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Business News/ Markets / Live Blog/  Sensex closes 350 pts lower ahead of GDP data; ONGC, Axis lag; Kotak gains
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Sensex closes 350 pts lower ahead of GDP data; ONGC, Axis lag; Kotak gains

Share Market Close: Benchmark indices close in red on Wednesday ahead of GDP data with Sensex closing around 62,600 and Nifty below 18,600. Bank, Finance and Energy shed the most. Axis, ONGC, SBI, NTPC, and HDFC twins were major laggards. Kotak Bank, Bharti Airtel, TechM climbed.

Stock Market Today: Profit booking remains the theme of the day (MINT_PRINT)Premium
Stock Market Today: Profit booking remains the theme of the day (MINT_PRINT)

Investors remained in a profit-booking mood ahead of the release India's GDP data for the January-March quarter and financial year. As per the latest projections, India's GDP has grown by 5.5% during the 4th quarter of fiscal year 2022-23. Bank and finance stocks came under pressure, whereas Pharma gained in today's session.

31 May 2023, 03:41:03 PM IST

Indices shed 0.5% in today's session as Sensex and Nifty drop 350 and 100 pts, respectively; Bank and Energy stocks decline

Key indices of the domestic equities market shed on Wednesday tracking weak global cues. Profit booking by domestic investors was witnessed during today's trade with investors monitoring the annual and quarterly data of India's gross domestic product (GDP), which are expected today.

The BSE 30-share Sensex lost 345 points to end at 62,622. NSE Nifty 50 dropped 100 points to close at 18,534. Seven of the 15 Nifty broad sectoral indices ended in the red in today's session.

Bank stocks were major laggards with Axis Bank, HDFC and HDFC Bank, SBI featuring at the bottom of the stock charts. ONGC, NTPC and Reliance also shed. Kotak Bank and Tech Mahindra climbed more than 2% followed by Bharti Airtel and Asian Paints.

Energy shed 1.25%, while Bank and Finance indices shed almost a per cent with Metal also ending in the red. Realty, Pharma and Consumer Durables made reasonable gains in today's session.

Japan's Nikkei share average snapped a four-day winning streak as investors booked profits after the benchmark scaled a 33-year high earlier this week, while a firmer yen and disappointing China data also weighed on markets.

The Nikkei fell 1.41% in its biggest daily drop since April 5. It jumped 7% in May to post its biggest monthly gain since November 2020. The broader Topix slipped 1.32%.

Hong Kong shares ended 1.9% lower on Wednesday, just shy of entering a bear market territory, hit by disappointing Chinese factory data and simmering U.S.-China disputes, which also dragged the yuan to its lowest levels since November. Mainland stocks also fell, with the blue-chip CSI 300 Index dropping 1.02%, while the Shanghai Composite dipped 0.61%.

Investors fretted the world's second-largest economy could be at risk of a double-dip recession after a plunge in the manufacturing purchasing managers' index (PMI) to a five-month low.

European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies.

UK's FTSE 100 slid on Wednesday to a two-month low weighed down by energy firms, as investors were worried that economic recovery in top consumer China might be stalling, while power firm Drax logged its worst day in over a year on a regulatory probe.

Sensex at Close
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Sensex at Close
31 May 2023, 03:23:25 PM IST

Fresh real estate launches account for 41% of sales in India’s top 7 cities: Anarock

Fresh real estate launches across India’s top seven cities grabbed a 41% share in first quarter of 2023, marking an increase from the 26% recorded in the same period four years ago, according to a report released by property consultancy firm Anarock on Wednesday.

Out of approximately 1.14 lakh units sold across the top seven cities in the first quarter of 2023, over 41% were fresh launches.

Hyderabad emerged as the city with the highest absorption of fresh supply, with approximately 46% of the 14,280 units sold in the first quarter of 2023 being newly launched. This represents a significant increase from 28% of the approximately 5,400 units sold in the first quarter of 2019.  (Read More)

31 May 2023, 03:09:03 PM IST

Geojit Financial Services views on SEBIs consultation paper for additional disclosure by FPIs

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The consultation paper floated by SEBI on additional disclosures by FPIs is welcome and can go a long way in bringing transparency in high-risk FPIs. It is clear that this consultation paper has its genesis in the Adani stocks issue where SEBI couldn’t identify the beneficial owners of some foreign portfolio investments in Adani stocks since the existing regulations are lax in identifying the true owners of many investments. The proposed guidelines are welcome. Stocks where FPI investments are properly disclosed have nothing to worry about.

