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PRE-MARKET REPORT
The Indian equity market indices are expected to open lower on Friday following weakness in global markets and as investors watch out for the Reserve Bank of India’s (RBI) monetary policy announcement today.
Gift Nifty was also trading at nearly 55 points below the previous close of Nifty future, indicating a gap-down start for the Indian stock market indices.
The US stock market indices ended over a percent lower each on Thursday, with the S&P 500 seeing the biggest daily percentage drop since February 13.
The Dow Jones Industrial Average plunged 530.16 points, or 1.35%, to 38,596.98, while the S&P 500 declined 64.28 points, or 1.23%, to 5,147.21. The Nasdaq Composite ended 228.38 points, or 1.4%, lower at 16,049.08.
Asian markets traded lower on Friday tracking overnight losses on Wall Street. Japan’s Nikkei 225 declined 1.59%, while the Topix fell 1.15%. South Korea’s Kospi dropped 0.79% and the Kosdaq dropped 0.84%. Hong Kong’s Hang Seng index futures were indicating a mildly positive start after a trading holiday.
STOCKS TODAY
HDFC Bank: The bank sold 27,81,897 shares (representing 3.03 percent of the equity capital) of Indraprastha Medical Corporation between February 29 and April 4, 2024, through the secondary market route. After the stake sale, the bank holds 2.45 percent of Indraprastha. The average selling price was Rs 199.38 per share, and the total stake sale worth was Rs 55.46 crore.
Sheela Foam: The District Consumer Disputes Redressal Commission (DCDRC) has issued an order in favor of Sheela Foam in the insurance claim matter. As per the order, the company has received compensation of Rs 21.4 crore along with an interest rate of 10 percent from the date of rejection, i.e., July 27, 2020. Additionally, the company has received Rs 7.5 lakh for mental anguish and losses and Rs 2.5 lakh for legal expenses.
Nestle India: The National Consumer Dispute Redressal Commission, New Delhi (NCDRC) has dismissed the Central government’s plea against Nestle India regarding the unfair trade practice in selling Maggi Noodles. The government filed a complaint against the company in 2015, alleging that by selling Maggi noodles in the past, the company had indulged in unfair trade practices by manufacturing and selling hazardous and defective goods to the public. The government was seeking compensation of Rs 284.55 crore and punitive damages of Rs 355.41 crore.
Bajaj Finance: Assets under management (AUM) grew by 34 percent to Rs 3.3 lakh crore in the year ended March FY24, and the same in Q4 FY24 increased by Rs 19,400 crore. The deposit book in FY24 at Rs 60,100 crore grew by 35 percent compared to the previous fiscal. New loans booked during Q4 FY24 rose 4 percent to 7.87 million, while customer franchises during the quarter increased by 3.23 million.
IndusInd Bank: The private sector lender has recorded deposits at Rs 3.85 lakh crore for the quarter ended March FY24, increasing 4 percent compared to the previous year and growing 14 percent over a year-ago period. Net advances jumped 5 percent QoQ and 18 percent YoY to Rs 3.43 lakh crore, while the CASA ratio at 37.9 percent dropped 60 bps compared to the previous quarter and declined 2.2 percent compared to the corresponding quarter of the previous fiscal.
UltraTech Cement: The company has completed a 100 MW solar energy project under the group captive scheme in Rajasthan. This is the company’s first project for sourcing power for its captive consumption from the inter-state transmission network. Power from this project will be available to the company’s units in Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, and Odisha, among others. The company now has a capacity of 612 MW of renewable power and 278 MW of WHRS.
Cello World: Subsidiary Cello Consumerware has commissioned its manufacturing facility in a phased manner in Rajasthan. Further, the glassware furnace coming up in the same facility will be operational by the end of Q1 FY25.