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PremiumIndian investors waited on the sidelines as they await factory output and inflation data along with major Q4 earnings of IT companies alongside other global trends. TCS, Infosys and HDFC will be among the heavyweights that will be declaring their Q4 results this week.
Equity benchmark indices started on a strong note on Monday but turned volatile and ended flat. Investors remained cautious ahead of the start of the earnings season this week when some heavyweights will be declaring their quarterly figures.
Sensex crossed the 60,000 mark intraday but closed at 59,846, a modest gain of 14 points. Meanwhile, Nifty gained 24 points to close at 17,624.
Tata Motors jumped over 5.5%. ONGC, Grasim and Adani Enterprises also made decent gains. Bajaj Finance, Hindustan Lever, Asian Paints, Tata Consumers and IndusInd Bank were among the laggards and shed more than a per cent each.
Among sectoral indices, Realty jumped 4% as many firms reported impressive sales figures for the quarter. Auto, Metal and Energy were other major gainers. FMCG and Bank indices dragged in today's session.
Shares were mostly higher in Asia on Monday after a report Friday showed resilience in the U.S. jobs market.
Japanese stocks closed higher with the yen a touch weaker, on hopes the global economy could hold up in the face of high inflation and interest rates, but moves were modest ahead of Bank of Japan Governor Kazuo Ueda's first news conference. The Nikkei share average rose 0.42% and the broader Topix gained 0.56%.
China stocks fell on Monday amid heightened geopolitical tensions around the Taiwan Strait, and a slump in Chatbot-related shares damped sentiment. The Hong Kong market is closed for the Easter holiday. The blue-chip CSI300 Index fell 0.5%, while the Shanghai Composite Index dipped 0.4%.
Risk appetite was curbed by a flare-up in geopolitical tensions, after China's military simulated precision strikes against Taiwan in a second day of drills around the island on Sunday. Chinese shares related to artificial intelligence plunged after a state media outlet urged authorities to step up supervision of potential speculation.
European markets were closed for the Easter holidays. US futures were mixed and oil prices climbed.
The highly anticipated report on U.S. employment showed hiring slowed more than expected but remained steady last month.
India's overnight indexed swap (OIS) rates are pricing in interest rate cuts by the Reserve Bank of India (RBI) with a clear timeline after the central bank kept rates unchanged last week, analysts said.
OIS rates, often seen as the clearest indication of future policy rate actions, are interest rate derivative products that move as per the expectations of rate trajectory.
"Swap markets are more aggressive in terms of rate cut expectations, as they are pricing in the same from October," said Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership.
Analysts add that swaps are now pricing in rate cuts before the end of 2023.
Swap rates plummeted after the Reserve Bank of India (RBI) on Thursday surprised market participants by keeping the repo rate unchanged at 6.50%. Before that, the RBI had delivered six consecutive hikes of an aggregate of 250 bps in fiscal 2023. (Reuters)
Apple recently revealed the first picture of its upcoming retail store in India. Called Apple BKC, it will be the company’s first-ever store in the country. The store will be located in the Mukesh Ambani-owned Jio World Drive Mall, in Bandra Kurla Complex, Mumbai.
More details about the store have appeared online. As per a report by The Economic Times, 22 "competing brands" cannot own space or have advertisements near Apple's first store in the country. The report quotes an exclusive lease agreement that was obtained by information analytics company CRE Matrix.
Now, coming to the list of stores that can not open stores near Apple BKC. There will be 22 rival brands, however, the list names only 21 that includes – Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic and Toshiba. Name of the 22nd competing brand could be Samsung. (Read More)
The Indian rupee weakened marginally on Monday as Asian currencies were tepid after U.S. payrolls data bolstered the case for further rate hikes by the Federal Reserve.
The rupee was trading at 81.93 per dollar by 10:55 a.m. IST, compared with its previous close of 81.8850.
Traders cited likely corporate inflows that took the currency to 81.78 in early morning trade with possible dollar bids from oil importers weakening it later to keep the rupee range-bound.
