The fears of further banking sector crisis in the US seemed to have dissipated after the SVB's loans and deposits were successfully sold to First Citizens Bank. For fresh cues, the next RBI monetary policy meeting, scheduled to be held in the first week of April 2023, will be closely watched.
Indices zoom as Sensex jumps 1.78% and almost touches 59,000, and Nifty 1.63% amidst overall positive global cues
Indian shares advanced more than 1.5% on Friday, aided by high-weightage IT and financials stocks, as investors find valuations attractive after a recent correction, ahead of key economic data to gauge the path for future rate hikes.
The Nifty 50 index climbed 280 points to close at 17,360. The S&P BSE Sensex rose more than 1000 points to end the week just below 59,000, at 58,991.
All 13 major sectoral indexes advanced. The heavyweight IT gained more than 2%. Financial indices along with Metal, Auto and Realty jumped over 1% each.
Reliance Industries, the company with the biggest market capitalisation and weightage on the Nifty 50 index, climbed over 4% after starting the process of demerger of its financial services business. Infosys and ICICI were other major gainers in today's trading. Apollo Hospitals and Sun Pharma shed around a per cent each.
Asian stocks followed Wall Street higher Friday ahead of a United States inflation update traders hope might prompt the Federal Reserve to ease plans for more interest rate hikes.
Japan's Nikkei share average rose on Friday — the last trading day of the country's fiscal year — and posted its best week in two months, as easing banking crisis concerns and a weaker yen bolstered investor sentiment.
The Nikkei finished the day up 0.93% staying above the psychological 28,000 mark. For the week, the Nikkei rallied 2.4%, the most since Jan. 27.
China stocks rose on Friday as Chinese manufacturing activity growth beat expectations, while spin-off and listing plans of some internet giants boosted sentiment in the Hong Kong market.
China's blue-chip CSI 300 Index closed up 0.3%, and the Shanghai Composite Index added 0.4%. Hong Kong's Hang Seng Index, meanwhile, gained 0.6%, and the Hang Seng China Enterprises Index climbed 0.8%.
European shares rose on the last trading session of a turbulent March, as investors awaited U.S. and eurozone inflation reports for more clues on global interest rate moves amid receding fears of a banking crisis.
UK's FTSE 100 inched up as miner Rio Tinto rose after signing a partnership to develop a copper project, while relief that the domestic economy avoided a recession last year also aided sentiment.
Data by the Office for National Statistics showed UK's economy grew in the fourth quarter as the country narrowly avoided a recession. Economic output increased 0.1% in the October to December period, while it was expected that the economy would not show any growth.
Citroen begins exports from Kamarajar Port Ltd
Automaker Citroen has commenced export of its vehicles from Kamarajar Port Ltd in Tamil Nadu, the company said on Friday.
Chairman of Kamarajar Port Ltd Sunil Paliwal, along with senior company officials, flagged off the first batch of vehicles at an event here.
In February, Citroen, which is a part of Stellantis Group, inked a pact with Kamarajar Port, which is located 24 km north of Chennai Port in the city, for shipping out vehicles to the overseas market.
Stellantis Group was formed by the merger of two global auto majors FCA and Groupe PSA.
PAIPL, the Indian affiliate of Citroen India, would be exporting 'Made in India' C3 B-hatch vehicles to countries in the Association of Southeast Asian Nations (ASEAN) and Africa from the port. (PTI)
OYO pre-files draft paper for IPO; likely to list around Diwali: Report
Oravel Stays - which operates hospitality tech firm OYO - on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said. Sources close to the company told PTI OYO may launch its initial public offering (IPO) around Diwali this year.
Unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi's final comments. (Read More)
Coal India surpasses annual output target for first time in 17 years
Coal India Ltd said on Friday it had breached its annual production target of 700 million tonnes, the first time it had surpassed its goal since the fiscal year that ended in March 2006.
The world's largest coal mining company will likely end the fiscal year ending on Friday with an output of 703.4 million tonnes, it said, 13% higher than the 622.6 million tonnes it produced the previous fiscal year.
