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PremiumIndian benchmark indices ended with gains despite weak global cues and soft economic data from the US and China. MSCI's rejig put a drag on Adani stocks, while Sona BLW and Max Healthcare gained after being included in the MSCI index. Earnings reports also played a role in dictating market direction.
Indian benchmark indices came out of the drag and made some gains in the second half of today's session to end in the green. Negative sentiments kept hovering amidst signs of the economy slowing down, while quarterly earnings played its part in nudging the market.
Sensex climbed 123 points or 0.2% to end above 62,000, at 620,27. Nifty 50 index added 18 points and ended at 18,314, a gain of 0.1%. Eight of the 15 broad sectoral indices ended in the green.
Eicher Motors jumped more than 5% after an encouraging quarterly result. IndusInd Bank, Axis Bank and M&M were other prominent gainers. Hindalco dropped 3.5%. BPCL, Powergrid and NTCP were other major laggards and shed more than 2% each.
Metal dropped more than 1.5%, and Media and Energy around a per cent in today's session. Auto and Bank indices made decent gains on Friday.
Markets were mixed Friday as traders weighed a range of issues including US debt ceiling hopes, high-level talks between Washington and Beijing, banking sector uncertainty and more signs of a slowing economy.
Japan's Nikkei closed at a 1-1/2-year high on Friday led by gains in chip-related heavyweights, as investors cheered announcements of domestic firms' shareholder returns at the peak of the earnings season.
The Nikkei share average ended 0.9% higher to its highest close since November 2021. For the week, the index added 0.79%. The broader Topix advanced 0.64% and posted a 1% weekly gain.
China stocks fell for a fourth straight session on Friday, as a number of weak economic data darkened the world's second-biggest economy's recovery prospects. Hong Kong shares also dipped.
The Hang Seng Index dropped 0.59%. The Shanghai Composite Index lost 1.12%, while the Shenzhen Composite Index on China's second exchange shed 1.12%. New Chinese bank loans tumbled far more sharply than expected in April, data showed adding to worries that the economy's post-pandemic recovery is losing steam.
European stocks rose, with a boost from earnings as luxury group Richemont rallied to a record following estimates-beating results. The pound edged higher after data showed the UK economy grew slightly in the first quarter, reducing the risk of recession.
UK's FTSE 100 index bounced back on Friday after data showed that the country avoided slipping into a recession in the first three months of 2023, while insurer Beazley surged to a more than one-month high on upbeat quarterly results.
Large-cap company Polycab India operates in the capital goods industry. Under the "POLYCAB" brand, Polycab is in the business of producing and marketing wires, cables, and fast-moving electrical goods (FMEG). The business announced its strong Q4 profits, which were above street projections, along with a massive 200% dividend.
“The Board of Directors has recommended a dividend @ 200% i.e. Rs.20/- per equity share of face value of Rs.10/- each for the financial year 2022-23, subject to approval of shareholders at the ensuing Annual General Meeting. The dividend, if approved by the shareholders in the ensuing Annual General Meeting will be paid on or before 30 days from the date of Annual General Meeting. The Book Closure and Record Date for dividend purpose will be intimated in due course," said Polycab India in a stock exchange filing. (Read More)
Niraj Bagri, Partner, Dhruva Advisors on the impact of CBIC introducing an automated scrutiny module for GST returns: The use of data analytics for scrutiny of returns is a welcome step. This should lead to reduced physical interface with the department and ultimately enhance ease of doing business. However, implementation is the key to ensure hassle-free compliance for the assessee. One of the challenges being faced by the trade is a substantial amount of information is sought, which many a time is not required for scrutiny. To ensure the successful implementation of the scheme, it should focus on seeking only the relevant information or documents necessary for scrutiny.
