PremiumInvestors remained cautious as new inflation indicators from China, Germany and the US hardened the expectations that the higher interest rates will prevail longer than expected. FIIs continue to offload equities. Until Wednesday, the sell-off from FIIs was more than ₹10,474 crore in domestic equities.
The key benchmark indices ended in losses on Thursday with IT stocks dragging the market amidst negative global cues. Adani stocks continued to rise as Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies.
Nifty 50 tanked 130 points to close at 17,321, while S&P BSE Sensex edged 500 points lower to close once again below 59,000, at 58,909.
Adani Enterprises and Adani Ports topped the Nifty 50 stock chart by gaining 2.5% and 3.5%, respectively. Coal India ended up 2%. Maruti and Axis Bank shed 2% each followed by TCS, SBI Life and Infosys.
Almost all sectoral indices ended in the red with the IT sector shedding more than a per cent. Auto, Private Bank, and Finance were other significant laggards. Realty gained 2%. PSU Bank and Energy ended in the flat territory.
Global stock markets declined Thursday after signs of enduring upward pressure on U.S. and European prices raised expectations that interest rates will stay higher for longer.
Japan's Nikkei share average ended listless on Thursday as a disappointing Tesla investor day event and the risk of a more hawkish U.S. Federal Reserve offset support from a weaker yen.
The Nikkei reversed early gains to end flat, although the benchmark index remained around the middle of its trading range of the past five weeks. The broader Topix slid 0.16%.
Hong Kong stocks slipped on Thursday after posting their biggest daily gain in nearly three months in the previous session, with Sino-U.S. tensions weighing on investor sentiment, while China shares dropped in the afternoon session ahead of a key parliamentary meeting.
China's blue-chip CSI300 Index closed down 0.2%, and the Shanghai Composite Index lost 0.1%. Hong Kong's Hang Seng benchmark lost 0.9%, while the China Enterprises Index slid 0.8%.
European shares opened lower on Thursday bogged down by declines in travel and rate-sensitive technology stocks, as investors were cautious ahead of a key inflation reading later in the day.
UK's FTSE 100 opened lower on Thursday as ex-dividend trading impacted shares of HSBC, although upbeat earnings from Ireland's CRH and jets and auto parts supplier Melrose helped cap losses.
Binance's custody unit Ceffu said on Thursday it is planning to apply for a permit to offer payment services in Singapore, as the crypto exchange makes another attempt to function in the crypto-friendly city-state.
"Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS (Monetary Authority of Singapore)," the unit's Vice President Athena Yu said in a statement to Reuters.
The unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody.
Late last year U.S. crypto exchange Coinbase, Crypto.com and DBS Vickers - brokerage run by Singapore's largest bank DBS - received similar approval from the central bank to offer payment services in the country. (Reuters)
India Autos Report by Mr. Kumar Rakesh, Analyst - IT & Auto:
MSIL (BUY) – growth consistently strong: Sales volumes were flat m-m despite lower working days and grew 5.0% y-y
· MM (BUY) – Tractor strong; UV ramp-up weak: Automotive sales volume grew 8.0% y-y although SUVs (-8.2% m-m) are yet to see the ramp up MM is targeting.
· TTMT (BUY) – EV sales jump as expected; LCV offset strong MHCV: Domestic PV sales grew c7% y-y. EV sales jumped y-y
· AL (BUY) – strong MHCV; solid outperformance in LCV: Domestic sales volume grew 32.3% y-y while exports fell 27.1% y-y.
· HMCL (REDUCE) – domestic growth recovers on an exceptionally weak base: Domestic sales volume rose 15.3% y-y on a weak base (Feb-22: -32% y-y)
· BJAUT (HOLD) – 3W strong; 2W domestic recovery weak; exports rise m-m: Overall volumes were down 11.3% y-y. Domestic sales grew 36% y-y on a weak base, with a 103.1% y-y growth in 3W volumes.
· EIM (BUY) – RE and VECV volumes strong: RE’s sales were at 71.5k units (+21% y-y). VECV sales grew 24.5% y-y on strong domestic sales (33.5% y-y).
