Investors kept a wait-and-watch mode on Tuesday for various earning announcements from heavyweights such as Bharti Airtel. Overall the sentiment remained cautious and any optimism around the encouraging inflation data seems to have been erased. The US consumer spending report scheduled to be released today will be a key trigger.
Indices shed on Tuesday as Sensex drops 0.66% and Nifty 0.61%; HDFC twin and Auto stocks among biggest laggards
Indian shares fell on Tuesday as a slide in Finance and Auto offset the optimism from favourable domestic inflation data and persistent foreign institutional buying in equities.
The Nifty 50 closed 112 points lower at 18,286, while the S&P BSE Sensex shed 413 points to end below 62,000, at 61,92. Twelve of the 15 major sectoral indices ended in the red in today's session.
Both Housing Development Finance Corporation Ltd and HDFC Bank lost over 2.2% and 1.7%, respectively, and were among the top Nifty 50 losers. M&M and Kotak Bank also shed more than 1.5% each. Bajaj Finance and SBI were the top gainers in S&P BSE Sensex.
Among indices, PSU Bank continued to shine as it gained 0.72%. IT also ended in the green with marginal gains. , Auto, Media and Finance shed around a per cent and were the biggest laggards.
Asian equities advanced, led by Japanese shares and tech stocks, with traders looking for clues of any breakthrough in negotiations in Washington to avert a US default.
Japan's Topix index closed at a 33-year high on Tuesday after companies gave strong forecasts during the earnings season, with chip-related stocks tracking overnight gains on the Nasdaq.
Tokyo Stock Exchange's broader Topix index rose 0.58% to close at its highest since August 1990. The Nikkei share average extended gains, jumping 0.73% to its highest close since Nov. 2021.
Chinese stocks fell on Tuesday after April activity data broadly missed expectations and pointed to a slow economic recovery trend, while Hong Kong stocks were flat.
China's blue-chip CSI300 Index closed down 0.5%, while the Shanghai Composite Index declined 0.6%. Hong Kong's benchmark Hang Seng Index was little changed, while the China Enterprises Index edged up 0.1%.
European shares retreated on Tuesday with automakers and miners leading losses as weak data from China fuelled concerns about an economic slowdown, while investors awaited more data on the euro zone economy.
UK's main stock index edged up on Tuesday as weakness in the sterling supported some internationally-focused consumer firms, although Vodafone slumped after it forecast a big drop in fresh cash flow.
AU Small Finance Bank shares hit life-time high after Q4 results. Experts see more upside
AU Small Finance Bank or AU Bank shares today climbed to a new peak of ₹736.85 apiece on NSE during Tuesday deals. AU Bank share price today opened upside and went on to hit an intraday high of ₹736.85 per share, logging intraday gain to the tune of 2.80 per cent.
According to stock market experts, after strong Q4 results declared by Indian companies, the market believes that growth and demand is intact in the Indian economy. Hence, they are bullish on banking and other companies that have announced better Q4 numbers. They said that AU Bank shares are in a strong uptrend and it may go up to ₹820 apiece levels in the short to medium term. (Read More)
Trident shares gain over 8% on Tuesday's trading session; check details
Trident share price rose over 8% on Tuesday's trading session, and the textile stock is at a 20-week high. Trident shares began trading on the BSE at ₹33 per share and has now touched an intraday high of ₹35.70 and a low of ₹32.96.
The stock has increased 37.82% in value since March 27 and exceptionally performed so far. Following Promoter Madhuraj Foundation's purchase of more than 1.23 crore equity shares in the company via block deal, the stock started to move upward.
Before the news that Promoter had increased his stake of the company, the stock had been in a downward trend for more than a year. (Read More)
Zomato, Nykaa, Adani Enterprises among top largecap stocks that mutual funds bought in April
Inflows into equity mutual funds witnessed a sharp drop in the month of April. As per the latest data released by industry body the Association of Mutual Funds in India (AMFI), the net flows into equity mutual funds fell to ₹6,480 crore in April from ₹20,534 crore in March.
