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Business News/ Markets / Live Blog/  Sensex ends at 62,500, Nifty at 18,500; RIL, Sun Pharma, Hindalco shine
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Sensex ends at 62,500, Nifty at 18,500; RIL, Sun Pharma, Hindalco shine

Share Market Close: Benchmark indices gained a per cent on Friday with Sensex climbing 600 pts and Nifty 175 pts. PSU Bank, IT, FMCG, Media and Metal gained the most with all sectors ending in the green. Reliance, Sun Pharma, Hindalco climbed, while ONGC and Grasim shed. 

Stock Market Today: Optimism prevails despite mixed global cues (AP)Premium
Stock Market Today: Optimism prevails despite mixed global cues (AP)

Indian stock market remained strong as they gained a per cent and ended the week right at the psychological milestones of 62,500 (Sensex) and 18,500 (Nifty). Investors chose optimism despite mixed global cues with most sectors ending in the green. US stocks rallied in spite of worries over US government debt default after chipmaker Nvidia gave a monster forecast for upcoming sales.

26 May 2023, 03:41:32 PM IST

Indices soar by a per cent with Sensex gaining more than 600 pts and Nifty more than 175 pts

Benchmark indices of the domestic equity market capitalised on a steady start and soared by a per cent on Friday tracking strengthening stocks in US markets. The possibility of a deal to settle the US debt ceiling matter and better-than-estimated corporate earnings seemed to have a positive effect on the investors.

BSE 30-share Sensex went up 629 points to close the week at 62,501. NSE Nifty 50 surged 178 points to end at 18,500. All of the 15 Nifty broad sectoral indices ended in the green.

Rupak De, Senior Technical at LKP Securities said, “The rally has been supported by the strength in Reliance, ITC, and IT stocks. The Nifty has been sustaining above a critical moving average, indicating a strong position. The trend is expected to remain positive as long as the index sustains above the support level of 18400. On the higher end, there is a resistance level at 18700."

All sectors gained in today's session with IT, FMCG, Media, Metal and PSU Bank gaining more than a per cent. The gain for energy remained somewhat muted.

Reliance, Sun Pharma Hindalco and HUL surged more than 2% each and topped the Nifty stock charts. HCL Tech, Divi's Lab and Wipro were other prominent gainers. ONGC shed more than a per cent and was the biggest laggard, followed by Grasim which shed 0.9%.

Japan's Nikkei share average rose on Friday, supported by gains in chip stocks as U.S. peer Nvidia's strong earnings and subsequent share surge continued to lift the sector.

The benchmark index ended the day up 0.37%, gaining for a seventh straight week, the longest streak in five years. The broader Topix erased its earlier 0.6% rally to end the day flat, snapping a six-week string of gains.

China stocks closed flat on Friday with investor sentiment broadly subdued with market focus on Sino-U.S. tensions and despite a rally by semiconductor shares following U.S.-based Nvidia's share price surge overnight.

China's blue-chip CSI300 Index closed flat, while the Shanghai Composite Index edged up 0.4%. Hong Kong market was closed on Friday for public holiday. For the week, CSI300 Index and Hong Kong's benchmark Hang Seng Index were down 2.4% and 3.6%, respectively, both marking the worst weekly performance in 10 weeks.

European shares climbed on Friday, boosted by mining and technology sectors, although the main benchmarks were on course for steep weekly losses as investor concerns heightened over the U.S. debt ceiling impasse and a slowing global economy.

UK stocks advanced on Friday after data showed retail sales unexpectedly rose in April, highlighting resilience in consumer spending despite elevated inflation, while Rio Tinto logged its best day in over a month on a brokerage upgrade.