31 May 2023, 02:55:26 PM IST

Shares of Sona BLW Precision shares slip nearly 5% amid block deal buzz

The shares of Sona BLW Precision Forgings fell nearly 5 per cent in Wednesday's trade amid reports of a large block deal executed on the counter.

Sona BLW Precision shares were trading 4.82 per cent down at 507.35 on BSE while it touched an intraday low of 503.95.

According to media reports, promoter Aureus Investment was likely to sell a 3.25 per cent stake in Sona BLW Precision Forgings via a block deal. (Read More)

31 May 2023, 02:41:55 PM IST

Bharat Rasayan Q4 results: Net profit dips 53% YoY, Board declares final dividend

A small-cap company that operates in the chemical and fertiliser industries is Bharat Rasayan. One of the largest manufacturers of cosmetic chemicals, Bharat Rasayan specialises mostly in preservatives for personal care products (skincare, haircare, and antibacterial).

During Q4FY23 the company reported consolidated net revenue of 306.82 Cr down by 32.10% YoY from 451.91 Cr during Q4FY22. Bharat Rasayan said its net expenses stood at 258.84 Cr during the quarter ended March 2023 down by 30% YoY from 368.46 Cr reported during the quarter ended March 2022. Bharat Rasayan said its net profit reached 30.35 Cr during the quarter under review down by 53% YoY from 64.55 Cr recorded in the year-ago quarter. (Read More)

31 May 2023, 02:28:05 PM IST

Mishtann Foods reports 59% Q4 PAT growth driven by robust demand, Nomura Singapore raises stake

Mishtann Foods has released its quarterly results for the financial year 2022-23. The company's revenue from operations grew by 10.04 per cent from Rs. 153.47 crore in Q4 FY22 to Rs. 168.89 crore in Q4 FY23 primarily driven by robust demand for various products in the domestic and international markets.

EBITDA increased by 4.57 per cent from Rs. 22.33 crore in Q4 FY22 to Rs. 23.35 crore in Q4 FY23, according to a regulatory filing. EBITDA margins decreased from 14.55 per cent in Q4 FY22 to 13.82 per cent in Q4 FY23 by 73 bps.

The company's PAT increased by 7.45 per cent from Rs. 13.15 crore in Q4 FY22 to Rs. 14.13 crore in Q4 FY23. PAT margins decreased from 8.57 per cent in Q4 FY22 to 8.36 per cent in Q4 FY23 by 21 bps. (Read More)

31 May 2023, 02:16:58 PM IST

Deloitte flags Adani Port transactions with unrelated firms citing lack of review

Adani Ports & Special Economic Zone Ltd's auditor stated that insufficient disclosures about certain transactions mean it can only issue a qualified opinion on the company's accounts, bringing the spotlight back to allegations made by short-seller Hindenburg Research about Gautam Adani's empire, stated Bloomberg in its media report.

According to Bloomberg, Deloitte Haskins & Sells LLP expressed concerns on Tuesday about the port unit's transactions with three unrelated firms. However, the auditor stated that it was unable to certify that the parties were unrelated, and that the firm has declined to obtain an independent external assessment that would help prove this.

Deloitte stated that because "the evaluation performed by the group does not constitute sufficient appropriate audit evidence for the purpose of the audit," it cannot comment on whether the company was completely compliant with local regulations, according to a Bloomberg report. (Read More)

31 May 2023, 01:52:45 PM IST

India transformed in less than a decade: Morgan Stanley

India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth, said Morgan Stanley.

In a report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since 2014.

Rejecting criticism that India has not delivered its potential (despite it being the second-fastest-growing economy and among the top-performing stock markets over the past 25 years) and that equity valuations are too rich, saying such a view ignores the systematic reforms in the last nine years. (PTI)

31 May 2023, 01:39:07 PM IST

Dhruva Advisors views on on Sebi's Consultation Paper on framework for mandating additional disclosures from FPIs

Punit Shah, Partner, Dhruva Advisors on Sebi's Consultation Paper on framework for mandating additional disclosures from Foreign Portfolio Investors (FPIs): The suggested disclosure requirements are a step in the right direction. The Beneficial Ownership concept is well recognised and the opaque structures created to circumvent the regulations should be discouraged. Restricting the additional disclosure requirements only to a limited number of identified high-risk FPIs is appropriate.