"USD/INR is expected to trade towards the level of 82.20 as long as it sustains above the key support level of 81.90," ICICI Securities analysts wrote in a note.
In broader markets, the Chinese yuan and the South Korean won fell as the dollar index extended gains following robust labour data that pushed up bets of a Fed rate increase next month. (Reuters)
Kumar Rakesh, Analyst - IT & Auto has shared his views in detail:
Enjoying demand, weak-base tailwinds
· Robust y-y demand growth trends seen in February in the domestic auto market continued in March, although exports were weaker
· Tractors, 3W and MHCV continue to post sharp sales volume growth, while PV growth slowed as ramp-up remains slow. 2W y-y growth was strong, helped by a weak base. LCV remained weak y-y, but improved m-m.
· MSIL (BUY) – Strong SUV ramp-up continues
· MM (BUY) – Tractor, UV ramp-up strong
· TTMT (BUY) – EV sales jump as expected; LCV offset strong MHCV
· AL (BUY) – Strong MHCV; solid outperformance in LCV
· HMCL (REDUCE) – Sales volume recovers, helped by a weak base
· EIM (BUY) – RE volumes stable, VECV growth strong
· TVSL (HOLD) – Strong domestic sales offset weak exports
Avalon Technologies IPO: After the closure of bidding for the initial public offering (IPO) of Avalon Technologies Ltd, bidders and market observers are eagerly waiting for Avalon Technologies IPO allotment date, which is most likely on 12th April 2023. However, grey market sentiments have gone down further despite positive secondary market trends. According to market observers, shares of Avalon Technologies Ltd are available at a premium of ₹10 per share, which is ₹15 lower than its weekend grey market premium (GMP).
As per the market observers, Avalon Technologies IPO GMP today is ₹10, which is ₹15 lower than its weekend GMP of ₹25. They said that positive sentiments on Dalal Street failed to boost grey market sentiments in regard to Avalon Technologies IPO because of the dull response by other than QIB investors. They said that QIB investors subscribed to the public offer 3.77 times while in other categories, the issue remained undersubscribed. (Read More)
Tech giant, Tata Consultancy Services (TCS) is also set to kick start the fourth quarterly earnings season for FY23 on April 12. Among the positives, TCS is likely to lead growth in Tier-1 and maintain its strong deal wins. However, Q4 is expected to be seasonally weak with broadly muted growth sequentially due to fewer working days and some furlough impact in the quarter. Experts believe TCS may miss the EBIT margin target. Also, TCS' BFSI exposure in the banks' turmoil will be keenly watched.
During December 2022 quarter, TCS garnered a net profit of ₹10,846 crore attributable to shareholders on a consolidated basis up by 11.02% YoY and 3.98% QoQ. The net margin stood at 18.6% for the quarter, whereas the operating margin stood at 24.5% contracting by 0.5% YoY. (Read More)
The Indian government has strongly refuted recent British media reports claiming that trade talks between India and the UK have been stopped due to the Indian government's concerns over Sikh extremists, ANI reported citing government sources.
The reports were described as "baseless" and "denied" by the government.
Earlier, according to The Times, India has reportedly withdrawn from ongoing trade discussions with the UK, accusing the latter of failing to condemn the Sikh extremist group responsible for the recent attack on the Indian High Commission in London. (Read More)
JioCinema, owned by Viacom18 and the digital media rights holder of the Tata IPL 2023, has claimed that 23 advertisers used the platform in the first week of the tournament. These included, co-presenting sponsor Dream11; Reliance Industries-owned JioMart and Ajio; PhonePe, Tiago EV, Appy Fizz, ET Money, Castrol, TVS, Oreo, Bingo chips, Sting, Haier, RuPay, Louis Philippe Jeans, Amazon, Rapido, among others.