Sensex at Close
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Sensex at Close
26 May 2023, 03:17:34 PM IST

Sun Pharma Q4 Results: Net profit at ₹1,984 crore, revenue up 15%, dividend declared

Sun Pharmaceuticals announced its Q4FY23 results on May 26, reporting a consolidated net profit of 1,984 crore, compared to a net loss of 2,277 crore in the corresponding period last year. The pharma major's revenue from operations during the January-March quarter came in at 10,930.6 crore, registering a growth of 15.7 per cent, compared to 9,446.8 crore in the year-ago period. (Read More)

26 May 2023, 03:09:59 PM IST

Grasim Q4 results: Standalone PAT declines by 91% YoY; to pay ₹10 dividend per share

Grasim missed Street's expectations in terms of profitability and EBITDA in the fourth quarter of FY23, however, revenue was in line. Q4FY23 PAT stood at 93.51 crore, on a standalone basis, declining by a huge 91.24% from 1,068.03 crore in Q4 of the previous fiscal. On the other hand, revenue saw a 4.22% growth to 6,645.83 crore in the quarter under review, as against 6,376.39 crore in Q4FY22.

Grasim said that the standalone Q4 PAT was impacted due to softening of realisations in the chemicals business compared to the elevated levels of Q4 last year and continued global weakness in the VSF business. (Read More)

26 May 2023, 02:58:45 PM IST

Emami and VBL lift the FMCG index by more than a per cent; all stocks in the index trading higher

FMCG
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FMCG
26 May 2023, 02:48:52 PM IST

India's exports to Germany may get adversely impacted due to recession: Exporters

Exporters have expressed concerns over the potential adverse impact on India's exports to Germany, particularly in sectors like apparels, footwear, and leather goods, as the German economy has contracted for two consecutive quarters.

According to exporters, the latest data released by the Federal Statistical Office on Thursday reveals a 0.3 per cent decline in Germany's gross domestic product (GDP) during the period from January to March. This contraction follows a 0.5 per cent drop recorded in the last quarter of 2022 in Europe's largest economy.

"This is going to affect Indian exports not only to Germany but Europe as a whole since other countries are also already in recession," Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said. (PTI)

26 May 2023, 02:45:13 PM IST

Dhruva Advisors on CBDT notification on angel tax provisions: Decision not to exempt funds from these (five) countries will limit the benefit of this notification for Indian start-ups

Vaibhav Gupta, Partner, Dhruva Advisors: CBDT released two notifications on angel tax exemptions last evening. Money raised from entities such as FPIs, pension funds and broad-based investment funds from notified countries have been exempted from angel tax provisions. It is notable that many popular jurisdictions such as Singapore, Mauritius, Cayman, Netherlands, Cyprus, UAE have not been covered in the list of notified countries and hence investments raised from funds registered in these countries will not be exempted. Singapore, Mauritius, UAE and Netherlands were part of the top 5 jurisdictions for FDI inflows into India during 2022. The decision not to exempt funds from these countries will limit the benefit of this notification for Indian start-ups.

26 May 2023, 02:30:36 PM IST

Go First crisis: Airline extends flight suspension till 28 May

Domestic airline Go First on Friday announced that all their flights remain suspended till 28 May. Go First had on 2 May filed for involuntary insolvency and announced the suspension of its flights, which was initially for two days.

The airline company, previously known as Go Air, announced that a refund in full amount would be made shortly.

Go First's announcement comes a day after aviation watchdog DGCA asked the cash-strapped airline to submit a comprehensive plan for the revival of its operations, including details about the availability of operational planes and pilots, within 30 days. (Read More)

26 May 2023, 02:19:51 PM IST

M&M Q4 results: Net profit rises 22% to ₹1,549 crore, revenue grows 44.5% YoY

Automobile major Mahindra & Mahindra (M&M) reported a standalone net profit of 1,549 crore in the quarter ended March 2023, registering a growth of 22.1% from 1,268 crore in the corresponding quarter of the previous year.

The company’s revenue from operations from Q4FY23 rose 31% to 22,571.4 crore from 17,237 crore, You.

On the operational front, EBITDA increased 44.5% to 2,797.4 crore from 1,936 crore, while EBITDA margin improved by 120 bps to 12.4% from 11.2%, YoY. (Read More)

26 May 2023, 02:03:52 PM IST

Voltas’s new Tamil Nadu plant to be operational this fiscal; to help brand boost its footprint in South India

Tata Group’s consumer durables vertical Voltas Ltd on Friday announced ground work for its upcoming air conditioner factory in Thiruvallur district of Tamil Nadu. The facility will see an investment of around 500 crore over the next few years and will be operational in the current fiscal, helping the brand boost its footprint in south India.

The facility is spread over 150 acres and is expected to generate employment for approximately 1,500 workers.