31 May 2023, 01:33:39 PM IST

Multibagger IPO, Tega Industries, hits upper circuit, record high despite stock market sell off

Tega Industries share price has been in an upside mood since early morning deals. The multibagger IPO that has doubled allottees' money in nearly one and half years has hit a lifetime high today despite weak stock market sentiments in India. In fact, the small-cap stock hit a 10 per cent upper circuit within a few minutes of the stock market's opening on Wednesday. Despite weakness on Dalal Street, Tega Industries share price today opened upside and went on to hit a lifetime high of 899.45 apiece on NSE, hitting 10 per cent upper circuit immediately after5 the stock market's opening bell.

This rally in Tega Industries shares has taken place after the small-cap company declared strong Q4 results on Tuesday. The company reported an increase of 36.7 per cent on YoY basis in operating revenue to 396.4 crore. Its operating EBITDA jumped 49.2 per cent to 102.8 crore. (Read More)

31 May 2023, 01:21:06 PM IST

Sebi's Buch on finfluencer regulation: 'Something is cooking'

Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), has hinted that discussions are on for the implementation of regulatory measures for financial influencers, popularly known as 'finfluencers'. Her comments came following a query from Mint about regulating stock brokers who have revenue-sharing arrangements with these influencers.

During a gathering hosted by the Association of Mutual Funds in India (AMFI), Buch was asked about Sebi's stance on this issue. She replied cryptically, stating, "Something is cooking." However, she refrained from providing further details. (Read More)

31 May 2023, 01:20:32 PM IST

Bitcoin Faces First Monthly Drop of 2023 as Crypto Revival Cools

The crypto rebound is losing steam, leaving Bitcoin on course for its worst month since the FTX exchange collapsed in November last year.

The roughly 8% drop in May is Bitcoin’s first monthly retreat of 2023. A gauge of the top 100 digital assets has dropped by a similar magnitude.

The largest crypto coin bounced 84% from the turn of the year through mid-April, briefly scaling $31,000, but the climb has since fizzled to 64%. Ebbing liquidity and restrictive monetary policy have curbed enthusiasm for crypto.

Crypto geeks had seized on the collapse of US regional banks in March as validating a distrust of fiat currency, sparking gains for Bitcoin, but that proved to be a temporary prop as officials steadied the financial sector. (Bloomberg)

31 May 2023, 01:07:35 PM IST

Xiaomi Adds Indian Assembler to Revive Local Smartphone Push

Xiaomi Corp. is handing some of its smartphone assembly in India to Dixon Technologies India Ltd., deepening its relationship with the homegrown partner as the country’s government pushes electronics manufacturers to build local supply chains.

The Chinese company has informed Prime Minister Narendra Modi’s government about the plan for Dixon to assemble and export Xiaomi smartphones, Rajeev Chandrasekhar, a technology minister in India, said late Tuesday. The partners will also explore component manufacturing, Dixon said.

Xiaomi was once an unrivaled leader in India’s smartphone market, but lost steam after facing heightened regulatory scrutiny and stiff competition. Indian state agencies’ crackdown on Chinese firms including Xiaomi has led the companies to explore manufacturing alliances with local partners, possibly to win New Delhi’s favor. (Bloomberg)

31 May 2023, 12:51:06 PM IST

Adani Ports share price rises after Q4 results as it logs 5.1 per cent YoY growth

Adani Ports share price has been in an uptrend since early morning deals on Wednesday. Adani Ports share price today opened with an upside gap and went on to hit an intraday high of 747.50 apiece levels, logging to the tune of 2 per cent intraday rise during the early morning session. Adani Ports results 2023 was declared on Tuesday after market hours, which means Dalal Street has cheered Adani Ports Q4 results.

According to stock market experts, this rise in Adani Ports share price today can be attributed to the quarterly results of the company, which says that Adani group company has logged 5.1 per cent YoY growth in Q4FY23. However, they said that Adani Ports share price is facing a hurdle at around 750 apiece level and hence one should wait for the correction as the positive trigger can be short-lived. (Read More)

31 May 2023, 12:29:18 PM IST

Asian Paints shines and gains more than a per cent in a market which is otherwise under pressure

Asian Paints
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Asian Paints
31 May 2023, 12:18:32 PM IST

Centre invites applications for setting up Semiconductor and Display Fabs

The Government of India has decided to invite new applications for setting up of Semiconductor Fabs and Display Fabs in India from June 01, 2023 under the Modified Semicon India Program, according to an official statement.