JioCinema also said that the average time spent per viewer per match touched 57 minutes during the weekend, up about 60% compared to last season’s first weekend and that this was sustained in the first week. (Read More)
Adani group shares continue to attract the attention of stock market bulls during Monday deals as all 10 Adani shares are trading above their Thursday close and three out of 10 Adani group stocks have locked in 5 per cent upper circuit. Three Adani shares that hit the upper circuit today are Adani Green Energy, Adani Total Gas and Adani Transmission. These three Adani group shares hit the upper circuit on both NSE and BSE. Out of the rest seven Adani shares, Adani Enterprises share price is up over 2.50 per cent while shares of Adani Ports and Adani Power are up by around 1.50 per cent and one per cent respectively. (Read More)
China stocks fell on Monday amid heightened geopolitical tensions around the Taiwan Strait, and a slump in ChatGPT-related shares damped sentiment.
** But the first batch of blue-chips to float under a U.S-style listing system surged on their debut.
** The Hong Kong market is closed for the Easter holiday.
** The blue-chip CSI300 Index fell 0.5%, while the Shanghai Composite Index dipped 0.4%.
** Risk appetite was curbed by a flare-up in geopolitical tensions, after China's military simulated precision strikes against Taiwan in a second day of drills around the island on Sunday.
** China began three days of military exercises after Taiwan President Tsai Ing-wen returned from a brief visit to the United States.
** Market was not helped by a tumble in tech stocks as the ChatGPT mania cooled. (Reuters)
In a move to strengthen its position as a leading player in the Asian food space, Speciality Restaurants Ltd is looking to clock a revenue of ₹1,000 crore with technology intervention and brand refresh, a company official said on Monday.
The multi-brand restaurant chain's standalone net profit in the first half of (April-September) FY'23 stood at ₹27.67 crore from a turnover of ₹195 crore, recovering from Covid pandemic headwinds.
"We aim at reaching ₹1,000 crore revenue in the next five years. Our stated goal is to double our current revenue in four years and triple it in six years, starting from the current level of ₹400 crore," Speciality Restaurants CMD Anjan Chatterjee told PTI.
The Kolkata-headquartered company's key focus will be on "leveraging its key brands and upgrading technology, including the use of AI, to enhance customer experience and drive revenue growth by maintaining EBIDTA of over 25 per cent", he said.
Explaining the strategy, Chatterjee said the company's first step towards this goal is to refresh its flagship brand Mainland China, which will include a new look and menu offering. (PTI)
National Asset Reconstruction Co Ltd (NARCL), which is supported by the government, is expected to accelerate the acquisition of distressed assets in the current fiscal year, despite failing to meet its goal of acquiring loans worth ₹50,000 crore in the previous fiscal year, reported Economic Times citing sources.
Last fiscal year, NARCL, which is backed by state-owned banks, acquired outstanding loans worth ₹10,378 crores from Jaypee Infratech, SSA International, and Helios Photo Voltaic Ltd. This figure amounted to only one-fifth of the target set by the company. Notably, all three loans were acquired for a total consideration of ₹3,636 crore. (Read More)
Debt-ridden Future Retail Ltd has released a provisional list of eligible prospective resolution applicants, which have submitted their expression of interest to submit a resolution plan.
Reliance Retail, WHSmith Travel Limited, Jindal Power Limited, JC Flowers Asset Reconstruction Private Limited, Gordon Brothers-led consortium, Sahara Enterprises are among 49 companies that have submitted their EoIs for Future Retail.
“The following entities, which have submitted their expression of interest to submit a resolution plan as prospective resolution applicants for Future Retail Limited ('Corporate Debtor') pursuant to the Form G and ‘Invitation to submit Expressions of Interest’ (’IEOI'), each dated 23rd March 2023 published by the Resolution Professional, are included in the provisional list of eligible prospective resolution applicants in terms of Regulation 36A(10) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations')," the company said in a filing. (Read More)
Taiwan Semiconductor Manufacturing Co. missed sales estimates for the second consecutive quarter in a sign of continued weakness in global electronics demand.
First-quarter revenue at the world’s biggest contract manufacturer of chips was NT$508.6 billion ($16.7 billion), according to Bloomberg calculations, falling shy of average analyst forecasts of NT$525.5 billion. A sharp slowdown in March contributed to that miss: sales were down 15% last month relative to the prior year, at NT$145.4 billion, TSMC said.