It was the category of large cap funds that took the biggest beating. Inflows into large cap funds plunged to a meager ₹53 crore during the month from ₹911 crore in March.
Among large caps, Zomato, Nykaa, Adani Enterprises, Cipla, among others wer the top stocks that witnessed mutual funds's buying, while Wipro, Hero, Dr Reddy's, among others witnessed selling. (Read More)
PL First Cut – BOB Q4FY23: Earnings beat led by stronger fees, recovery from TWO and lower provisions
Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd: BOB Q4FY23–Earnings beat led by stronger fees, recovery from TWO and lower provisions
--NII was largely in-line at Rs115bn (PLe Rs116bn) since NIM and loan growth came in as expected
--NIM was exactly in-line at 3.70% with both, yield on IEA and cost of funds meeting expectations
--Loan growth was 4.9% QoQ and 21.1% YoY while deposit growth was 4.7% QoQ and 15% YoY.
--Sequential loan growth was led by retail/SME at 6.7%/5.0% while deposit accretion was largely led by CASA (+5.9%) and wholesale TD (+7.6%)
--Other income was stronger at Rs34.7bn (PLe Rs25.8bn) on account of higher recovery from TWO of Rs14.5bn. Fees too were higher to PLe by 7%
--Opex was a miss at Rs69.2bn (PLe Rs66.2n) due to both higher staff cost and other opex.
--Led by better other income, core PPoP at Rs79.5bn beat PLe by 8.4%.
--Asset quality was stronger; GNPA/NNPA improved QoQ to 3.8%/0.9% (-74bps/-10bps QoQ) driven by negligible net slippages (PLe Rs14bn) and higher W/offs.
--Provisions were lower at Rs14.2bn (PLe Rs23bn).
--PAT was a beat at Rs47.8bn while core PAT was higher to PLe by 16.7% at Rs46.9bn
--Stock trades at ~1.0x Mar’25 ABV
Shapoorji Pallonji Group looks to raise $1.6 bn via private credit facility, may pledge shares in Tata Sons: Report
Indian conglomerate, Shapoorji Pallonji Group is likely looking to raise $1.6 billion through a private credit facility. For this, speculations are that the Group may pledge some of its shares in Tata Sons.
People familiar with the matter told Bloomberg that Shapoorji Pallonji Group is in talks to raise $1.6 billion via a private credit facility. Discussions are focused on a tenor of three years, with a rate of interest in the double digits.
These sources told that the infrastructure group could pledge some of its shares in Tata Sons to raise the capital. (Read More)
Nifty Midcap 100 index hits record high: What is driving the rally in these stocks?
The Nifty Midcap 100 index gained over a percent Tuesday to hit a record high led by strong gains in midcap counters. The index hit a high of 33,044.80 against the previous close of 32,709.40. A total of 79 stocks in the index witnessed gains, while 21 stocks fell.
Among midcap stocks, major rally was seen in Astral gaining more than 8%, Tube Investment of India rallying 5.7%, Aurobindo Pharma up over 4.5%, while Trident, Indian Hotels Company and LIC Housing Finance gaining over 3% each.
The Nifty Midcap 100 index is up 4.78% YTD, while it has rallied nearly 7% in the last one month, outperforming the benchmark Nifty50 index that gained 1.5% YTD and 3.07% in one month period. (Read More)
IT index remains stable in today's session with most stocks trading in the green in the index
Jio-bp launches premium diesel at rates less than normal diesel sold by PSUs
Jio-bp, the fuel retailing joint venture of Reliance Industries Ltd and UK's bp Plc, on Tuesday launched an additive-laced premium diesel that the company said gives improved mileage and gives a saving of up to ₹1.1 lakh per truck.
The premium diesel is priced at rates lower than normal or additive-free diesel sold by public sector (PSU) competition.
"Jio-bp today announced the launch of its diesel with ACTIVE technology, set to elevate diesel standards for Indian consumers.
"The newly launched additivised diesel, available across the company's network will yield annual savings of up to ₹1.1 lakh per vehicle to truckers owing to (up to) 4.3 per cent improved fuel economy," it said in a statement.