31 May 2023, 12:01:17 PM IST

Noon Update: Indices face sell-off pressure as Sensex sheds 500 pts and Nifty 130 pts; Nifty Bank down a per cent

Sensex at NOon
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Sensex at NOon
31 May 2023, 11:56:01 AM IST

Apollo Hospitals eyes occupancy boost, gears up for expansion as co's EBITDA rose by 29%

Apollo Hospitals Enterprises Ltd, one of India's largest healthcare providers, aims to increase average occupancy across its hospitals to 68-70% in FY24. On Tuesday, the company reported a 60% surge in its consolidated net profit to 145 crores for the March quarter, driven by improved profitability across segments.

“The focus remains on growing Tower Specialties of Cardiac, Oncology and Neurology, in addition to Nephrology, Gastroenterology and Orthopedics. The Tower specialties contribute to around 60% of hospitals revenues. Besides, there will be a higher focus on insurance penetration and engaging more with Retail and Corporates," said Krishnan Akhileshwaran, Group CFO, Apollo Hospitals Enterprises.

31 May 2023, 11:44:15 AM IST

Energy and Utilities sector drags as the index sheds almost a per cent

BSE Utilities
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BSE Utilities
31 May 2023, 11:39:18 AM IST

Suzlon Energy shares jump nearly 10% on positive Q4FY23 results with consolidated net profit of ₹319.99 crore

Suzlon Energy share price surged nearly 10% on Wednesday's session and was trading around its 52-week high level following overall positive Q4FY23 numbers. Suzlon Energy shares opened at 10.92 on the BSE and touched an intraday high of 11.80 and a low of 10.64.

Suzlon, a provider of renewable energy solutions, reported a consolidated net profit of 319.99 crore for the March 2023 quarter on Tuesday. The company attributed the good result to lower expenses over the period.

According to a BSE filing, the company posted a consolidatednet loss of 205.52 crore in the quarter ended March 31, 2022. (Read More)

31 May 2023, 11:12:10 AM IST

PL Stock Report - NOCIL (NOCIL IN) and Indian Railway Catering and Tourism Corporation (IRCTC IN)

Nitesh Dhoot - Research Analyst, Prabhudas Lilladher Pvt Ltd on NOCIL (NOCIL IN) - Rating: HOLD | CMP: Rs215 | TP: Rs210

Q4FY23 Result Update - Outlook uncertain as challenges persist

Quick Pointers:

§ Sequential volume recovery is encouraging (+26% QoQ/ flat YoY), however aggressive pricing adopted by Chinese competition remains a key concern.

§ Management expects volumes to improve in FY24, however, refrained from giving any guidance due to prevailing uncertainties.

We downward revise our FY24/FY25 EPS estimates by 16%/13% and downgrade to ‘Hold’ from Accumulate with revised TP of Rs210 (earlier Rs240) based on 18xFY25E EPS of Rs11.5, factoring in uncertain pricing environment posing risk to spreads. Chinese competition getting aggressive on prices for want of local (Chinese) demand to absorb their capacities, does not augur too well (China forms ~75% of global rubber chemicals production). Despite near term challenges, NOCIL remains well placed over medium to long term led by 1) domestic tyre industry capex 2) China+1 strategy (as global customers look for security of supplies) 3) sufficient capacity headroom enabling demand improvement and 4) net cash balance sheet (Rs2.3bn) & healthy FCF generation of Rs.5.6bn over FY23-25E. While company’s capex announcement is awaited, management is also evaluating its entry into adjacencies/newer chemistries. Downgrade to ‘Hold’.

Jinesh Joshi - Research Analyst, Prabhudas Lilladher Pvt Ltd on Indian Railway Catering and Tourism Corporation (IRCTC IN) - Rating: HOLD | CMP: Rs644 | TP: Rs679

Q4FY23 Result Update - Tourism business on strong footing

Quick Pointers:

§ In 4QFY23, ~104mn tickets were booked yielding convenience fee revenue of ~Rs1,970mn.

