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Indian equity benchmarks logged their sixth consecutive weekly losses amid holiday-shortened week. The BSE Sensex slumped 13.8% and the NSE Nifty 50 tumbled 13% this week. The declines followed US President Donald Trump's warning of intensified military action against Iran in the coming weeks.
On Thursday, The markets staged a sharp recovery. The 30-stock index closed 0.3% at 73,319 after declining as much as 2.2% intraday. The 50-stock index rose 0.1% to 22,713. Intraday, it had fallen as much as 2.2%. Markets are shut on Friday for a holiday.
“We are systematically dismantling the regime's ability to threaten America or project power outside of their borders,” Trump said. He added that the United States would escalate strikes if Iran does not agree to terms. “Will hit Iran extremely hard over next two to three weeks,” Trump said, adding that Washington could target Iran's electric plants if no deal is reached. “My choice was diplomacy, Iran rejected every attempt,” he said.
Meanwhile, Brent crude rose more than 6.5% to trade above $107.78 per barrel, while US West Texas Intermediate crude climbed as much as 5.9% to $106.02 per barrel.
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Source: Bloomberg
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Ola Electric announced a significant price reduction for its flagship electric motorcycle, the 4680 Bharat Cell powered Roadster X 9.1 kWh, enabled by rapid economies of scale at its Gigafactory and deep vertical integration of its indigenously developed 4680 Bharat Cell.
As cell production has ramped up, cost efficiencies have improved materially, allowing Ola Electric to pass on these benefits directly to customers. The Roadster 9.1 kWh will now be priced at Rs 1,29,999, down from Rs 1,89,999, and would be available in limited units only during specific purchase windows.
Source: Press release
US President Donald Trump said the Iran war with Iran is nearing its end but warned of intensified strikes in the coming weeks, signalling a mix of military escalation and continued diplomatic efforts. In a televised address to US citizens from the White House, Trump said US operations are close to achieving their objectives, even as he set a two- to three-week window for either a deal or further attacks.
According to D-Street experts, market sentiments have again turned negative after Trump's latest comments.
Nomura said a marginal hike in aviation-turbine-fuel prices is likely to hurt the margins of oil marketing companies. At current prices, the brokerage estimates that OMCs would lose around Rs 64 per litre on domestic ATF sales, implying a marketing loss of approximately $109 per barrel on such sales.
The brokerage noted that ATF accounts for only 2–6% of total marketing volumes for OMCs. However, similar to petrol and diesel retailing, OMCs dominate the ATF market with a share of over 90%. The brokerage estimates that about 65% of India's total ATF sales are to domestic airlines.
The Reserve Bank on India on Thursday approved the proposed acquisition of majority shareholding in RBL Bank Ltd. by Emirates NBD Bank. The Dubai-based lender had announced a $3 billion deal to acquire 60% stake in RBL Bank in October via a preferential allotment of equity shares.
Emirates NBD will acquire control over the RBL Bank and will be classified as a promoter, and the acquired bank will be classified as a subsidiary of a foreign bank. India allows 74% foreign investment in private banks, but limits shareholdings of any single foreign institution to 15% unless the RBI has approved.
Enviro Infra has secured five major project wins worth Rs 1,481 crore, according to an exchange filing.
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Broader markets underperformed, with the Nifty MidCap 100 down 2.82% and the Nifty SmallCap 100 lower by 2.76%.
India’s 10-year bond yield rose 1 basis point to 7.04%.
Source: Bloomberg
Eicher Motors reported March Royal Enfield sales of 1.12 lakh units, with motorcycle sales up 11% year-on-year and exports up 8%. Hero MotoCorp said March two-wheeler sales rose 8.8% to 5.98 lakh units and said it acquired 2.7 lakh shares in Euler Motors for Rs 210 crore, maintaining a 36.67% stake. NMDC said March production rose 51% to 5.35 MT and sales increased 40% to 5.90 MT.
Karnataka Bank said total deposits rose 3.8% year-on-year to Rs 1.1 lakh crore, gross advances increased 6.9% to Rs 83,337 crore and CASA rose 10% to Rs 36,621 crore as of March 31. Amber Enterprises said its arm raised its stake in Unitronics to 49.66%, while Piramal Pharma said its arm completed the acquisition of Kenalog and associated brands from Bristol-Myers Squibb.
Source: PTI
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