Lehar Footwears Limited (Lehar) announced that its proposal for a publicity campaign and brand promotion, which included an investment of ₹18 crore for three years and government assistance of ₹9 crore for three years, have been approved in accordance with the guidelines under the IFLDP's "Brand Promotion of Indian Brands in the Footwear and Leather Sector" sub-scheme.
A financial contribution of 50% of the projected investment up to Rs. 9 crores for three years would be made under the "Brand Promotion of Indian Brands in the Footwear and Leather Sector" initiative. These funds will be used by the company to promote Lehar's mass-market footwear products in Tier II and Tier III cities as well as rural regions. (Read More)
UK's FTSE 100 index bounced back on Friday after data showed that the country avoided slipping into a recession in the first three months of 2023, while insurer Beazley surged to a more than one-month high on upbeat quarterly results.
The blue-chip FTSE 100 rose 0.4%, while the FTSE 250 added 0.2% by 0716 GMT. The FTSE 100 index ended 0.1% lower on Thursday, in its third straight session of declines.
Beazley Plc rose 3.7% after reporting a sharp jump in net premiums in the first quarter, lifting the nonlife insurance sector up 1.6%.
Pearson Plc jumped 2.4% after brokerage Morgan Stanley turned bullish on the stock.
Bucking the trend, THG Plc slumped 13.1% after the retailer said it had terminated talks with Apollo Global Management for a buyout deal. (Reuters)
A finance professor at the University of Florida has claimed that large language models (LLM) - a type of artificial intelligence (AI) algorithm, may be useful in predicting stock market prices. Alejandro Lopez-Lira used Open AI's chatbot ChatGPT to examine news headlines through 'sentimental analysis' for whether they are good or bad for a stock and found that the chatbot was able to predict the direction of the next day's returns, according to his recently-published unreviewed paper.
As part of the study, the experiment conducted by Lopez-Lira and his partner Yuehua Tan is based on the emerging abilities of AI models, especially those powering ChatGPT. LLMs are more capable of understanding natural language and can process textual information to predict stock returns, However, the paper adds, ‘’these models are not explicitly trained for this purpose, one may expect that they offer little value in predicting stock market movements.'' (Read More)
Accuracy Shipping Limited (NSE: ACCURACY), is a one-stop solution for all Logistics requirements. The company is exploring growth options. With the help of its vast and well-settled network, the company is able to provide its customers with hassle-free services across the board.
The company is Catering to a diversified industry to accelerate growth, and adding new streams of revenue through backward & forward integration to strengthen our bouquet of logistical services. It has strived to become an “End-to-End Logistics Player", and looks to benefit from large scale presence across value chain by offering logistical solutions under single roof i.e. from Point of Origin to Point of Destination. (Read More)
Hindustan Aeronautics Ltd for the quarter ended March, reported a consolidated net profit down 8.8% on year of ₹2,831.18 crore from ₹3,105.17 crore in Q4FY22, and sequentially
The company's consolidated revenue from operations rose 8.10% year-on-year to ₹12,494.67 crore from ₹11,558.23 crore in Q4FY22.
For Q4FY23, the company's consolidated total income rose 9.6% on year to ₹13,216.90 crore from ₹12,061.79 crore during the same period in the previous fiscal. (Read More)
The shares of South Indian Bank surged more than 8 per cent on Friday's trade post strong March quarter results. The company reported 23 per cent rise in net profit, along with dividends.
The company's scrip was trading 8.65 per cent up at ₹17.72 on BSE. In the last six months, the company's scrip rose by 24.53 per cent, however on a year-to-date basis it declined by 7.95 per cent
South Indian Bank reported its highest-ever quarterly net profit at ₹333.9 crore in the March quarter. Its profit grow nearly 23 per cent on-year compared to its bottom line at ₹272 crore reported in the corresponding quarter last year. (Read More)
The shares of Ujjivan Small Finance Bank surged more than 4 per cent on Friday's trade post strong March quarter results.
