Sensex ends 235 pts higher, Nifty adds 90 pts; Divi's Lab jumps 10%

Indian stock indices closed higher for the 8th session in a row on Wednesday as investors await retail inflation data for March (both for India and the US) later in the day and the official kickoff of the earnings calendar with TCS declaring its quarterly results today.

Sensex jumped 235 points to close the day just below 60,400, at 60,392. Nifty ended at 17,812, a climb of 90 points.

Divi's Lab led the stock rally as it jumped 10% in today's session. Adani Enterprises, Bajaj Auto, Dr Reddy's and Eicher Motors climbed more than 2% each. Powergrid, NTPC and Nestle India lagged in today's session.

Pharma and Healthcare sectors had a bright day as they jumped more than 1.5%. IT had a subdued start but recovered to close with a per cent gain. Auto also had a decent day. FMCG, Media and PSU Bank ended in the red.

World stocks stalled on Wednesday as markets anticipated crucial U.S. inflation data which could give signals on how soon the Federal Reserve will end its aggressive rate hikes.

Japan's Nikkei share average rallied for a fourth straight session on Wednesday, helped by signs of consumer spending in department stores and spillover from optimism over billionaire Warren Buffett eyeing increasing investments in the country. The Nikkei hit a one-week high in the morning and closed 0.6% higher. The broader Topix rose 0.8%.

Hong Kong stocks finished lower on Wednesday as heightened Sino-U.S. tensions dented sentiment, while investors are closely watching U.S. inflation print, due later in the day. China shares were mixed.

China's blue-chip CSI300 Index closed down 0.1%, while the Shanghai Composite Index gained 0.4%. The Hong Kong benchmark Hang Seng Index was down 0.9%, and the China Enterprises Index declined 1.2%.

European shares were subdued and London's FTSE 100 edged higher in early trade on Wednesday as investors remained cautious ahead of U.S. inflation data that is expected to provide more clues on Federal Reserve's policy decision next month.

S Ranganathan, Head of Research at LKP Securities: With Global Raw Sugar prices surging to 11 year highs, the outlook for large integrated Sugar Mills in India with large capacities for Sugar and Ethanol is getting brighter this quarter as we approach the peak summer season. Strong demand for the soft commodity this quarter coupled with diversion to Ethanol manufacturing is seen brightening the prospects for such fully integrated sugar complexes in India.

Though uncertainty about the subsidy policy has slowed production, India’s electrical vehicles (EV) industry is being driven by robust demand.

Electric vehicle sales in India crossed one million (10 lakh) in FY23, with two-wheelers contributing the bulk of sales. The Society of Manufacturers of Electric Vehicles (SMEV) said the entire EV industry sold 11,52,021 units, or 58% more than the 7,26,861 units sold in FY22. (Read More)

Ram Ratna Wires, a leading manufacturer of high-quality winding wires, on Wednesday, received approval from the board of directors to sell over 13.64 lakh equity shares in R R Kabel through an initial public offering (IPO). Ram Ratna's stock gained by more than 6% in the day on Dalal Street.

In its regulatory filing, Ram Ratna said, the board of directors has considered and approved the proposal for the sale of its equity investment held in R R Kabel by offering up to 13,64,480 equity shares by participating in the proposed IPO of R R Kabel.

The equity shares offered for sale have a face value of ₹5 each. (Read More)

Realty firm Puravankara on Wednesday said its sales booking rose 29 per cent to a record ₹3,107 crore in last fiscal year on higher volumes and better price realisation amid strong housing demand.

Bengaluru-based Puravankara's sales booking stood at ₹2,407 crore in 2021-22.

In last fiscal, the housing segment contributed 100 per cent to the total sales booking. During the previous year, the share of residential properties was around 98-99 per cent and rest came from sale of commercial assets.

In terms of area, sales booking grew 14 per cent to 4 million square feet in last fiscal from 3.52 million square feet in the previous year. Sales realisation, too, rose 14 per cent to ₹7,768 per square feet from ₹6,838 per square feet, according to a regulatory filing.

