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Business News/ Markets / Live Blog/  IT sector drags indices as Sensex closes 500 pts lower; PSU Bank gains
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IT sector drags indices as Sensex closes 500 pts lower; PSU Bank gains

Share Market Close: Benchmark indices ended in the red snapping the 9-day rally as Sensex closed below 60k and Nifty around 17,700. IT index dragged the market as Infosys fell by 10%, while Nestle and Powergrid gained. PSU Bank and FMCG sectors remained stable. 

Stock Market Today: Markets react to earnings reports and global cues (MINT_PRINT)Premium
Stock Market Today: Markets react to earnings reports and global cues (MINT_PRINT)

Amidst a lack of major events to fuel the sentiment, the stock market reacts to Infosys and HDFC Bank's Q4 earnings as both the stocks shed. Investors await the upcoming results such as HCL Tech, ICICI Prudential, and Tata Communications along with global trends that might dictate their mood.

17 Apr 2023, 03:40:33 PM IST

Indices end in red as Sensex sheds 0.86% and Nifty 0.68% with Infosys tanking almost 10% in today's session amidst negative global cues

Key indices from domestic markets lost ground and slumped sharply tracking weak global cues with IT sector contributing most to the slump as Infosys tanked nearly 10%.

BSE Sensex lost 520 points to close at 59,910, while NSE Nifty 50 declined 121 points to close at 17,706.

IT companies didn't live up to the markets' expectations when TCS and Infosys announced their results last week. In the last fortnight, the key indices had been closing with gains for nine sessions in a row.

Despite an overall drag in the market, 10 out of the 15 Nifty sectoral indices ended in the green with PSU Bank jumping around 2.5%. Realty, Energy and FMCG gained around a per cent each. The IT index dropped almost 5% with Media and Pharma also ending in the red.

IT stocks dominated the laggards as Infosys shed almost 10%, Tech Mahindra 5% and HCL Tech 2.5%. Among non-IT stocks, NTPC and L&T shed around 2% each. Nestle jumped 4% and Powergrid more than 2%.

Asian markets mostly rose on Monday, although worries continued about economic growth and inflationary pressures.

Japan's Nikkei share average ended at a more than one-month high on Monday, rising for the seventh straight session, as a weaker yen lifted exporters and bank shares tracked sharp gains of their US peers at the end of last week. The Nikkei share average edged up 0.07% to its highest close since March 9 and posted its longest rally since mid-July.

Shanghai stocks ended at a nine-month high on Monday, as China's March home price data and signs of corporate earnings recovery fuelled optimism ahead of the release of first-quarter economy data. Hong Kong shares also gained.

The Shanghai Composite Index, which posted five consecutive weekly gains on Friday, climbed 1.4%, its biggest jump in two months and the highest level since July 8. The bluechip CSI300 Index was also up 1.4%. The Hong Kong benchmark Hang Seng Index rose 1.7%, while the Hang Seng Tech Index jumped 2.2%.

European stock markets rose at the start of trading Monday, extending last week's gains, as investors seek more clues on the outlook for interest-rate rises and track the earnings season.

The UK's FTSE 100 rose extending gains for a seventh straight session, with miners and oil heavyweights boosting the resource-rich index, while shares of Network International surged on a buyout offer.

Sensex at Close
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Sensex at Close
17 Apr 2023, 03:21:47 PM IST

This Tata company will be considering an interim dividend. Board meeting fixed on 27th April

The board of directors of one of the Tata group companies Trent is going to consider and approve the proposal for dividend payment in its upcoming board meeting scheduled on 27th April 2023. The Board will discuss the proposal for dividend payment along with the audited financial results of the company for the January to March 2023 quarter. (Read More)

17 Apr 2023, 03:14:05 PM IST

India drew 1.4 million medical tourists in past one year, says minister

An estimated 1.4 million medical tourists visited India in the past one year, according to the Union minister of state for tourism Shripad Naik, as the country positions itself as a global health destination. Speaking at the second G20 Health Working Group Meeting in Goa, Naik called for a collaborative and sustainable global health strategy.