Ujjivan Small Finance Bank registered strong growth in the bottom-line and top-line front for the fourth quarter of FY23. PAT comes to around ₹309.50 crore in Q4FY23, rising by 144.62 per cent from ₹126.52 crore a year ago same period.
USFB has sustained its improving trajectory in profitability, backed by its revised business strategy post the management change in September 2021, as reflected in it delivering 3.9 percent Return on Asset (RoA) and 30 percent Return on Equity (RoE) during Q4 of FY23, highlighted ICICI Securities. (Read More)
Tesla Inc will recall a total of 1,104,622 vehicles, both imported and China-made ones, China's market regulator said on Friday.
The models to be recalled include imported Model S, Model X, Model 3 as well as China-produced Model 3 and Model Y, the State Administration for Market Regulation said in a statement.
The recall effective May 29 was filed by the U.S. electric vehicle giant in accordance with China's management rules for deficient vehicle recall, the statement said. (Reuters)
After a strong response by investors to this India's first retail REIT issue, the grey market has gone bullish on Nexus Select Trust IPO. As per the Nexus Select Trust IPO subscription status, the public issue got subscribed 5.45 times whereas its QIB portion got subscribed 4.81 times and it got subscribed 6.23 times in other categories. After the closure of Nexus Select Trust IPO subscription, shares of the company are available at a premium of ₹5 per share in grey market today
According to market observers, Nexus Select Trust IPO GMP (grey market premium) today is ₹5, which is Re 1 higher than its yesterday's GMP of ₹4. Market observers said that the rise in GMP can be attributed to a strong response by investors even though secondary market mood is highly volatile. (Read Mor)
Consumer protection regulator CCPA has directed 5 e-commerce companies, including Amazon and Flipkart, to permanently delist all car seat belt alarm stopper clips as the product stops the alarm beep when not wearing seat belts, thus compromising passengers' safety.
After investigating the matter, the Central Consumer Protection Authority (CCPA) directed Amazon, Flipkart, Snapdeal, Shopclues and Meesho to "permanently'' delist all car seat belt alarm stopper clips and associated motor vehicle components which compromise the safety of passengers and the public.
As a result, 13,118 car seat belt alarm stopper clips have been removed from the five e-commerce platforms. While Amazon has delisted 8,095 such clips , Flipkart has delisted 4,000-5,000, Meesho 21 and Snapdeal and Shopclues one each, the regulator said in a statement.
CCPA passed orders against the five e-commerce players for violation of consumer rights and unfair trade practice under the Consumer Protection Act, 2019, it said. (PTI)
Zee Entertainment share price has been under pressure since stock markets opening today. Zee share price today opened downside and went on to hit an intraday low of ₹179.30 apiece on NSE, logging near 6.50 per cent dip from its Thursday close of ₹192.10 apiece on NSE.
According to stock market experts, Zee shares are under pressure after the latest communication of BSE and NSE with NCLT (National Company Law Tribunal). Experts said that both exchanges have informed the Mumbai bench of NCLT that SEBI has asked them to inform the tribunal on the Shirpur Gold Refinery order. (Read More)
Akshay Tiwari, research analyst, Religare Broking recommendations on Exide Industries: BUY - CMP (Rs) 190 - Target Price (Rs) 229 - Potential Upside 20.8%
Subdued quarter as moderate volumes and higher operating expenses suppress margins
Valuations: Auto Industry is expected to be on the growth path in FY24 which will aid in volumes and revenue growth for the company as its major revenue is generated from the sale of automotive batteries and services. Besides, the Auto industry is gradually moving towards electrification of vehicles for which the company is under the process of setting up a new lithium Ion battery manufacturing plant to place itself as one of the leading suppliers to EV OEMs. Hence, our outlook on the company is positive and we expect its Revenue/EBIDTA/PAT to grow at a CAGR of 9.2%/16.2%/18% over FY23-25E. We maintain Buy on the stock with a target price of Rs. 229 valuing the company at 13x FY25E EPS and its HDFC Life stake at ₹37/share.