"The volume increase of a whopping 81 million tonnes in a single year, by fiscal year 2023 end, would be a historic high since the company's inception," the company said in a statement on Friday.
Coal India last achieved its annual production target in 2006, when it produced 343.4 million tonnes against a plan to produce 343 million tonnes. (Reuters)
Europe's inflation eases to 6.9 per cent as energy falls but food up
Inflation in the 20 countries that use the euro currency slowed to 6.9 per cent in March, the lowest level in a year, with food costs still on the rise while energy prices fell, making a sharp turnaround after months of punishing increases.
Consumer prices in the eurozone dropped from the 8.5 per cent recorded in February, according to data released Friday by the European Union's statistics agency, Eurostat.
The inflation has dropped to its lowest level in a year since since peaking at 10.6 per cent in October.
But prices for food, alcohol and tobacco rose by a painful 15.4 per cent, faster than the previous month's 15 per cent, in a sign that European consumers are still getting squeezed.
Energy prices, however, fell 0.9 per cent — an abrupt change of direction after rising at double-digit rates over the past year. (PTI)
World Bank says recoveries in Asian economies losing steam
Developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday.
The report forecasts that growth in the region including China will pick up pace this year after the world's No. 2 economy relaxed pandemic restrictions on travel and other activities.
But recoveries elsewhere in the region, excluding China, will moderate as pressures of inflation and growing household debt slow consumer spending, it said.
Across the Asia-Pacific, economies are expected to grow at a 5.1% annual pace this year, up from 3.5% in 2022, the report said.
But not including China, growth is expected to slip to 4.9% in 2023 after a rebound from the worst of the pandemic of 5.8% in 2022, it said.
Major Asian economies like Indonesia, Philippines, Thailand and Vietnam will see their recoveries slow and meanwhile face risks from weakening global growth, spillover from the war in Ukraine and climate change disasters. (PTI)
Realty sector among the biggest gainers in today's rally as it jumps almost 2% with most stocks in green
India’s RBI May Keep Rates Higher for a While, Says Economist
India’s central bank will likely go for one more quarter point rate increase next week, in line with the US Federal Reserve, but domestic compulsions may result in a pause after that, said Shubhada Rao, founder of economic research firm QuantEco Research.
The Reserve Bank of India, like most emerging market central banks, will closely follow what its American counterpart has been doing, but “need not follow every step of what Fed does," said Rao in an interview with Bloomberg Television’s Rishaad Salamat and Haslinda Amin. “Domestic compulsions will somewhere also begin to guide the central bank’s policy direction."
The RBI’s six-member rate-setting panel will meet April 3, 5 and 6 to likely raise the benchmark rate for a seventh successive time after inflation jumped above the central bank’s upper target band of 6% in the first two months of the year. Persistently high core inflation, over 6% for 17 straight months, is holding back policymakers from easing on rates amid early signs of a demand slowdown. (Bloomberg)
India’s crude steel output expected to rise 4-7% in FY24: Report
India’s steel production is estimated to grow 4-7% to 123-127 million tonnes in FY24, CareEdge Research said on Friday.
The domestic consumption growth rate is also expected to be healthy at 8-10% in FY24, driven by increased infrastructure spending, a surge in real estate and construction activities, and strong auto sales.
As India has entered its pre-election year in 2023, the government is likely to increase investments both at the state and central level. This includes a 33% increase in budgetary capital expenditure to Rs. 10 lakh crores for infrastructure, a capital outlay of Rs. 2.4 lakh crore for Indian Railways, and the announcement of 100 transport infrastructure projects. These initiatives bode well for domestic demand. (Read More)
China stocks close up as manufacturing activity expands
China stocks rose on Friday as Chinese manufacturing activity growth beat expectations, while spin-off and listing plans of some internet giants boosted sentiment in the Hong Kong market.