Bharati Pravin Pawar, Union Minister of state for health, delivered the keynote address, emphasizing India’s contributions to global health preparedness. India’s G20 priorities include reformed multilateralism to create an inclusive and equitable forum for addressing 21st-century challenges. (Read More)

17 Apr 2023, 03:08:07 PM IST

Rekha Jhunjhunwala enters multibagger Ashish Kacholia, Mukul Agrawal stock in Q4

Rekha Jhunjhunwala's name has appeared in shareholding pattern of Raghav Productivity Enhancers for January to March 2023 quarter. As per the shareholding data, Rekha Jhunjhunwala is shown holding 6 lakh shares of the company, which is one of the portfolio stocks of Ashish Kacholia and Mukul Agrawal. Ashish Kacholia owns 2.02 per cent stake in the company whereas Mukul Agrawal holds 1.55 per cent stake in this small-cap stock.

According to shareholding pattern of Raghav Productivity Enhancers, Rekha Jhunjhunwala holds 6 lakh company shares, which is 5.23 per cent of total paid up capital of the company. However, in shareholding data of October to December 2022, Rekha Jhunjhunwala's name is missing from the list of individual shareholders who own one per cent or more stake in the company. This means, Rekha Jhunjhunwala added shares of this small-cap stock in her portfolio. (Read More)

17 Apr 2023, 02:41:07 PM IST

Indian road logistics industry to clock high single-digit growth this fiscal: Report

The Indian road logistics industry is expected to clock a high single-digit growth this fiscal on an elevated base of the previous year, ICRA said on Monday.

The credit ratings agency also expects the demand momentum to continue in FY24, aided by stable domestic consumption and investment demand, ICRA said.

The Indian road logistics industry's revenue growth is pegged at a high single-digit on an elevated base of FY2023, Icra said, adding that the outlook is stable.

The downside risks to the estimates remain from any material tapering of demand due to high inflationary and interest rate regime, the emergence of any further Covid waves, or a sub-par monsoon impacting the overall economic health, given its strong linkage to economic activity on an aggregate basis, it said.

According to ICRA, quarterly revenues for the logistics sector witnessed a marginal contraction of 2 per cent in Q3 FY23, compared to the earlier quarter of the same year. (PTI)

17 Apr 2023, 02:40:43 PM IST

Shanghai stocks hit 9-month high, HK shares rise on signs of China recovery

Shanghai stocks ended at a nine-month high on Monday, as China's March home price data and signs of corporate earnings recovery fuelled optimism ahead of the release of first-quarter economy data. Hong Kong shares also gained.

** The Shanghai Composite Index, which posted five consecutive weekly gains on Friday, climbed 1.4%, its biggest jump in two months and highest level since July 8. The bluechip CSI300 Index was also up 1.4%.

** The Hong Kong benchmark Hang Seng Index rose 1.7%, while the Hang Seng Tech Index jumped 2.2%.

** China's new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday.

** More than 300 China-listed companies have published, or forecast first-quarter results, 70% of which have reported year-on-year profit increases, official Securities News reported. (Reuters)

17 Apr 2023, 02:26:42 PM IST

Apple's India sales soar to $6 billion as CEO Tim Cook commences retail expansion

Apple's CEO Tim Cook is arriving in India to open the company's first local stores, as the tech giant's sales in the country reached a new record of nearly $6 billion for the year ending in March. This underscores the growing significance of the Indian market for Apple, and highlights its efforts to expand its presence and offerings in the region.

Bloomberg reports that their sources revealed that Apple's revenue in India surged by almost 50 percent to $6 billion in the latest fiscal year, up from $4.1 billion the previous year. (Read More)

17 Apr 2023, 02:02:19 PM IST

PSU Bank jumps more than 2% in the second half of the session with all stocks trading higher

PSU Bank
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PSU Bank
17 Apr 2023, 01:53:34 PM IST

Dheer Shah on WPI data: A good monsoon year will help with stable WPI inflation, whereas a spike in crude prices will pose a risk

Dheer Shah, CFO, BDR Pharma, on March WPI data: As expected, the WPI inflation rate has eased to 1.34%. After CPI inflation data released last week fell to a 15-month low, WPI inflation has slowed to a 29-month low. Most components of the WPI inflation rate have eased across manufactured, primary, and fuel and power groups. The fall in wholesale inflation is a positive development. On expected lines, the data has been softening for the past few months and falling in sync with retail inflation. As we advance, a good monsoon year will help with stable WPI inflation, whereas a spike in crude prices will pose a risk to wholesale and retail inflation.

Inflation must be stable and in a range for the central bank to put its interest rate policy on hold and start easing from CY24 onwards."

