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The broader indices outperformed their larger peers for the second day in a row, with S&P BSE MidCap and S&P BSE SmallCap rising 0.4%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Utilities and Power rising nearly 2%. On the flipside, S&P BSE Information Technology shed nearly 1.5% while S&P BSE Finance lost 1.25%.
The market breadth was skewed in the favour of bulls. About 2,160 stocks advanced, 1,253 declined and 99 remained unchanged.
Legal advisers indicated that approvals may take 15-18 months.
Effective date of HDFC Bank deal after all approvals.
Source: Exchange filing
Actis is nearing a deal to buy a portfolio of road assets from India's Welspun Group for about Rs 3,030.1 crore ($400 million).
The buyout firm is in advanced talks for the assets and is set to beat out a number of rival bidders.
A deal could give the conglomerate's road portfolio an enterprise value of about $1.2 billion.
An agreement could be reached in the coming weeks.
Talks could still fall apart and other bidders may emerge.
Source: People familiar with the matter
Food delivery apps Zomato, Swiggy confirmed that they are facing technical issues.
Swiggy’s customer support handle tweeted it is facing technical constraints.
Zomato’s support handle said the glitch is temporary.
Source: Twitter
IDBI Bank gains after CNBC-TV18 reports the Indian govt plans to invite expression-of-interest for stake sale in the lender in May.
The government., which is looking to sell all or a part of its ~45% stake in IDBI Bank, plans to complete the transaction this fiscal year that ends in March 2023, the report said citing people it didn’t identify.
Shares rise as much as 11%, most since Jan. 5
Trading volume 2.9x three-month, full-day avg.; set for 4th day of advance.
Minister of State for Communications Devusinh Chauhan said the MTNL-BSNL merger stands deferred due to “financial reasons including high debt of MTNL.”
The merger was approved by the government in 2019.
Source: Parliament reply
The board of Saregama India Ltd. has approved splitting each share into 10. It has fixed the record date for determining the eligibility of shareholders as April 27.
The company also named Pankaj Chaturvedi as the new chief financial officer effective April 11. Presently, he is serving as the CFO at Go Airlines (India) Ltd.
Shares of the company gained as much as 4.5% to Rs 5,143.25 apiece today.
The highest final offer stood at 25% of average IBM monthly prices of iron ore.
JSW to take all requisite steps to obtain letter of intent to execute lease deed.
Source: Exchange Filing
The broader indices outperformed their larger peers with S&P BSE MidCap gaining over 0.5% and S&P BSE SmallCap adding 0.7%. Thirteen of the 19 sectoral indices advanced with S&P BSE Power and Utilities rising over 2%. On the flipside, the S&P BSE Information Technology fell over 1%.
The market breadth was skewed in the favour of bulls. About 2,239 stocks advanced, 1,072 declined and 102 remained unchanged.
Mahanagar Gas has hiked the price of CNG in Mumbai by Rs 7 per kg.
The cost of PNG has also been hiked by Rs 5 per unit.
Source: Bloomberg
Future Vs Amazon: Delhi High Court Stays International Arbitration Proceedings
Retail loans fell 8% year-on-year, but rose 3% sequentially
Corporate advances were up 19% year-on-year and 6% quarter-on-quarter
Total advances rose 3% YoY to Rs 61,929 crore
Total deposits rose 8% YoY to Rs 79,005 crore, up 7% QoQ
Source: Exchange notification
Marico cut to 'accumulate' from 'buy' at Nirmal Bang; price target set at Rs 585, implied upside of 11%
Source: Bloomberg
Maturities across the India sovereign yield curve were little changed in Wednesday morning trading.
The 1-year yield remained unchanged at 4.706%
The 10-year yield rose 1.5bps to 6.915%
The 19-year yield remained unchanged at 7.25%
The 2-year-10-year yield spread was 190.2bps, vs previous close 189.5bps
Source: Bloomberg
Maruti Suzuki has given an advance intimation regarding price increase in April, 2022.
In an exchange filing, the company said that the cost of the vehicles has been adversely impacted due to rise in input costs and hence a price hike has become necessary.
Maruti Suzuki said that the price increase, which will be announced in April, will be different for various models.
Source: Exchange filing
Bharat Electronics has 1 million shares change hands in a large trade.
ICICI Prudential has 1 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
India's Services PMI Continues To Expand In March
Paytm Expects To Break Even Operationally In Six Quarters; Shares Rise
Ruchi Soya Tumbles After FPO Share Allotment
The broader indices outperformed their larger peers with the S&P BSE MidCap adding 0.1% and S&P BSE SmallCap rising 0.3%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Telecom rising over 1.25%. On the flipside, S&P BSE Banking shed 0.9%.
The market breadth was skewed in the favour of bulls. About 1,687 stocks advanced, 849 declined and 103 remained unchanged.
ICICI Prudential raised to 'buy' from 'hold' at Emkay Global; price target set at Rs 620, an implied upside of 22%.