** China's blue-chip CSI 300 Index closed up 0.3%, and the Shanghai Composite Index added 0.4%.
** Hong Kong's Hang Seng Index, meanwhile, gained 0.6%, and the Hang Seng China Enterprises Index climbed 0.8%.
** China's official manufacturing purchasing managers' index (PMI) stood at 51.9, against 52.6 in February, slightly exceeding expectations of 51.5.
** "The PMI indicates China's economic recovery is on track," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "We witnessed many policy actions to boost confidence ... (which) will help the economy to keep the strong momentum. We think GDP growth may surpass 6% this year." (Reuters)
Why Reliance share price today is skyrocketing — explained
Shares of Reliance Industries Ltd or RIL have witnessed huge buying since early morning deals on Friday's session. Reliance share price today opened with an upside gap and went on to hit an intraday high of ₹2,322 apiece levels on NSE, logging more than a 3.75 per cent intraday rise during the weekend deals. According to stock market experts, this rise in Reliance shares can be attributed to the NCLT approval to the demerger of RIL and new NBFC — Reliance Strategic Investments Ltd, which is expected to be rebranded as Jio Financial Services — in 1:1 ratio after the take over. Reliance has informed Indian bourses about the NCLT approval and the company board meeting has been fixed on 2nd May 2023 in this regard.
Speaking on the reason for the rally in Reliance share price today, Ravi Singhal, CEO at GCL Broking said, "Reliance share price has been ascending today after the NCLT approval to RIL for demerger of shares in 1:1 ratio. The NCLT has approved allocation of one Reliance' new NBFC share against one Reliance shares to each shareholders of the RIL. This has worked as short term positive sentiment from fundamental perspective." (Read More)
Over 1,800 freshers in jobs limbo as firms delay onboarding
The latest survey has revealed that more than 1,800 freshers, recruited by top MNCs during campus placements, have been waiting for almost a year to be onboarded.
A survey by Forum for IT employees (FITE) has revealed 1,000 recruiters belong from Telangana alone. Times of India reported that some companies are doing the rounds of campuses this year also without onboarding the previous year's batch students. (Read More)
India's Digit Insurance re-files IPO papers after regulator concerns
India's Go Digit Insurance has re-filed draft papers for a $440 million initial public offering (IPO) after addressing the market regulator's concerns related to the company's employee stock plans, which had stalled the offering for months.
The IPO comprises a fresh issue of shares worth 12.5 billion rupees ($152.1 million) and an offer for sale of 109.4 million shares, according to the draft prospectus – unchanged from its last filing – dated March 30.
Digit, which operates in the general insurance sector and counts Canadian billionaire Prem Watsa's Fairfax Group and TVS Capital Funds among its backers, first filed for an IPO in August last year.
However, its listing plans were stalled by the Securities and Exchange Board of India (SEBI) in September because of compliance problems related to share issuances. SEBI restarted a review later that month.
The IPO faced another setback in January this year after SEBI raised certain compliance issues related to employee stock plans in a private letter. (Reuters)
India aims for $2tn exports by 2030 with new Foreign Trade Policy 2023
The government released the Foreign Trade Policy (FTP) 2023 on Friday, which aimed to increase the country's exports to USD 2 trillion by 2030. The policy proposes to shift from an incentives-based regime to a remission and entitlement-based one to achieve this goal.
During a media briefing on the recently launched FTP 2023, Director General of Foreign Trade (DGFT) Santosh Sarangi mentioned that, unlike the previous practice of announcing 5-year FTP, the new policy does not have an end date and will be updated periodically as per the requirement. (Read More)
L&T arm wins significant orders in power transmission sector
Larsen and Toubro (L&T) on Friday announced that L&T Construction has won “significant" engineering, procurement, and construction (EPC) orders for its power transmission and distribution business.
L&T classifies orders between ₹1,000 crore and ₹2,500 crore as “significant".
The multiple EPC orders include establishment of 765kV and 400kV gas insulated substations, to serve as pooling substations, in the Khavda Renewable Energy (RE) zone. The Khavda RE park being developed in Gujarat’s Kutch region, will be one of the largest of its kind in the world, the company said. (Read More)
Direct selling industry logs over 5% growth in FY22, tops Rs19,000 cr in sales
India’s direct selling industry reported a 5.3% growth in annual sales, crossing ₹19,000 crore in the financial year 2022, as per data released by the Indian Direct Selling Association on Thursday.