17 Apr 2023, 01:50:22 PM IST

French firm TotalEnergies makes 1st delivery of LNG cargo to Adani Group's firm

French company TotalEnergies said on Monday that it has made its first delivery of a liquefied natural gas (LNG) cargo Dhamra LNG terminal, which is owned and operated by Adani Total Private Limited (ATPL).

Notably, this year in February, the Fench Energy giant suspended a hydrogen project with the Adani conglomerate.

At that time, TotalEnergies chief executive Patrick Pouyanne said that a contract to create a new hydrogen company with Adani "has not been signed and will not be signed". (Read More)

17 Apr 2023, 01:44:56 PM IST

Aarey Metro car shed: SC directs MMRCL to pay ₹10 lakh fine within 2 weeks for felling of trees beyond permission

The Supreme Court on 17 April has directed Mumbai Metro Rail Corporation Ltd (MMRCL) to pay 10 lakh fine within 2 weeks for the felling of trees beyond permission.

A bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it was improper on Mumbai Metro Rail Corporation Limited's (MMRCL) part to move the tree authority for felling of any trees in excess of 84.

The SC has further permitted Mumbai Metro to remove 177 trees from Aarey forest, and said that stay on tree felling will lead to project work being halted. (Read More)

17 Apr 2023, 01:18:10 PM IST

ICICI Bank to consider fundraising via debt securities at board meeting this week

Private sector lender ICICI Bank on Monday said that it plans to take a decision on fundraise via debt securities during the board meeting which is scheduled on Saturday, 22 April. In its exchange communication dated 17 April 2023, ICICI Bank informed about the fundraising programme citing, "fund raising by way of issuance of debt securities including non-convertible debentures/bonds/notes/offshore certificate of deposits in single/multiple tranches in any currency through public/private placement and buyback of securities within the limits that the Board is authorised to approve under applicable law." (Read More)

17 Apr 2023, 01:02:00 PM IST

Ashok Leyland bags order of 1,560 trucks from VRL Logistics

Commercial vehicle maker Ashok Leyland on Monday said it has received an order of 1,560 trucks from VRL Logistics Limited (VRL).

This order is for AVTR 3120 and AVTR 4420 TT models of trucks, which have all the advanced features to bring more efficiency and profitability to VRL's expanding fleet, the company said.

The company, however, did not disclose the financial details.

"VRL Logistics and Ashok Leyland have a longstanding association, Over the years VRL has worked very closely with us in developing new products and features suited to emerging needs of customers in the logistics industry," said Shenu Agarwal, Managing Director and Chief Executive at Ashok Leyland. (PTI)

17 Apr 2023, 12:47:21 PM IST

L&T finds itself as one the non-IT stock laggards in today's session as it sheds more than 2% 

L&T
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L&T
17 Apr 2023, 12:38:54 PM IST

Nike, Adidas shoes maker Pou Chen to invest nearly $281 million in India

A subsidiary of the world's largest maker of branded sports footwear Pou Chen will invest 23.02 billion rupees ($280.86 million) to set up a manufacturing facility in Tamil Nadu, the Indian state government said on Monday.

The Taiwanese footwear maker for brands like Nike, Adidas, New Balance, and Timberland manufactured and shipped over 272 million pairs of shoes in the financial year 2022 globally, up nearly 14% from a year earlier. It already has plants in Bangladesh, Cambodia, Myanmar, and Vietnam. (Read More)

17 Apr 2023, 12:28:46 PM IST

WPI inflation eases to 29-month low of 1.34% in March; 10th straight month of decline

India's annual Wholesale Price Index (WPI)-based inflation declined to a 29-month low of 1.34 per cent in March 2023 as input prices continued to moderate, government data showed on Monday. This is the 10th straight month of decline in WPI-based inflation.

The WPI inflation data was 3.85 per cent in February and 4.73 per cent in January 2023.

The food index inflation eased to 2.32 per cent in March from 2.76 per cent in February. For the primary articles segment, the inflation rate cooled to 2.40 per cent in March 2023 versus 3.28 per cent in February. (Read More)

17 Apr 2023, 12:16:52 PM IST

ITC shares cross ₹400 per share, hits 52-week high; can the rally continue?

Shares of cigarette-to-hotel conglomerate ITC surged more than 1 per cent to 401.70 apiece on the BSE, trading at a 52-week high, in Monday's trading session ahead of its fourth-quarter earnings. Analysts remain bullish on the stock while maintaining their 'Buy' stance.

