PremiumIndian stock market remained volatile towards the start but ended with gains amidst positive global cues. Domestically, RBI policy decisions will drive the market in the coming weeks. RBI will begin its 3-day monetary policy meeting on April 3rd and the outcome in key rates and economic outlook will be announced on April 6th.
Volatility persisted on Wednesday but benchmark indices edged up thanks to a late rally as easing worries over the global banking turmoil whet risk appetite, while Adani group stocks rebounded.
The Nifty 50 index ended in the green as it gained 130 points to close above 17,000, at 17,080. The S&P BSE Sensex rose around 350 points to end at 57,960.
Twelve of the 13 major sectoral indexes advanced with PSU Bank, Metal, Auto, Media and Realty leading the rally. Energy index was the only major sector to have ended lower in today's session.
Adani Enterprises and Adani Ports jumped 9% and 7%, respectively. Eicher Motors and Hero MotoCorp were other prominent gainers. UPL and Bharti Airtel dropped in today's session. Asian Paints and Reliance also booked losses.
Asian stocks rose Wednesday as anxiety about the global financial system began to fade following three high-profile bank failures.
Japan's Nikkei share average ended at a near three-week high on Wednesday as investors snapped up stocks set to go ex-dividend this week and market heavyweight SoftBank Group jumped on Alibaba Group's split-up plans.
The Nikkei index rose 1.33% to its highest since March 10 and marking the biggest daily jump since March 22. The broader Topix rose 1.46%.
Hong Kong stocks surged on Wednesday, boosted by a jump in Alibaba's shares following the internet giant's revamp and listing plan which fuelled optimism that Beijing's crackdown on the tech sector may be ending.
The index heavyweight lifted the Hang Seng Tech Index by 2.5%, while also sending the Hang Seng benchmark up 2.1%. China's CSI 300 benchmark, meanwhile, edged up 0.2%, as investors awaited more data to gauge the country's economic recovery after it dropped stringent zero-COVID curbs and reopened its economy.
European shares rose on Wednesday, echoing an upbeat mood in Asian markets following Chinese tech giant Alibaba's break-up plans, while Swiss bank UBS climbed after it rehired Sergio Ermotti as its CEO.
UK stocks edged higher on Wednesday, supported by gains in banks amid easing fears of a financial sector meltdown, while shares of export-focused energy and materials companies gained as the pound weakened.
Leasing of retail space in malls and prominent high-street locations across eight major cities is expected to rise 17-28 per cent to 55-60 lakh square feet, driven by demand from retailers in fashion & apparel, homeware, and departmental stores categories, according to CBRE India.
Real estate consultant CBRE South Asia Pvt Ltd on Wednesday released its report, '2023 India Market Outlook' that highlights key trends and projections for realty sector.
"Retail leasing is expected to touch 5.5–6 million (55-60 lakh) square feet in 2023, the highest level after the 2019 peak of 6.8 million (68 lakh) square feet. It is expected that primary leasing in newly completed malls will remain the key driver of retail space demand in 2023," the consultant said.
Figures denote leasing of space in investment-grade malls, prominent high streets and standalone developments. The eight cities tracked are Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune. (PTI)
1. Affle India - Pain in developed markets continues; maintaining our Buy
As things now stand, macro headwinds in the developed markets of the US and Europe (20% of overall revenues) continued to impact Affle’s business in Q4 as well (a ~$6.5m-$7m impact on revenue in 9M FY23). The slow-down comes as companies are seeing costs rising in different verticals of their business. Factoring in the slowdown in developed markets, we further cut our FY23e/FY24e/FY25e earnings 2.6%/6.6%/10.3%. As a result, we cut our target price 10% to Rs1,170 from Rs1,300 earlier (based on DCF, assuming a 12% WACC and a 6% terminal growth rate, at an implied PE of 41x FY25 EPS), and retain our Buy rating on the stock.