While we increase our FY24E/FY25E revenue estimates by ~4% odd as we tweak our tourism segment projections to incorporate benefits of Bharat Gaurav initiative, our EPS estimates broadly remain intact given it is a relatively low margin business. Indian Railway Catering & Tourism Corporation’s (IRCTC IN) results were broadly in-line with revenues of Rs9,650mn (PLe Rs9,442mn) and EBITDA margin of 33.6% (PLe 36.0%). We expect sales/PAT CAGR of 11%/13% over FY23-FY25E given 1) traction in non-convenience revenue 2) rail neer expansion and 3) Bharat Gaurav initiative. IRCTC trades at 44x/41x to our FY24E/FY25E EPS estimates and we believe current valuations are fair in absence of meaningful growth levers. Consequently, we maintain our ‘HOLD’ rating on the stock with a TP of Rs679 (45x Sep-24 EPS of Rs15.1). We have changed our valuation methodology (earlier DCF) considering sufficient trading history to benchmark and our target P/E multiple is broadly in-line with past average (refer exhibit 3 for more details).

 

31 May 2023, 11:05:02 AM IST

India Proposes More Disclosures from ‘High-Risk’ Foreign Funds: Bloomberg

India’s capital markets regulator, SEBI, proposes to seek more disclosures from foreign funds with large holdings in local stocks or companies. This proposal comes amid criticism about a lack of oversight over inflows into sprawling conglomerates such as the Adani Group.

The Securities and Exchange Board of India in a consultation paper released on Wednesday defined ‘high-risk’ foreign portfolio investors and stated that these funds must comply with additional disclosure requirements. This needs to be done within six months after the norms are implemented. Comments are invited through June 20.

The funds would need to submit ownership details including who holds economic interest and control rights.

31 May 2023, 10:46:03 AM IST

BlackRock cuts Byju’s valuation for 2nd time

BlackRock, the global leader in asset management and a minority shareholder in Byju’s, has reduced the valuation of its stake in the Indian edtech startup for the second time this year. During the quarter ended 31 March, BlackRock marked down the value of its shares in Byju’s by 26% compared to the previous three months, and by a substantial 62% from a year ago.

Consequently, Byju’s estimated valuation as of 31 March stood at less than $8.4 billion, to mark a significant drop from its valuation of $22 billion a year earlier.

BlackRock’s action comes weeks after Byju’s raised $250 million in debt from Davidson Kempner Capital Management, a US investment manager, as part of its ongoing $1-billion funding round at a valuation of $22 billion. (Read More)

31 May 2023, 10:44:37 AM IST

Nifty Bank drags almost a per cent with almost all stocks trading in the red

Nifty Bank
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Nifty Bank
31 May 2023, 10:39:51 AM IST

MSCI rejig: Adani Transmission, Adani Total Gas slump as stocks exit MSCI Global index

Adani Group stocks - Adani Transmission Ltd and Adani Total Gas Ltd slumped on Wednesday's trading session after the shares were removed from the MSCI Global Standard Index in its latest rejig exercise. Indus Towers that to be removed from the index was also trading in red.

Adani Transmission began trading at 781.15, down 2.8% from the previous close, Adani Total Gas started trading at 674.95, down 3.4%, and Indus Tower opened trading at 154.15 on the BSE.

Three stocks to be included were Max Healthcare Institute Ltd (opened at 540.65, up 0.9%), Hindustan Aeronautics (HAL) (opened at 3,125.05, up 0.7%), and Sona BLW Precision Forgings (opened at 512.05, down 4%). (Read More)

31 May 2023, 10:35:23 AM IST

Govt to buy 500,000 tonnes masur at market rate to boost buffer stock

The Union government’s consumer affairs department is planning to procure 500,000 tonnes of masur at market rates, an official aware of the matter said, after failing to procure enough lentils at the minimum support price (MSP).

The agriculture ministry purchases commodities at MSP under the price support scheme (PSS), while the consumer affairs department purchases them at market prices through the price stabilization fund (PSF).

The agriculture ministry has already procured 69,000 tonnes of masur against the season’s target of 334,000 tonnes. With this, central stocks have touched around 70,000 tonnes; plus 800 tonnes under PSF from last year. The strategic buffer requirement for masur is 200,000 tonnes, the official said. (Read More)

31 May 2023, 10:22:25 AM IST

LKP Securities recommendations on TEGA INDUSTRIES LIMITED: We have tweaked our estimates upwards given its strong performance across all parameters in FY23

Tega Industries reported strong results better than expectations and sustained the strong momentum. Despite the challenging global macro environment marred by geopolitical issues in Europe and volatility in currency, performance has been strong. Net sales for Q4FY23/FY23 were at 3.9bn (+36.7% YoY)/12.1 bn (+27.6%) with strong growth seen across all regions. EBITDA margins expanded by 217bps/306bp YoY for Q4FY23/FY23 to 25.9%/22.3%. Higher operating leverage led to PAT growth of 58%/57.4% YoY for Q4FY23 and FY23. Volumes grew 15-16% YoY for FY23. Management reiterated that it expects consolidated revenue growth of 15% or more in the coming years while margin profile is also expected to inch up due to benign commodity prices.