· TVSL (HOLD) – EV ramp-up continues; strong domestic sales offset weak exports: Domestic sales grew 27.9% y-y, but exports fell 50.4% y-y. Electric-scooter sales jumped 27.6% m-m and formed 14.8% of TVSL’s scooter sales volume as EV continues to see a strong ramp-up. TVSL noted that iQube has a strong order pipeline.
The State Bank of India (SBI), the country's top lender, may look to cut its stake in private sector lender Yes Bank after a lock-in period ends on 6 March, 2023, which was put in place by the Reserve Bank of India (RBI) as a part of Yes Bank's restructuring, according to a Reuters report.
SBI does not want to permanently retain a stake in the private sector lender and would want to reduce its holdings, albeit in phases, the report said.
"The percentage of equity dilution that the bank intends to do will have to be placed before the RBI (Reserve Bank of India) in due course," as per the report. (Read More)
On Wednesday, the Union Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from Hindustan Aeronautics (HAL) for a whopping ₹6,828.36 crore. The said aircraft will be supplied to Indian Air Force over a period of six years. HAL would engage Indian private industry, including MSMEs, in its supply chain.
As per Defence Ministry, the HTT-40 is a turbo-prop aircraft and is designed to have good low-speed handling qualities and provide better training effectiveness. This fully aerobatic tandem seat turbo trainer has an air-conditioned cockpit, modern avionics, hot re-fuelling, running change over, and zero-zero ejection seats.
Hong Kong stocks slipped on Thursday after posting their biggest daily gain in nearly three months in the previous session, with Sino-U.S. tensions weighing on investor sentiment, while China shares dropped in the afternoon session ahead of a key parliamentary meeting.
** China's blue-chip CSI300 Index closed down 0.2%, and the Shanghai Composite Index lost 0.1%.
** Hong Kong's Hang Seng benchmark lost 0.9%, while the China Enterprises Index slid 0.8%.
** The United States is seeking out allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, according to four U.S. officials and other sources.
** China and Belarus agreed to a joint statement calling for peace in Ukraine, after Chinese President Xi Jinping met on Wednesday with Belarusian counterpart Alexander Lukashenko, a close ally of Putin. (Reuters)
Solar module makers including Reliance Industries Ltd. and Tata Power Co. are among bidders for 195 billion rupees ($2.4 billion) in financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China.
Others showing interest include U.S. firm First Solar Inc. and Indian companies JSW Energy Ltd., Avaada Group and ReNew Energy Global Plc, according to people familiar with the matter, who asked not to be named as the information hasn’t been made public. The embattled Adani Group, one of the country’s largest solar panel makers, was not among the bidders, the people said.
The financial assistance is part of Prime Minister Narendra Modi’s aim to turn the nation into a manufacturing powerhouse, creating more jobs in the economy and reducing imports that can drain foreign exchange. His “Make in India" campaign is an effort to showcase the country as an alternative to China amid a global push to diversify supply chains in the wake of the pandemic.
The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets. (Bloomberg)
Sebi on Thursday barred 31 entities, including actor Arshad Warsi, his wife Maria Goretti and promoters of Sadhna Broadcast from the securities market in a case related to uploading misleading videos on YouTube channels recommending investors to buy the company's shares.
The company's promoters who have been restrained from the securities market for their involvement are -- Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media.
Sebi noted that Arshad Warsi has made a profit of ₹29.43 lakh and his wife has earned a profit of ₹37.56 lakh.
The order came after Securities and Exchange Board of India (Sebi) received certain complaints wherein it was alleged that there was price manipulation and offloading of shares by certain entities in the scrip of television channel Sadhna Broadcast. (Read More)
Axis Bank (AXSB IN) – Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd
Rating: BUY | CMP: Rs865 | TP: Rs1,100
Event Update - CITI portfolio to turn profitable in FY25E
Quick Pointers:
§ CITI’s consumer businesses acquired for Rs116.3bn (lower by Rs7.2bn).
§ Deposit attrition was Rs103bn; CET-1 to reduce by 177bps to 13.8%.