Inflows in the mutual funds' industry touched the highest level in three years to over ₹1.21 lakh crore in the first month of FY23. It would be a strong appetite for debt-oriented schemes that have driven the performance of the market with an inflow of a whopping ₹1.06 lakh crore in the month with 60% of the total coming from liquid funds. But the shocking part of April's performance would be the inflow in equity-oriented schemes which dropped by nearly 3 times on a month-on-month basis.
As per AMFI's data, debt-oriented schemes recorded an inflow of ₹1,06,677.36 crore in April 2023 compared to an outflow of ₹56,884.13 crore. Debt schemes witnessed an outflow for most of FY23. (Read More)
Shares of Asian Paints declined over a per cent in the early trade on Friday after the company reported its earnings for the quarter ending March 2023. Analysts flagged concerns over intense competition limiting the company’s operating margin expansion going ahead.
Asian Paints share price fell as much as 1.6% to hit an intraday low of ₹3,088 apiece on the BSE after opening flat.
Asian Paints on Thursday reported a consolidated net profit of ₹1,234.14 crore for the quarter ended March 2023, a rise of 45.12% from ₹850.42 crore in the corresponding quarter last fiscal. (Read More)
Toyota Motor Corp said on Friday the vehicle data of about 2.15 million users was left publicly available in Japan for about a decade from November 2013 to mid-April.
The leak, attributed to a setting error in the cloud environment, could encompass details such as vehicle locations and identification numbers of vehicle devices, but there were no reports of malicious use, the company said.
Affected customers included those who signed up for the T-Connect network service from the start of 2012 until April 17, Toyota said, apologising for causing concern.
Also affected were users of G-Link, a similar service for owners of the luxury Lexus-branded vehicles, that provides features such as emergency support. (Reuters)
Shares of Max Healthcare Institute and Sona BLW Precision Forgings rallied around 5% in the early Friday trade after Morgan Stanley Capital International (MSCI) added the stocks to its India Standard Index.
Max Healthcare rallied 6% to hit an intraday high of ₹513.15, while Sona BLW Precision gained 4.68% to hit an intraday high of ₹573 apiece on the BSE.
In its May 2023 rejig, MSCI also included Hindustan Aeronautics Ltd (HAL) to the India Standard Index. The shares of HAL traded a per cent lower. (Read More)
Gold rate today further tumbled after losing to the tune of more than half per cent in the domestic market on Thursday. Gold future contact for June 2023 expiry on Multi Commodity Exchange opened lower at ₹60,795 per 10 gm and went on to hit an intraday low of ₹60,750 levels within a few minutes of commodity market opening today. In the international market, gold price today is down by around 0.20 per cent and it is close to its current immediate support of $2,010 levels.
Likewise, the silver rate today remained under the sell-off heat as the silver future contract on MCX for July 2023 expiry opened lower at ₹73,675 per kg and went on to hit an intraday low of ₹73,045 per kg. In the international spot market, the silver price today is near 0.60 per cent lower and it is quoting near $24 per ounce level. (Read More)
The country's top carmaker, Maruti Suzuki India Ltd, will likely invest more than $5.5 billion to double its production capacity to four million vehicles a year by the end of 2030, the Economic Times reported, citing sources.
In another news, the country's largest automaker sees its share of ad spending on digital stabilising at the current levels of being about a third of the overall pie, a senior official said on Tuesday. (Read More)
After the submission of six member expert panel report on the Hindenburg Research report raising concern over the debt positioning of teh Adani group of companies, Supreme Court is going to hear the matter today. The six-member panel constituted by the Supreme Court had submitted its report on 8th May 2023 and the matter got listed for hearing on 12th May 2023 before the Chief Justice of India DY Chandrachud.