2. HG Infra Engineering - On the road to a better future; retaining a Buy
An EPC order from Adani Road Transport, the Ganga Expressway is one of the prominent orders for HG Infra. Since it was ~38% of end-Q3 OB of ~Rs111bn, the recent developments with the Adani Group have been unsettling, and rendered this order the most keenly watched of its entire OB. In light of this, we felt it prudent to visit the site, and meet HG’s senior management. We returned upbeat. We saw healthy progress, possible by HG utilising its well-proven execution skills, capable leadership and execution team. Its admirable execution is aided by its well-planned strategy for raw-material procurement, early-stage site mobilisation, and ample manpower. Constant support from the client (team stationed at the site, to resolve any issues) and timely payments too, are reassuring and reinforce the client’s commitment to the project.
Tata Power Solar Systems Ltd (TPSSL) has bagged a 300 MW project worth ₹1,755 crore from state-owned NLC Ltd.
The company will also do the operation and maintenance of the project for 3 years after the commercial operation declaration.
The 300 MW Domestic Content Requirement (DCR) based project located at Barsingar in Bikaner, Rajasthan, is expected to generate more than 750 million units renewable energy and reduce 6 lakh tonne of CO2 annually, a statement said.
The Letter of Award (LoA) for the project was given through competitive bidding. The project will get commissioned within 18 months from the date of receiving of LoA, it said. (PTI)
An Indian tribunal on Wednesday gave partial relief to Alphabet Inc's Google by setting aside four of the 10 antitrust directives in a case related to the abuse of its dominant position in Android.
Online travel services provider, MakeMyTrip on Wednesday said it plans to grow its franchise base by over 50 per cent this year to expand its reach in smaller cities and towns across India.
The company is seeking to tap into the opportunities provided by the government's initiative to increase the number of airports in India by adding 80 airports over the next three years, taking the number to 220 by 2025, MakeMyTrip (MMT) said in a statement.
MMT said it started 2023 with 146 active franchisees and the aim is to grow by more than 50 per cent to reach 220 by the end of the calendar year.
"The franchise network expansion is part of our broader strategy to serve customers in the top 100 plus cities of India. The franchise network will help serve those customers who may be more comfortable talking to someone they trust," MakeMyTrip Co-Founder and Group CEO Rajesh Magow said.
On the opportunities in the country, he said India has emerged as one of the world's fastest-growing aviation markets. The government plans to add another 80 airports over the next three years, taking the number of airports in the country to 220 by 2025. (PTI)
Goyal Aluminiums has plans to invest ₹200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh.
The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project.
"Goyal Aluminiums...is gearing up to set up a new electric vehicle manufacturing plant with an investment of ₹200 crore," a company spokesperson told PTI on Wednesday. (Read More)
Citigroup Inc. has hired two senior consumer dealmakers from Credit Suisse Group AG to beef up its European investment banking ranks.
The US firm appointed Maarten Swart as co-head of consumer and retail in Europe, the Middle East and Africa for its banking, capital markets and advisory group, according to an internal memo seen by Bloomberg News. He will also serve as head of investment banking for the Benelux region.
Citigroup hired Credit Suisse managing director Sophie van Kleef to work on food and beverage deals for the consumer team, according to the memo.
Swart and van Kleef will both be based in the Netherlands. Swart has spent his entire 17-year career at Credit Suisse, while van Kleef has been with the Swiss bank for all of her 13 years in the industry.
Investment banks are on the lookout for talent leaving Credit Suisse following its emergency takeover by UBS Group AG earlier this month. Thousands of jobs are expected to be cut as UBS integrates the business and aims to keep its investment bank lean. (Bloomberg)
Maruti Suzuki India Ltd announced on Wednesday that it has crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments. The company shipped Maruti Suzuki Baleno - its 2.5 millionth landmark vehicle from Gujarat's Mundra Port to Latin America.
In a statement, Maruti Suzuki India Managing Director & CEO Hisashi Takeuchi said “The landmark export of 2.5 million vehicles stands as a testimony to India's manufacturing prowess. This feat demonstrates Maruti Suzuki's resolute commitment to the Government of India's flagship Make-in-India initiative, and furthering the government's efforts to enhance vehicle exports." (Read More)
Hindustan Construction Company (HCC) on Wednesday said it has completed sale of Baharampore-Farakka Highways Ltd for ₹1,323 crore to Cube Highways and Infrastructure V Pte Ltd.