Domestic brokerage house Prabhudas Lilladher has an 'accumulate' rating on the ITC stock with a target price of 444, implying an upside of 13 per cent. The brokerage sees ITC among the best performers from the consumer space in the March 2023 quarter. (Read More)

17 Apr 2023, 12:01:53 PM IST

Noon Update: Indices fall more than a per cent as IT sector falls sharply; Sensex sheds 600 pts and Nifty more than 150 pts

Sensex at Noon
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Sensex at Noon
17 Apr 2023, 11:52:50 AM IST

Content spend in India to double to $10 billion in five years: Industry experts at the Asia Video Industry Association’s (AVIA) Future of Video India conference

Content spend is expected to double to $10bn in the next five years, with online video content investments catching up with pay TV, agreed media industry experts at the Asia Video Industry Association’s (AVIA) Future of Video India conference in Mumbai.

“Quality of content has always been very good in India, but now it is easier for Indian content to travel across the world. OTT has helped it in a big way," said Apurva Chandra, secretary, ministry of information and broadcasting (MIB). Chandra reiterated the need for OTT to continue with a soft touch approach, as the three-tier self-regulatory system has been working well. While there were concerns that light-touch regulation has led to less desirable content, he said that the industry needed to be more self-aware so that the government need not step in. (Read More)

17 Apr 2023, 11:46:52 AM IST

PL Stock Report - HDFC Bank (HDFCB IN) - Mixed quarter; balance sheet merger ready - BUY

Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd on HDFC Bank (HDFCB IN): Rating: BUY | CMP: Rs1,692 | TP: Rs1,925

Q4FY23 Result Update - Mixed quarter; balance sheet merger ready

Quick Pointers:

§ Core PPoP was lower by 4.4%; core PAT in-line due to lower opex/provisions.

§ Healthy retail deposit growth at 7.5% QoQ; 1,479 branches added in FY23.

HDFC Bank (HDFCB) saw a mixed quarter. While core PAT at Rs120.8bn was in-line, core PPoP missed PLe by 4.4% due to weak NII which was offset by lower opex and provisions. Asset yields were below est. likely due to loans being booked towards the quarter end. Bank wants to maintain its current NIM, as funding cost rise would be offset by fixed rate loans (45% of book). Retail wholesale mix improved QoQ from 44:56 to 47:53. Retail deposit accretion was healthy (+7.5% QoQ) and its share is now 83% (80% in Mar’22). Bank added 1,479 branches in FY23 and this run-rate would continue in FY24E. However, key highlight is bank’s balance sheet which is merger ready as suggested by high cash and other assets which in the short term could drag NIM, in our view. Maintaining multiple at 3.0x, we roll forward to FY25E core ABV and raise TP from Rs1,850 to Rs1,925. Valuation is at 2.6x FY25 core ABV. Retain ‘BUY’.

17 Apr 2023, 11:32:22 AM IST

Wadia Group in talks to sell stake or exit Indian airline Go First - ET

Indian conglomerate Wadia Group is in talks with strategic partners to either sell a majority stake in loss-making budget airline Go First or completely exit it, the Economics Times reported on Monday, citing sources close to the development.

Go First posted its biggest annual loss in fiscal 2022 and has been facing operational problems in the last few months as half of its aircraft were grounded due to supply chain disruptions related to Pratt & Whitney (P&W) jet engines, the report said.

The Wadia group, which runs companies including textiles maker Bombay Dying & Manufacturing Co Ltd, is reluctant to invest more until the issue with P&W is resolved, after infusing around 30 billion rupees ($366.2 million) in the last 15 months to keep the airline afloat, the sources said.

Go First and Wadia Group did not immediately respond to Reuters' requests for comment.

The no-frills airline lost market share in February even amid a domestic air traffic boom, according to latest available official data. (Reuters)

17 Apr 2023, 11:22:07 AM IST

Nestle India shines in today's trading as it jumps 3% and is one of the leaders in the stock chart

Nestle India
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Nestle India
17 Apr 2023, 11:21:05 AM IST

Blackstone-backed Nexus Select Trust plans to double shopping mall portfolio in 4-5 yrs through acquisition mode

Global investment firm Blackstone-sponsored Nexus Select Trust plans to double its portfolio of shopping malls in next 4-5 years to 20 million square feet through acquisition mode.

Nexus Select Trust has acquired 17 shopping malls since the 2015-16 fiscal year and intends to grow its business inorganically.

The company has no plans to develop greenfield shopping malls.