The new diesel is being sold at the Jio-bp outlet in Navi Mumbai for ₹91.30 per litre, while the normal diesel at PSU petrol pumps in the area cost ₹92.28 a litre. (PTI)
Maruti Suzuki WagonR sale exceeds 30 lakh milestone, has highest percentage of repeat buyers at 24%
Maruti Suzuki has announced that it has sold over 30 lakh units of WagonR. First introduced in 1999, the hatchback has achieved this milestone over the period of 24 years.
At present, the company sells the third-generation of Maruti Suzuki WagonR which is equipped with features like dual VVT with Idle Start Stop button, a 1.0-litre petrol/a 1.2-litre petrol engine along with a CNG mode having a fuel efficiency of 34.05km/kg.
The hatchback is priced between ₹5.54 lakh and ₹7.42 lakh (ex-showroom). According to the company, the WagonR model has a high percentage of repeat buyers at 24%. (Read More)
Vi shares rise despite pulling factors; details on Vodafone Group's earnings, dividend, outlook here
Telecom major, Vodafone Idea's stock price rallied on Tuesday despite the UK-based Vodafone Group witnessing a slowdown in FY23 performance. Although, the said financial year earnings were in line with expectations. The stock gains traction due to Vodafone Group's key strategic plan based on customers, simplicity, and growth. The Group's new chief executive plans to change Vodafone to simplify its organisation, cut on complexity, and gain competitiveness.
At the time of writing, Vodafone Idea aka Vi's share price traded at ₹7.21 apiece up by 1.7% on BSE. The stock has rallied by at least 2.4% with an intraday high of ₹7.26 apiece so far in the trading session. The stock is on the move to finish a second consecutive day winning streak.
The stock opened unchanged at ₹7.09 apiece from its previous closing and even touched an intraday low of ₹7.02 apiece. But in the mid-trading hours, the stock has gained significant momentum. (Read More)
Import of laptops, PCs, medical devices, solar cells from China fall in FY23: GTRI
India's imports of electronic goods such as laptops, personal computers (PCs), integrated circuits and solar cells from China declined during 2022-23, according to a report by economic think tank GTRI.
The fall in imports is notable in electronic items where the PLI (production linked incentive) scheme is operational, the report by Global Trade Research Initiative (GTRI) said.
Import of medical equipment declined 13.6 per cent to USD 2.2 billion last fiscal year as compared to 2021-22. Similarly, import of solar cells, parts, diodes slumped 70.9 per cent to USD 1.9 billion in 2022-23.
The report stated that import of laptops, PCs slipped 23.1 per cent to USD 4.1 billion and that of mobile phones came down by 4.1 per cent to USD 857 million in last financial year as compared to 2021-22.
Inbound shipments of integrated circuits contracted by 4.5 per cent to USD 4.7 billion. Import of urea and other fertilizers declined 26 per cent to USD 2.3 billion in 2022-23. (PTI)
British telecom compnay Vodafone to cut 11,000 jobs over 3 years
British multinational telecommunications company, Vodafone is planning to cut a whopping 11,000 jobs while seeking a leaner and simpler organisation. The layoff is part of the teleco's strategic plan and will be executed over the course of next 3 years.
Vodafone's new chief executive Margherita Della Valle in its full-year FY23 earnings report said, "We will be a leaner and simpler organisation, to increase our commercial agility and free up resources."
To reach simplicity, Della Valle said, "11,000 role reductions planned over three years, with both HQ and local markets simplification." (Read More)
Skipper sees doubling revenue to ₹4,000 cr in 3 yrs
Skipper Limited, a power transmission and distribution structures major, has set its sights on doubling revenue to ₹4,000 crore over the next three years, according to a senior company official.
The company anticipates a compound annual growth rate (CAGR) of over 25 per cent for the next 3-4 years, driven by strong international and domestic demand for its engineering products.
The polymer business, which represented around 21 per cent of total revenue last fiscal, is also expected to see higher growth, according to the official.
"We hope to double the revenue to ₹4,000 crore in three years with a CAGR of 25 per cent. We registered a topline of ₹1,980 crore in FY23," Skipper Director Sharan Bansal said.