HCC in a statement said the group is to receive a total of ₹941 crore which includes upfront amount of ₹677 crore and ₹264 crore payable by the third quarter of 2023-24 in two tranches, contingent on traffic projections.
Additionally, as part of the agreement with Cube, HCC will be entitled to a revenue share from Baharampore-Farakka Highways Ltd (BFHL) over the entire concession period, which is material in nature, the statement added.
HCC Vice Chairman Arjun Dhawan said the company's concessions portfolio has been a value generator for the group and this asset sale underscores the material liquidity contribution toward its operations and growth.
Cyril Amarchand Mangaldas and Edelweiss Financial Services Ltd were the legal and financial advisors for this transaction, respectively. (PTI)
European shares rose on Wednesday, echoing an upbeat mood in Asian markets following Chinese tech giant Alibaba's break-up plans, while Swiss bank UBS climbed after it rehired Sergio Ermotti as its CEO.
The benchmark STOXX 600 index rose 0.6% by 0705 GMT, in line with the gains in Asian equities.
UBS Group AG climbed 2.2% after the Swiss bank announced Ermotti will take the helm to steer its massive takeover of smaller peer Credit Suisse. Credit Suisse climbed 2.1%, while the financial services and banking indexes were up about 1% each.
Germany's Infineon climbed 5.1% after the chipmaker raised its outlook for both its fiscal second quarter and the whole of 2023. The wider tech index climbed 1.7% to lead sectoral gains.
Aroundtown fell 5.3% to a fresh record low after the German real estate company reported a full-year net loss of 457 million euros and said it was suspending dividend payout due to market uncertainties. (Reuters)
Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told an Indian tribunal on Wednesday that they have settled a dispute over dues of the media company.
Distressed car services platform GoMechanic, whose founders admitted to financial irregularities in January, has been sold to a consortium led by Delhi-based auto components manufacturer Lifelong India Pvt Ltd.
Lifelong will be a majority shareholder in the consortium and the business will be run under car repair platform Servizzy, the companies said.
“Due to the recent financial difficulties at GoMechanic, the board and shareholders with support from Stride Ventures initiated a speedy and widely publicized sale process to ensure the continuity of business. The Servizzy consortium, to be led by the Lifelong Group, emerged as the strongest bid in this process for the acquisition of the GoMechanic Business in accordance with the terms and conditions contained in the agreement," the media statement said. (Read More)
India recorded a single-day rise of 2,151 new coronavirus cases, the highest in five months, according to the Union health ministry. As per the data updated, the active cases increased to 11,903 on Wednesday.
A total of 2,208 cases were recorded on October 28 last year.
The COVID-19 death toll has increased to 5,30,848 with seven latest fatalities -- three reported by Maharashtra, one by Karnataka and three reconciled by Kerala. (Read More)
Japan's Nikkei share average ended at a near three-week high on Wednesday as investors snapped up stocks set to go ex-dividend this week and market heavyweight SoftBank Group jumped on Alibaba Group's split-up plans.
The Nikkei index rose 1.33% to close at 27,883.78, its highest since March 10 and marking the biggest daily jump since March 22.
The broader Topix rose 1.46% to 1,995.48.
"Japanese stocks rose because of demand for shares with higher dividend payouts, while gains in SoftBank Group gave further strength," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
SoftBank jumped 6.18% and lifted the Nikkei the most, by 62 points, after Alibaba Group announced plans to split into six units and explore fundraisings or listings for most of them. SoftBank has a stake in Alibaba. (Reuters)
The three-day initial public offering (IPO) of electronic manufacturing services firm Avalon Technologies will open for public subscription next week on Monday, April 3, 2023 and conclude on April 6, 2023. The company has fixed a price band of ₹415-436 a share for its ₹865-crore initial share sale. The bidding for anchor investors will open on March 31.