Company's Managing Director Ashish Puravankara said, "We have achieved the highest ever annual and quarterly sales of any financial year since inception, with Q4 sales of ₹1,007 crore and FY23 sales at a record high of ₹3,107 crore." (PTI)

Asia's economic growth could outpace developed countries' by 5% by end-2023 driven by China's easing of COVID-19 curbs, strong domestic demand and interest rates staying in less-restrictive territory, said Morgan Stanley economists.

The recent banking stress in the U.S. and Europe strengthens the case for Asia's outperformance, MS Asia economists, led by Chetan Ahya, said in a note dated Tuesday.

"Lending standards will tighten in the U.S. and Europe, and, in turn, weigh on domestic demand," wrote Ahya.

"While this will spill over to Asia in the form of the external demand recovery being constrained, we think Asia will still be able to generate sufficient domestic demand... to continue to allow growth differentials to shift in favour of Asia."

A 5% higher growth than developed markets would be the strongest since 2017, MS notes. (Reuters)

State-owned Coal India Ltd (CIL) has reported healthy growth in volume for FY23 wherein it slightly bettered its production volume guidance of 700 million tonne (MT). Going forward, domestic brokerage ICICI Direct expects healthy traction in volumes to continue.

Hence, the brokerage has upgraded the stock from 'Hold' to 'Buy', with a target price of ₹260, 4.5 times FY24E EV/EBITDA, implying an upside potential of 17 per cent from the current market levels. (Full Report)

India’s decision to limit prices of domestic natural gas from legacy fields to between $4 per million British Thermal Unit (mmbtu) and $6.5 will support margins for city gas distributors, encourage the use of gas, and reduce cash flow volatility for upstream producers, Fitch Ratings said on Wednesday.

“We expect a partial pass-through of the lower administered price mechanism (APM) gas prices, at which domestic upstream producers supply gas to city gas distributors, in the prices of compressed natural gas (CNG) and domestic piped natural gas (PNG) to add to the distributors‘ margins in the near term," it said. (Read More)

S&P Global Ratings on Wednesday said it is expecting a significant fall in rates of metallurgical coal and Indian steel makers are to benefit from the price correction.

"We expect lower seaborne met coal prices will help Indian steel mills, as they import 70 per cent of their total requirement," S&P Global Ratings credit analyst Anshuman Bharati said.

The agency estimates that a sharp fall in seaborne metallurgical coal prices will improve cash flow and ease pressure on Indian steel producers, he said.

"Our price assumptions are much lower than the average price of USD 370/tonne in 2022 and spot price of about USD 300/tonne. This is partly because we expect the supply constraints in Australia to ease over the next few months as adverse weather becomes less frequent," Bharati said.

Indian steel producers are generally the most sensitive to seaborne met coal prices, as opposed to iron ore prices. This reflects India's status as the world's top importer of met coal and the fact that Indian steel mills largely secure iron ore feedstock from captive sources. (PTI)

India continued to report a spike in covid-19 infections with the country logging 7,830 new cases in a day, the health ministry’s update showed on Wednesday. The total number of active cases reached 40,215, with the positivity rate touching 3.65%.

According to epidemiologists, the increasing number of covid cases is now doubling every 4-5 days. Scientists have said that the XBB.1.16 variant of coronavirus is responsible for the current surge in cases. But in a relief, the infection is supposed to be milder in nature and may not lead to a rise in hospitalisation rate as Indians have likely developed hybrid immunity due to vaccination and natural exposure to the disease. The Centre, however, has urged people to wear masks in crowded places and complete their vaccination doses (Read More).

Suzlon Group on Wednesday said it has bagged a project for developing a 50.4 MW wind power project for Sembcorp's renewables subsidiary Green Infra Wind Energy Ltd.

As part of the order, Suzlon will install 24 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, Suzlon Group said in a statement.

The project is located in Karnataka and is expected to be commissioned in 2024, it added.

Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning. It will also provide comprehensive operation, and maintenance services post commissioning.

This order is part of the bid won from Railway Energy Management Company Limited (REMCL) by Sembcorp, the statement said.

"We are proud that our partnership with Sembcorp will assist Indian Railways to become a net-zero carbon emitter by the end of this decade thereby contributing to a sustainable India. (PTI)

Only one stock – Delta Corp – has been put under the ban for trade on Wednesday, 12 April 2023 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The NSE updates the list of securities in F&O ban for trade every day.

The stock of Delta Corp will be available for trading in the cash market.

The market-wide positions limits (MWPL) of Delta Corp stood at 118.3 per cent on Tuesday with OI reported at 18.5 million. It was up 18.1 per cent from the previous session, according to Trendlyne data. 

Delta Corp Ltd posted a consolidated net profit of ₹51 crore for the March 2023 quarter, an increase of 6 per cent as against ₹48 crore in the same period a year ago. (Read More)

UBS Group AG is considering retaining Credit Suisse Group AG’s private banking unit in India after the emergency rescue of its smaller rival last month, paving the way for a potential return to the market.

Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse including the lender’s local wealth head Puneet Matta in Singapore in recent weeks, according to people familiar with the matter, who asked not to be identified discussing private information.

Khan told Credit Suisse staff that the wealth business in India will likely be retained, they said. The considerations aren’t final, the people said. (Read More)

Pharma and Auto lift the indices, while FMCG struggles in today's session

Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes.

Brent crude gained 19 cents, or 0.2%, to $85.80 a barrel as of 0615 GMT, while U.S. West Texas Intermediate rose 13 cents, or 0.2%, to $81.66 a barrel.

Prices had risen about 2% on Tuesday amid optimism that the U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies.

The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis and 5.6% year-on-year, according to a Reuters poll of economists.

Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday that he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year. (Reuters)

Anand Rathi report on PVR: CMP: 1564 - Upside: 14% - Target: 1784

PVR has been under pressure since quite some time but at this juncture, it's trading near its crucial support.

 Previously the stock turned from this level and we saw a rally towards 2200.

 On the DAILY chart, there is solid base formation along with bullish regular divergence which is looking lucrative.

 Thus we advise traders to go long in the stock with a stop loss of 1455

While mutual funds have mostly trimmed their stakes in Adani Group companies, the country's largest investor in public markets – Life Insurance Corp of India (LIC) – has upped its stakes in four group stocks during the March quarter amid selloff crisis triggered by a damning report by US-based short seller Hindenburg Research.

The insurer has raised its stakes in four of the six companies – Adani Green Energy, Adani Total Gas, Adani Enterprises and Adani Transmission in the March quarter, while it has trimmed its stakes in two others – Ambuja Cements and Adani Ports & Special Economic Zone.

The shareholding remained the same in case of ACC, which stood at 1,20,33,771 shares or 6.41 per cent at the end of March quarter. (Full Story)

FMCG major Nestle India on Wednesday declared an interim dividend of ₹27 per equity share of ₹10 each for the year 2023 on the entire issue. The company has fixed 21 April as the record date for determining the eligibility of shareholders for interim dividend payment.

"This is to inform you that the Board of Directors at their meeting held today declared an Interim Dividend of ₹27/- (Rupees Twenty-Seven Only) per equity share of ₹10/- each for the year 2023 on the entire issued, subscribed and paid-up share capital of the Company of 9,64,15,716 equity shares of the nominal value of Rs. 10/- each," the company said in a filing.

The interim dividend will be paid to the shareholders on and from 8 May 2023, along with the final dividend for the year 2022. (Read More)

The Indian rupee made slim gains against the U.S. dollar on Wednesday, as the greenback slipped ahead of a crucial U.S. inflation report that could influence the Federal Reserve's next policy move.

The rupee was trading at 82.0750 per dollar by 10:44 a.m. IST compared with 82.1250 in the previous session.