"The company has a solid order book of ₹4,500 crore, with order inflow in FY23 reaching ₹4,137 crore, of which ₹410 crore was received in the March quarter," he said. (PTI)
Japan's Topix closes at 33-year peak; chip shares track Nasdaq strength
Japan's Topix index closed at a 33-year high on Tuesday after companies gave strong forecasts during the earnings season, with chip-related stocks tracking overnight gains on the Nasdaq.
Tokyo Stock Exchange's broader Topix index rose 0.58% to close at 2,127.18, its highest close since August 1990.
The Nikkei share average extended gains, jumping 0.73% to 29,842,99, its highest close since Nov. 2021.
"Investors, both at home and abroad, have taken a fresh look at Japanese stocks as overall their outlook was strong, while companies are trying to improve indicators of their stocks, such as PBR (price book ratio)," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
"In addition, the fundamentals of the Japanese economy is strong, with demand for reopening after the pandemic. Japanese politics is also stable and the Bank of Japan (BOJ) is keeping the ultra-low policy." (Reuters)
Berger Paints: Competition makes for a challenging picture
Berger Paints India Ltd's fourth quarter (Q4FY23) earnings failed to excite investors. While the paint manufacturer has been progressively making strides in volume growth and seeing some relief from input cost inflation, the looming shadow of escalating competition persists. As a result, the company's shares were flat with a negative bias on the National Stock Exchange (NSE) on Tuesday.
The company registered an 11.1% annual growth in domestic volumes, with a 14.5% rise in domestic decorative volumes. The period saw the introduction of several products in the decorative paint portfolio, along with an increase in advertising expenditure. These efforts have begun to bear fruit. "On a 3-year CAGR (compound annual growth rate) basis, overall volume growth is now at 19.4%, which is still lagging the growth of the market leader, but the gap seems to have narrowed in Q4FY23 versus Q3FY23," said a Nirmal Bang Institutional Equities report. (Read More)
Noon Update: Indices remain in the red as Sensex sheds 150 pts and Nifty around 50 pts; HDFC twins drag
Worldline to run accelerator programme for payment technology start-ups; signs MOU with Zone Startups India
Worldline, a payment services company, announces the signing of a memorandum of understanding (MoU) to run an Accelerator Programme for payment technology start-ups with Zone Startups India - a part of BRTSIF (BIL-Ryerson Technology Startup Incubator Foundation- part of BSE).
Worldline will also provide technology, business and knowledge platform to help grow these young start-ups being incubated by Zone Startups India, according to the statement.
The press release said that Worldline will work closely with the Zone Startups team to nurture innovation and entrepreneurship in the payment technologies space. The partnership is under the Buland Bharat initiative of Worldline and will support creating greater awareness of digital payments adoption across India.
Zone Startups India provides an interdisciplinary coworking platform for selected start-ups with infrastructure, access to industry partners, business development support, mentoring and client relations.
PVR Inox and Dish TV shed 3% each and drag the Media index by more than a per cent
Centre cuts windfall tax on domestic crude to zero
The Centre has cut windfall tax on locally produced petroleum crude zero to ₹4,100 per tonne. It kept unchanged windfall tax on petrol, diesel and aviation turbine fuel (ATF) at zero.
On 1 May, the Central Board of Indirect Taxes and Customs (CBIC) had lowered the tax on crude oil 4,100 rupees per tonne from 6,400 rupees per tonne.
The tax that is meant to mop up some of the super-profits that producers make during global price surges is revised on a fortnightly basis. The levy was introduced by the government in July last year, following huge gains made by oil producing companies market due to surge in international oil prices amid Russia’s invasion of Ukraine. (Read More)
Angel One Daily Commodity report: Gold recovers as dollar slips from highs; Crude bounced back.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd:
GOLD Outlook: We expect gold to trade higher towards 61450 levels, a break of which could prompt the price to move higher to 61800 levels.
CRUDE Outlook: We expect crude to trade higher towards 5990 levels, a break of which could prompt the price to move higher to 6090 levels.