Nexus Select Trust has bundled all its 17 malls, including the 5 lakh square feet 'Select City Walk' in South Delhi, under REIT (Real Estate Investment Trust) structure and will soon launch Initial Public Offer (IPO).

According to sources, Nexus Select Trust is likely to hit the capital market in early May with India's first retail REIT IPO to raise up to 4,000 crore.

In November last year, Nexus Select Trust had filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch its retail REIT. (PTI)

17 Apr 2023, 10:53:58 AM IST

FMCG index shines as it jumps a per cent with most stocks in the index trading in the green

FMCG Index
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FMCG Index
17 Apr 2023, 10:50:14 AM IST

Gold price sustains above $2000 despite retreat in US dollar. Should you buy?

Despite US dollar continuing to attract buying interest of currency market bulls, gold price today sustained above $2,000 per ounce levels in the international market that triggered bottom fishing in Indian markets as well. Gold future contract on Multi Commodity Exchange (MCX) for June 2023 opened higher and went on to a high intraday high of 60,404 per 10 gm within a few minutes of commodity market opening. In the international market, gold price bounced back immediately after hitting an intraday low of $1,995.51 levels and climbed to an intraday high of $2,006.24 levels. (Read More)

17 Apr 2023, 10:37:37 AM IST

HDFC Bank shares fall over 2% after Q4 numbers miss D-St estimates. Should you buy or sell?

Shares of HDFC Bank Ltd, India's largest private lender, fell 2.13 per cent to trade at 1,656.45 apiece in Monday's opening deals as the bank reported a 19.8 per cent jump in net profit for the January-March quarter, aided by healthy net interest income and robust loan growth.

"For Q4FY23, NII was up 23.7 per cent YoY / 1.6 per cent QoQ while core NIMs on total assets were flat QoQ at 4.1 per cent. Opex continues to be elevated - up 32.6 per cent YoY and 8.0 per cent QoQ. Continued investment in branches and employees led to an elevated opexto-assets ratio of 2.26 per cent and cost-to-income at 42%," said analysts at ICICI Securities. (Read More)

17 Apr 2023, 10:19:55 AM IST

Powergrid leads the stock chart as it jumps more than 2.5% in early trading

Powergrid
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Powergrid
17 Apr 2023, 10:13:51 AM IST

Google May Lose Search on Samsung Devices to Microsoft Bing: NYT

Microsoft Corp.’s Bing may replace Alphabet Inc.’s Google as the default search service on Samsung Electronics Co. devices, according to a New York Times report Sunday.

Suwon-based Samsung, the world’s leading smartphone maker, is considering making the switch, putting at risk roughly $3 billion in annual revenue for Google, the report said. Bing’s threat to Google’s search dominance has grown more credible in recent months with the addition of OpenAI’s technology to provide ChatGPT-like responses to user queries.

Samsung shipped 261 million smartphones in 2022, according to IDC data, all running Google’s Android software. The Korean company has long-established partnerships with both Microsoft and Google, and its devices come preloaded with a library of apps and services from both, such as OneDrive and Google Maps. Negotiations are still ongoing and Samsung may yet decide to keep Google as its default provider, according to the report. (Bloomberg)

17 Apr 2023, 10:11:19 AM IST

Oil holds above $80 per barrel on OPEC+ cuts, traders eye China recovery

Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer.

Brent crude futures nudged 6 cents higher to $86.37 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude was at $82.56 a barrel, up 4 cents.

Both contracts notched their fourth weekly gains last week - the longest-such streak since mid-2022 - after the International Energy Agency (IEA) forecast record demand in 2023 of 101.9 million barrels per day (bpd), up 2 million bpd on last year. (Read More)

17 Apr 2023, 09:53:38 AM IST

YES SECURITIES recommendations on Infosys and HDFC Bank

Infosys Ltd (INFO IN): Result Report Q4 FY23 - Recommendation: BUY

CMP: 1,389

Target Price: 1,676

Potential Return: + 20.6%

Operating performance well below expectation led by near-term challenges

Infosys (INFO) reported weak financial performance for the quarter. Both, the sequential revenue growth and EBIT margin was below expectation. It reported decrease in revenue by 3.2% QoQ in cc terms led by unplanned project ramp downs in Retail, Hitech, BFSI and Telecom verticals. Revenue declined by 2.3% QoQ in USD terms (down 2.3% QoQ in INR terms). EBIT margin declined by 47 bps QoQ at 21.0% led by lower utilization and one-off revenue impact in the quarter. There was some moderation in employee attrition as LTM attrition was down 340 bps QoQ to 20.9%. We rollover to FY25E estimates and maintain our BUY rating on the stock with revised target price of 1,676/share at 22.0x on FY25E EPS.