Wellness and nutraceutical products dominated the sales registered by the direct selling industry in the country, according to the report.
“The Indian Direct Selling industry registered a compounded annual growth rate (CAGR) of 13%, growing from ₹11,650 crores in 2017-18 to ₹19,020 crores in 2021-22. The share of IDSA members in the total sales of the Direct Selling industry stood at 55% in 2021-22. Of this the wellness and nutraceutical category contributed 59% of direct selling sales in India, followed by 22% revenue contribution by the cosmetics and personal category," IDSA said in its annual report released Thursday. (Read More)
BSE stock to consider stock split after giving 85% YTD return
Square Four Projects India shares are one of the potential multibagger stocks for 2023. This small-cap stock has risen from around ₹8 to ₹15 apiece levels, delivering to the tune of 85 per cent in year-to-date (YTD) time. This potential multibagger penny stock for 2023 is in focus today as board of directors of the company is going to consider the proposal for stock split in its board meeting today. The small-cap company has informed Indian bourses about the proposed stock split and scheduled board meeting in this regard.
Informing Indian bourses about the stock split proposal, the potential multibagger stock for 2023 said, "We would like to inform you that a meeting of the Board of Directors of the Company will be held on Friday, the 31st day of March, 2023 at 4.00 P.M. at the Registered Office of the Company at 238A, A J C Bose Road, 2nd Floor, Kolkata- 700 020 to consider and approve the proposal for Stock Split (reduction in face value) of the equity share of the Company." (Read More)
Noon update: Indices jump more than a per cent amidst positive global cues as Sensex gains 700 pts and Nifty 200 pts
Rahul Joseph on rising gold price: Despite some fluctuations, the trend of rising gold prices in India is expected to continue in the near future
Commenting on the rising gold prices in India, Rahul Joseph, Founder and Director of White Gold said “Gold prices in India have been on the rise for the past few years and can be attributed to various factors including the global economy, currency fluctuations, and changes in demand as well as supply of gold. Additionally, demand for gold in India has remained strong due to its cultural and religious significance, particularly during festivals and weddings. It has more or less been a traditional investment option in India. For most people, it's a safe haven asset that can provide a hedge against inflation and currency devaluation. Despite some fluctuations, the trend of rising gold prices in India is expected to continue in the near future".
Rupee inches up on last day of fiscal, runs into "usual" importer orders
The Indian rupee was trading higher versus the U.S. currency on Friday, helped by the dollar's struggles and the positive risk mood.
The rupee was quoting at 82.20 to the dollar at 11:32 a.m. IST compared with 82.3375 in the previous session. The local currency reached a high of 82.10.
"The usual importers' orders that we consistently see on dips (on USD/INR) means the 82-level holds," a trader at a private sector bank said.
"On dips, it is either the oil companies or the Reserve Bank of India that the rupee has to contend with. The last day of the fiscal year is an added reason for the RBI to buy dollars."
The rupee's level on the last day of the fiscal year could potentially impact the RBI's dividend payout to the government, according to economists.
Asian currencies were higher on the day, assisted by the upbeat risk that affected demand for the safe-haven dollar and U.S. bonds. Receding worries over the U.S. banking sector is prompting investors to be more constructive on risk. (Reuters)
IT index among the top gainers in today's sessions as it jumps more than a per cent with all stocks trading higher
Indian exports may reach $770 billion in FY23 - DGFT
Indian exports may reach $770 billion in 2022-23 going by the curent trend, the country's Directorate General of Foreign Trade said.
However, the export scenario will remain slightly challenging due to global uncertainties, DGFT Santosh Kumar Sarangi said. The Indian government released the Foreign Trade Policy 2023 on Friday. (Reuters)
ICICI Bank among the top gainers as it jumps more than 2%
India bond yields flattish as year-end demand offsets H1 borrowing calendar
Indian government bond yields were largely unchanged early on Friday, as valuation-led demand on the last day of the financial year offset the impact of the April-September borrowing calendar.