Bandhan Bank raised to 'buy' from 'reduce' at Edelweiss Capital; price target set at Rs 370, an implied upside of 17%
Source: Bloomberg
Indian government bonds may track an overnight slide in U.S. Treasuries following hawkish comments from Federal Reserve Governor Lael Brainard. Traders are awaiting March PMI data.
USD/INR fell 0.3% to 75.3275 on Tuesday
10-year yields little changed at 6.9% on Tuesday
Global funds bought a net Rs 375 crore of India stocks Tuesday: NSE
They sold Rs 290 crore of sovereign bonds under limits available to foreign investors, and added Rs 614 crore of corporate debt
State-run banks sold Rs 1,300 crore of sovereign bonds on April 5: CCIL data. Foreign banks sold Rs 528 crore of bonds.
Source: Bloomberg
Shares of billionaire Gautam Adani-controlled firms may move after three of its entities including the group’s holding company said they would consider raising funds on April 8.
Adani Enterprises, the holding firm for the Indian logistics-to-energy conglomerate, Adani Green Energy and Adani Transmission will consider raising funds via various options including rights, preferential issue and institutional placement of shares and bonds, according to separate exchange filings
Separately, Adani Global Ltd. Mauritius, a unit of Adani Enterprises, acquired a minority stake in Israel-based medical technology company Forsight Robotics Ltd for $20 million, according to an exchange filing
Stocks to watch: Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Ports and Special Economic Zone, Adani Total Gas, Adani Wilmar.
Source: Bloomberg
Indraprastha Gas has hiked the price of CNG in Delhi by Rs 2.5 per kg to Rs 66.62 effective today.
For Ghaziabad, Noida and Greater Noida, CNG will cost Rs 69.18 per kg, while in Gurugram, it will cost Rs 74.94 per kg.
Source: ANI
India’s Enforcement Directorate have asked senior Google executives to provide a detailed list of lending apps in the country hosted by Google Play as part of the loan fraud investigation, Business Standard reports, citing an unnamed person with knowledge of the matter.
Agency probing 38 non-banking financial companies and more than 300 fintech firms for providing instant, micro-financing through mobile apps and seeking high interests from defaulters: report
An email sent to Google spokesperson was unanswered: report
Adani Global, a wholly owned subsidiary of Adani Enterprises has bought minority stake by way of newly issued shares of Israeli firm Forsight Robotics for $20 million (nearly Rs 151 crore)
Forsight Robotics, incorporated in 2020, specialises in medical technology.
The company had nil turnover for financial years ending December 31, 2020 as well as 2021.
Adani Enterprises said that the acquisition is in line with its strategy to invest in firms that provide synergistic benefits to Adani Group.
Source: Exchange filing
Shares of PVR and Inox Leisure rose 48% and 50% in Q4, due to opening up after the third way, strong response to content and proposed merger of the two players.
PVR, Inox Leisure merger will create a formidable player in the sector with a significant bargaining power.
Emergence of Omicron variant hurt the sectoral performance in the first one and a half months of Q4FY2021-22, as film releases were postponed due to fresh restrictions in several states.
Second half of Q4 has been good for the sector with multiple films surpassing Rs 100 crore mark in gross box office collections.
The sentiment among audience has been gradually improving.
Believes that the performance in March 2022 is just a trailer for an anticipated stellar performance in FY2022-23.
Expects Q4FY2021-22 to see significantly higher revenue (up 250-270-%) compared to Q4FY2020-21.
Expects margins to contract for Inox Leisure compared to Q3FY2021-22 due to no cost cutting during the third wave and higher rental costs QoQ.
Expects both Inox Leisure and PVR to have burnt cash in January and February before making money in March.
Expects rentals to go back to pre-covid levels.
Expects advertising part of the business to be the last segment to recovery.
Maintains 'buy' on both PVR and Inox Leisure with target prices of Rs 2,383 and Rs 594, respectively.
Key risk to the stock prices would be the intervention in the merger by CCI leading to divestment of screens.
Source: Nirmal Bang note
A consortium comprised of Singapore's GIC, private equity firm ChrysCapital and Bandhan group is likely to emerge as the favorite to acquire IDFC Mutual Funds, Moneycontrol reports, citing multiple unnamed sources with knowledge of the matter.
Deal is likely to be discussed in today's board meet of IDFC: Report.
PE firms Warburg Pincus and Kedaara Capital have joined Invesco MF for a competing bid: Report
Credit growth in the sector is picking up with signs of revival visible in systemic growth.
Credit growth accelerated to nearly 8.5% YoY as of March 11, underpinned by strong disbursements across segments.
Disbursement growth across retail products has surpassed pre-Covid levels.
Corporate segment too witnessed revival with focus on high-rated corporates.
Expects capex cycle to pick up in H2FY2022-23, driving recovery in loan growth over the fiscal year.
Expects home, vehicle, tractor, unsecured and small business to do well in Q4 while CV and MFI segments are likely to trail the normalised levels.