However, ahead of the Supreme Court hearing, Adani shares are trading tepid as investors are awaiting the outcome of the hearing. In fact, two Adani group stocks — Adani Total Gas and Adani Transmission have locked in the lower circuit within a few minutes of the stock market's opening bell today. However, these Adani shares hitting lower circuit could be due to the MSCI index rejig as well. (Read More)
China stocks fell for a fourth straight session on Friday, as a number of weak economic data darkened the world's second-biggest economy's recovery prospects. Hong Kong shares also dipped.
** China's blue-chip CSI300 Index slipped 0.6% by the lunch break, while the Shanghai Composite Index declined 0.4%. Hong Kong benchmark index Hang Seng edged down 0.1%.
** New Chinese bank loans tumbled far more sharply than expected in April, data showed on Thursday, adding to worries that the economy's post-pandemic recovery is losing steam.
** The weak readings came hours after data showed deflationary pressures were deepening in China, and days after news that imports had contracted sharply. (Reuters)
Bitcoin fell for a second day on Friday, at one point dropping to the lowest level in more than six weeks as the token continues to unwind some of its 2023 rebound.
The largest digital asset fell as much as 1.6% and was trading at $26,690 as of 11:27 a.m. in Singapore. Second-ranked Ether and a gauge of the top 100 tokens declined by a similar magnitude.
A drop in liquidity, congestion on the Bitcoin blockchain and a US regulatory crackdown have sapped sentiment in the crypto sector. (Bloomberg)
The rupee opened flat against the US dollar Friday amid losses in other Asian currencies. The local unit opened 1 paisa lower at 82.10 against the US dollar as compared to Thursday's close of 82.09.
On Thursday, the local currency fell 15 paise to close at 82.09 against the US dollar amid broader strength in dollar index, weakness in equity markets and rising crude oil prices.
The US dollar was clinging close to a more than one-week peak on Friday as a slew of data overnight pointed to a slowing US economy, with investors betting that the Federal Reserve will further pause its interest rate increases. (Read More)
Morgan Stanley Capital International (MSCI) has added Hindustan Aeronautics Ltd (HAL), Max Healthcare and Sona BLW Precision to its India Standard Index in its May 2023 rejig.
MSCI, on the other hand, removed Adani Total Gas, Adani Transmission and Indus Towers from the Index.
The MSCI India Standard Index is tracked by certain index funds and exchange-traded funds (ETFs) as a benchmark. (Read More)
Tata Motors shares touched a new 52-week high ahead of its Q4FY23 results on Friday. The company is anticipated to release positive financial results for the three months ended in March, driven by margin expansion across divisions, robust India, and tracking a rebound in wholesale volumes at Jaguar Land Rover (JLR). Tata Motors shares opened at ₹513.90 apiece on NSE. (Read More)
Sameet Chavan, head research, Technical and Derivatives, Angel One Ltd: The ease in US inflation data led to some relief in the global markets, tracking which SGX Nifty indicated a positive opening for our markets. Simulating to which the benchmark index Nifty50 started with a decent gap but once again failed to capitalize on the initial gains and showcased a lacklustre trading session. Amidst the weekly expiry, by the fag end, some whipsaw moves were seen that led the index to plunge a bit from the highs. And eventually, Nifty concluded the day on a flat note with a mere cut of 0.10 per cent and settled a tad below the 18300 level.
Technically, there have been no significant changes in the chart structure as Nifty kept hustling at the higher band throughout the weekly expiry session. However, some timidity could certainly be sensed among the bulls at the higher zone, awaiting some positive trigger to continue the upward march. As far as levels are concerned, the 18200 zone is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18100-18000 mark. On the contrary, 18300-18500 is considered a daunting task for the bulls in the comparable period.
We remain sanguine and expect any dip to augur well for the bulls. Meanwhile, the global markets should be watched closely as any further relief could act as a catalyst to open up the next leg of the rally. Going forward, the broader market is keeping the buzz and one needs to adopt a pragmatic approach in such market conditions to seize better opportunities.
