"The government and RBI are making persistent efforts to moderate future inflation. Government fiscal measures like a hike in custom duty on steel and similar steps on other products in the future will help to control inflation. However, the hawkish monetary and fiscal measures adopted by RBI & Government will have a cascading effect on market & economy in the short to medium-term", Vinod Nair, Head of Research at Geojit Financial Services wrote in a note.
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10-year bond yield added 6bps to 7.42% during the session.
Yield on the 10-year bond has eased off those levels to 7.37%.
Source: Bloomberg
The Sensex gained 0.9% to 54,813.67. The Nifty rose by similar magnitude to 16,381.15. About 38 of the Nifty 50 stocks advanced, while 12 fell.
The S&P BSE MidCap almost mirrored the Sensex and Nifty while S&P BSE SmallCap underperformed, rising 0.5%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto adding 2.4%. Of the flipside, the S&P BSE Metal lost 7.21%.
The market breadth is skewed in the favour of bulls. About 1,763 stocks advanced, 1,522 declined and 170 remained unchanged.
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Tata Power and Tata Motors have announced that they will partner to develop 7 MWp solar rooftop project in Tata Motors' Passenger Vehicle plant in Pune.
This is the third phase of the 17 MWp on-site solar project developed by the two company. 10 MWp solar rooftop has been installed already.
With this, Tata Power will house India's largest on-site solar project.
The project is estimated to generate 23 million units of electricity, mitigating 5.23 lakh tonnes of carbon dioxide.
Source: Exchange filing
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Shares of Infosys rose nearly 2% a day after the company reappointed Salil Parekh as Chief Executive Officer and Managing Director from July 1, 2022 to March 31, 2027.
Salil Parekh has been CEO and MD of Infosys since January 2018.
The reappointment is subject to shareholders' approval.
Of the 50 analysts tracking the company, 39 maintain 'buy', seven suggest 'hold' and four recommend 'sell'. The return potential of the stock is 34.2%.
Source: BSE, Bloomberg
10-year secured, redeemable NCD issue to open on May 24.
Issue size at Rs 500 crore with option to retain oversubscription of Rs 11,500 crore.
Object for the issue is to augment long term resources of the corporation.
Source: BSE Notification
The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap underperformed, losing 0.25%. Eleven of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto losing over 2%. On the flipside, the S&P BSE Metal fell over 7%.
The market breadth was skewed slightly in the favour of bulls. About 1,282 stocks advanced, 1,182 declined and 134 remained unchanged.
Shares of textile firms, yarn and apparel makers are in focus CNBC-TV18 reported that production in small, spinning mills has been halted due to unprecedented hike in cotton prices, citing a statement by The South India Spinners Association.
The Association has about 450 mills in small and medium scale from across Tamil Nadu
In Focus: Yarn makers like Nitin Spinners,Himatsingka Seide, Apparel, textile firms like Page Industries, KPR Mill, Welspun India, Lux Industries, Rupa, Raymond Trident.
Source: CNBC-TV18, The South India Spinners Association
Steel Authority of India
Zomato
Bharat Electronics
Divi’s Laboratories
HLE Glascoat
Ramco Cements
The New India Assurance Co.
Graphite India
BirlaSoft
Kaveri Seeds
National Highways Infra Trust
Shilpa Medicare
Sansera Engineering
HG Infra Engineering
Rolex Rings
Rupa & Co.
Dollar Industries
Thomas Cook India
Action Construction Equipment
Infosys: The Bengaluru-based IT services firm has reappointed Salil Parekh as CEO and MD for a period of five years.
UPL: The company completed buyback of 1.33 crore equity shares at Rs 813.92 apiece aggregating to Rs 1,093.73 crore, representing 99.43% of maximum buyback size.
Jet Airways: The company has been re-issued air operator certificate by Directorate General of Civil Aviation for commercial flights.
Zydus Lifesciences: The company’s promoters may participate in the buyback of 1.15 crore shares representing 1.13% of total equity shares at price of Rs 650.
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