The shortfall suggests that the slump in the chip industry has yet to bottom out, as rising interest rates, surging inflation and the ongoing banking crisis continue to dent consumer sentiment. Global PC shipments crashed by 29% in the first quarter, led by Apple Inc.’s Mac lineup, according to the latest IDC figures. TSMC relies on Apple, other PC makers and consumer electronics brands like Nintendo Co. to keep its sales churning.
TSMC has slashed its capital spending plans for this year to a range of $32 billion to $36 billion, down from $36.3 billion last year. Executives said in January that they expect the company’s sales in the first half to decline by a mid-to-high single-digit percentage in US dollar terms, but that business would pick up in the second half. (Bloomberg)
India is likely to get "below normal" monsoon rains in 2023, private weather forecasting agency Skymet said on Monday. It added that besides El Nino, there are other factors too influencing monsoon.
“Punjab, Haryana, Rajasthan and Uttar Pradesh , the agri bowl of North India, are likely to observe less than normal rains during the 2nd half of the season," Skymet tweeted. (Read More)
Tata Power Delhi Distribution Limited (TPDDL), the distribution arm of The Tata Power Company Limited (Tata Power), has entered into an agreement with the Asian Development Bank (ADB) to boost Delhi's power distribution.
The announcement was made through an exchange filing. As part of the agreement, ADB will subscribe to non-convertible debentures worth ₹1.5 billion, which is equivalent to $18.2 million. The funds will be utilized for grid enhancements. (Read More)
Ajmera Realty & Infra India Limited (ARIIL) recorded a sales value of INR 140 crores in Q4 FY23, the quarter registered an increase of 10% as compared to the Rs. 128 crores in Q3 FY23. The carpet area sold by ARIIL was 69,209 Sq.ft. in Q4 FY23 which was an incremental growth of 9% from the 63,595 Sq. ft in Q3 FY23. Robust sales and a good construction pace have resulted in firm growth of 35% YoY in collections for FY23. The Company firmly believes that its strong cash generation will pave the way for business development prospects and debt deleveraging, thereby enhancing growth visibility
The noise around ‘one or two’ edtech firms could pose significant issues for the entire sector, and unless inflated valuations correct, sanity will not prevail in the industry, warned Ronnie Screwvala, co-founder of the learning platform UpGrad and a serial entrepreneur.
“One or two players have given the entire sector such a bad name," Screwvala said in an interview while drawing a distinction between K-12 education and UpGrad’s focus on upskilling and professional development courses.
Education startups broadly focus on the K-12 (kindergarten to Class 12) segment, test preparation (coaching for engineering, medical and other competitive exams), and higher learning. (Read More)
Singapore-based investment firm Temasek will acquire an additional 41 per cent stake in Manipal Health Enterprises, to take majority control of the Bengaluru-based firm, as per a joint statement issued by the entities on Monday.
The companies did not share financial details of the deal.
Sources, however, said Temasek stake buyout would be for over ₹16,300 crore valuing Manipal Health Enterprises (MHE) at around ₹40,000 crore, making it the largest deal in the Indian healthcare sector.
Following the closing of the transaction, Manipal Group will hold about 30 per cent in Manipal Health Enterprises.
Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18 per cent stake, it said.
Besides, global alternative asset management firm TPG, which first invested in MHE through TPG Asia VI in 2015, will fully exit. (PTI)
Auto major Tata Motors was the top gainer on the Nifty 50 index, surging nearly 8 per cent in Monday's trade. At 9.59 am today, the shares of the Tata group stock were trading with gains of 7.62 per cent at ₹471 apiece on the National Stock Exchange.
This comes after an 8 per cent jump in the group's global wholesales that includes Jaguar Land Rover.
“Tata Motors is coming out of an 18-month consolidation phase with a breakout of the classical symmetrical triangle format that may lead to a fresh expansion phase. The pattern target is around 620, which is still 30% higher than the current level; therefore, investors should look for a buying opportunity at this counter. On the downside, 440-425 will act as a strong demand zone at any pullback," said Santosh Meena, Head of Research, Swastika Investmart Ltd. (Read More)
Apple Inc.’s personal computer shipments declined by 40.5% in the first quarter, marking a tough start to the year for PC makers still grappling with a glut of unsold inventory.