 

HDFC Bank (HDFCB IN): Result Report Q4 FY23 Recommendation: ADD

CMP: 1692

Target Price: 2025

Potential Return: +19.6%

Balance sheet size has its own challenges, Downgrade to ADD

(1) The rapid rise in opex for HDFCB is indicative of the bank needing to work harder to achieve deposit growth. (2) HDFCB managed to hold to NIM on sequential basis, while management sounded neutral on NIM outlook. (3) We downgrade HDFCB from BUY to ADD with a revised price target of 2025.

17 Apr 2023, 09:48:50 AM IST

Apple CEO looks to a bright future in India, expresses excitement over opening company-owned stores

Apple CEO Tim Cook expressed his excitement on April 17 as Apple gears up to open its first company-owned stores in India, building on the company's 25-year history in the country. "India has an incredible energy and a beautiful culture," said Cook, who also noted Apple's commitment to investing in local communities and serving humanity with innovative products.

"India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history — supporting our customers, investing in local communities, and working together to build a better future with innovations that serve humanity," says Cook. (Read More)

17 Apr 2023, 09:43:01 AM IST

Realty sector remains stable as the index gains 0.5% and most stocks are trading higher 

Realty Index
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Realty Index
17 Apr 2023, 09:37:14 AM IST

Geojit Financial Services views on today's market: The worse-than-expected Q4 results from Infosys with only 4-7 % revenue growth for FY24 will drag down IT stocks

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The FPI trend has suddenly changed for the better in April. FPIs were buyers in all days of April so far having bought equity for 7531 crores (NSDL). India has been one of the best investment destinations for FPIs among emerging markets in April so far. The correlation between FPI and the market has become very significant. FPIs were continuous buyers in the market during the last ten trading days and the market posted continuous gains during the last nine trading days. FPI buying and short covering have been driving the current rally. Global market construct has also been positive. This positive market construct is likely to change to a slightly negative construct in the near-term, driven by correction in IT stocks. The worse-than-expected Q4 results from Infosys with only 4-7 % revenue growth for FY24 will drag down IT stocks impacting the Nifty. Sectoral rotation from IT to performing sectors like capital goods, pharma and financials will gather momentum.

17 Apr 2023, 09:31:35 AM IST

Infosys share puts a big drag on the IT index as the stock falls more than 10% in early trading

Infosys
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Infosys
17 Apr 2023, 09:28:23 AM IST

Tata Technologies IPO: What share price in grey market signals about the issue?

Ever since Tata Technologies — India's 15th largest IT company filed DRHP (Draft Red Herring Prospectus) at market regulator Securities and Exchange Board of India (SEBI) for the launch of its initial public offering (IPO), market observers and Tata Motors shareholders are busy counting the benefit coming to the Indian auto major's balance sheet after this value unlocking.

The grey market is also bullish on Tata Technologies IPO. According to market observers, Tata Technologies share price is trading around 830 per equity share. (Read More)

17 Apr 2023, 09:22:12 AM IST

IT index drags the markets sharply into the red as Infosys and Tech Mahindra fall; Sensex down 500 pts and Nifty 150 pts

Sensex at Open
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Sensex at Open
17 Apr 2023, 09:12:54 AM IST

TCS to continue investments in R&D, technology, offices spaces despite ongoing volatilities

The country's largest IT services company TCS will continue investing in research and innovation, office spaces and technology infrastructure at the same pace even as it wades through near-term volatilities, a senior official has said.

The company's promise to continue with the normal wage hikes will hit the operating profit margins by a further 1.70-1.75% in the June quarter, its chief financial officer Samir Seksaria said, adding that the key number will stabilise going ahead into the new fiscal.

He said the company typically spends 1,200-1,500 crore in research and innovation and 3,000-4,000 crore as capital expenditure on back-end technology needed to deliver work and office spaces, and the same should continue going ahead. (Read More)

17 Apr 2023, 09:06:34 AM IST

Reliance Securities Stock to Focus for Today: Escorts Kubota

STOCK IN FOCUS

Escorts Kubota (CMP 1,962): In view of the sizable presence in a relatively better-placed tractor segment, strong positive cash flow, healthy return ratios and likely synergy from Kubota tie up ahead, we have BUY rating on the stock, with a Target Price of Rs2,210.