As per market observers, Avalon Technologies shares are commanding a premium (GMP) of ₹30 in the grey market today, up from ₹24 in the previous sessions. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on Tuesday, April 18, 2023. (Read More)
UpGrad Education Pvt Ltd, which runs the edtech platform UpGrad, has raised ₹300 crore in an internal round, with cofounder Ronnie Screwvala contributing ₹212 crore towards the capital raise, the company said in an announcement.
Temasek has invested ₹81 crore, with the rest coming in from other internal investors.
"The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally," the company added in the statement. (Read More)
The March quarter (Q4FY23) was a washout for cement companies as far as movement in cement prices is concerned.
Latest dealers channel check by Elara Securities (India) Pvt. Ltd showed that the all-India average retail price dropped ₹8 per 50 kg bag on a month-on-month basis to ₹371 in March. With that, all-India average cement prices are likely to be up around 2% year-on-year, but may remain largely flat sequentially in Q4FY23.
Attempts of price hikes have failed to sustain due to the volume push, lower-than-expected demand, and increased discount offerings, said the Elara report dated 28 March. In some areas, unseasonal rains and lower labour availability also impacted construction activities, thus hurting cement demand. (Read More)
All the ten listed Adani Group stocks were trading in the positive territory on Wednesday after two days of decline.
Shares of Adani Enterprises jumped 5.46 per cent, Adani Power climbed 4.98 per cent, Adani Ports (4.70 per cent), Adani Wilmar (4.22 per cent) and Adani Green Energy (4.15 per cent) on the BSE.
The stock of NDTV advanced 3.73 per cent, Adani Transmission went up by 2 per cent, Adani Total Gas (2 per cent), Ambuja Cements (1.94 per cent) and ACC (1.92 per cent).
Shares of all the ten listed firms of Adani Group ended lower for the second day in a row on Tuesday, with Adani Enterprises tumbling 7 per cent.
The group stocks were down on Tuesday amid reports on debt payment not matching with pledged shares data. (PTI)
A recent Reuters poll of economists predicts that the Reserve Bank of India (RBI) will increase its primary interest rate by 25 basis points on April 6, but then keep rates unchanged for the remainder of the year while continuing to maintain its tightening stance.
The poll suggests that persistently high inflation in India, which exceeded the RBI's upper tolerance limit of 6% by reaching 6.52% in January and remained elevated at 6.44% in February, is the primary factor behind the expected rate hike. (Read More)
Alibaba Group Holding Ltd.’s overhaul could serve as a template for a restructuring of China Tech itself: a shake-up that achieves Beijing’s aim of carving up the country’s tech titans while unlocking potentially billions of dollars in pent-up shareholder value.
China’s online commerce leader surprised markets by announcing Tuesday plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings. In executing the biggest overhaul in its history, Alibaba manages to address two objectives that have eluded many of its rivals — appeasing both a government distrustful of Big Tech and investors traumatized by a years-long regulatory crackdown. (Read More)
The Food Corp. of India (FCI) procured 10,727 tonne of wheat on Monday, the first day of 2023-24 rabi marketing year. The quantity was purchased at the minimum support price of ₹2,125 per quintal in Madhya Pradesh, said Ashok Meena, chairman and managing director of the government agency.
“Though procurement in Madhya Pradesh was kicked off on March 20, we have purchased the season’s first wheat on Monday amid huge supply from farmers," Meena told reporters on Tuesday.
Last year on the same day, zero quantity of wheat was procured, and the total quantity in March last year was 10,000 tonne, FCI head informed. (Read More)
Gold prices dropped on Wednesday as easing worries over a potential bigger fallout from the global banking crisis increased appetite for riskier assets and dampened demand for the safe-haven metal.
Spot gold was trading 0.4% lower at $1,966.48 per ounce, as of 0356 GMT, after rising 1% on Tuesday. U.S. gold futures slipped 0.3% to $1,967.50.
"We've seen a natural retracement ... gold is pulling back after a failed 'bid' to break above $1,975," said Matt Simpson, a senior market analyst at City Index.
But some investors "still seem to be holding onto gold 'just in case' there's another skeleton or two lurking in the closet," he said and that gold might catch another bid heading into the European session. (Reuters)
Ratings agency Fitch has said that two Adani Group subsidiaries are exposed to heightened contagion risks as a result of governance weakness at the conglomerate's sponsor level.
