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The broader indices underperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap losing nearly 2%. Barring S&P BSE Bankex, all the other 18 sectoral indices compiled by BSE Ltd. delined with S&P BSE Realty and Metal falling nearly 4%.
The market breadth was skewed in the favour of bears. About 1,048 stocks advanced, 2,481 declined and 145 remained unchanged.
JSW Steel has denied it submitted a bid for acquisition of Pawan Hans.
The company said it has no interest in the asset.
Source: Exchange filing
Palm Oil Whipsawed as Indonesia Ban Will Exclude Some Products
Shares of Century Textiles & Industries jumped over 4%, the most in over two weeks.
The company reported net profit of 86.07 crore in Q4 compared to loss of Rs 8.41 crore YoY. Revenue, Ebitda also rose while margin expanded to 10.3%.
Net income at Rs 86.07crore vs loss of Rs 8.41 crore
Revenue at Rs 1,210.7 crore vs Rs 839.39 crore
Ebitda at Rs 125.38 crore vs Rs 75.2 crore
Margin at 10.3% vs 9%
The company recommended a dividend of Rs 4 per equity share of Rs 10 each.
Source: Exchange filing, Bloomberg
The broader indices underperformed their larger peers. Barring S&P BSE Bankex, all the other 18 sectoral indices compiled by BSE Ltd. declined, led by realty and metal stocks, losing 3%.
The market breadth is skewed in the favour of bears. About 938 stocks advanced, 2,460 declined and 146 remained unchanged.
Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement.Ursula von der Leyen in a statement, Source: Bloomberg
Some of the cyclicity has indeed hurt us, especially our dependence for example on the aerospace sector. We wanted to look at areas which could really help us buffer than cyclicity and also help us grow in industries that are growing.Krishna Bodanapu, CEO, Cyient in a interview to Bloomberg TV's Haslinda Amin and Yvonne Man
TCS expands strategic partnership with SBI Cards to power the company's next leg of digital transformation.
TCS has already helped SBI Card transform its core cards sourcing platform and digitized significant part of the process, ahead of SBI Card's IPO in 2020.
Source: Exchange filing
Zomato has 2.82 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Inflation is up in india. At some point, the RBI will have to raise rates, like the rest of the world is doing. At such times, politicians and bureaucrats will have to understand that the rise in policy rates is not some anti-national activity benefitting foreign investors, but is an investment in economic stability, whose greatest beneficiary is the Indian citizen.Raghuram Rajan, Former Governor, RBI (Source: LinkedIn Handle)
Indian government bonds advanced amid demand from large corporates. The rupee dropped, tracking regional peers.
10-year yields fell 5bps to 7.12%.
USD/INR climbed 0.2% to 76.6362.
Source: Bloomberg
ICICI Bank Q4 Review: Reducing The Gap With HDFC Bank
Adani Power has 1.88 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
SAIL has 2.55 million shares change hands in two large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. declined, with S&P BSE Realty, Metal and FMCG leading the fall.
The market breadth was skewed in the favour of bears. About 817 stocks advanced, 1,924 declined and 116 remained unchanged.
Senior executives of billionaire Kumar Mangalam Birla’s Aditya Birla Group have sought legal views and discussed financial options to prepare a bid for Holcim’s India cement assets, Economic Times reported citing people it didn’t identify.
A possible bid by Birla’s conglomerate, which owns India’s top cement maker UltraTech Cement Ltd., could trigger market dominance issue and that may lead to some divestment of its legacy assets, according to the report
Birla’s group will compete with other suitors such as JSW Group and Adani Group if it joins the race, ET said.
Glenmark Pharmaceuticals has launched a novel FDC of Teneligliptin, with Pioglitazone.
This is the only combination brand in India for adults with uncontrolled Type 2 diabetes.
The drug has been launched under the brand name Zita Plus Pio.
About 74 million adults suffer from diabetes in India, according to International Diabetes Federation. This figure is expected to increase to 125 million by 2045. About 77% of patients have uncontrolled diabetes.
Source: Exchange Filing
Indian bonds may decline as minutes of the central bank’s most recent meeting revealed a unanimous focus on tackling inflation among members of the monetary-policy panel, underlining the shift in RBI’s priorities from supporting growth.
10-year yields rose 2bps to 7.17% on Friday
USD/INR climbed 0.4% to 76.4850.
Global funds sell net Rs 2,460 crore of India Stocks Friday: NSE
They bought Rs 20 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 787 crore of corporate debt
State-run banks bought Rs 537 crore of sovereign bonds on April 22: CCIL data. Foreign banks sold Rs 1,300 crore of bonds.
Source: Bloomberg
Cyient has signed definitive agreements to acquire Citec for about Rs 776.5 crore.
Citec is an international plant and product engineering services firm with customers in energy, process, oil and gas, and manufacturing industries.