Asian currencies were mostly higher, while the dollar index extended losses ahead of March U.S. consumer price index data. Core CPI, in focus, likely rose by 0.4% month-on-month in March, according to economists polled by Reuters.

That would be down from the 0.5% increase in February, but well above the pace required for bringing annual inflation to Fed's 2% target. Headline inflation is expected to rise 0.2%.

Following the robust jobs report, investors have increased their bets of a 25 bps points hike by the Fed at the May meeting to 70%. (Reuters)

One97 Communications, a digital financial services firm, witnessed a decline of over 1% in their share prices on Wednesday, prior to the announcement of their Q4 results.

At 10.26 am, the scrip was trading 1.06% lower at ₹650.70 on BSE.

Meanwhile, Paytm's stock price has demonstrated significant growth, with a notable surge of nearly 11% within the span of one month. Moreover, the stock has risen impressively by over 23% year-to-date.

The company has recently announced a significant achievement in offline payments through a recent exchange filing. (Read More)

JM Financial Institutional Securities Limited: Clean Science and Technology | Clean Strike or Clean Bowled?

Company Update BUY INR 2,255 - Krishan Parwani

Over the last 6-8 months, Clean Science’s stock price has corrected over ~25-27%. Hence, the stock is currently trading at 31x FY25E EPS. We believe this is because of pessimism built around overall margin contraction led by launch of HALS series of products. In our view, in FY25E, CMP is factoring in a sharp ~5% YoY EBITDA margin fall while 4% contraction is built into consensus estimates. In contrast, we believe Clean will be able to get away with 2% contraction, resulting in 26% EBITDA CAGR over FY23-25E (vs. 16%/18% built into CMP/consensus). Our optimism stems from our belief of Clean making 48% gross margin in HALS in FY25E and gradually ramping it up to 56% by FY28E. Also, even after considering new product launches (aniline and phenol derivatives) over FY25-28E, we estimate Clean to register 20%/25% EBITDA/EPS CAGR over FY25-28E (considering lower tax rate for Unit-4). So, we recommend buying into the current correction for a structural 25% EPS CAGR over FY23-28E. We reiterate BUY with an unchanged Mar’24 TP of INR 2,255

Switzerland's parliament on Tuesday failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds.

The lower house retrospectively rejected the rescue near midnight, with heated debates continuing into the early hours of Wednesday morning as members discussed other measures related to Credit Suisse.

Earlier on Tuesday, Switzerland's upper house had approved the rescue, meaning the two chambers of the legislative body will vote again on Wednesday. (Read More)

The International Energy Agency (IEA) warns of a potential burden on the Indian economy due to Saudi Arabia's oil production cut plan, predicting tight global markets in the second half of the year.

In response to a question about the potential impact of Saudi Arabia's oil production cut on countries like India, stated, Fatih Birol, Executive Director of, the International Energy Agency told ANI, "India is a country that imports energy and oil. The majority of the oil consumed in India is imported. Such a move could result in an increase in India's oil import bill, posing a burden on the Indian economy and consumers."

On Saudi Arabia's announcement of cutting oil production, Birol stressed, "Saudi Arabia, Russia and others- the OPEC plus producers decided to cut the oil production. And when we look at the International Energy Agency's analysis and the analysis of almost every serious institution looking at the oil markets, the second half of this year markets would be all very tight." (Read More)

Union Finance Minister Nirmala Sitharaman on Tuesday had a meeting with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), during which they discussed debt vulnerabilities and other issues.

Sitharaman is leading a high-powered Indian delegation to attend the annual Spring Meeting of the IMF and the World Bank.

Sitharaman congratulated Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated India's commitment to foster efforts to address growing debt vulnerabilities, the finance ministry said in a tweet after the meeting.