Overall, we remain positive as it is well positioned to seize the opportunity within the sector it operates and the future growth prospects remains intact given a) green field expansion in Chile to increase growth opportunity in LATAM 2) value accretive acquisition to diversify revenue stream and increase product offering 3) higher penetration opportunity for DynaPrime liners, to deliver 25-30% CAGR over FY22-25E 4) sustainable EBITDA margins due to operating leverage. We have tweaked our estimates upwards given its strong performance across all parameters in FY23. Hence, we maintain BUY with a increased PT of 945.

31 May 2023, 10:16:38 AM IST

Torrent Pharma share price surges 8% to hit a 52-week high; should you buy the stock? Here's what top brokerages say

Torrent Pharmaceuticals share price surged 8 per cent in early deals on BSE on Wednesday (May 31) to hit their fresh 52-week high of 1,851.15, a day after the company reported its March quarter scorecard which showed decent growth in the company's top and bottom line on a year-on-year (YoY) basis. The stock opened at 1,754.90 against the previous close of 1,714.80 and rose quickly to the level of its one-year peak.

Brokerage firms have diverse views on the prospects of the stock. While some of them see a significant upside in the stock some believe the current valuation of the stock has limited upside. (Read More)

31 May 2023, 09:57:03 AM IST

Geojit Financial Services on today's market: Aggressive buying at this stage will be risky even in this resilient market

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Improving economic fundamentals along with sustained FPI buying will help the market to slowly reach new record highs. The GDP data expected today is likely to show FY 24 growth rate to be around 7%. If it comes slightly above 7%, that can further aid the market momentum. FY 24 average CPI inflation is expected at 5.2% and if the monsoon is normal and food inflation under control, the MPC will have the elbow room to cut rates by end 2023. These are emerging positives for the market.

FPI flows are now moving more to India, South Korea and Taiwan where growth and corporate earnings prospects are bright. Sustained FPI flows can take the markets higher and into over-valued territory if new Nifty records are set. Some profit booking at new record level can be considered. Aggressive buying at this stage will be risky even in this resilient market. 

31 May 2023, 09:54:15 AM IST

Sun Pharma shines in early trading as it jumps almost 2% and leads the stock charts 

Sun Pharma
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Sun Pharma
31 May 2023, 09:51:58 AM IST

Alstom emerges as lowest bidder for manufacturing, maintenance of 100 Vande Bharat trains: Report

French railway company Alstom, has emerged as the lowest bidder for the 30,000 crore tender for the manufacturing and maintenance of 100 aluminium body Vande Bharat trains, reported Moneycontrol.

The bid was for manufacturing of 100 alluminium Vande Bharat rakes. The winning bidder for the 30,000 crore contract to manufacture and maintain 100 aluminium Vande Bharat trains will receive 13,000 crore on delivery, with an additional 17,000 crore to be paid over 35 years for maintenance, according to the report. (Read More)

31 May 2023, 09:49:54 AM IST

NSO to release GDP data between January-March 2023; Here's what projections say

The Central government's NSO office on Wednesday will release India's Gross Domestic Product (GDP) data for the January-March quarter (Q4FY2023). As per the latest projections, India's GDP has grown by 5.5% during the 4th quarter of fiscal year 2022-23, against the growth of 4.4% in the preceding quarter. According to the Reserve Bank of India (RBI)'s Q4 estimates, India's real GDP growth will stand at 5.1%. Check the live update

31 May 2023, 09:41:36 AM IST

Gold rate today trades tepid as investors await more cues after Chinese data

Gold rate today edged lower as the US dollar continues to sustain at 10-week highs. Gold futures contract on Multi Commodity Exchange (MCX) opened at 59,946 per 10 gm levels and went on to hit an intraday low of 59,923. However, the precious yellow metal made an intraday high of 59,984 per 10 gm levels. In the international market, gold price today is oscillating around $1,958 per ounce levels.