The 10-year benchmark 7.26% 2032 bond yield was at 7.2829% as of 10:00 a.m. IST, after closing at 7.2897% on Wednesday. Indian markets were shut on Thursday.
"Borrowing is slightly negative for the duration, which led to some selling at open, but there is protection of levels for fiscal year end closing," a trader with a state-run bank said.
India's federal government plans to borrow 8.88 trillion rupees ($108.15 billion) - slightly above expectations - via bonds in April-September.
The planned borrowing constitutes about 57.6% of the total 15.43 trillion rupees planned, the government said on Wednesday. (Reuters)
Indian states likely to fall short of spending targets, posing growth risk - economists
Twelve large Indian states, which have released their local budgets over the past few weeks and forecast aggressive spending growth in 2023-24, are likely to fall short of their targets posing a risk to economic growth, experts said.
The states - including Maharashtra, home to the country's financial capital Mumbai, India's most populated state Uttar Pradesh and Prime Minister Modi's home state of Gujarat - are estimating expenditure to have risen 21.5% in 2022-23, and plan to increase it further by 11% in 2023-24.
However, actual spending data available for the April 2022 -January 2023 period shows expenditure rose only 11% compared to a year ago.
Economists say this trend was likely to be seen across all states. (Reuters)
Oil & Gas sector gains the most among all sectors as it just more than 1.5% with most stocks trading in the green
ICICI Securities to double wealth team, eyes $60 billion of assets
ICICI Securities Ltd. aims to double its wealth managers and boost the assets from rich clients to $60 billion in the next two years, as competition ramps up in India’s rapidly growing wealth industry.
The current crisis at Credit Suisse Group AG and the uncertainty around its wealth business in India could provide some hiring opportunities, said Anupam Guha, business head of private wealth management at ICICI Securities. (Read More)
Sun Pharma drags in a day when most shares have gained and is down by almost a per cent
India reports 3,095 Covid cases in 24 hours, highest in 2023
India sees another single-day rise of 3,095 fresh coronavirus cases in past 24 hours, data by the Union health ministry stated on 31 March. The daily positivity rate has been recorded at 2.61 per cent and the weekly positivity rate at 1.91 per cent.
The active cases in the country cross the 15,000 mark with the caseload currently standing at 15,208. In the last 24 hours, 1,390 recovered from the virus and with this, Total Recoveries stand at 4,41,69,711. The recovery rate in the country is 98.78 per cent. (Read More)
Gold set for best month since July 2020 on banking turbulence
Gold prices edged up on Friday, en route to their best monthly performance since July 2020, as the recent banking system crisis led to expectations of a less-aggressive U.S. Federal Reserve, making bullion an attractive bet.
Spot gold was up 0.1% at $1,981.59 per ounce, as of 0321 GMT. U.S. gold futures rose 0.1% to $1,982.00.
Bullion was also set for a second consecutive quarterly gain, up 8.6% so far.
The dollar was on track for a second consecutive quarterly loss, making bullion cheaper for overseas buyers. [USD/]
Gold rose above the $2,000 mark after the sudden collapse of two U.S. regional lenders earlier this month, which led to bets that the Fed might pause hiking rates to avoid a wider fallout from the global banking system turmoil.
Markets see a 48.9% chance of the Fed standing pat on interest rates in May. (Reuters)
Twitter's ad revenue drops 89% since Elon Musk's takeover
Hundreds of advertisers stopped spending on Twitter after Elon Musk completed the $44 billion deal to take over the microblogging website and has brought wary of changes to the social media platform. Months later, many still haven't returned despite its sales team's efforts to woo them back with steep discounts and new safety tools.