Axis-Citi deal concluded on 1stMarch’23 for a consideration of Rs116bn. While acquired asset portfolio at Rs273bn was largely intact (post deal announcement in Mar’22), deposits saw a rundown of Rs102bn to Rs399bn. Hence the deal value saw Rs7.2bn reduction. Capital consumption was lower at 177bps than expected 230bps, hence AXSB’s CET-I ratio would be higher at ~14% by Q4FY23 (estimate ~13%) providing cushion for future growth. Although a <=15% loan CAGR (our estimates) could be self-funded, growing at 20% entail a capital raise. Immediate benefits of acquisition include addition of superior quality CC portfolio (Rs89bn) coupled with CASA boost of 150bps. We expect this business to turn profitable by H2FY25E given (i) post-tax integration costs of Rs15bn and (ii) opex optimization would happen only post integration. As change in FY23E/24E/25E PAT is ~1%, our multiple/TP basis Sep’24ABV are unchanged at 2.3x/Rs1,100. Retain ‘BUY’.
Yes Bank shares have been in an uptrend for the last three trade sessions. Yes Bank share price today opened upside and hit an intraday high of ₹18.60 apiece levels, logging a 15 per cent rise in the last three straight sessions. However, profit-booking triggered in Yes Bank shares and it came at ₹18.15 apiece level within a few minutes of the stock market's opening bell today.
According to stock market experts, Yes Bank's share price may remain highly volatile as three years lock-in of ICICI Bank, Axis Bank, HDFC Bank, and IDFC First Bank is ending on 13th March this month. They went on to add that these private lenders bought a stake in Yes Bank at around ₹10 and it is now above ₹18, which means these private banks have a chance to book profit once the three-year lock-in ends. However, some experts believe that these private banks won't sell their Yes Bank shares immediately after the end of the three-year close-in as they would with for the fourth quarter results of Yes Bank. (Read More)
Analysts at Nuvama Research recently interacted with Arun Kothari, Managing Director of Venus Pipes and therefore in a report the brokerage highlighted that Venus is on track to treble capacity to 33.6 ktpa by Q1FY24E. It believes that strong balance sheet despite heavy capex and FCF (post capex) beginning FY25E are the key positives for the company.
Further, the company is confident of ramping up capacity utilisation led by a capex upswing in end-user industries, imposition of ADD on imports from China, push for BIS-certified products driving import substitution and backward integration driving exports and has focus on direct sales, backward integration and higher diameter pipes shall help expand margins. (Read More)
India's market regulator on Thursday passed two interim orders against entities that used YouTube channels to manipulate stocks, barring them from the capital markets.
The Securities and Exchange Board of India (SEBI), in preliminary investigations, identified 46 entities that used the video streaming platform to pump and dump stocks.
These entities - a mix of traders and market analysts - used four YouTube channels to market stocks, according to the regulator.
SEBI's interim orders came on the back of a year-long investigation following investor complaints that alleged YouTube channels were being used to influence them to buy particular stocks.
SEBI said these entities used misleading YouTube videos to create "false content" on select scrips, generating artificial interest. This was followed up with paid marketing campaigns for additional reach.
The increased interest in these scrips drove up the share price and made it possible for the entities to offload their entire holdings at inflated prices, SEBI said in its orders. (Reuters)
Gold rate today traded flat in early morning deals with a negative bias as the US dollar continues to attract buying interest from investors. Gold future contract on Multi Commodity Exchange (MCX) for April 2023 opened at ₹55,777 per 10 gm levels, ₹53 lower from its yesterday's close of ₹55,830 levels. In the early morning session, the gold price on MCX made an intraday low of ₹55,775 whereas it made an intraday high of ₹55,801 per 10 gm. In the international market, gold price today opened at $1,836 levels and went on to hit an intraday low of $1,831 and an intraday high of 1,838 in the morning session.