During the meeting, the finance minister noted IMF's concerns on key downside risks to the economy including financial sector stress, rising real interest rates, elevated debt, inflation, geo-political fragmentation, and faltering growth in China, as highlighted in World Economic Outlook World Economy Outlook. (PTI)

Axis Securities Q4FY23 PREVIEW: COMMENTARIES ON FY24 DEMAND AND MARGINS REMAIN CRITICAL:

Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in discretionary demand. On the positive side, earning season was led by the sequential margin expansion on account of moderation in commodity prices and the uptick in credit growth. The export-oriented themes, however, are likely to laggard. We believe the broad-based earnings momentum, which remained robust for multiple quarters, is likely to pause for a brief time in Q4FY23. Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 11%/14%/12% respectively. Moreover, excluding Oil & Gas and Metals, Nifty Revenue/EBITDA/PAT is expected to grow by 18%/24%/25% respectively. On the sectorial front, the Financial and Automobile sectors are likely to post the highest incremental earnings while a contraction is expected in the Metals sector.

The Indian economy exhibited remarkable resilience in Q4FY23 and the RBI governor also highlighted a visible uptick in most of the high-frequency indicators over the last quarter. High-frequency indicators such as GST collection, power consumption, and E-way bills are pointing upwards on a sequential basis, indicating robust demand even after the festival season. Rural demand is also recovering and may see a further pick-up in the upcoming month on account of better Rabi crops. Discretionary demand, though, remained weak during the quarter. Keeping this in perspective, we believe the majority of the companies will likely report revenue growth in line with the expectation. However, some pressure is likely to be visible on commodity producers and the export[1]oriented sectors. Corporate commentaries on the FY24 demand outlook and the margin recovery will be keenly watched by the street. Furthermore, rural recovery would also remain a focus area for the street. In view of the increased cost of capital in the last one year, upgrades & downgrades during the quarter as well as corporate commentaries on the demand and margins front will be the key monitorables. The market is likely to react on either side based on the quarterly results and commentaries thereon. Currently, we foresee FY23/24/25 EPS growth of 10%/16%/13% and we will review our estimates post the Q4FY23 earnings season.

OUR TOP 9 “TRADING BUYs” Earnings Play: Maruti, Ashok Leyland, ITC, Varun Beverages, SAIL, Ambuja Cement, HG Infra, Equitas SFB, and Cholamandalam Investment

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are some clear trends in the market now. Confidence and stability have returned to the market helping Nifty to rise by 4.5% from the March lows. This, in turn, has been facilitated mainly by the sustained buying by FIIs. The correlation between eight straight days of FII buying and seven straight days of Nifty appreciation is significant. Another trend is that beyond sectoral moves like strength in banking and autos and weakness in IT, there are bouts of activity in individual stocks. This stock-specific action triggered by results/news is likely to gather momentum in the coming days. For equity markets, globally, today’s March US inflation data is crucial since it will determine the Fed response in the May policy meeting. March CPI print in India, too, will be keenly watched.

The country's largest private sector lender HDFC Bank on Tuesday said it proposes to raise ₹50,000 crore from issuance of debt instruments on a private placement mode in the next 12 months.

The company's board of directors will consider the proposal at its meeting on April 15.

"... we wish to inform you that the bank proposes to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to total amount of ₹50,000 crore over the period of next twelve months through private placement mode," it said in a regulatory filing.

Last month, HDFC announced that its board would consider raising funds through non-convertible debentures in tranches aggregating to ₹57,000 crore. (PTI)

Indian government bond yields are expected to open largely unchanged on Wednesday, as traders await March inflation readings of India as well as the U.S. due later in the day.

The 10-year benchmark 7.26% 2032 bond yield is expected to be in the 7.21% to 7.26% range, after closing at 7.2224% on Tuesday, a trader with a private bank said.

"Indian inflation data is expected to ease, but major reaction would be for the U.S. reading, as their rate hike cycle is still on," the trader said.

India's consumer inflation likely eased in March to 5.80% due to softer food price rises, dipping below the Reserve Bank of India's (RBI) upper tolerance limit of 6% for the first time in 2023, a Reuters poll of economists found.

The data will follow the RBI's surprise move last week to hold its key interest rate steady at 6.50%, against analyst expectations of a 25 basis points (bps) hike. (Reuters)

Bitcoin’s stellar 2023 rally may have room to run if flows between cryptocurrency exchanges and personal digital wallets are any guide, according to strategists at Bank of America Corp.