Intraday Picks

AXISBANK (PREVIOUS CLOSE: RS864) BUY

For today’s trade, long position can be initiated in the range of Rs857-853 for the target of Rs874 with a strict stop loss of Rs842.

POWERGRID (PREVIOUS CLOSE: RS231) BUY

For today’s trade, long position can be initiated in the range of Rs229-227 for the target of Rs235 with a strict stop loss of Rs225.

COALINDIA (PREVIOUS CLOSE: RS226) SELL

For today’s trade, short position can be initiated in the range of Rs227- 229 for the target of Rs220 with a strict stop loss of Rs232.

17 Apr 2023, 09:03:19 AM IST

Sensex falls more than 1500 pts at the start of the preopen session; Infosys, Reliance, HDFC Bank will be in focus

Sensex at Preopen
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Sensex at Preopen
17 Apr 2023, 08:58:17 AM IST

Q4 results this week: ICICI Bank, YES Bank, HCL Tech, Tata Comms, and more

The upcoming week is set to be busy with major companies, particularly in the banking, IT, and financial sectors, gearing up to announce their Q4 earnings for FY23.

Key results to watch out for include ICICI Bank, HCL Tech, Yes Bank, ICICI Prudential Life Insurance, and Tata Communications, among others.

With limited significant events, market sentiment will be influenced by these Q4 earnings reports as well as global trends. Additionally, the performance of Infosys and HDFC Bank in their quarterly results will also impact equity markets. (Read More)

17 Apr 2023, 08:56:01 AM IST

Vedanta board approves plan to raise ₹2,100 cr via NCDs

The committee of directors of mining giant Vedanta Ltd has approved a proposal to raise up to 2,100 crore by issuing non-convertible debentures (NCDs).

The proposal was approved on Thursday during a meeting of its Committee of Directors, Vedanta Ltd said in a regulatory filing.

"Committee of Directors... on April 13, 2023, considered and approved for raising, on a private placement basis, up to 21,000 numbers secured, unrated, unlisted, redeemable, NCDs of face value 10,00,000/ each aggregating up to 2,100 crore in one or more tranche(s)," it added.

It will be issued on a private placement basis, the company said. (PTI)

17 Apr 2023, 08:32:02 AM IST

Stocks to Watch: Infosys, HDFC Bank, Reliance, Tata Motors, Vodafone Idea, Zee Entertainment, Tata Steel, HCL Tech, Adani Green, and Vedanta

Angel One, Network 18, Just Dial, Hathway Cable, and Quick Heal Technologies will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)

17 Apr 2023, 08:19:02 AM IST

Funding squeeze fallout: James Murdoch's Bodhi Tree slashes planned investment in Reliance

Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, has reduced its planned investment in Reliance's broadcast venture Viacom18 by 70% and will now pump in 43.06 billion rupees ($527.84 million), Viacom18 said late on Thursday.

Indian billionaire Mukesh Ambani's Reliance Industries had said in April last year that Qatar Investment Authority-backed Bodhi Tree would spend 135 billion rupees out of a planned 151.45 billion rupees investment in the media behemoth that is also backed by Paramount Global.

Reliance is now leading the investment with a 108.39 billion rupees infusion. (Read More)

17 Apr 2023, 08:06:20 AM IST

HDFC Bank records 20% rise in Q4 PAT to ₹12,047.5 cr, NII jumps 24%

Leading private sector lender, HDFC Bank posted 19.8% growth year-on-year in net profit to 12,047.5 crore for the fourth quarter ending March 31, 2023 (Q4FY23). Net interest income (NII) jumped by 23.7% to f 23,351.8 crore in the quarter under review. The bank showed healthy growth in deposits and credit, while provisions dropped steeply in Q4. Also, the bank's asset quality continued to be stable.

During Q4FY23, the bank's profit before tax stood at 15,935.5 crore. However, after providing taxation of 3,888.1 crore, HDFC Bank earned a net profit of 12,047.5 crore, an increase of 19.8% over the quarter that ended March 31, 2022. (Read More)

17 Apr 2023, 07:57:08 AM IST

Infosys misses estimates, consolidated PAT drops 16% QoQ to ₹6,128 cr; declares dividend

Showcasing a sequentially weak quarter growth, Infosys recorded a 16 per cent decline in its total profit after tax (PAT) in Q4FY24. The IT giant's Q4 PAT stood at 6,128 crore, which was down by 16 per cent on a sequential basis. Its revenue also dropped by 2.2 per cent on a quarterly basis to 37,441 crore. The company's revenue growth in cc terms was at 3.2 per cent QoQ and 8.8 per cent YoY.