According to bullion market experts, gold price rebounded yesterday after Dollar Index came down below 105 levels but hawkish US Fed officials on interest rates renewed US inflation fears that triggered fresh buying in the US dollar. They said that gold prices would continue to remain range-bound in ₹55,300 ₹56,200 and $1,800 to $1,850 per ounce range till final outcome of the US Fed FOMC meeting arrives. They advised gold investors to keep booking profit on every rise and maintain buy on dips strategy in the precious yellow metal. (Read More)
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process.
A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.
The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks.
The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm.
In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of ₹8,640 crore. (PTI)
The stock of Rail Vikas Nigam Limited (RVNL) rallied 11.79 per cent to ₹65.40 on the NSE in Thursday's intra-day trade after a joint venture (JV) of the railways-owned firm and Russia's CJSC Transmashholding (TMH) emerged as the lowest bidder for the ₹58,000-crore tender for manufacturing and maintenance of 200 lightweight Vande Bharat trains.
Shares of RVNL have more than doubled in just six months, breaking out from the consolidation zone of around five years. The stock jumped 113 per cent in the last six months, rising from ₹30.70 on 23 August, 2022 to ₹65.40 today. Market capitalization of the firm rose to ₹13,740 crore on BSE. (Read More)
JM Financial Institutional Securities says:
Axis Bank: Company Update BUY INR 1,120 - Sameer Bhise
Axis Bank today completed the acquisition of Citibank's consumer businesses in India (announced in Mar2022). The total consideration to be paid has been revised lower than previously announced to INR 116bn (-6% reported earlier) given runoff in deposits (by 21%), lower credit cards (by 3%) and other adjustments. Despite the decline, the overall profitability is likely to be similar to what was previously announced at INR 8-8.5bn on this portfolio. Axis Bank will incur transition and servicing costs of INR 15bn over the next 18months and will expense the goodwill created as a part of this acquisition in 4QFY23 itself. Given Axis Bank’s internal accruals, the resulting CET1 ratio is likely to be ~13.8% vs ~13% expected earlier and bank remains confident that there is no immediate requirement to raise capital to support organic growth plans post the closure of the transaction. We will revisit our earnings estimates post 4Q23 results incorporating the charge-off of goodwill and higher opex for FY24/FY25. On a post-integration basis, the book would be NIM and RoA accretive to Axis Bank on a steady-state basis. We believe Citi’s acquisition gives access to an upwardly mobile customer base and Axis gets opportunities to upsell/cross-sell to this base. We monitor the sustainability of the key parameters disclosed on the Citi portfolio and synergies thereof. Maintain BUY with unchanged TP of INR 1,120.
Ceat: Company Update BUY INR 1,800 - Ronak Mehta
We visited CEAT’s Halol plant, its largest PCR and TBR plant in India. Company’s focus on quality and efficiency improvement through automation, digitization and advanced analytic tools is impressive. This has helped the company reduce costs by over 15% and improve overall plant productivity. R&D investments over the last 3-4 years have started yielding results and the company has strong new product pipeline in PCR and TBR segments for both domestic and exports. CEAT is also leading in E2W tyres (50%+ SOB) and winning new EV business across segments. Medium-term focus is on growing OHT exports and entering new export markets (incl. US). Near-term demand support is expected from PCR and TBR segment as 2W tyre demand (both replacement & OE) remains sluggish. The company expects pricing discipline in the industry (despite softening RM prices) as the costs are still under-recovered by 5-6% (led by 2W segment). While we expect gradual recovery in EBITDA margin to double-digits in FY24, we remain watchful of any sustained price reversal in key RM costs. Capex for FY24 is expected to be lower than FY23 (INR 9bn). We maintain BUY with Mar’24 TP of INR 1,800 (14x FY25e EPS). Continued weakness in replacement/exports sales and reversal of RM price correction are key risks.
Adani-Hindenburg case: Supreme Court has directed market regulator SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, and whether there was any manipulation of stock prices. It has directed SEBI to conduct the investigation within 2 months and submit a status report, as per ANI.
Oil prices inched up on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world's top oil importer, though gains were capped by a rise in U.S. crude inventories and concerns over overall global demand.