BASE METALS Outlook: Given the liquidity injection from China's central bank, which could offer some economic assistance, metal prices are predicted to remain high.
Indraprastha Gas share price jumps 19% in 2023 but brokerages have a bearish outlook on the stock
Shares of Indraprastha Gas (IGL) have strongly outperformed the benchmark Sensex this year so far but many analysts and brokerage firms believe the road ahead may not be smooth for the stock. IGL stock is up 19 per cent in the year so far (as of May 15 close) against a two per cent gain in the benchmark Sensex.
Most brokerage firms have negative views on IGL stock as they see adverse pricing, high gas prices, electric vehicles and project delays as key headwinds.
Brokerage firm Kotak Institutional Equities has downgraded the stock to a 'reduce' from a 'buy', cutting the target price to ₹465 from ₹515.
"Our FY2024/2025 EBITDA estimates reduce by 3-4 per cent. We have revised our fair value (target price) to ₹465 from ₹515, as concerns are higher on long-term volume and margin growth. In our view, recent strength is an opportunity to exit," said Kotak. (Read More)
Wells Fargo to pay $1 billion in class-action lawsuit: Report
American financial services company Wells Fargo has agreed to pay shareholders $1 billion to settle a class-action lawsuit in connection with the lender’s 2016 unauthorised accounts scandal.
According to a report by the Wall Street Journal, the preliminary settlement has to be approved in the next few months.
With this payment, the years-old lawsuit has come to an end involving Well Fargo's former executives and a director, who have not been with the company for several years. (Read More)
PSU Bank index shine in today's session as it gains almost a per cent with all stocks trading in the green
Auro Impex & Chemicals IPO: Issue subscribed over 66 times; Check allotment date, GMP, other details
Auro Impex & Chemicals IPO (initial public offering) received strong subscription led by retail and non-institutional investors. The IPO, which was opened between May 11 and 15, was subscribed 66.94 times as it received bids for 23.23 crore shares as against 34.70 lakh shares on the offer.
The public issue of Auro Impex & Chemicals received 50.72 times subscription in the retail category, 31.67 times in QIB, while the Non-Institutional Investors (NII) category was subscribed 104.05 times at the end of IPO issue period.
Auro Impex & Chemicals Limited is an Auro Group Company, engaged in the business of manufacturing, exporting, and supply of Discharge & Collecting Electrodes, and Electrostatic Precipitator (ESP) internal parts and spares. (Read More)
Divi's Laboratories gains more than a per cent and leads the Nifty 50 index stock chart
Monsoon onset over Kerala to be delayed: Skymet
Private weather forecaster Skymet expects the onset of southwest monsoon over Kerala to be delayed this year. The India Meteorological Department (IMD) is yet come out with its forecast for monsoon onset.
“Thunderstorms in North India to start after 18 May," Jatin Singh, founder-director of Skymet said in a tweet in its 15 days rainfall forecast. “Monsoon onset looks feeble and delayed. Hot weather will continue deep into June this year."
As a result, sowing of key kharif crops is also expected to be delayed, Singh added in his Twitter post. (Read More)
China’s Economic Data Misses Forecasts as Recovery Worries Mount
China’s consumer spending and industrial activity grew at a slower pace than expected in April, adding to signs the recovery in the world’s second-largest economy is losing momentum.
Industrial production rose 5.6% from a year earlier, the National Bureau of Statistics said Tuesday, lower than the 10.9% median estimate in a Bloomberg survey of economists. Retail sales climbed 18.4%, worse than forecasts for a 21.9% surge.
Growth in fixed-asset investment slowed to 4.7% in the first four months of the year, weaker than the 5.7% forecast by economists. The urban jobless rate eased to 5.2% from 5.3% in March.
The headline figures were heavily distorted by comparisons with April 2022, when Shanghai was in lockdown, resulting in a plunge in business and consumer activity at the time. Even so, the numbers were disappointing and suggest policymakers may need to step up support for growth. (Bloomberg)
After jumping 4% on Monday, Realty index continues to shine as it gains a per cent in early trading with most stocks in the green
Emerging Currencies to Outperform G-10 Peers, Wells Fargo Says
Emerging-market currencies are poised to outperform peers in developed markets, as attractive valuations lure investors, according to Wells Fargo & Co.’s Brendan McKenna.