Adani Transmission Limited and Adani Ports and Special Economic Zone are prone to risks which could affect financial flexibility, said Fitch.
The Adani Group is back in fire-fighting mode after media reports called into question the Indian conglomerate’s ability to repay debt, reviving a selloff in its stock. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: In the absence of near-term cues, the market is likely to remain range-bound for some days before taking a new direction. Cues from the mother market US on inflation, the Fed response and the banking crisis-related news will weigh on markets in the near term. With FIIs turning buyers yesterday, the 16800 Nifty level is unlikely to be broken on the downside now. Expect a range-bound market for the near-term. The recent correction has made valuations for the broader market attractive. Nifty Smallcap index and Nifty Midcap index are down around 10% and 6% respectively in the last three months. For long-term investors, this is a good opportunity to invest in Small and Midcap mutual funds through SIPs. In large caps, HDFC twins and RIL exhibit strength.
Shares of Hindustan Zinc Ltd dipped more than 2% to ₹295 on the BSE in Wednesday's opening trading session as the stock started trading ex-dividend on the record date which has been fixed on March 29, 2023.
Hindustan Zinc Ltd, owned by billionaire Anil Agarwal, announced its fourth interim dividend of ₹26 per share, amounting to a total payout of ₹10,985.8 crore. According to an exchange filing, the record date for the payment of the dividend is March 29, 2023, as previously communicated. (Read More)
Adani Group has called out ‘The Ken’ that claimed the company of not repaying USD 2.15 billion in share-backed debt to its promoters. The giant enterprise, in its recent press release, called the Ken's claims in an article to be ‘baseless’ and said that all corresponding shares pledged for those facilities have been released.
Adani Group also mentioned its share pledge position as on 31 December 2022 and the current share pledge position as on March 27, 2023.
The company also said the repayment of debts has drastically reduced the pledge positions for Adani Green, Adani Ports, Adani Transmission and Adani Enterprises. With this, only residual share pledges associated with Operating Company facilities are left for repayment. (Read More)
Even as there is an ongoing global turmoil, hiring intentions in services and manufacturing sectors for the first quarter of 2023-24 are 10 per cent more than the year-ago period, a report said on Tuesday.
According to the TeamLease Services' 'Employment Outlook Report' for the Services and Manufacturing sectors for Q1, FY24, despite the ongoing global turmoil, hiring intent in India has steadily increased over the past year.
In comparison to the same quarter in the previous year (April-June 2022-23), hiring intentions in the services and manufacturing sector in the first quarter of FY24 is 10 per cent higher as close to 64 per cent of employers the employers interviewed said they are keen to increase their resource pool across industries.
However, compared to the fourth quarter of FY23, the hiring outlook has witnessed a dip of 4 per cent. (PTI)
Insurance regulator Irdai has removed the individual ceiling of commission to be paid by insurers for the sale of their products.
The board of an insurance company should frame commission policy keeping in mind the interest of the policyholders and agents, the Insurance Regulatory and Development Authority of India (Irdai) said in a gazette notification dated March 26.
Flexibility in commission is also aimed at increasing insurance penetration and bringing cost efficiencies.
The commission fixed by the board of an insurer must be within the allowable expenses of management (EoM) limit.
These Regulations shall be called the Insurance Regulatory and Development Authority of India (Payment of Commission) Regulations, 2023, it said.
The total commission payable under life insurance products, including health insurance products, should not exceed the Expense of Management (EOM) limits specified under the above regulations, as per the notification. (PTI)
The National Payments Corporation of India (NPCI) has issued a circular in which it suggested "Prepaid Payment Instruments (PPI)" fees on merchant transactions on Unified Payments Interface (UPI).
The governing body of the UPI payment system added that the PPI fees would be levied on transactions above ₹2,000 on UPI. It will result in an interchange at 1.1% of the transaction value.