Brent crude futures rose 12 cents, or 0.1%, to $84.43 a barrel at 0445 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1%, at $77.78.
Both contracts rose about 1% in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound in the world's second largest economy after the removal of strict COVID-19 curbs.
However, a tenth consecutive week of crude stock builds in the United States capped the market's gains.
U.S. crude inventories rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported. (Reuters)
In an effort to boost profits and reduce its headcounts, General Motors has joined the bandwagon of job cuts. The automaker is making some performance-related job cuts among its salaried employees and executives. The job cut is expected to affect a small faction of the company's workforce, stated GM.
Even though there has been no specific clarification about the number of laid off employees by the company, the job cut is expected to affect over 500 employees, reported CNBC. Currently, the Detroit automaker employs around 81,000 people across the world. The company has informed the employees on an internal memo, said Chief People Officer Arden Hoffman. He also informed that the impacted workers have also started leaving the company. (Read More)
The markets regulator, Sebi has barred Lashit Sanghvi and his wife Neha Sanghvi - cofounders of Alchemy Capital Management - for one year from the securities market for allegedly conducting insider trading of Aptech shares.
The tip for Aptech shares allegedly came from late Rakesh Jhunjhunwala. Lashit, Late Rakesh Jhunjhunwala and others co-founded Alchemy Capital Management, an investment management firm, and Jhunjhunwala was the chairman/ promoter of Aptech. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The major concern for global equity markets continues to be the rising bond yields in the US, which will act as a drag for FII inflows into emerging markets like India. Yesterday the US 10-year bond yield touched 4%. FIIs cannot be expected to turn buyers in this scenario. Investors should make a distinction between FII selling on rising interest rates in US and DII buying on improving prospects for the domestic economy. Domestic economy-facing stocks like banks, capital goods, cement, select autos and FMCG will continue to do well. Banking stocks are resilient and can be expected to remain strong even amidst FII selling.
The company has received the final approval from the Securities and Exchange Board of India (Sebi) to start its mutual fund operations as Bajaj Finserv Mutual Fund. In connection with the same, the company said it has formed two wholly owned subsidiaries -- Bajaj Finserv Mutual Fund Trustee Limited (BFMFTL) and Bajaj Finserv Asset Management Limited (BFAML). Further, Bajaj Finserv Asset Management Limited has also been accorded approval to act as an asset management company for Bajaj Finserv Mutual Fund, it said.
The initial public offering (IPO) of ResGen Limited opened for subscription on 28th February 2022 and bidding for the book build issue is going to end today. As per ResGen IPO subscription status after day 2 of bidding, the public issue has been subscribed 1.03 times whereas retail portion of the issue has been subscribed 1.44 times. Pyrolysis oil maker company has fixed ResGen IPO price band at ₹45 to ₹47 per equity share and it is proposed for listing on BSE SME exchange. Meanwhile after two days of subscription, grey market sentiment has gone further positive on the public issue. As per the market observers, shares of ResGen Limited is available at a premium of ₹3 in grey market today.
As mentioned above, ResGen IPO GMP (grey market premium) today is ₹3, which was ₹2.50 per equity share on Wednesday. (Read More)
Stoxbox Intraday Nifty Outlook: Nifty saw a cheerful opening. It saw over 60 points gap-up opening and the first positive close in the last 9 trading sessions. The broader markets outperformed while Nifty reclaimed its 200 DMA on relatively higher volume. The advance-decline ratio stood at 3.25 inclining towards advancers. It will be crucial that the index surpasses the zone of 17500-17600 immediately to attract further bullish momentum.
STOCK IN FOCUS
KEC International (CMP 463): Considering strong revenue visibility backed by healthy order book, earnings momentum with higher margin from 4QFY23 onwards and likely improvement in return ratios, we have our BUY rating on the stock, with a Target Price of Rs540.
Intraday Picks
INDUSINDBK (PREVIOUS CLOSE: RS1,100) BUY
For today’s trade, long position can be initiated in the range of Rs1,089-
1,081 for the target of Rs1,122 with a strict stop loss of Rs1,064.