“We are certainly forecasting emerging-market currency strength," McKenna, a currency strategist at Wells Fargo in New York, said in a Bloomberg TV interview on Monday.
Latin American currencies are expected to do better, due to elevated real interest rates and local developments such as a more stable political environment, he said. Meanwhile, Asian currencies will underperform as China’s economic rebound after the end of Zero-Covid policy loses steam. (Bloomberg)
HDFC LTd along with HDFC Bank are the biggest laggards in early trading as they shed more than a per cent each; stocks trading ex-dividend today
Both lenders have announced a hefty dividend for shareholders from their net profits for the fiscal FY23. HDFC Bank is paying a 1900% dividend, while HDFC is set to pay a 2200% dividend for the financial year.
Rupee opens 7 paise higher at 82.23 against US dollar
The Indian rupee opened 7 paise higher against the US dollar Tuesday led by a retreat in the dollar index and narrowing India’s trade deficit. The rupee opened at 82.23 to the US dollar compared with the previous close of 82.30.
The US dollar remained under pressure, weighed down by the risk of a US default as a standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved, Reuters reported.
The US dollar index, which measures the currency against a basket of six major peers, was little changed at 102.46, after sliding 0.26% overnight and retreating from a five-month high. (Read More)
Sensex and Nifty start on a flat note on Tuesday with PSU Bank and Realty gaining at the start, while Pvt Bank drags
Lizzie Chapman, other co-founders of Zest Money resign months after PhonePe acquisition deal fails
Two months after a deal to be acquired by Walmart-owned PhonePe fell through, all three founders of the Bangalore-headquartered digital lending platform ZestMoney have resigned, plunging the eight-year-old company and some 100 employees into uncertainty.
“Over the last few weeks, we have done a lot of thinking and it has been hard for us to arrive at this conclusion. We have decided to step down from our roles as CEO (Lizzie), CFO & COO (Priya), and CTO (Ashish) at ZestMoney," CEO Lizzie Chapman wrote in an email to employees Monday evening. Priya Sharma served as the company’s CFO and COO, while Ashish Anantharaman was CTO. (Read More)
Sensex started flat at the preopen session; focus to remain on HDFC, Pfizer, Adani Group, PVR Inox
Reliance Research Stock in Focus for Today: BEML; Intraday Picks: HCL Tech, Tata Steel and Britannia
STOCK IN FOCUS
BEML (CMP 1,414): We expect its EBITDA margin at 6-7% over FY22-FY25E. Considering strong opportunities across segments, healthy earnings growth and margin expansion, we have our BUY rating on the stock with a Target Price of Rs2,100.
HCLTECH (PREVIOUS CLOSE: RS1,100) BUY
For today’s trade, long position can be initiated in the range of Rs1090-1095 for the target of Rs1125 with a strict stop loss of Rs1080.
TATASTEEL (PREVIOUS CLOSE: RS108) BUY
For today’s trade, long position can be initiated in the range of Rs106-107 for the target of Rs110 with a strict stop loss of Rs105.
BRITANNIA (PREVIOUS CLOSE: RS4,631) SELL
For today’s trade, short position can be initiated in the range of Rs4650-4700 for the target of Rs4520 with a strict stop loss of Rs4750.
HDFC, HDFC Bank share prices to turn ex-dividend today; how much investors may get
HDFC Bank and parent HDFC share prices will be in focus on Tuesday as they will turn ex-dividend. Both lenders have announced a hefty dividend for shareholders from their net profits for the fiscal FY23. HDFC Bank is paying a 1900% dividend, while HDFC is set to pay a 2200% dividend for the financial year.
Ahead of the ex-dividend date, HDFC Bank's share price closed at ₹1,676.20 apiece up by 0.52% on BSE. While HDFC's share price finished at ₹2,784.05 apiece up by 0.3% on Monday.