Sensex and the Nifty ended flat with negative bias on May 11, as Sensex closed at 61,904.52, down 0.06 per cent points, while the Nifty ended the day at 18,297, down 0.10 per cent. Investors will be eyeing the quarterly earnings of Tata Motors, Cipla, Vedanta, Hindustan Aeronautics, Colgate-Palmolive, DLF and others up for release on Friday.
Hindustan Petroleum Corporation, APL Apollo Tubes, Cholamandalam Financial Holdings, Greaves Cotton, Indraprastha Gas, Indian Overseas Bank, Manappuram Finance, Max Financial Services, Polycab India will be in focus ahead of quarterly earnings on May 12. (Read More)
Go First has a very tight schedule and has to raise funds to get the business running, the cash-strapped airline's Interim Resolution Professional Abhilash Lal told staff on Thursday.
A day after being appointed as the IRP following admission of the Go First's voluntary insolvency resolution petition by the NCLT, Lal addressed the carrier's staff during a virtual town hall, according to sources in the know.
The budget airline stopped flying from May 3 and filed the insolvency petition due to fund crunch caused by the grounding of many planes in the wake of non-availability of Pratt & Whitney engines.
"We are working on a tight schedule... we have to get the business running... we have to raise funds to do that," Lal told the employees.
Seeking their cooperation, he said the company has a very tough and busy 180 days ahead with the entire insolvency process to be completed within that time period. (PTI)
India is taking steps to impose a tax on income generated by Netflix Inc from streaming services in the country, reported Reuters citing an Economic Times report.
In a draft order, the tax authorities attributed an income of about ₹55 crore ($6.73 million) to Netflix's Indian permanent establishment (PE) in the assessment year 2021-22, the report added.
This is the first instance in which India will tax foreign digital companies that provide electronic commerce services to customers. (Read More)
Telecom operators Reliance Jio and Bharti Airtel added 19.8 lakh mobile subscribers month-on-month in February, even as Vodafone Idea lost 20 lakh customers, according to data released by Trai on Thursday.
India's largest telecom player Reliance Jio added the maximum number of mobile subscribers at about 10 lakh, taking its wireless subscriber tally to 42.71 crore users in February, as against 42.61 crore in January.
Sunil Mittal-led Bharti Airtel gained 9.82 lakh mobile users during February and ended the month with a wireless subscriber base of 36.98 crore.
Vodafone Idea lost 20 lakh subscribers in the wireless category as its mobile subscriber base shrunk to 23.79 crore, as per data from the Telecom Regulatory Authority of India (Trai).
"...the total Broadband Subscribers increased from 839.18 million at the end of January-23 to 839.33 million at the end of February-23 with a monthly growth rate of 0.02 per cent," the release said.
The Supreme Court will hear petitions on the Adani-Hindenburg row on Thursday. The apex court will also hear SEBI's plea demanding 6 months extension to conclude its investigation of the Hindenburg report on Friday. Earlier, the court had ordered the Securities and Exchange Board of India (SEBI) to complete its probe into the matter within two months.
The SEBI application demanding an extension of time has been opposed by the petitioner Vishal Tiwari. The bench will be led by the Chief Justice of India Dr Dhananjaya Yeshwant Chandrachud. It will comprise Justices P S Narsimha and JB Pardiwala, reported PTI. (Read More)
Twitter CEO Elon Musk announced on social media that he has chosen a new CEO to lead the platform, which he acquired last year. Musk's announcement has caused speculation and excitement about who the new CEO might be.
According to a report by the Wall Street Journal, Linda Yaccarino, the head of advertising at NBC Universal, is rumoured to be a top candidate for the position.
Click here to know everything you need to know about Linda Yaccarino, the rumoured top candidate for the position of Twitter's next CEO.