“This facility will ensure that all the products manufactured in this facility are competitive on a global scale. This facility will initially manufacture Room Air Conditioners (RACs) and is an extension to the existing RAC facility in Pantnagar," the company said in a statement on Friday. The move is in line with the company’s commitment to Make in India, it added. (Read More)

26 May 2023, 01:40:27 PM IST

Adani Wind Energy Kutchh Five commissions 130 MW wind power plant

Adani Wind Energy Kutchh Five Ltd, a subsidiary of Gautam Adani-controlled Adani Green Energy, on Friday, announced the successful commissioning of a 130 MW Wind Power Plant in Kutchh, Gujarat.

The plant, operated under a 25-year power purchase agreement (PPA) with Solar Energy Corp of India (SECI) at a rate of Rs. 2.83/kWh, marks a significant step for AGEL in expanding its renewable energy portfolio. (Read More)

26 May 2023, 01:13:29 PM IST

Brigade Enterprises ends FY23 on a strong note; record-high bookings of ₹1,490 crore

Residential real estate developer Brigade Enterprises Ltd reported stellar pre-sales in the March quarter (Q4FY23) with record-high bookings of 1,490 crore that rose 47% year-on-year, beating analysts' estimates.

For FY23, the company saw pre-sales surge by 36%, exceeding its guidance of 20-25% growth. The outlook for FY24 also looks encouraging.

The developer attributes this strong performance to a rise in house demand and plans to capitalise on this by launching 7.5 million square feet of residential projects. These projects have a potential revenue of 6,000 crore and are expected to commence in the second half of FY24, the management said. (Read More)

26 May 2023, 01:10:59 PM IST

Weather update: IMD says monsoon most likely to be normal this year

India is likely to receive normal monsoon rains in 2023 despite the likely emergence of the El Nino weather phenomenon, India Meteorological Department (IMD) said on 26 May.

As per IMD, “Once the monsoon will get established strong, we are expecting the monsoon to arrive in Kerala around 4th June. Before 1st June, we are not expecting monsoon to arrive."

D S Pai, a senior official said, “The rains, which usually lash the southern tip of Kerala state around June 1 and retreat by September, are expected to total 96% of the long-term average this year." (Read More)

26 May 2023, 12:47:54 PM IST

Cummins powers up on strong Q4 results; near-term outlook upbeat

Shares of Cummins India Ltd rose nearly 5% in Friday’s trade on the National Stock Exchange, pushing the stock to a new 52-week high of 1735.85 apiece. Not only did the company see a robust March quarter (Q4FY23), but the near-term outlook is also bright.

Cummins, a manufacturer of diesel and natural gas engines for power generation, industrial, and automotive sectors, noted a significant pre-buy for its sub-800kW power generator sets. This is in preparation for the upcoming implementation of Central Pollution Control Board (CPCB-IV) regulations, set to be effective 1 July. The new guidelines pertain specifically to power generator sets. (Read More)

26 May 2023, 12:33:24 PM IST

Auto index shines as it gains more than 0.5% and most of the stocks in the index are trading higher

Auto index
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Auto index
26 May 2023, 12:17:42 PM IST

Mrs Bectors Food shares hit 52-week high on robust Q4FY23 results; net profit increases by 170%

Mrs Bectors Food Specialities shares touched a new-52 week high and surged over 10% on Friday's trading session following robust Q4FY23 earnings reported by the premium biscuit maker on Thursday. Mrs Bectors Food's share price touched an intraday high of 733.90 and a low of 662 on BSE.

For the quarter ended March, the company reported a net profit of 27.6 crore, an increase of 170% from the 10.2 crore earned during the same time last year. The premium biscuit manufacturer reported a 37% increase in revenue from operations for the January-March quarter, from 252.3 crore to 346 crore in the year-ago period. (Read More)

26 May 2023, 12:02:47 PM IST

Noon Update: Indices stay strong as Sensex is trading almost 400 pts higher and Nifty more than 100 pts; Reliance, Hindalco, and Tech Mahindra lead the rally

Sensex at Noon
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Sensex at Noon
26 May 2023, 11:58:35 AM IST

Meta layoffs: Indian H-1B visa workers scrabble for jobs amid fresh round of job cuts

Meta Platforms Inc, owner of Facebook carried out its last batch of a three-part round of layoffs, part of a plan announced in March to eliminate 10,000 roles. With massive layoffs, large number of Indian IT professionals, who are on non-immigrant work H-1B visas scramble for options to stay back in the country.