Silver rate today opened at 71,034 per kg levels and went on to hit an intraday high of 71,072 per kg levels. However, profit booking was soon triggered and the white metal went on to hit an intraday low of 70,951 levels within a few minutes of the commodity market's opening on Wednesday. (Read More)

31 May 2023, 09:32:18 AM IST

Metal index sheds a per cent in early trading with most stocks trading in the red; Vedanta and Adani Enterprises shed 2% each

Metal Index
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Metal Index
31 May 2023, 09:28:52 AM IST

SBI share price sheds in early trading; stock in focus as stock trades ex-dividend today

State Bank of India or SBI share price will be in focus as it sheds 2% in early trading. The SBI stock is going to trade ex-dividend today. As per the information available on Indian bourses, SBI has declared 11.30 per share final dividend to the eligible shareholders for the financial year 2022-23. The board of directors of the largest Indian commercial bank has fixed 31st May 2023 as record date for dividend payment. (Read More)

31 May 2023, 09:26:31 AM IST

Benchmark indices start in the red as Sensex and Nifty shed around 0.4%; PSU Bank and Metal lag

Sensex at Open
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Sensex at Open
31 May 2023, 09:12:07 AM IST

Rupee opens flat on Wednesday at ₹82.72 against US dollar

The rupee opens flat on Wednesday's compared to Tuesday's close of 82.71, according to bloomberg.com.

The Indian rupee is expected to fall further in Wednesday's trading session after the Chinese yuan fell to a new six-month low against the US dollar.

Non-deliverable forwards predict that the rupee would open slightly lower than 82.71 in the previous session. (Read More)

31 May 2023, 09:05:31 AM IST

Sensex starts flat at the preopen session; Adani stocks, Apollo Hospitals, HDFC Life in focus

Sensex at Preopen
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Sensex at Preopen
31 May 2023, 08:49:40 AM IST

Vedanta’s chip dreams to face pushback as Centre set to deny funding

India’s government is poised to deny crucial funding for billionaire Anil Agarwal’s chip venture, a setback for a $19 billion push to make semiconductors in the country.

The government is likely to tell the venture between Agarwal’s Vedanta Resources Ltd. and Taiwan’s Hon Hai Precision Industry Co. it won’t get incentives to make 28-nanometer chips, people familiar with the matter said. The venture has applied for such assistance, potentially worth billions of dollars, but hasn’t met the criteria set by the government.

While Vedanta and Hon Hai can apply again, a rejection would mean delays for Agarwal’s ambition to establish India’s first major chipmaking operation, even as his metals and mining conglomerate struggles to reduce a heavy debt load. (Read More)

31 May 2023, 08:47:06 AM IST

Stocks to Watch: Adani Group, Apollo Hosp, HDFC Life, Mankind Pharma, SBI Cards, Torrent Pharma, Indus Towers, Coal India, Suzlon, Kalpataru Projects Int

Adani Transmission, Adani Total Gas, and Indus Towers will be excluded from the MSCI Global Standard Index from May 31, with Adani Transmission and Adani Total Gas likely to see an outflow of $356 million. Meanwhile, Max Healthcare Institute, Hindustan Aeronautics, and Sona BLW Precision will be included. Other companies in focus include Apollo Hospitals, HDFC Life, Adani Ports, Mankind Pharma, SBI Cards, Torrent Pharma, Coal India, Suzlon, and Kalpataru Projects International. (Read More)

31 May 2023, 08:21:14 AM IST

Adani Ports Q4 results: Consolidated PAT jumps 5% YoY to ₹1,159 crore, revenue rises 40%

Adani Ports and Special Economic Zone (ASPEZ) owners earned a consolidated net profit of 1,158.88 crore in the fourth quarter of FY23, registering a growth of 5.1% as against 1,102.61 crore a year ago same quarter. Adani Ports concluded its FY23 fiscal with the highest-ever cargo volumes, record investment, and maintaining its net debt to EBITDA ratio well within the guided range.

However, the company's revenue witnessed a much stronger growth of 40% to 5,797 crore in Q4FY23, compared to 4,140.8 crore.

Also, the Adani Group-backed ports and shipping flagship firm reported a 59% growth in EBITDA to 3,270.7 crore in Q4FY23, as against 2,057.1 crore in Q4FY22. (Read More)

31 May 2023, 08:18:34 AM IST

Coal India raises price of non-coking coal to generate incremental revenue of ₹2,703 crore for the remaining period of FY24

A week after approving its new wage agreement allowing higher allowances and benefits for non-executive employees, Coal India Ltd (CIL) raised the price of non-coking coal by 8%.