The ex-dividend date is the day when the price of the equity shares of a company gets adjusted for the dividend payout. (Read More)
Stocks to Watch: HDFC, Pfizer, Adani Group, PVR Inox, P&G Health, Vedanta, Berger Paints, Century Plyboards, Aeroflex Industries, and Suryoday Small Finance Bank
Bharti Airtel, Bank of Baroda, Jindal Steel and Power, Max Healthcare, LIC Housing Finance, and Kajaria Ceramics will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
Pfizer Q4FY23 Results: Net profit up 3.1% year-on-year to ₹129.65 crore, declares dividend
For the quarter ended March, Pfizer Ltd's standalone net profit rose 3.1% on the year to ₹129.65 crore from ₹125.79 crore during the same period last year. The company's revenue from operations for Q4FY23 stood at ₹572.64 crore, up 4.2% on year from ₹549.66 crore in Q4FY22. On Monday, the Pfizer share price closed at ₹3,816.80, up ₹26.05 or 0.69% on BSE.
The company has declared a final dividend of ₹35 per share and a special dividend of ₹5 per share for FY23.
“The board of directors has at its meeting held today has recommended a final dividend of ₹35 per equity share of ₹10 each (350%) and a special dividend of ₹5 per equity share of ₹10 each (50%) in view of the gain on sale of business undertaking at Thane, aggregating to total dividend of ₹40 per equity share of ₹10 each (400%) for the financial year ended March 31, 2023," said the company in its exchange filing. (Read More)
Stand by Parliament reply that SEBI was investigating some Adani Group companies: Finance Ministry
Hours after Congress sought to target the government over the Securities and Exchange Board of India submission in the Supreme Court in which it termed as baseless the contention that it is already investigating Adani Group companies since 2016, the government said it stands by its reply in Parliament in July 2021 that the stock market regulator was probing some Adani group companies.
The response came following Congress leader Jairam Ramesh's accusations that the government is misleading parliament.
Ministry of Finance, responding to Jairam Ramesh's tweet, said that the government stands by its reply in Lok Sabha on July 19, 2021.
"The Government stands by its reply in Lok Sabha on 19th July 2021 to Q. No. 72, which was based on due diligence and inputs from all concerned agencies," Finance Ministry said in a tweet.
Ramesh had alleged that there was inaction on part of SEBI or the government mislead the parliament. (ANI)
India's Go First backs emergency arbitration in Pratt
India's Go Airlines said on Monday it needed an emergency arbitration in its dispute with engine maker Pratt & Whitney to be enforced in Delaware to prevent it from going out of business.
The Indian airline blames the Raytheon Technologies-owned engine maker for its financial woes and recent bankruptcy filing, arguing that the U.S. firm supplied "faulty" engines and failed to replace them on time, resulting in the grounding of half of its fleet.
Go Airlines, also known as Go First, has approached a district court in Delaware to enforce an arbitration order made in Singapore in March, which ordered Pratt to assist the airline and supply serviceable spare engines.
Last week, Pratt & Whitney argued in the Delaware court that Go First's claim was "unfounded" and the dynamics of the dispute had changed. The engine maker said it faces more risks after Go First was granted bankruptcy protection and asked the court to put on hold or dismiss the airline's request.
Pratt's argument "fails," Go Airlines said in a filing with the Delaware court. (Reuters)
PVR Q4 Results: Net loss at ₹333.4 cr, revenue up 113%; proposes to raise funds of up to ₹100 crore
Multiplex PVR on Monday reported a consolidated net loss (attributable to the owners) of ₹333.35 crore for the quarter ended March 2023. This is against a net loss of ₹105.49 crore in the corresponding quarter last fiscal.
The company had clocked a profit of ₹16.1 crore in the preceding December quarter
The revenue from operations rose to ₹1143.17 crore for the quarter under review from ₹536.17 crore in the year-ago period.
The company also proposes to raise funds through the issuance of Non-Convertible Debentures for a sum not exceeding ₹100 crore, in one or more tranches, on a private placement basis and approval of the members. (Read More)
Amazon India layoffs: Tech giant lays off about 500 employees in web services, HR teams: Report
Amazon is laying off about 500 employees in India across different businesses and functions, multiple people aware of the matter told Economic Times.