According to estimates from Pathmatics, the top advertisers on Twitter spent $71 million on ads from September to October last year, while the figure dropped to just $7.6 million (89% decline) in the past two months, Bloomberg news reported. (Read More)
Nifty Bank gains more than a per cent with almost all stocks trading in the green
Geojit Financial Services on today's trading: The coming days will witness a lot of data/news driven market activity
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are signs of the global equity markets, led by the mother market U.S., coming out of the banking contagion fears. The fact that there has been no further bank failures or major stress in the system, is good news for equity markets. Nifty valuations are now reasonable and this has prompted FIIs to turn buyers in the last two days. The market is oversold and this can lead to short-covering and a tactical rally in the near term. But a sustained rally is unlikely since FIIs will again turn sellers at higher levels. The coming days will witness a lot of data/news-driven market activity. Auto sales numbers on April 1st, MPC decision on interest rates on April 6th and Q4 results starting April 13th will trigger lots of movements in stock prices.
Reliance Industries leads the stock charts as it jumps more than 2% in early trading
Udayshivakumar Infra IPO: What GMP signals as focus shifts on share listing date
After the announcement of share allotment, allottees and market observers are eagerly waiting for the Udayshivakumar Infra IPO listing date, which is most likely on 3rd April 2023. However, ahead of the share listing, a change in market trend has led to rising in grey market sentiments in regard to the Udayshivakumar Infra IPO. According to market observers, shares of Udayshivakumar Infra Ltd are available at a premium of ₹12 in the grey market today. (Read More)
Indices start on a positive note as Sensex gains 500 pts and Nifty around 150 pts with all sectors trading higher
Reliance Research Stock in Focus for Today: GPIL
STOCK IN FOCUS
GPIL (CMP 368): We maintain our positive stance on GPIL considering a) strong demand domestically for the company’s high-grade pellets that command a premium of ~Rs1,800/tonne, b) debt-free balance sheet and, c) recent export duty elimination on pellets provides huge opportunity. We have a BUY rating on GPIL, with a SOTPbased Target Price of Rs415.
M&M (PREVIOUS CLOSE: RS1,144)
BUY For today’s trade, long position can be initiated in the range of Rs1,143-1,137 for the target of Rs1,179 with a strict stop loss of Rs1,122.
TATASTEEL (PREVIOUS CLOSE: RS104) BUY
For today’s trade, long position can be initiated in the range of Rs103-102 for the target of Rs107 with a strict stop loss of Rs101.
NTPC (PREVIOUS CLOSE: RS174) BUY
For today’s trade, long position can be initiated in the range of Rs173-172 for the target of Rs178 with a strict stop loss of Rs170.
Sensex preopens in the flat zone; RIL, Adani Group, Hero, and Wipro are in focus today
Stoxbox pre-market views: The markets are likely positive; SGX Nifty trading higher by 150 points compared to Wednesday closing
Rohan Shah head technical analyst at Stoxbox:
The U.S. equities closed in green on Thursday, all the three major indices closed higher, S&P500 and Dow Jones rallied 0.57% and 0.91% respectively, while NASDAQ surged the most by 0.91%. Yields on government, consolidating from the last couple of sessions, around its previous swing high, the yield on the benchmark 10-year U.S. Treasury note fell to 3.553%, from 3.568%.
Indian equities closed on a strong note on Wednesday, Nifty rose 129 points or 0.76%. Nifty opened the day on a positive note, and remained under pressure in the first half of the session, while in the second half, index witnessed strong upward momentum rallying about 150 points from the lows to end the day near days high. On the daily chart, Nifty has managed to hold 17900 support and have perceived strong upward momentum in the last session which is a bullish sign for the short term trend. Going ahead till index holds above 17900, Nifty is expected to move higher towards 17225, followed by 17330. While move past 16900, shall generate selling pressure, driving index lower below 17800. Nifty Bank closed higher by 0.86%, Broader market outperformed the benchmark index, Nifty Mid cap and Nifty Small cap closed both rallied more than 1.50% and closed near the days highs at 1.54% and 1.73% respectively. Almost all Sectoral indices closed in green except NiftyOil&Gas, which closed slightly lower. NiftyPSUBank and NiftyMedia were among the top gainers which were up by 3.22% & 2.65% respectively.