One such person H-1B visa worker is former Meta employee who was recently laid off by the tech giant. Kushal Naidu worked as Program Manager, Trust & Safety at Meta in Texas. Naidu, who pursued his Bachelor of Engineering from Sardar Patel College and later pursued Masters of Science from Mays Business School in 2010.

In his LinkedIn post, he added that he has been employed in the country since the last 13 years, however, is on a work visa (H1B) and is therefore looking for a new opportunity soon. Naidu added that he is currently looking for opportunities in Program Management, Data Engineering and Data Analytics. (Read More)

26 May 2023, 11:48:42 AM IST

Metal index rallies as it jumps a per cent with most stocks trading in the green

Metal Index
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Metal Index
26 May 2023, 11:33:39 AM IST

Angel One Commodity Market Outlook: Gold continues to hover near month's low; oil edges lower

Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd:

GOLD Outlook: The US dollar has risen to 2-month highs, capping the upside for gold, as prices are expected to remain under pressure.

CRUDE Outlook: Due to projections of rising demand throughout the upcoming peak demand season in the United States, crude prices are anticipated to keep rising.

BASE METALS Outlook: Because of the uncertainties surrounding the US debt, the higher dollar, and the sluggish Chinese demand, metal prices are likely to stay under pressure.

26 May 2023, 11:17:04 AM IST

India challenges WTO panel ruling on ICT import duties at appellate body: PTI

India has lodged an appeal against a World Trade Organization (WTO) trade dispute settlement panel's decision, which concluded that the country's import tariffs on specific information and technology goods are not in line with international trade standards.

The WTO stated, "India appeals, and requests the Appellate Body to reverse, modify, or declare moot and of no legal effect, the findings, conclusions, rulings and recommendations of the panel."

According to the WTO, India has requested a review by the Appellate Body, highlighting "errors of law" and misinterpretations made by the panel in its report.

In its report issued on April 17, the WTO's dispute panel found that India's import duties on certain information and technology products contravene global trade norms.

26 May 2023, 11:13:04 AM IST

MedPlus Health Services shares jump over 16% on robust Q4 numbers; two-fold increase in fourth-quarter earnings

MedPlus Health Services shares surged over 16% on Friday's trade after the omnichannel retail pharmacy reported a two-fold increase in fourth-quarter earnings on Thursday, led by robust sales in its primary retail division. Medplus Health Services share price opened at 689.85 apiece on BSE.

The company's consolidated net profit stood at 26.58 crore for the quarter ended March 31, from 11.73 crore a year ago.

The company's consolidated revenue from operations increased 30% as a result of increased consumer accessibility because it now sells pharmaceuticals both online and through its physical stores all throughout the nation. (Read More)

26 May 2023, 10:56:16 AM IST

PSU Bank sector jumps a per cent as all the stocks in the index are trading in the green

PSU Bank
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PSU Bank
26 May 2023, 10:49:19 AM IST

Praj Industries share price surges over 8% post Q4 numbers as profit surges 53% year-on-year

Praj Industries' share price surged over 8 per cent in early trade on BSE on Friday (May 26) boosted by the company's strong March quarter scorecard. The stock opened at 376.10 against the previous close of 356.80 and jumped over 8 per cent to hit the level of 386.50. The stock hit its 52-week high of 461.50 on October 11, 2022. For the year so far, the stock is flat.

In a BSE filing after the market hours on May 25, the biotechnology company said its consolidated profit after tax (PAT) for Q4FY23 stood at 88.12 crore, up 53 per cent year-on-year (YoY) versus 57.65 crore in Q4 FY22.

Income from operations for the quarter under review stood at 1,003.98 crore, up 21 per cent YoY against 830.96 crore in Q4 FY22. (Read More)

26 May 2023, 10:40:33 AM IST

India Q4 GDP data expected next week; economy likely to grow at 5.5% in Q4

The Indian economy is expected to have grown 5.5% during the January-March 2023 period despite multiple global headwinds, economists said. The growth is higher than 4.4% recorded in the preceding quarter.