As per the report, the process of layoff is ongoing and employees from Amazon Web Services (AWS), human resources, and support functions are being laid off. The report also added that this fresh round of layoffs is part of the 9,000 jobs cut announcement that was made in March 2023.
In March, Amazon revealed its plans to cut around 9,000 jobs from its cloud services, advertising and Twitch units as recession fears loom. The announcement was made by CEO Andy Jassy via a memo to staff mere weeks after the company laid off around 18,000 employees. (Read More)
Tube Investments net profit zooms 74% at ₹311.8 crore; revenues rose 11.4% to ₹3,778.24 crore
Chennai-based Murugappa Group-promoted engineering firm Tube Investments of India Ltd (TII), on Monday, reported a 74.4% year-on-year rise in its consolidated net profit for the March quarter at ₹311.8 crore.
The firm, which is engaged in the business of manufacturing precision steel tubes, steel strips, car doorframes, automotive and industrial chains and bicycles, on Monday said in an exchange filing that the growth came on the back of a strong performance in engineering and metal formed products.
The company’s consolidated revenues for the January-March period rose by 11.4% year-on-year to ₹3,778.24 crore as compared to ₹3,392.93 crore in the same period of last year. (Read More)
Buy or sell: Vaishali Parekh recommends three stocks to buy today — Bank of Baroda, GNFC, and BEML
Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] Bank of Baroda: Buy at ₹183.50, target ₹192, stop loss ₹180;
2] GNFC: Buy at ₹635, target ₹660, stop loss ₹625; and
HDFC to raise up to ₹8,000 crore via bonds; aims to strengthen its financial position
Mortgage lender Housing Development Finance Corporation (HDFC)would issue bonds through a private placement to raise up to ₹8,000 crore and strengthen its financial position.
Unsecured redeemable non-convertible debentures (NCDs) with a base size of ₹3,000 crore and an option to retain over-subscription of up to ₹5,000 crore would be issued.
According to HDFC in a regulatory filing, the issue's objective is to increase the Corporation's long-term resources. (Read More)
Exports declined by nearly 13% in April to $34.66 billion from $39.70 billion in the year-ago period, commerce ministry data showed
India’s goods exports fell the steepest in three years in April as weakening global demand and declining commodity prices continued to weigh on outbound shipments. Exports declined by nearly 13% in April to $34.66 billion from $39.70 billion in the year-ago period, commerce ministry data showed.
The last steepest decline was in May 2020, when goods exports plunged 35.52%.
Merchandise imports also fell by 14% to $49.90 billion during the month, from $58.06 billion a year earlier. Consequently, the trade deficit narrowed to $15.24 billion from $18.36 billion in April last year. (Read More)
Wall Street rises on Monday ahead of updates on U.S. shoppers; fear of recession persists
Wall Street ticked higher Monday ahead of reports that will show how much a slowing economy is hurting what’s prevented a recession so far: solid spending by U.S. households.
The S&P 500 rose 12.20, or 0.3%, to 4,136.28, the latest tick higher in what's been a listless weekslong run for the market. The Dow Jones Industrial Average added 47.98, or 0.1%, to 33,348.60, and the Nasdaq composite climbed 80.47, or 0.7%, to 12,365.21.
Some of the sharper moves came from companies announcing takeovers of rivals, including a 9.1% drop for energy company Oneok after it said it’s buying Magellan Midstream Partners. Magellan jumped 13%. But the larger market was relatively quiet as several concerns continue to drag on Wall Street.
Chief among them is the fear of a recession hitting later this year, in large part because of high-interest rates meant to knock down inflation. But concerns are also rising about cracks in the U.S. banking system and the U.S. government’s inching toward a possible default on its debt as soon as June 1, which economists warn could be catastrophic.
So far, a resilient job market has helped U.S. households keep up their spending despite all the pressures. That in turn has offered a powerful pillar to prop up the economy. On Tuesday, the government will show how much sales at retailers across the country grew last month. (AP)
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