A net $368 million of Bitcoin was sent to personal wallets in the week through April 4, a period that saw this year’s second-largest net Bitcoin outflow from crypto exchanges, strategists Alkesh Shah and Andrew Moss wrote in a note.

“Investors transfer tokens from exchange wallets to their personal wallets when they intend to hold them (or HODL), indicating a potential decrease in sell pressure,” they said. The acronym “HODL” is a crypto-sector meme referring to the idea of holding onto tokens for the long term.

Concerns stemming from the US regulatory crackdown on digital-asset platforms may have triggered the efflux from exchanges, the BofA strategists wrote in a note published Monday.

Bitcoin’s year-to-date surge has outstripped major asset classes and sparked a thorny debate on why the largest token is rebounding from a rout in 2022. (Bloomberg)

Tata Consultancy Services, Dharani Sugars and Chemicals, and Sanathnagar Enterprises will be in focus in today's session as they will be reporting the March quarterly earnings report on Wednesday. (Read More)

Union Finance Minister Nirmala Sitharaman met with her Saudi Arabian counterpart, Mohammed Aljadaan, to discuss the global debt crisis and the strengthening of multilateral development banks.

This meeting took place as part of an Indian initiative during its G-20 presidency.

The finance ministry noted that they discussed global inflation issues, including spillover effects of measures taken, on the growth prospects of developing and low-income countries, besides the urgent need to tackle increasing global debt distress and improving the implementation of the Common Framework. (Read More)

Adani Enterprises Ltd (AEL) on Tuesday said it has incorporated a wholly-owned subsidiary for carrying out coal washery related business.

"The company has incorporated a WOS (Wholly-Owned Subsidiary) Pelma Collieries Ltd (PCL) on April 7, with an initial authorised share capital of ₹10,00,000 and paid-up share capital of ₹5,00,000," it said in a regulatory filing.

The entity will carry on business to develop, erection, operate of coal washery, including coal handling systems and to do all necessary and incidental activities in this regard, the filing said. (PTI)

STOCK IN FOCUS

Hero MotoCorp (CMP 2,470): In view of likely rural revival, focus on premium segment, HMCL’s market leadership position to capitalize on the demand recovery and attractive valuation post recent sharp stock price correction, we have BUY rating on HMCL with a 1-Year Target Price of Rs3,000.

Intraday Picks

EICHERMOT (PREVIOUS CLOSE: RS3,054) BUY

For today’s trade, long position can be initiated in the range of Rs3,005-2,980 for the target of Rs3,085 with a strict stop loss of Rs2,940.

BRITANNIA (PREVIOUS CLOSE: RS4,277) SELL

For today’s trade, short position can be initiated in the range of Rs4,295-4,320 for the target of Rs4,160 with a strict stop loss of Rs4,365.

HDFCLIFE (PREVIOUS CLOSE: RS514) SELL

For today’s trade, short position can be initiated in the range of Rs518-521 for the target of Rs498 with a strict stop loss of Rs531.

Leading wine producer Sula Vineyards Ltd on Tuesday said sales volume from its own brands crossed 1 million cases in FY23.

Besides, sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time, it said in a sales update for Q4 & FY23 submitted to the bourses.

"The company has recorded its highest ever annual revenues both for its own brands as well as the wine tourism business," the company said.

On a provisional basis, Sula Vineyards said its net revenue for the March quarter was at ₹104.3 crore from its own brands and ₹12.4 crore from wine tourism, which represents room revenue, sale of food & beverages, merchandise, and all other ancillary services.

For the financial year 2022-23, net revenue from own brands was at ₹482.5 crore and ₹45 crore from wine tourism. (PTI)

Vedanta Ltd, led by Anil Agarwal will be holding a meeting tomorrow to discuss the possibility of issuing non-convertible debentures (NCDs) through a private placement.