Shipments by all PC makers combined slumped 29% to 56.9 million units — and fell below the levels of early 2019 — as the demand surge driven by pandemic-era remote work evaporated, according to IDC’s latest report. Among the market leaders, Lenovo Group Ltd. and Dell Technologies Inc. registered drops of more than 30%, while HP Inc. was down 24.2%. No major brand was spared from the slowdown, with Asustek Computer Inc. rounding out the top 5 with a 30.3% fall.
The slowdown in consumer spending over the past year has led to double-digit declines in smartphone shipments and an accumulating glut among the world’s foremost memory chip suppliers. Samsung Electronics Co., which provides memory for portable devices as well as desktop and laptop PCs, last week said it’s cutting memory production after reporting its slimmest profit since the 2009 financial crisis. (Bloomberg)
India has reportedly halted trade talks with the United Kingdom over attacks at the Indian embassy. According to a report by The Times, India will not continue the trade talks until the UK government condemns Khalistani group--a Sikh extremist group that attacked the Indian embassy in March in London.
The Times report added that to restart the negotiation, the UK home office is planning to crack down on the Sikh extremists and supporters of Khalistani movement. (Read More)
Yes Securities Q4’23 Preview for Paytm: The securitiehas upgraded the target price to Rs. 700 (previously Rs. 600) and maintained its neutral rating for Paytm. The key highlights of the report is as follows:
> Q4’23 Revenue from operations projected to be Rs. 2,430 Cr. which is a Q/Q growth of 17.8%. This is a 12.2% upward revision from the previously published estimates on 6 Feb which implied Q4’23 revenue to be Rs. 2,166 Cr.
> EBITDA after ESOP (before other income is projected to be Rs. (248 Cr) this is an upward revision from previous estimate of Rs. (528 Cr)
> PAT is estimated at Rs. (307 Cr) an upward revision from Rs. (508 Cr)
Godrej Properties, a real estate developer, has reported a 19% increase in sales volumes for the fourth quarter, with a surge of 40% for the full financial year.
The jump was from 4.42 million sq ft to 5.25 million sq ft in Q4, and from 10.84 million sq ft to 15.21 million sq ft for the full financial year. The collections for Q4 FY23 stood at ₹3,822 crore, with a sequential growth of 127% and an annual growth of 52%. (Read More)
Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May.
Spot gold was down 0.9% at $1,990.69 per ounce, as of 0402 GMT. U.S. gold futures slipped 1% to $2,006.30.
Gold slid due to "profit-booking on expectations of Fed rate hikes followed by Friday's strong U.S. job growth report and a steady dollar," Hareesh V, head of commodity research at Geojit Financial Services, said while noting a technical correction in prices.
The dollar index was 0.1% higher, making bullion expensive for overseas buyers. [USD/]
Friday's data from the U.S. Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month. (Reuters)
India has been witnessing a spike in daily Covid-19 cases as the country reported 5,880 new infections in the last 24 hours, according to the Union Health Ministry data updated on Monday.
With this, the country's active caseload has gone up to 35,199.
So far, a total of 5,30,979 people have succumbed to the coronavirus infection in India, while 4,41,96,318 persons have been discharged since the pandemic began in 2020. (Read More)
More than 225-year-old company is going to second interim dividend for the financial year 2022-23. The Murugappa group company has informed Indian bourses that the board of directors of the company would consider and approve a second interim dividend in its board meeting scheduled on 10th April 2023 i.e. today. The company we are talking about is EID Parry.