Sees healthy momentum building in credit cards business.
Estimates systemic loan growth of 9%/11.8% YoY for FY22/FY23.
Expects its banking coverage universe to deliver 7%/52% PPoP/PAT growth in Q4FY2021-22 respectively.
Projects private and PSU banks to report earnings growth of 30% and 36% in FY2022-23.
Low slippages and healthy recoveries are expected to result in overall improvement in asset quality.
Estimates private banks to report PPoP growth of 10% YoY and PAT growth of 38% YoY in Q4FY2021-22.
Expects earnings of private banks to remain strong, aided by healthy business growth/fee income and reduction in credit cost.
Deployment of excess liquidity and pick-up in loan growth are expected to lead to steady trend in margins of private banks.
Forecasts NII growth of 19% YoY for private banks, with ICICI Bank at 24%, Axis Bank at 23%, Kotak Mahindra Bank at 20% and HDFC Bank at 13% in Q4FY2021-22.
Remains optimistic on asset quality of private banks
Forecasts public sector banks to witness continued tranction in the operating performance, aided by growth recovery and reduction in provisions.
Expects AU Small Finance Bank to report uptick in operating performance and earnings due to recovery in loan growth, NII growth and low provisions.
Prefers ICICI Bank, SBI, HDFC Bank, AU Small Finance Bank and SBI Life as the top picks in the sector.
Source: Motilal Oswal Note
Petrol, diesel prices have been hiked by 80 paise, making this the 14th hike in the last 16 days.
Price of petrol and diesel in Delhi is Rs 105.41 per litre and Rs 96.67 per litre respectively today.
In Mumbai, petrol and diesel prices per litre are Rs 120.51 and Rs 104.77 respectively.
Source: ANI
Indraprastha Gas: InCred Earnest Innovation Partners initiated coverage of the stock with a recommendation of 'reduce'; target price set at Rs 277, an implied downside of 29%.
Mahanagar Gas: InCred Earnest Innovation Partners initiated coverage of the stock with a recommendation of 'reduce'; target price set at Rs 642, implied downside of 23%.
Gujarat Gas: InCred Earnest Innovation Partners initiated coverage of the stock with a recommendation of 'reduce'; target price set at Rs 410, implied downside of 21%.
Source: Bloomberg
Tata Steel: The company reported annual crude steel production of 1.9 crore tons, with a growth of 13% YoY. During Q4 FY 2022, crude steel production rose 2% QoQ at 49 lakh tons. Deliveries for Q4 FY22 grew by 16% QoQ to 51.2 lakh tons, the highest ever quarterly deliveries.
Marico: The company’s revenue growth is in low-single digits and volumes were marginally positive. Parachute coconut oil volumes were marginally lower YoY, while value added hair oil segment grew in low-single digits in value terms. Gross margins to remain unchanged over last year. Expect marginal profit in Jan-March. International business posted double-digit growth in constant currency terms.
Adani Green/Adani Enterprises: To consider raising funds on April 8 by way of a rights issue, preferential allotment, including a qualified institutions placement or through any other mode and/or combination.
Ruchi Soya: The company allotted 6.61 crore shares offered via FPO. It raised an aggregate amount of Rs 4,300 crore.
Reliance/TVS Motors: The two companies will collaborate to explore the creation of a robust public EV charging infrastructure for electric two-wheelers and three-wheelers.
Gufic: The company received DCGI approval for Thymosin Alpha-1 (Immunocin α - A Brand of Gufic for the said drug) as an add-on therapy for the treatment of moderate-to-severe COVID-19 patients requiring ventilator support.
Tata Consultancy: The company will build Kansas Department of Labor’s unemployment insurance system transforming a legacy mainframe platform from the 1970s into a cloud-based system.
Tata Steel Long Products: The company crude steel production in Q4 FY 2022 stood at 1.66 lakh tons. It grew by 6% YoY in FY22. Steel sales volumes have increased by 2% YoY in FY22, with a higher share of rolled product sales. In Q4 FY22, Direct Reduced Iron production grew by 16% QoQ which in turn drove 21% QoQ growth in sales volume.
Bandhan Bank: The bank reported loans and advances of over Rs 1 lakh crore as on March 31, 2022, a growth of 16% YoY. Total deposits grew 24% YoY at Rs 77.98 crore. CASA ratio stood at 41.6% in Q4. Collection efficiency for the month of March stood at 96%.
UGRO Capital: The company filed prospectus for public issue of non-convertible debentures up to Rs. 100 crore.
Rain Industries: The company has discontinued shut down one Kiln due to lower allocation of RPC by DGFT for the FY 2022-23 [RAIN is facing RPC shortfall to the tune of 40%] than in the previous years and the lack of sufficient raw materials. The shutdown of Kiln will also result into net loss of 20 MW of waste-heat power generation to the grid.
Oriental Hotels: To consider declaration of dividend on April 15.
Dish TV: The company received RBI nod to divest its stake in its Sri Lankan arm.
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