PIIND (PREVIOUS CLOSE: RS3,136) BUY
For today’s trade, long position can be initiated in the range of Rs3,110-
3,090 for the target of Rs3,220 with a strict stop loss of Rs3035.
SRF (PREVIOUS CLOSE: RS2,235) BUY
For today’s trade, long position can be initiated in the range of Rs2,215-
2,200 for the target of Rs2,290 with a strict stop loss of Rs2,164.
India-UK free trade agreement can deliver practical, and real-world benefits for businesses in both countries which will give a strong message to the world about their partnerships, said UK Foreign Secretary James Cleverly while addressing the gathering at the Confederation of Indian Industry's Special Plenary Session of India Europe Business and Sustainability Conclave in New Delhi on Wednesday.
He asserted that UK and India, the 6th and 5th largest economies in the world respectively, must work closely together to contribute to the world's economic security and prosperity, according to the news agency ANI. (Read More)
Indian market halted its eighth consecutive day of selling on Wednesday but foreign institutional investors continued to be net sellers. FIIs offloaded equities for the sixth day in a row. (Read More)
The process to manufacture 200 semi-high-speed Vande Bharat trains have moved next step with Russia's CJSC Transmashholding and Rail Vikas Nigam Ltd (TMH-RVNL) consortium has emerged as the lowest bidder for a ₹58,000-crore contract to manufacture and maintain the trains according to officials.
After CJSC-RVNL consortium the second lowest bidder was the consortium of state-run Bharat Heavy Electricals Ltd (BHEL) and Titagarh Wagons, they said and added that it will be given a chance to match the lowest bid to bag a share of the tender. According to the tender document, the selected bidder will manufacture 200 train sets of sleeper version of 16 coaches each at the railway factory in Latur in Maharashtra and the ICF in Chennai.Under the bid conditions, manufacture, supply and maintenance of 120 trains would be awarded to the lowest bidder (L1). These would be manufactured at the Latur facility of the Indian Railways. (Read More)
After hearing a batch of four petitions that sought intervention of the court and an investigation on Adani-Hindenburg case, the apex court will deliver its decision on the formation of a panel on Thursday. The bench hearing the petition comprises CJI DY Chandrachud, justices PS Narasimha and JB Pardiwala.
The petitions were heard by the Supreme Court bench on February 17. However, the bench had reserved its order on the composition and remit of a committee. The committee will be responsible for looking into the Adani-Hindenburg matter that led to a massive slide in the conglomerate’s stock value post the release of the report. The report accused Adani group of stock manipulation and frauds, but Gautam Adani-led group denied all such claims. (Read More)
The rupee appreciated by 9 paise to close at 82.49 against the US dollar on Wednesday as a positive trend in domestic equities and easing crude oil prices supported investor sentiments.
Weakness in the US dollar in the global markets and gains in Asian currencies following positive Chinese macro data also bolstered the local unit.
At the interbank foreign exchange market, the local unit opened at 82.48 against the American currency and touched a high of 82.36 in the day trade.
It finally settled at 82.49 against the greenback, registering a gain of 9 paise over its previous close of 82.58.
The rupee traded strong as the dollar faced hurdles near 105 level. Moreover, weakness in crude oil prices also supported the local unit, with WTI taking resistance at USD 77 per barrel, said Jateen Trivedi, VP Research Analyst at LKP Securities.
"Major strength was seen from the positive trend in capital markets, which led to gains for the rupee. US PMI data later in the evening can give further cues to dollars and other currencies," Trivedi said. (PTI)
Mahindra & Mahindra (M&M) on Wednesday said its total sales increased by 8 per cent to 58,801 units in February.
The company's total dispatches to its dealers stood at 54,455 units in February 2022.
The Mumbai-based auto major's passenger vehicle sales in the domestic market rose by 10 per cent to 30,358 units last month against 27,663 in February last year, the auto major said in a statement.
Commercial vehicle sales increased to 26,193 units last month compared to 23,978 units in the year-ago period.
The company said its exports last month declined 20 per cent to 2,250 units as compared with 2,814 units in the year-ago period.