Tata Motors, Vedanta, Cipla, Colgate Palmolive, Polycab India, Cholamandalam Financial, Dish TV, and Indian Overseas Bank will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
Asian Paints on Thursday reported a rise of 45.12 per cent in consolidated net profit of ₹1,234.14 crore for the quarter ended March 2023. This is against a net profit of ₹850.42 crore in the corresponding quarter last fiscal.
The consolidated revenue from operations rose by 11.33 per cent to ₹8,787.34 crore, as compared to ₹7,892.67 crore in the year-ago period, said Asian Paints in its regulatory filing.
The board recommended payment of the final dividend of ₹21.25 per equity share for the financial year FY23, subject to approval of the shareholders. (Read More)
Vaishali Parekh has recommended three day trading stocks for today and here are full details in regard to those shares:
1] Havells: Buy at ₹1282, target ₹1312, stop loss ₹1265;
2] BSE: Buy at ₹540, target ₹565, stop loss ₹530; and
3] Pidilite Industries: Buy at ₹2566, target ₹2660, stop loss ₹2520. (Read More)
SoftBank informed the stock exchanges that it has offloaded a little over a 2 per cent stake in One97 Communications Limited - the parent entity of Paytm, in a series of open market transactions since February 2023, to comply with the capital market regulator SEBI's takeover regulations.
"SVF India Holdings (Cayman) has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals undertaken between February 10, 2023 to May 8, 2023, with the disposal on May 8, 2023 breaching the 2 per cent threshold specified in Regulation 29(2) of the SEBI Takeover Regulations," SoftBank said in a regulatory filing to the stock exchanges. (Read More)
India's Eicher Motors, the maker of Royal Enfield motorcycles, posted a bigger-than-expected 48% jump in fourth-quarter profit on Thursday, helped by higher sales as demand for two-wheelers picked up.
The company's consolidated net profit rose to 9.06 billion rupees ($111 million) in the quarter ended March 31, from 6.10 billion rupees a year earlier.
Analysts, on average, had expected a profit of 7.96 billion rupees, according to Refinitiv data.
Since the start of the pandemic, the auto industry has grappled with a surge in raw material prices and supply chain disruptions.
However, supply chain constraints have improved in recent quarters with the withdrawal of COVID restrictions and input costs have cooled. With softening of inflationary pressure, demand for two-wheelers has also increased. (Reuters)
German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd.
The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement.
"METRO India will complement Reliance Retail’s retail network in the future," it said. (Read More)
Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by Gautam Adani, doesn’t plan to take part in any potential share sales if the Indian billionaire decides to tap equity markets.
“There is no plan to take part at this point," IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. “If anything changes, IHC will disclose the same to the market as per the governor’s rules and regulations. Our business relationship remains the same."
Adani Enterprises Ltd., the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds via the sale of shares or other securities, just months after allegations of fraud by a short seller tipped his business empire into crisis. Three companies controlled by Adani are considering a fundraising that may draw as much as $5 billion, Bloomberg reported. (Read More)
Wall Street edged lower Thursday, weighed down by a sharp drop for The Walt Disney Co. and flaring fears about the health of some U.S. banks.
The S&P 500 lost 7.02 points, or 0.2%, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average lost 221.82, or 0.7%, to 33,309.51, while the Nasdaq composite rose 22.06, or 0.2%, to 12,328.51.
Disney was one of the heaviest weights dragging on the market. It dropped 8.7% after it said it lost streaming subscribers in the U.S. and Canada last quarter, surprising analysts. That was despite its earnings and revenue for the latest quarter roughly matching Wall Street’s forecasts.
Some banks beaten down by the industry’s mini-panic were also under heavy pressure again, and PacWest Bancorp sank 22.7% after saying it saw 9.5% of its deposits leave last week. It said the majority of the flight occurred in two days after news reports said the bank was talking with potential investors and partners, raising worries for its customers.
Investors have been hunting for the next possible victim in the U.S. banking industry after high-interest rates helped lead to three high-profile failures since March. (AP)