The interchange fee is levied to cover the costs of accepting, processing, and authorising transactions. This is likely to make the transaction costlier. The new rule will be implemented from 1 April. (Read More)
Indian markets recorded a broad-based selloff on Tuesday as the focus shifted toward the upcoming RBI policy. Smallcap stocks continue to see a downward slope, while auto and IT stocks extended their losses. Also, bears held the grip of the market amidst a drop in investors' risk appetite and FY23 tax harvesting. (Read More)
Indian government bond yields are likely to rise in the early session on Wednesday, tracking an uptick in U.S. peers, while traders await the April-September borrowing calendar.
The 10-year benchmark 7.26% 2032 bond yield is expected to be in a 7.30%-7.36% range after closing at 7.3240% on Tuesday, a trader with a private bank said. Indian markets are closed on Thursday for a local holiday.
Some uptick is likely but any major move before the financial year-end can be safely ruled out, the trader added.
U.S. yields rose further overnight, as investors become more optimistic that recent stress in the banking system will be contained. The two-year yield was trading above 4.10%, while the 10-year yield was trading close to 3.60%.
Indian bond yields ended higher on Tuesday, as states raised a record 412.14 billion rupees ($5.02 billion) amid strong demand from insurance companies. (Reuters)
India's total exports crossed USD 750 billion with two-to-three days still left in financial 2022-23, and is the highest by the country ever.
The milestone export figures were provided by Union commerce minister Piyush Goyal today speaking at industry body Assocham's annual session.
"The naysayers have been proven wrong. I am happy to share today that India has crossed USD 750 Billion of exports. There has been growth in both goods & services exports," Goyal said at the event.
"Given the fact that the whole world is in recession, inflation is at an all-time high for most developed countries, interest rates are shooting up and there's a sense of doom & gloom in rest of the world, India's performance has filled us with pride," he added.
India is opening doors wider to international trade, Goyal said. (ANI)
STOCK IN FOCUS
Kalpataru Power (CMP 540): We have BUY rating on KPTL on the back of lower pledge by promoter, closure of BOT projects, completion of Indore real estate projects and improvement in working capital, with a Target Price of Rs645.
Intraday Picks
TATACHEM (PREVIOUS CLOSE: RS954) BUY
For today’s trade, long position can be initiated in the range of ₹950-
955 for the target of Rs974 with a strict stop loss of Rs942.
HINDALCO (PREVIOUS CLOSE: RS393) BUY
For today’s trade, long position can be initiated in the range of Rs389-
392 for the target of Rs406 with a strict stop loss of Rs385.
ICICIBANK (PREVIOUS CLOSE: RS855) BUY
For today’s trade, long position can be initiated in the range of Rs848-
853 for the target of Rs875 with a strict stop loss of Rs840.
The govt-backed, National Hydroelectric Power Corporation, has announced to raise up to Rs.5,600 crore of debt during the next financial year through corporate bonds, the company said on Tuesday.
The company in its stock filing informed that the funds will be raised through the issuance of corporate bonds in one or more series/ tranches on a private placement basis and/ or the raising of Term loans/ External Commercial Borrowings (ECB) in suitable tranches. (Read More)
The Adani Group is back in fire-fighting mode after media reports called into question the Indian conglomerate’s ability to repay debt, reviving a selloff in its stock.
Adani units slumped Tuesday after India’s Economic Times said the group is seeking to renegotiate the terms of $4 billion worth of loans, citing people it didn’t identify.
The declines — which saw the flagship Adani Enterprises Ltd. sink more than 7% — were compounded by a report from The Ken flagging concerns over the group’s repayment of $2.15 billion of share-backed loans. The business news website said regulatory filings showed that banks have not yet released a large portion of founder Gautam Adani’s shares.
Adani Group refuted the reports in separate statements Tuesday, calling the Economic Times’ claims “baseless speculation." Later in the day, the company addressed The Ken report, saying it had paid off share-backed financing amounting to $2.15 billion and that the stock pledged for those facilities had been released.
Adani spokesman Jugeshinder Singh earlier tweeted that the report was a “deliberate misrepresentation." (Bloomberg)
As India braces for a scorching summer, electricity tariffs in the country may surge as much as 40% amid expectations of record-high demand.