In a regulatory filing, Agarwal notified, “The Company proposes to hold a meeting of its duly constituted Committee of Directors on Thursday, April 13, 2023, to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis."

Vedanta Ltd's aluminium production for the fourth quarter of FY23 was reported to be 574,000 tonnes, which indicates a decrease compared to the production of 572,000 tonnes in the same period in FY22. (Read More)

Twitter is no longer a legal entity, having merged with a shell company called X Corp on March 15 this year. Twitter CEO and owner Elon Musk also owns the domain for X.com, a payments company he founded and then merged with PayPal. The news could be another step toward Musk's ambitions for an "everything app" similar to China's WeChat.

According to a court document dated April 4, Twitter "no longer exists" and is now X Corp. The lawsuit was filed against Twitter and its former CEO Jack Dorsey for allegedly violating the free speech rights of conservative activist Laura Loomer.

The court document read, “Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation, incorporated in Nevada, and with its principal place of business in San Francisco, California" (Read More)

Parekh recommends buying the following stocks:

Buy Lemon Tree at 77 with a stop loss 75 and a target price of 82

Buy Jindal Steel at 563 with a stop loss 554 and target 585

Buy Escorts at 1895 with a stop loss 1870 and target 1950 (Read More)

The creditors of financially troubled Reliance Capital (RCap) have rescheduled the second auction for April 26, which was originally planned for April 11.

This decision was made during a Committee of Creditors meeting held on Tuesday, PTI reported citing sources.

According to the sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. (Read More)

Apart from Q4 results, investors will be keenly eyeing the final dividend of TCS for fiscal year FY23. The Tata Group-backed company has already paid a total of three interim dividends in the said fiscal and will be recommending a final dividend on Wednesday. Along with the final dividend, TCS is expected to also announce a record date for the same.

In its regulatory filing earlier, TCS said, "recommend a final dividend, if any, on the equity shares of the Company for the financial year ending March 31, 2023, for the approval of the shareholders at the ensuing 28th Annual General Meeting."

TCS will present its financial earnings for the quarter ending March 31, 2023 (Q4FY23) on April 12. (Read More)

Investors added impressive gains to their kitty in 7 days as Sensex and Nifty 50 witnessed stellar performances. On Tuesday, Sensex crossed its psychological mark of 60,150, and the Nifty 50 almost neared 17,750 levels. Indian domestic equities are on a winning streak since March 29th. In 7 trading sessions, BSE-listed firms' market cap has skyrocketed by more than ₹12.56 lakh crore.

On Tuesday, Sensex ended at 60,157.72 up by 311.21 points or 0.52%. Nifty 50 climbed by 98.25 points or 0.56% to close at 17,722.30.

BSE-listed equities m-cap stood at over ₹264.51 lakh crore by end of April 11th. Compared to the previous day's print, the m-cap has risen by ₹1,37,628.56 crore. (Read More)

Wall Street stocks ended mixed on Tuesday, losing steam late in the session as investors awaited crucial inflation data and the unofficial kick-off of first-quarter reporting season.

The Dow closed in positive territory with economically sensitive sectors such as industrials, materials and transports providing a boost, while tech and tech-adjacent megacap stocks pulled the Nasdaq to a lower close.

The bellwether S&P 500 ended essentially unchanged.

"When you see cyclicals leading, that is saying that recession worries could be somewhat overblown," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "That's a healthy sign, what you wouldn't expect to see if we were headed straight for recession."

Stocks briefly gained momentum in the afternoon as Chicago Fed President Austan Goolsbee urged caution, warning that the Federal Reserve needs to be careful about raising rates too aggressively in its efforts to tame inflation.

With a lack of market moving catalysts, investors looked ahead to Wednesday's consumer price index (CPI) for any evidence that the long, slow inflation cooldown continues.

"It's the calm before the storm," Detrick added. "With huge inflation data tomorrow, Fed minutes coming out soon and earnings right around the corner, traders are taking a wait and see approach to see how the inflation data comes in." (Reuters)