Informing Indian bourses about the interim dividend, EID Parry said, "Pursuant to Regulation 29 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company (the "Board") will be held on Monday, April 10, 2023, to consider and approve Second Interim Dividend on equity shares, if any, for the Financial Year 2022-23." (Read More)
Edvenswa Enterprises Limited announced that its wholly owned subsidiary Edvenswa Tech Inc. in the United States has been awarded a new project in the strategic Robotic Process Automation (RPA) domain with a Big Four Consulting Firm. Edvenswa Enterprises Limited (EEL) has launched a targeted initiative to capitalise on the growing demand in global businesses to transform how workforce productivity is enhanced by enhancing it with digital workforce (Robotic Process Agents) reinforced with AI and also physical Robots to boost on-ground productivity.
Software technology termed robotic process automation (RPA) makes it simple to create, use, and manage software robots that mimic how people interact with computers and software. Software robots are capable of performing a broad range of user-defined tasks, including understanding what is on a screen, making the appropriate keystrokes, navigating systems, and identifying and extracting data. Software robots can reliably do the majority of boring and repetitive jobs without the need for interruptions. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The hawkish pause delivered by the MPC against the market expectation of a dovish hike indicates that the central bank is prioritising growth now. If the economy achieves GDP growth of 6.5% and CPI inflation of 5.2% in FY 24 in tune with the MPC’s expectations, that would be a huge positive from the market perspective. We will have to wait for the eventual outcome, given the uncertainty in the global economic environment.
It appears that the market is bracing for a rally. The major positive is that FIIs have turned buyers having bought equity for ₹4740 crores during the last 6 trading sessions. Nifty has rallied 650 points from the March lows and with Bank Nifty batting for the bulls, the rally can sustain, particularly since the Q4 results starting April 12 are expected to deliver good numbers for the leading banks.
IT companies are expected to deliver soft Q4 numbers. So the guidance by the leading players will be keenly watched by the market.
Overall Indian valuations have turned reasonable now. The market construct favours systematic calibrated buying.
The banking sector is likely to post good numbers in the fourth quarter ended March 2023, and the total profit of public sector banks (PSBs) is expected to touch a record high of ₹1 lakh crore in FY23, aided by the decline in bad loans and healthy loan growth.
According to a senior bank official, the country's biggest lender State Bank of India (SBI) expected to earn a profit above ₹40,000 crore in the financial year ended March 2023. In the first nine months of the previous financial year, the bank's bottomline stood at ₹33,538 crore, higher than ₹31,675.98 crore recorded in FY22.
Similarly, other public sector lenders are also likely to report encouraging numbers, helped by a decline in non-performing assets (NPAs), moderation in slippages, double-digit credit growth and rising interest rate.
For the first nine months of 2022-23, all 12 PSBs have earned a cumulative profit of ₹70,166 crore compared to ₹48,983 crore in the year-ago period, an increase of 43 per cent.
"The trend would continue in the fourth quarter. It is fairly possible that PSBs would be earning around ₹30,000 crore in the fourth quarter and thus close the financial year 2022-23 with a profit of ₹1 lakh crore," Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. (PTI)
The BSE Sensex closed 143 points higher at 59,832, while the Nifty closed 42 points higher at 17,599. On Thursday, after the gap-down opening, Nifty traded above 17,600 after making a day low of 17,502.85.
The market remained up throughout the day. Nifty closed with a higher high candle on the weekly chart. Intraday traders can look for long opportunities only above the resistance level of 17,660 if the closing comes above 17,660 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 17,450 level & remains below for 15 min to ensure short.
GCMMF, which sells dairy products under the Amul brand, is expecting 20 per cent growth in its revenue this fiscal to around ₹66,000 crore on rising demand, its MD Jayen Mehta said.
Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) registered a turnover of ₹55,055 crore in 2022-23, up 18.5 per cent from the previous year.
In an interview with PTI, the GCMMF MD (in charge) said it had clocked a strong growth in revenue last fiscal, as demand for branded dairy products rose significantly post-COVID.
"We expect the sales momentum to continue across our product portfolio. Demand is shifting from unorganised to organised players," he said.
Mehta said the federation is also focusing on growing organic food and edible oil businesses, which are currently very small.
Asked about milk prices, Mehta said, "We have no plans to increase rates as of now".