Key Global events for today; India's Current Account, China NBS manufacturing PMI,
UK Current Account, UK GDP Growth Rate, Eurozone's Inflation Rate, Eurozone's Unemployment Rate,
US Personal Spending, US Core PCE Price Index and Japan Housing Starts.
The markets are likely positive; SGX Nifty trading higher by 150 points compared to Wednesday closing. Asian Markets are trading strong; Nikkie is trading higher by 0.95% while Hang Seng is up by 1.86%.
Unacademy to lay off 12 pc employees as it aims to turn core biz profitable: CEO
Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said.
In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current distressed global economic situation when funding is scarce.
"We have taken every step in the right direction to make our core business profitable, yet it's not enough. We have to go further. We have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent to ensure that we can meet the goals we are chasing in the current realities we face," Munjal said.
The company is backed by leading global investors like General Atlantic, Tiger Global and Softbank, among others.
"I did not anticipate I would have to do this again, and I'm very sorry," Munjal said. (PTI)
Stocks to Watch: RIL, Hero Moto, Adani Group, Wipro, HFCL, L&T, JSW Energy, Tilaknagar Industries, Max Financial Services, Quess Corp, and Alembic Pharma
Markets will open on Friday after a one-day holiday. Benchmark indices Sensex and Nifty surged on Wednesday as easing worries about the global banking crisis brought back risk-taking and led to a broad-based gain among all sectors, while a rebound in the Adani Group stocks helped sentiment. (Read More)
MOS Utility IPO opens today. GMP, things to know before you subscribe to SME issue
The Initial Public Offer (IPO) of MOS Utility Limited will open for public subscription on Friday, March 31, 2023 and the SME issue will close on Thursday, April 6, 2023. The price band of the initial share sale has been fixed in the range of ₹72 to 76 per share.
As per market observers, MOS Utility shares are commanding a premium (GMP) of ₹7 in the grey market today, up from ₹6 in the previous session. The company's shares are expected to list on April 18, 2023 on the NSE SME platform.
NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform. (Read More)
Hero MotoCorp elevates Niranjan Gupta as CEO
The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has elevated Niranjan Gupta as the new Chief Executive Officer (CEO).
Gupta, currently designated as Chief Financial Officer (CFO), Head - Strategy and M&A, takes over as the CEO with effect from May 1, 2023.
The company's board has appointed Gupta as the new CEO elevating him from his current position as its CFO, Head - Strategy and M&A, the two-wheeler major said in a regulatory filing.
Pawan Munjal will continue as executive chairman and whole-time director on the company's board, it added.
The company said it will announce a new CFO in due course of time.
"Gupta is a leader with sharp business acumen and a proven track record in delivering strong business results in a highly competitive environment. He has been instrumental in defining the organisation's growth story with his rich and diverse experience across finance, strategy and operational effectiveness in both developed and developing markets," Munjal noted. (PTI)
Welspun Group acquires water tank maker Sintex for ₹1,251 cr
Welspun Group on Thursday said it has acquired water tank maker Sintex for ₹1,251 crore to expand its building material portfolio.
In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India.
"With its acquisition, Welspun will be an integral part of many more households nationwide, expanding its building material portfolio, which is a huge part of the larger B2C strategy," the steel to textiles group said.
The acquisition was acquired in a ₹1,251-crore deal, it added. (PTI)
Adani looks at Pimco, BlackRock, Blackstone for potential private bond placement
Adani Group executives met US investors, including from BlackRock Inc., Blackstone Inc. and Pacific Investment Management Co., as part of its plans to market privately placed bonds for some of its group companies, according to people familiar with the matter.
The conglomerate led by billionaire Gautam Adani is aiming to raise up to $1 billion in two tranches this year via such a route, said the people, who declined to be named as they were not authorized to speak about it. (Read More)
Milk may stay on boil due to cattle, fodder shortage
Milk prices, which have been rising steadily in the past year, may hit new highs in the year ahead, as production suffers due to insufficient fodder and fewer new lactating cattle, and farmers raise prices to make up for losses in the last two years.