In a regulatory filing, the company said the revision would come into effect from 31 May. This is the first hike in the price of non-coking coal in five years. The last hike in the prices of non-coking coal was carried out in 2018.

The increase in prices would lead to incremental revenue of 2,703 crore for the remaining period of the current fiscal (FY24). “This will be applicable to all subsidiaries of Coal India, including NEC for regulated and non-regulated sectors," it said. (Read More)

31 May 2023, 08:16:46 AM IST

Abrdn readies HDFC Life exit; marking its departure from India’s life insurance space after 23 years

HDFC Life Insurance Co Ltd’s foreign joint venture partner Abrdn Plc, on Tuesday put its remaining stake comprising 35.7 million shares on the block, marking its exit from India’s life insurance space after 23 years. It has valued its holding at 2,088.64 crore, or 563- 585 per share.

Abrdn (formerly Standard Life Aberdeen Plc), through its subsidiary Abrdn (Mauritius Holdings) 2006 Ltd, owned a 1.7% promoter stake in HDFC Life as on 31 March. The Indian promoter HDFC Ltd owns a 48.65% in the private insurer.

The Edinburgh-headquartered investor has offered to sell its shares at a discount of up to 3.75% to Tuesday’s closing on the NSE. (Read More)

31 May 2023, 07:59:28 AM IST

Apollo Hospitals Q4 results: Net profit up 50% to ₹146 Cr, Board declares 180% dividend

Apollo Hospitals Enterprise on Tuesday recorded a 50% growth in consolidated net profit at 146 crore during the quarter ended March 2023, as compared to a profit of 97 crore, in the corresponding quarter of last fiscal.

The company reported a net income of 4318.50 Cr during Q4FY23 as compared to 3577.15 Cr in Q4FY22, representing a gain of 21% YoY.

The Board of Directors have “Recommended a final dividend of 9/-per Equity Share (180%) of the face value of 5/- per share to the shareholders of the Company for the FY2022-23. The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company," said Apollo Hospitals Enterprise in a stock exchange filing. (Read More)

31 May 2023, 07:58:04 AM IST

MSCI rejig from 31 May: Adani Transmission, Adani Total may see outflow of $356 million as they exit

MSCI Global Standard Index's latest rejig will come into effect from May 31st, where three stocks will be excluded of which two belonged to Adani Group. These are Adani Transmission, and Adani Total Gas and the other to exit would be Indus Towers. On the other hand, three stocks Max Healthcare Institute, Hindustan Aeronautics, and Sona BLW Precision will be included.

As per Nuvama Alternative & Quantitative Research report, India Standard Index will see three add and three deletes. In its latest update, Nuvama said, "MSCI Rejig is scheduled on May 31 , 2023 and India should receive net passive foreign flow in upwards of $500 million. (Read More)

31 May 2023, 07:31:30 AM IST

FIIs inflow rises to ₹2,086 crore on 30 May; DIIs halt 7-consecutive days buying spree

Foreign institutional investors (FIIs) extended their buying momentum to nearly 2,086 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) halted their seven consecutive days winning streak and turned into net sellers with an outflow of nearly 439 crore. Despite a volatile performance, Sensex ended near its psychological 63,000 mark and Nifty 50 stretched as far as over 18,630 levels. Overall, the markets performed on a positive note.

As per NSE's data, FIIs buying value was at 9,789.47 crore and the selling value stood at 7,703.85 crore in Indian equities on the May 30th trade. Hence, FIIs bought 2,085.62 crore worth of equities. (Read More)

31 May 2023, 07:29:48 AM IST

Wall Street shares close mixed on Tuesday, Nvidia's 3% rise offsets debt ceiling jitters

Stocks on Wall Street closed mixed on Tuesday, pressured by worries about U.S. lawmakers opposed to a deal to raise the $31.4 trillion debt ceiling, but supported by another surge in Nvidia shares that briefly lifted the chipmaker into the rare club of companies valued at $1 trillion.

The S&P 500 index closed essentially flat but remained near its highest level since August 2022, just above 4,200 points. The Dow Jones Industrial Average also was lower while the Nasdaq Composite rose. The S&P 500 and the Nasdaq were still set for monthly gains in May.

Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending.

Nvidia Corp pared gains after setting a record high. The company anticipates a surge in demand for its AI chips that power chatbot sensation ChatGPT and other applications. (Reuters)

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