Power distribution utilities plan to raise tariffs ranging from single digits to as high as 40% across states if approved by the state electricity tariff regulators. Discoms in states such as Uttar Pradesh, Maharashtra, Madhya Pradesh, and Himachal Pradesh have already proposed increases in tariffs.
For instance, discoms in Madhya Pradesh have recommended a hike of 3.2% due to a projected revenue gap of ₹1,527 crore in FY24. In turn, state-owned Maharashtra State Electricity Distribution Co. Ltd has proposed a tariff hike in the range of 30-40% for residential and commercial consumers. (Read More)
Mining mogul Anil Agarwal's Vedanta Ltd on Tuesday declared its fifth interim dividend of ₹20.50 per equity share or 2050 per cent for financial year 2022-23, amounting to ₹7,621 crore. The company has fixed 7 April, 2023, as the dividend record date.
“Approved the fifth interim dividend of ₹20.50 per equity share i.e., 2050 per cent on face value of ₹1/‐ per share for the financial year 2022‐23 amounting to ₹7,621 crores," the company said in a regulatory filing.
The interim dividend will be paid within stipulated timelines as prescribed under law, the exchange filing further noted.
This is in addition to ₹81 per share in dividends the Anil Agarwal's company announced for FY23 so far. (Read More)
Sebi on Tuesday imposed penalties totalling ₹35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities, including promoters Samir Jain and Meera Jain who have also been barred from the securities market.
Apart from the market ban, Samir Jain and Meera Jain have been restrained from holding any key managerial position or associating with any listed public company. These restrictions will be in place till the two companies comply with the minimum public shareholding requirement under Sebi norms, according to two separate orders. (Read More)
India has asked state-owned banks to focus on their stress testing methods after they were found to have fallen behind on developing models that are meant to ward off risks of failure.
The matter was reviewed at a March 25 meeting of the bank leaders with Finance Minister Nirmala Sitharaman, who met to discuss progress of a reform agenda for the lenders, according to officials familiar with the matter.
Sitharaman in June announced that banks would come up with stress-testing models that would help them respond to customer needs and competition.
Reliance Industries Ltd, Tata Power Solar, and ReNew are among companies chosen to receive ₹14,007 crore worth of government incentives to encourage the local manufacturing of solar modules under its production-linked incentive scheme.
Overall, Solar Energy Corp. of India, the state-run company set up to implement the National Solar Mission, has allocated 38,600MW of capacity to 11 companies.
India aims to boost its renewable energy capacity to 500 gigawatts (GW) by 2030, with solar power accounting for over half of the goal. To meet this ambitious target, the government is encouraging domestic production of solar modules and trying to reduce its dependence on imports from China, with which it shares an uneasy relationship and a significant trade deficit. (Read More)
U.S. stocks ended slightly lower on Tuesday as investors weighed comments from a top U.S. regulator on struggling banks and sold shares of technology-related names after their recent strong run.
Michael Barr, the Federal Reserve's top banking regulator, told a Senate panel that Silicon Valley Bank did a "terrible" job of managing risk before its collapse.
Shares of Apple and Microsoft along with other technology-related shares ended down and were among the biggest drags on the S&P 500.
"It's a little bit of a follow-through from yesterday's pullback in tech stocks. You're seeing a little bit of profit-taking," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "Some of the enthusiasm is waning a little bit."
The S&P 500 technology index was down 0.5% on Tuesday, extending this week's declines, but remains up sharply for the quarter.
The KBW regional banking index was down 0.2% on the day. Shares of First Citizens BancShares Inc were up slightly, a day after the stock rose more than 50% after it said it would acquire the deposits and loans of Silicon Valley Bank.
Bank stocks have sold off sharply in the wake of problems at Silicon Valley and other banks.
The Dow Jones Industrial Average fell 37.83 points, or 0.12%, to 32,394.25, the S&P 500 lost 6.26 points, or 0.16%, to 3,971.27 and the Nasdaq Composite dropped 52.76 points, or 0.45%, to 11,716.08.
"The prospect of stricter regulations for banks with deposits above $100 billion is raising the anxiety level for those that are perceived currently to be struggling," James said. (Reuters)
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