M&M Automotive Division President Veejay Nakra said the company continues to sell more than 30,000 SUVs per month. (PTI)
Billionaire Mukesh Ambani’s group is getting into genetic mapping, looking to make a healthcare trend led by disruptive US startups like 23andMe more affordable and widespread in India’s growing consumer market.
The energy-to-ecommerce conglomerate will roll out within weeks a comprehensive 12,000-rupee ($145) genome sequencing test, according to Ramesh Hariharan, chief executive officer of Strand Life Sciences Pvt., which has developed the product. Reliance Industries Ltd., led by Asia’s richest person, acquired the Bengaluru-based firm in 2021 and now owns about 80% of it. (Read More)
Global market update: US stocks declined lower on Wednesday, witnessing some selling pressure and dropped for a second straight session after economic data highlighted persistent inflationary pressures and US Federal Reserve officials continued to sound hawkish. However, US dollar continued to remain 'buy on dip' asset for investors as Dollar Index added 0.12 per cent in early morning deals on Thursday. Crude oil prices tumbled 0.12 per cent to $77.60 per barrel levels in Thursday morning deals.
Here we list out key triggers from the global market news, which may dictate Indian stock market today: (Read More)
Japanese conglomerate Softbank on Wednesday divested 3.8% of its stake in supply chain company Delhivery for ₹954 crore through open market transactions. The shares were sold at an average price of ₹340.8 each share, taking the aggregate value to ₹954.24 crore.
According to the block deal data available with the BSE, SVF Doorbell (Cayman) offloaded 2.80 crore shares in eight transactions, amounting to 3.8 per cent stake in the firm. (Read More)
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares:
1] Maruti Suzuki: Buy at ₹8764, target ₹8960, stop loss ₹8640;
2] HAL: Buy at ₹2684, target ₹2780, stop loss ₹2630; and
3] RCF: Buy at ₹100, target ₹106, stop loss ₹98. (Read More)
Moody’s Investors Service revised upwards India’s GDP growth projections to 5.5% in 2023 from its earlier projection of 5%, owing primarily to the sharp increase in capital expenditure budget allocation for FY24 and ongoing economic resilience.
“In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure budget allocation to ₹10 trillion (3.3% of GDP) for fiscal year 2023-24, up from ₹7.5 trillion for the fiscal year ending in March 2023," the agency said in a note Wednesday. (Read More)
Clarifying on the Reuters report of securing $3 billion from sovereign wealth fund, Adani group clarifies that it's false. According to a Reuters report, India's Adani Group informed creditors on Wednesday that it had secured a $3 billion loan from a sovereign wealth fund.
A day after company management informed bondholders that it anticipated prepaying or repaying share-backed loans of $690 million to $790 million by the end of March, news of Adani securing new credit circulated. The credit line from the sovereign wealth fund could be increased to $5 billion, according to a Reuters report.
Post the announcement, NSE and BSE sought clarification from Adani Enterprises on Wednesday with reference to news appeared dated 1st March 2023 quoting ‘Adani says has secured $3 billion from sovereign wealth fund, however the reply is awaited from the exchanges. (Read More)
Two of three major Wall Street stock indexes declined on Wednesday, while Treasury yields marched higher, as new inflation indicators from China, Germany and the U.S. hardened expectations that high interest rates would be in force longer than expected.
China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month, marking the fastest growth in more than a decade, from 50.1 in January.
In the U.S., prices for raw materials increased last month, suggesting inflation could remain elevated after monthly consumer and producer prices surged in January.
And inflation data from Germany bolstered expectations that the European Central Bank will push interest rates higher than previously thought, a day after February numbers showed price pressures surged more than expected across France and Spain.
"Global PMI continues to point to a firmer global growth outlook - creating some upside risk to domestic activity and inflation," Citi U.S. economic strategists said in a note on Wednesday.
The Dow Jones Industrial Average was virtually flat, closing up just 0.02%, while the S&P 500 lost 0.47% and the Nasdaq Composite dropped 0.66%. (Reuters)
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