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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.18% lower at 17,593, signalling that Dalal Street was headed for negative start on Thursday.
Asian shares were trading lower as investors were worried over an impending global recession. The Nikkei 225 index fell 1.08% and Topix dropped 0.9%. The Hang Seng slipped 0.02% and the CSI 300 index was down 0.3%.
Indian rupee gained 33 paise to 82 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
Tata Steel: The steel manufacturer said India production volume grew by 5.1% to 5.15 million tonnes in Q4FY23 and delivery volume increased by 0.6% to 5.15 million tonnes compared to the year-ago period. Europe’s production volume remained flat at 2.31 million tonnes for Q4FY23 against Q4FY22, and delivery Volume fell significantly by 11.3% to 2.13 MT.
Hero MotoCorp: The two-wheeler manufacturer has launched a voluntary retirement scheme (VRS) for its staff. The plan offers a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, etc. With this move, the company expects to improve efficiency within the company.
Reliance Industries (RIL): Reliance Retail Ventures, the retail arm of the conglomerate, opened its flagship store in Mumbai, and launched the app and website for its beauty brand Tira.
Avenue Supermarts (D-Mart): The hypermarket chain operator has recorded standalone revenue from operations at Rs 10,337.12 crore for the quarter ended March FY23, growing 20% over Rs 8,606 crore revenue in Q4FY22. The total number of stores as of March 2023 stood at 324.
Larsen & Toubro (L&T) and Chambal Fertilisers and Chemicals: Chambal Fertilisers and Chemicals awarded a contract worth Rs 960.71 crore to Larsen & Toubro for building a technical ammonium nitrate manufacturing plant with an annual capacity of 2.4 lakh metric tonnes.
Infosys: The company extended its collaboration with data and analytics company LexisNexis to provide end-to-end information services across their range of content, enterprise, and product applications.
FSN E-Commerce Ventures (Nykaa): The company said sustained consumption by Tier 1 consumers led to stronger revenue growth. The company saw sustained strong demand for beauty and personal care categories.The operating parameters for the BPC business – average order values and conversion rates – have been robust which has aided growth in revenue. Nykaa expects percentage revenue growth in the late teens in its fashion business on the back of focussing on business efficiency and unit economics. It expects percentage revenue growth rates for FY23 to be in line with the ones seen in 9MFY23, early-thirties.
Equitas Small Finance Bank: The small finance bank has registered a 36% year-on-year growth in gross advances at Rs 28,061 crore for quarter ended March FY23, and a growth of 13% sequentially. Total deposits during the quarter stood at Rs 25,381 crore, a rise of 34% YoY and 8% QoQ. CASA deposits increased 9% to Rs 10,732 crore. CASA ratio in Q4FY23 came in at 42 percent, against 52% in the same period last year. Disbursements for the quarter at Rs 5,917 crore increased by 80% YoY and 23% QoQ.
Ujjivan Small Finance Bank: The small finance bank has registered a 33% YoY growth in advances at Rs 24,114 crore in Q4FY23. Deposits in Q4FY23 grew by 39% YoY to Rs 25,481 crore driven by strong retail and CASA growth. Disbursements increased 23% to Rs 6,001 crore in the fourth quarter of FY23 and Rs 20,000 crore for FY23. Disbursement for the quarter was driven by robust growth in microbanking, housing and FIG (financial institutions group).
Singer India: Rajeev Bajaj will step down as Managing Director of Singer India to pursue other interests. Bajaj will continue with the company till April 30, 2023 to provide transition and support to his successor. The company has appointed Rakesh Khanna as Executive Vice Chairman and Managing Director with effect from April 5.
Dalmia Bharat Sugar and Industries: The board has approved capital expenditure of Rs 400 crore for setting up grain-based distillery at the company’s Nigohi unit with daily capacity of 250 kilolitres. It also approved capacity expansion at Ramgarh Sugar unit from 6,600 tonnes of cane per day to 7,000 tonnes of cane per day at a capital expenditure of Rs 14 crore.
Rail Vikas Nigam: The company emerged as the lowest bidder for provision of E1 based automatic signalling with continuous track circuiting and other associated works in Jhansi-Gwalior section of Jhansi Division of North Central Railway at a cost of Rs 121.06 crore.
Religare Enterprises: The company will acquire the entire 87.5% stake of Religare Housing Development Finance Corporation from wholly-owned subsidiary Religare Finvest. The company will also acquire 100% stake in MIC Insurance Web Aggregator from iGear Holdings, a part of The Indian Express Group, for an undisclosed cash consideration.
Coffee Day Enterprises: The company appointed Crest Law firm for recovery of outstanding dues from Mysore Amalgamated Coffee Estates to its seven subsidiaries.
Cholamandalam Investment and Finance Company: The company said disbursements increased 65% YoY to 21,020 crore. Collection efficiency on billing at an overall level stood at 130%. The company holds cash balance of Rs 5,22 crore.