The country’s gross domestic product (GDP) growth for the entire financial year 2022-2023 is likely to be higher than first advance estimate of 7% by NSO.

The Reserve Bank of India (RBI) has estimated Q4FY23 real GDP growth at 5.1%. For 2023-24, RBI projects GDP growth at 6.5% with Q1 pegged at 7.6%. (Read More)

26 May 2023, 10:22:27 AM IST

Vodafone Idea Q4 results: Share price gains over 2% as net loss narrows and revenue improves

Vodafone Idea share price gained over 2% in early morning deals on Friday after the company reported a narrowing of its net loss for the quarter ended March 2023. The stock price rose as much as 2.71% to 7.18 apiece on the BSE.

The telecom operator posted a net loss of 6,418.9 crore in Q4FY23, down from a loss of 6,563 crore in the corresponding period last year.

The company’s revenue from operations during the quarter rose 3% to 10,532 crore from 10,239 crore, YoY, supported by subscriber mix and 4G subscriber additions. (Read More)

26 May 2023, 10:13:21 AM IST

eClerx’s FY23 Results: Revenue from operations grows by 22.6% YoY to INR 2,647.9 crore; net profit up by 17.1% at INR 488.8 crore

EClerx Services Ltd announced its results for Q4 and full year FY 2023. Consolidated financial highlights for the year ended March 31, 2023

Operating revenue for the year ended March 31, 2023, was 2,647.9 crore vs. 2,160.3 crore last year, YoY increase of 22.6%. Total revenue including other income for the period was 2,713.7 crore, YoY increase of 24.2%.

Other highlights:

 EBIT for the period is 695.7 crore, a growth of 17.2% YoY.

 Profit after tax for the year ended March 31, 2023, was 488.8 crore compared with 417.4 crore in the previous year, an increase of 17.1% YoY.

 Basic EPS for the year ended March 31, 2023, was 98.76 as compared to INR 82.54 (adjusted for bonus) last year.

 The total delivery headcount as of March 31, 2023, stands at 16,012 – an increase of 8.2% YoY.

26 May 2023, 09:57:13 AM IST

IT index shines in early trading with a gain of around 0.8% and all stocks in the index are trading higher

IT Index
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IT Index
26 May 2023, 09:41:07 AM IST

'Jockey' maker Page Industries share price hits lower circuit on weak Q4 results; drops 10%

Page Industries shares were locked at 10% lower circuit, and were trading near a 52-week low on Friday's trade after the company reported a weak set of numbers for the quarter that ended in March.

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, prices have started with 10% lower circuit, now the trading will start post 15 mins halt, as of now one should avoid this counter as we may see further weakness, any bounce is likely to face supply pressure, whereas the next key support would be 35500 that is March month swing lows.

26 May 2023, 09:36:00 AM IST

Reliance Industries tops the stock charts it climbs more than a per cent in early trading

Analysts at Bernstein said in a report on Thursday that Reliance Retail is best positioned to lead in India’s $150 e-commerce market in the long run. The report essentially gives Reliance an edge over incumbents such as Amazon and Flipkart in the long run given the former’s extensive retail network, digital capabilities including its heft with Jio mobile services. Currently, India’s e-commerce market is led by the big two—Flipkart and Amazon—that corner an estimated 60% market share.

Reliance Industries
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Reliance Industries
26 May 2023, 09:27:21 AM IST

Geojit Financial Services views on today's market: Both FIIs and DIIs are buyers now, and this is a strong support to the market

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Two major factors - rupee appreciation and decline in US bond yields - that assisted the rally in the Indian stock market in early May have reversed. Rupee has depreciated to 82.74 to the dollar and the U.S. 10-year yield has spiked to 3.82%. In spite of this negative development, FII inflows continue and impart resilience to the market. Both FIIs and DIIs are buyers now, and this is a strong support to the market. Latest data reveals that the twin Balance Sheet issues - stressed banking system and highly leveraged corporate sector - that plagued the Indian economy and corporate earnings have been addressed. The banking system is now in the pink of health with record profits and low NNPAs. The corporate sector is deleveraged. This turnaround can contribute to good corporate earnings, going forward. Private capex also is picking up. These augur well for the economy and equity markets.

