2023 fiscal.
SGX Nifty Signals Lower Open For Benchmarks
Asian markets extended declines as traders assessed the prospects of another rate hike by the Federal Reserve in May and a report that SoftBank Group Corp. was selling a stake in Alibaba Group Holding Ltd.
MSCI Inc.’s Asia Pacific Index dropped, with tech stocks in Hong Kong leading regional losses. Shares of Alibaba sank as much as 5.2% in Hong Kong, and Sunac China Holdings Ltd. slid by a record as its stock trading resumed after a year's halt.
U.S. futures fluctuated after both the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.
On Wednesday, the headline U.S. consumer prices rose less than economists forecast, while the closely watched core CPI number—which excludes food and energy—increased 0.4%, meeting estimates. As per FOMC minutes, Fed officials project a mild recession starting later this year, with a recovery over the subsequent two years.
Back home, India's retail inflation eased to a 15-month low of 5.66% in March, compared to 6.44% in February.
The yield on the 10-year Treasury note in the U.S. was trading at 3.41%. Crude oil prices cooled off from a new 2023 high to around the $87 mark, while Bitcoin traded above the $30,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.11% at 17,860.5.
Indian benchmark indices—Sensex and Nifty—extended gains for the eighth day in a row to close at a seven-week high, with pharma and healthcare stocks leading the gains and FMCG, media, and PSU banks weighing on the gauges.
The Indian rupee snapped its two-day decline against the U.S. dollar as investors remained cautious ahead of U.S. inflation data.
Overseas investors in Indian equities remained net buyers for the ninth day in a row on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 1,907.9 crore, while domestic institutional investors were net sellers for the second straight day and offloaded stocks worth Rs 225.2 crore, the NSE data showed.
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