Fodder availability has declined thanks to increased exports of wheat used in cattle feed and damage to fodder crops from heat waves and surprise rains; at the same, there have been fewer inductions of lactating cattle, in a lag effect of fewer artificial inseminations during the worst of the pandemic days. (Read More)
Buy or sell: Vaishali Parekh recommends 3 stocks to buy today
Vaishali Parekh has recommended three day trading stocks to buy today, here we list out full details in regard to those intraday stocks:
1] HUL: Buy at ₹2530, target ₹2630, stop loss ₹2490;
2] ZEEL: Buy at ₹216, target ₹226, stop loss ₹212; and
3] TVS Motor: Buy at ₹1079, target ₹1125, stop loss ₹1055. (Read More)
FTSE holds off adding South Korea, India to key bond indexes
FTSE Russell said it will keep South Korea on the watch list for inclusion to its global bond index — and India for the emerging-market equivalent — prolonging the countries wait to get into key market gauges.
Korean authorities are undertaking initiatives to improve the structure and accessibility of its capital markets which require local laws and regulations to be amended and may not be complete until 2024, FTSE said in a statement on Thursday. The index provider will seek evidence from market participants on the efficacy of the enhancements and whether they’re operating as intended prior to any reclassification decision, the firm said. (Read More)
Nestle eyes $1 billion deal to acquire ‘Ching’s Secret’ owner in India
Nestle SA, the world’s biggest food group, is among final bidders competing to acquire India’s Capital Foods Pvt as it seeks to boost its presence in the fast-growing economy, people familiar with the matter said.
The Swiss company has been discussing terms of a potential deal for Mumbai-based Capital Foods, the people said, asking not to be identified because the information is private. Any transaction would likely value the Indian firm at more than $1 billion, according to the people.
Capital Foods makes the Ching’s Secret brand of spicy noodles and fusion chutneys infused with so-called “desi Chinese" flavors. It also sells Smith & Jones cooking pastes and masala mixes. (Read More)
Chip dearth adds to wait for hot models
India’s passenger vehicle industry is expected to report a 10-15% decline from planned production in March due to semiconductor chip shortages, causing long wait periods for popular models such as those from Mahindra & Mahindra and Maruti Suzuki.
The agonizingly long waiting periods for popular models have prompted customers to cancel bookings or purchase off-the-shelf products from rival brands. As a result, some customers are opting for used cars or less popular variants with fewer features, leading to cancellations and softening of demand, industry experts said. (Read More)
US stock markets head toward winning March as Wall Street's fear falls
Stocks rose Thursday as a bit more fear evaporated from Wall Street, keeping its main index of health on track for a winning month.
The S&P 500 rose 23.02 points, or 0.6%, to 4,050.83 for its fifth gain in the last six days. It’s been on a sharp turnaround after struggling in earlier weeks on worries about whether the banking system was cracking under the weight of higher interest rates.
The Dow Jones Industrial Average rose 141.43, or 0.4%, to 32,859.03, and the Nasdaq composite gained 87.24, or 0.7%, to 12,013.47.
Forceful actions by regulators worldwide have helped build confidence that the current trouble for banks won’t torpedo the economy like the 2008 financial crisis did. Traders have also begun betting heavily that the Federal Reserve will have to cut interest rates soon. Such cuts could offer relief after a year of relentless hikes to rates, and they also tend to act like steroids for markets.
To be sure, all the recent ebullience has some professionals on Wall Street wary.
“Markets are pricing the best of both worlds: a recession that brings inflation down rapidly and keeps rates low, yet one where corporate earnings do not fall sharply," according to analysts at Barclays led by Ajay Rajadhyaksha, global chairman of research.
They are skeptical and think both bonds and U.S. stocks look too expensive.
Since Silicon Valley Bank earlier this month became history’s second-biggest U.S. bank failure, Treasury yields in the bond market have tumbled as traders built bets the Federal Reserve would have to take it easier on interest rates. (AP)
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