He pointed out that input cost has risen by 15 per cent in the last one year, forcing the cooperative to hike retail prices to some extent last year. (PTI)
Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in May, several sources with knowledge of the matter said on Monday, despite the extra output cut announced by the oil majors earlier this month.
Saudi Arabia, the world's top oil exporter, raised prices for the flagship Arab light crude it sells to Asia for a third month in May after the OPEC group planned to further reduce their production by 1.16 million barrels per day from May to the rest of the year. (Read More)
India's factory output, inflation data along with major Q4 earnings of IT companies alongside global trends will dictate the market this week. Additionally, foreign funds flow, movement of the rupee, and crude oil prices performance will also have their share of setting the tone. (Read More)
On account of relief rally in US Dollar Index, US stock market finished higher on the weekend session as all three key benchmark indices ended in green territory. In early morning deals on Monday, US dollar rate continue to climb as Dollar Index came close to 102 levels. SGX nifty today opened higher but soon witnessed profit booking. Australia, Hong Kong, New Zealand and the Philippines will observe stock market holiday today for public holidays.
Here we list out key triggers that may dictate Indian stock market today: (Read More)
STOCK IN FOCUS
Supreme Industries (CMP 2,614) - In view of higher realization supported by rise in PVC prices, healthy demand and government’s thrust on agriculture, we have our BUY rating on the stock with a Target Price of Rs2,900.
Intraday Picks
M&M (PREVIOUS CLOSE: RS1171) BUY
For today’s trade, long position can be initiated in the range of Rs1155-1165 for the target of Rs1190 with a strict stop loss of Rs1148.
TATASTEEL (PREVIOUS CLOSE: RS104) BUY
For today’s trade, long position can be initiated in the range of R103-104 for the target of Rs107 with a strict stop loss of Rs102.
HINDUNILVR (PREVIOUS CLOSE: RS2565) SELL
For today’s trade, short position can be initiated in the range of Rs2580-2590 for the target of Rs2538 with a strict stop loss of Rs2605.
Union minister Jitendra Singh, who holds Atomic Energy and Space portfolio among others, on Sunday said that nearly one-tenth (9 per cent) share of electricity is likely to be from nuclear sources by the year 2047 -- when India celebrates 100 years of its Independence.
This, he said, would help in getting closer to the commitment of achieving the net zero target by 2070.
Minister Singh made these remarks after holding a review meeting with a group of senior scientists from the Bhabha Atomic Research Centre (BARC), Department of Atomic Energy, in Mumbai.
At the COP26 summit in Glasgow in late 2021, Prime Minister Narendra Modi committed to an ambitious five-part "Panchamrit" pledge, including India's commitment to net-zero emissions by 2070.
India also committed to reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tons by 2030. (ANI)
Adani Power on Sunday said that it has begun supplying electricity from its plant in Godda in Jharkhand to Bangladesh.
Adani Power Ltd (APL), a part of the diversified Adani Group, has commissioned the first 800 MW ultra-super-critical thermal power generation unit at Godda in Jharkhand. The plant has started with supplying 748 MW of power to Bangladesh, a company statement said.
The electricity supplied from Godda will significantly improve the situation in the neighbouring country as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased, it stated.
“The Godda Power Plant is a strategic asset in the India-Bangladesh’s long-standing relationship," said S B Khyalia, CEO of Adani Power, in the statement.
It is the first power plant in the country, which has started its operations from Day One with 100 per cent Flue Gas Desulphurization (FGD), SCR and Zero Water Discharge, it stated. (PTI)
Larsen and Toubro Ltd, Afcons Infrastructure Ltd and JSW Infrastructure Ltd are among companies competing to build the ₹42,000 crore-International Container Transshipment Terminal in Great Nicobar, two people aware of the development said, even as the project faces environmental hurdles.
On Saturday, the National Green Tribunal stayed the ₹72,000 crore Great Nicobar Development Plan, which includes the transhipment hub. The project has faced opposition from environmentalists over potential damage to flora and fauna in the ecologically sensitive region. However, the government is keen to develop the mega terminal in a public-private partnership (PPP). (Read More)