The company's operating margins stood at 21 per cent in the fourth quarter of the previous financial year. Just like Infosys, TCS has also missed street's estimates in Q4 and showed a slump in its profit.

In terms of attenuation, Infosys presented a significant drop in its attrition rate to 20.9 per cent compared to 24.3 per cent in the quarter ending in December. (Read More)

17 Apr 2023, 07:55:40 AM IST

India's Tata Motors to raise passenger vehicle prices for second time in 2023

Indian automaker Tata Motors said on Friday it will raise prices of its passenger vehicles due to an increase in input costs and regulatory changes that make it costlier to produce cars, the second time this year it will make such a move.

"The weighted average increase will be 0.6%, depending on the variant and model," the carmaker said in a press release, adding it will come into effect from May 1.

Tata Motors previously hiked the price of its passenger vehicles by 1.2% in January this year, citing the same reason.

Vehicles across segments in India have gotten costlier with the government mandating automakers to fit their vehicles with a special device to monitor emissions, leading to extra costs.

These fuel emission norms, known as Bharat Stage VI norms, came into effect at the beginning of the month. (Reuters)

17 Apr 2023, 07:55:04 AM IST

Back Buy or sell: Vaishali Parekh recommends three stocks to buy today - Axis Bank, Tata Motors, and SBI Cards

Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks:

1] Axis Bank: Buy at 864, target 890, stop loss 850;

2] Tata Motors: Buy at 469, target 483, stop loss 463; and

3] SBI Card: Buy at 758, target 785, stop loss 747. (Read More)

17 Apr 2023, 07:34:40 AM IST

G20 nations expected to agree on a common definition for startups by July; will enable effective policymaking across members

G20 nations are expected to agree on a common definition for startups by July, enabling effective policymaking across members and potentially resolving current challenges surrounding the valuation and taxation of startups, Indian government officials said.

The foundation and alliances working group under the Startup-20 Engagement Group, created during India’s G20 presidency in 2023, is leading discussions to establish consistent terminology across member nations to define investments, funding, and other related terms for startups in the ecosystem. (Read More)

17 Apr 2023, 07:26:55 AM IST

Markets will react to Infosys, HDFC Bank Q4 earnings on Monday; global trends, upcoming results to dictate the week

After two-holiday shortened weeks in April, the market is set for a full-fledged week for trading from April 17th to 21st. However, amidst a lack of major events to fuel the sentiment, the stock market will react to Infosys and HDFC Bank's Q4 earnings, while awaiting upcoming results such as HCL Tech, ICICI Prudential, and Tata Communications. Also, global trends will further dictate the mood. Sensex and Nifty 50 have impressive returns in the past 9 days' winning spree, holding the longest rally since October 2020. (Read More)

17 Apr 2023, 07:24:39 AM IST

Wall Street stocks slip on Friday as rate worries overshadow big bank profits

Stocks on Wall Street dipped Friday as worries about interest rates overshadowed an encouraging start to earnings reporting season for big U.S. companies.

The S&P 500 fell 8.58 points, or 0.2%, to 4,137.64 after giving up an early gain. The Dow Jones Industrial Average lost 143.22, or 0.4%, to 33,886.47, while the Nasdaq composite sank 42.81, or 0.4%, to 12,123.47.

The S&P 500 still squeezed out a fourth winning week in the last five, built in part on hopes the Federal Reserve may soon end its barrage of rate hikes as inflation cools. High interest rates can stifle inflation but only by slowing the economy, raising the risk of a recession and dragging on prices for investments.

A top Fed official dampened those hopes Friday after saying inflation remains far too high and more tightening may be needed. Christopher Waller, a member of the Fed’s governing board, also said that even after hikes to rates end, they will likely need to stay high for longer than markets expect.

After his comments, traders built bets that the Fed will raise rates at its next meeting in May, instead of taking its first pause in more than a year. Some also began betting the Fed may hike rates again in June, according to data from CME Group.

High-growth stocks tend to be among the most hurt by high rates, and Big Tech stocks were among the heaviest weights on the S&P 500. Microsoft fell 1.3%. (AP)

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