The acquisition of Citec will be Cyient's largest acquisition to date and will be completed during the quarter.
The acquisition is likely to strengthen Cyient's presence in energy industry and expand its European footprint.
Source: Exchange Filing
World's largest producer/exporter of palm oil Indonesia has announced a ban on exports.
Indonesia palm oil bank is a blow to economy after surge in oil prices due to Ukraine-Russia war.
Palm oil, being a key ingredient in major food processing industries will hurt costs and margins in several consumer firms.
Expects Britannia, Hindustan Unilever, Nestle India, ITC to be directly hit due to the ban.
Impact due to the palm oil bank is likely to be seen in most categories.
QSRs like Westlife Development and Burger King can also feel the pinch.
Expects weak to sideways movement for select consumer stocks in the near term.
Indonesia's ban on export of palm oil could impact availability and lead to rising palm oil prices.
Godrej Consumer Products, HUL and Britannia have the highest palm oil dependence in our coverage.
93% of India's total palm oil consumption was imported in 2021.
Godrej Consumer, HUL, Britannia are likely to be the most adversely impacted stocks.
Rise in palm oil prices could result in surge in other edible oil prices, implying downside risks to margins in an already high inflationary environment.
Remains 'underweight' on Godrej Consumer and 'equal weight' on both HUL and Britannia.
Source: Prabhudas Lilladher note, Morgan Stanley note.
Lenders will seek insolvency of the Future Group after a plan to sell the retailing firm to Reliance Industries companies collapsed, the Economic Times reported citing three unidentified people familiar with the matter.
There is a possibility of a debt recast offer by promoters to save the group from bankruptcy
Total loans of the group companies were at about Rs 28,920 crore on Jan. 31
Future Group didn’t respond to queries sent by the newspaper.
Tata Elxsi cut to 'take profits' from 'buy on weakness' at Dalal & Broacha; price target set at Rs 6,356, implied return of -24%.
L&T Technology raised to 'buy' from 'hold' at Dalal & Broacha; price target set at Rs 5,371, an implied return of 31%.
Tata Power: Maybank Research initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 300, an implied return of 19%.
Source: Bloomberg
Asian energy-related shares may be in focus as China’s lockdowns amplify concerns demand will wane and prospects for aggressive U.S. interest-rate hikes weigh on sentiment.
In Focus: Reliance Industries, HPCL, BPCL, ONGC, Oil India.
Source: Bloomberg
Miners and steelmakers could be active after iron ore futures in Singapore drop as much as 12% on rising concerns over demand for the steel-making raw material in China.
In Focus: Tata Steel, JSW Steel, Jindal Steel
Source: Bloomberg
Century Textiles and Industries
Eveready Industries
Gujarat Mineral Development
Mahindra CIE Automotive
Tatva Chintan Pharma Chem
Tata Investment
Steel Exchange India
Meghmani Finechem
Maharashtra Scooters
Reliance Industries: Says proposal to acquire certain assets of Mumbai-based Future Group "cannot be implemented" after Future Retail failed to win the approval of its secured creditors for the deal.
HDFC Bank: Board approves dividend of Rs 15.5 per share
ITC: Puri says value creation need will decide ITC’s demerger plans
Tata Motors: Hikes passenger vehicle prices to offset cost rise
Tata Steel: Tata’s Narendran: See higher steel prices this decade vs last; Sees strong demand for steel outside China
Future Retail/Future Fashion/Future Lifestyle/Future Enterprise: Secured creditors of the companies rejected a reorganisation scheme merging the assets of these companies with Reliance Retail.
Firstsource Solutions: The company will expand UK operations to create about 1,000 new jobs over the next 12 months.
Varroc Engineering: The company has called media reports “speculative” that stated that the company will sell its lighting business for $650 million.
Central Bank of India: Reserve Bank of India imposed a penalty of Rs 36 lakh on the bank for non-compliance Customer Protection–Limiting Liability of Customers in Unauthorised Electronic Banking Transactions.
Torrent Power: To buy out Sunshakti Solar; EV: Rs 417 crore.
ICICI Bank Q4 Results: Net Profit Beats Estimates, Asset Quality Improves
Asian equities and U.S. Futures declined Monday as strong tightening signals from the U.S. Federal Reserve Chair Jerome Powell and European Central Bank undermine risk appetite.
Equities fell in Japan and South Korea, while futures edged lower earlier in Hong Kong. S&P 500 futures dropped while Nasdaq 100 futures also fell after the tech gauge look poised for the worst month since 2008.
The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, fell over 1% to 16,979 points as of 6:45 a.m.
Macron defeated far-right leader Marine Le Pen in the French presidential election on a pro-business platform, bolstering the euro.
Oil fell toward $100 a barrel -- after sliding for the third week in four -- as China lockdowns amplify demand fears. Bitcoin fell to $39,000.
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