Defying predictions, RBI hits the pause button on rate hikes and sticks to the repo rate of 6.5%. Governor Das said that the GDP grew 7% in 2022-23 and added that the growth indicates the economic conditions are resilient. He added that the global economy is facing a renewed phase of turbulence
Reliance Research Stock in Focus for Today: JK Tyres
STOCK IN FOCUS
JK Tyres (CMP 163): In view of the strong products basket, regular price hikes, likely revival in replacement demand, healthy export potential and margin expansion in India as well as Mexico operations, we reiterate BUY rating on JKT with a 1-Year Target Price of Rs190, valuing the stock at 8.5x FY25E EPS.
TATAMOTORS (PREVIOUS CLOSE: RS427) BUY
For today’s trade, long position can be initiated in the range of Rs422-426 for the target of Rs440 with a strict stop loss of Rs419.
UPL (PREVIOUS CLOSE: RS732) BUY
For today’s trade, long position can be initiated in the range of Rs725-730 for the target of Rs748 with a strict stop loss of Rs718.
ONGC (PREVIOUS CLOSE: RS153) SELL
For today’s trade, short position can be initiated in the range of Rs155-157 for the target of Rs150 with a strict stop loss of Rs159.
Paytm's payment volumes surge by 40%, monthly users up 27% in March quarter
Paytm recorded a 40% YoY growth in its Merchant Payment Volumes (GMV) which amounted to ₹3.62 lakh crore ($44 billion) from ₹2.59 lakh crore in Q4FY22, the company said in a filing with the stock exchanges on Wednesday.
As a result of the reported growth in Paytm's March quarter results, the company's stock rose 1.31% to reach a high of ₹647.35 on BSE.
The digital payments company further informed that it disbursed loans amounting to ₹12,554 crore in the quarter ending March, registering a growth of 253 per cent year-on-year (YoY). Paytm disbursed loans worth ₹3,553 crore in the last quarter of the financial year 2021-2022. (Read More)
Nykaa expects over 30 pc growth in FY23 revenue
Beauty and fashion firm FSN E-Commerce Ventures, which operates under the Nykaa brand, is expecting over 30 per cent growth in revenue in the just-ended fiscal 2023, the company said on Wednesday.
However, it has estimated subdued growth in the fashion business, due to consumers tightening their wallets on discretionary spending.
"The Operating parameters for the BPC business viz. average order values and conversion rates have been robust, which has aided growth in revenue. For FY23, we expect our percentage revenue growth rates to be in line with the ones seen in 9M (nine months) FY23, early-thirties," Nykaa said in its revenue update for the fourth quarter of the last fiscal.
The company had registered 37 per cent growth in the consolidated revenue of nine months ended December 31, 2022.
"Consumer pullback in discretionary spending has had some impact on our fashion business, leading to subdued growth in NSV this quarter. For Q4 FY23, we expect our percentage revenue growth rates in the Fashion business to come through in the late teens," the filing said. (PTI)
Hero MotoCorp announces voluntary retirement scheme for staff
Two-wheeler maker Hero MotoCorp Ltd on Wednesday announced a voluntary retirement scheme for its staff with an aim to improve efficiency and become a lean and more productive organisation.
The scheme has been designed in line with the vision to make the organisation agile and 'future-ready', consolidating roles and reducing layers to increase empowerment and agility, Hero MotoCorp said in a statement.
"We expect this to improve efficiency within the company through a lean and more productive organisation," it added.
The company said the Voluntary Retirement Scheme (VRS) is applicable to all staff members and it "offers a generous package that includes - among other benefits - a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance and career support", among others. (PTI)
Adani group aims to boost group-level operating earnings by nearly 50% to around ₹91,000 crore over the next two fiscal years
The Adani group aims to boost group-level operating earnings by nearly 50% to around ₹91,000 crore over the next two fiscal years, helping lower its leverage ratios and assuaging the concerns of investors and creditors to whom it owes around $23 billion.
In recent meetings with creditors, Adani officials outlined plans to lower the group’s leverage ratio from 4.2 times now to 3.1 by the end of FY24, chiefly by increasing earnings rather than reducing debt, two people with direct knowledge of Adani’s strategy said on the condition of anonymity.
Adani’s new strategy is noteworthy, coming on the heels of short-seller Hindenburg Research terming the group as over-leveraged and raising allegations about corporate governance in a scathing report on 24 January that set off a steep decline in the share prices of group companies. (Read More)
Four companies get Sebi approval for public listings
Healthvista India, which runs home healthcare business Portea Medical, and Cyient DLM, a unit of IT services firm Cyient, are among the four companies that have received approval from the Securities and Exchange Board of India (Sebi) to raise funds through initial public offerings (IPOs).
Rashi Peripherals and fintech firm Zaggle Prepaid Ocean Services are the other two companies, according to a Sebi update on Wednesday. The companies filed their draft papers with the regulator between July 2022 and January 2023 and received approval during 29-31 March.
Since January, 44 Indian companies have launched IPOs worth ₹22,245.3 crore. (Read More)
Wall Street ends lower on Wednesday, Treasury yields slide as data fuels recession jitters
U.S. stocks lost ground on Wednesday and Treasury yields extended their decline as a batch of data fueled worries that restrictive central bank policies could push the global economy into recession.
The S&P 500 closed in negative territory, and megacap momentum stocks dragged the tech-heavy Nasdaq down more than 1%, while defensive stocks helped keep the Dow modestly green.
The 10-year Treasury yield slid further to a near seven-month low.
A spate of economic indicators on Wednesday suggested economic cracks are beginning to show. Private sector job adds fell well short of expectations, demand for home loans is softening despite falling mortgage rates, and the services sector is losing momentum.
Together, the data appears to suggest the Federal Reserve's monetary tightening - designed to rein in inflation by tossing cold water on the U.S. economy - is having its intended effect.
"The Fed did what it wanted. The economy is slowing down. It's working," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "There's a lot of thought out there that they might have overdone it." (Reuters)
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