26 May 2023, 09:25:42 AM IST

Indices gain marginally at the start on Friday with Adani Enterprises and NTPC shining; Sensex up 100 pts

Sensex at Open
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Sensex at Open
26 May 2023, 09:09:50 AM IST

Nykaa's pink sale fails to lift the blues with slower growth pace in the past two quarters

FSN E-Commerce Ventures Ltd, the parent company of Nykaa, has some bright spots in its March quarter results. Consolidated Ebitda margin rose 147 basis points (bps) year-on-year and nearly 9bps sequentially to 5.4%. This is the first time in the March quarter where Nykaa’s Ebitda margin has risen sequentially post a seasonally-best December quarter, said JM Financial Institutional Securities analysts in a 25 May report.

In the March quarter, Nykaa benefited from factors such as moderation in fulfilment costs. In its mainstay beauty and personal care (BPC) segment, fulfilment cost fell to 86 per order, a multi-quarter low. This was driven by an increase in regional coverage of warehouses. (Read More)

26 May 2023, 09:04:01 AM IST

Sensex remains flat at the start of the preopen session; Reliance, Zee Entertainment, Emami, Vodafone Idea in focus 

Sensex at Preopen
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Sensex at Preopen
26 May 2023, 08:55:52 AM IST

Sony-Zee merger: NCLAT likely to hear Zee Entertainment’s petition today; here’s what we know so far

Zee Entertainment Enterprises Limited (ZEEL) has encountered a temporary setback in its ongoing legal battle against the National Company Law Tribunal's (NCLT) directive to reassess the initial approvals of the Sony-Zee merger.

The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on ZEEL's petition and is likely to hear it on May 26. The matter was earlier scheduled for consideration by the NCLAT on May 25. (Read More)

26 May 2023, 08:44:21 AM IST

Indian rupee caught between rising Fed rate hike odds and support at 82.80/dollar: Reuters

Indian rupee to open with minimal change on Friday due to the growing likelihood of a forthcoming Federal Reserve rate hike and the USD/INR's inability to surpass 82.80, according to traders.

Non-deliverable forwards suggest that the rupee's opening rate will show little variation from the previous session's value of 82.74 per U.S. dollar.

Over recent sessions, the USD/INR pair has faced persistent challenges in successfully surpassing the 82.80-82.90 level, despite the dollar's strength against other major currencies and Asian counterparts.

26 May 2023, 08:31:42 AM IST

Stocks to Watch: Reliance, Vodafone Idea, Emami, OIL, Zee Entertainment, Ircon International, Max India, GSFC, and TTK Prestige 

BHEL, BEML, City Union Bank, Easy Trip Planner, Grasim Industries, Hinduja Global Solutions, Indigo Paints, Inox Wind, and Sun Pharma will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)

26 May 2023, 08:20:41 AM IST

Zee Entertainment Q4 Results: Firm reports net loss of ₹196 crore; EBITDA plunges 71%

Zee Entertainment announced its Q4FY23 results on May 25, reporting a net loss of 196 crore, compared to a net profit of 181 crore in the corresponding period last year. The media giant's revenue during the January-march quarter came in at 2,112.1 crore, registering a decline of nine per cent, compared to 2,323 crore in the year-ago period.

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the fourth quarter stood at 151.7 crore, registering a plunge of 71.2 per cent, compared to 526.4 crore in the same period last year. The EBITDA for FY23 was down 38.2 per cent year-on-year due to decline in revenue and elevated strategic investments across the business. (Read More)

26 May 2023, 08:17:10 AM IST

SEBI issues model tripartite agreement between the issuer company, existing share transfer agent and new share transfer

A model tripartite agreement for the issuing firm, the current share transfer agent, and the new share transfer agent has been issued on Thursday by the market regulator Sebi. In collaboration with various issuing firms and the Registrar Association of India (RAIN), a model Tripartite Agreement has been established.

“In case of any change or appointment of a new share transfer agent, the listed entity shall enter into a tripartite agreement between the existing share transfer agent, the new share transfer agent and the listed entity, in the manner as specified by the Board from time to time," said SEBI under the new norms. (Read More)

26 May 2023, 08:16:23 AM IST

RBI presses work 24x7 to pump out ₹500 notes

The four currency printing presses of the Reserve Bank of India (RBI) are working round the clock to print 500 notes to replace 2,000 notes worth the 3.62 trillion being withdrawn from circulation, two people aware of the matter said.

This is because more customers are coming forward to exchange 2,000 notes instead of depositing them in their accounts.

A visit to Mumbai’s Zaveri Bazaar, the heart of the city’s gold market, revealed that crowds at bank branches have increased. Many customers Mint spoke to had come to exchange 2,000 notes at bank branches on behalf of their employers. (Read More)

26 May 2023, 07:52:02 AM IST

Buy or sell: Vaishali Parekh recommends buying in 3 stocks today: JBM Auto, ITC, and Power Finance Corp

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher recommends:

Buy JBM Auto at 792 with a stop loss of 780 and a target price of 817

Buy ITC Ltd at 441 with a stop loss of 434 and a target price of 455

Buy Power Finance Corporation (PFC) at 170 with a stop loss of 167 and a target price of 177 (Read More)

26 May 2023, 07:41:04 AM IST

Reliance to claim lion’s share of India’s $150 billion e-commerce market, says Bernstein

Reliance Retail is best positioned to lead in India’s $150 e-commerce market in the long run, analysts at Bernstein said in a report dated 24 May.

“We believe Reliance Retail-Jio is the best-positioned player in the largest and fastest-growing e-commerce market. The advantages of its retail network, its mobile network, its digital ecosystem and its “home field advantage" in a famously complex regulatory and operating environment mean in the long term, it will likely claim the lion’s share of the over $150 billion e-commerce marketplace," they said.

The report essentially gives Reliance an edge over incumbents such as Amazon and Flipkart in the long run given the former’s extensive retail network, digital capabilities including its heft with Jio mobile services. (Read More)

26 May 2023, 07:19:20 AM IST

Vodafone Idea narrows losses in Q4FY23, records first annual revenue growth since merger in 2018

Vodafone Idea narrowed losses to 6418 crore for the quarter ended March 2023, versus 6563 crore in the same quarter last year and compared to 7990 crore in the previous quarter. The loss-making carrier said that it was in talks with lenders for additional debt funding and with external investors for equity or equity-linked fundraising.

The No 3 carrier improved quarterly revenues and recorded growth in annual revenues for the first time since the merger of Vodafone and Idea Cellular in 2018, it said in a statement. Annual revenue was up 9.5% to 42180 crore from 38520 crore in FY22, on the back of tariff hikes, improving subscriber mix and 4G subscriber additions of 4.6 million during the year. (Read More)

26 May 2023, 07:16:00 AM IST

AI frenzy pulls Wall Street higher on Thursday despite Washington DC debt woes; Nvidia's rallies 24%

Wall Street’s building frenzy around artificial intelligence helped yank the stock market higher Thursday, even as worries worsen about political rancor in Washington.

The S&P 500 rallied 0.9% after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world's rush into AI. It helped the Nasdaq composite leap 1.7%, while the Dow Jones Industrial Average slipped 35 points, or 0.1%.

Because it’s one of Wall Street’s most valuable stocks, Nvidia's 24.4% surge was the strongest force pushing upward on the S&P 500. Its forecast of roughly $11 billion in revenue for the current quarter blew past analysts’ expectations for less than $7.2 billion. Nvidia’s stock has already more than doubled this year, and its total value is approaching $1 trillion.

Stocks of other chip makers also charged higher after Nvidia described a race by its customers to put AI “into every product, service and business process." Advanced Micro Devices gained 11.2%.

Some Big Tech stocks rallied, adding to recent gains fueled by excitement about AI. The field has become so hot that critics warn of a possible bubble, while supporters say it could be the latest revolution to reshape the global economy. Microsoft gained 3.8%, and Google’s parent company, Alphabet, rose 2.1%.

They helped lift indexes even as the majority of stocks fell on worries about the U.S. government edging closer to a possible default on its debt. Washington could run out of cash to pay its bills as soon as June 1, unless Congress allows it to borrow more. (AP)

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