For the second consecutive day, benchmark indices Sensex and Nifty maintained their upward momentum, buoyed by a retreat in oil prices, suggesting a de-escalation of tensions between Iran and Israel. However, analysts caution against a bearish outlook in the near term, citing concerns over elevated US bond yields potentially triggering foreign capital outflows.
The Sensex surged by 560.29 points, or 0.77 percent, reaching 73,648.62, while the Nifty climbed by 189.40 points, or 0.86 percent, to hit 22,336.4. Market breadth favored gainers, with approximately 2,528 shares advancing, 1,235 declining, and 144 remaining unchanged.
In contrast, broader markets outperformed the benchmarks, with the BSE Midcap and BSE Smallcap indices both posting gains of up to one percent on April 22. Reflecting the optimistic sentiment, the India VIX, a measure of near-term volatility, dipped by 5 percent to 12.7.
The rally was broad-based, with all sectors participating. Nifty PSU Bank led the charge with a gain of over 3 percent, followed by one percent increases in the Nifty Auto, Nifty Pharma, and Nifty Infrastructure indices.
With the ongoing corporate earnings season, stock-specific movements are expected to dominate proceedings in the coming week. Market experts advise investors to focus on accumulating high-quality stocks until uncertainties are resolved.
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Apr 22, 2024, 3:42 pm IST
Market Ends With Gains; Sensex Adds Nearly 600 Points
For the second consecutive day, benchmark indices Sensex and Nifty maintained their upward momentum, buoyed by a retreat in oil prices, suggesting a de-escalation of tensions between Iran and Israel. However, analysts caution against a bearish outlook in the near term, citing concerns over elevated US bond yields potentially triggering foreign capital outflows.
The Sensex surged by 560.29 points, or 0.77 percent, reaching 73,648.62, while the Nifty climbed by 189.40 points, or 0.86 percent, to hit 22,336.4. Market breadth favored gainers, with approximately 2,528 shares advancing, 1,235 declining, and 144 remaining unchanged.
Apr 22, 2024, 3:00 pm IST
Coforge Names Om Prakash Bhatt as Additional Director
In a recent decision by the board of directors, Coforge has appointed Mr. Om Prakash Bhatt as an additional director and non-executive independent director.
Apr 22, 2024, 2:46 pm IST
Top 5 Gainers and Losers Today
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Apr 22, 2024, 2:38 pm IST
Shriram Finance Announces Exclusive Digital Fixed Deposit Scheme
Shriram Finance, a prominent non-banking financial company, has introduced a novel digital-only fixed deposit (FD) scheme, featuring an attractive interest rate of 8.15%. Accessible through its One App and website starting Monday, April 22, 2024, this offering marks a departure from the company's traditional approach of offering products both online and through physical branches, as stated by Shriram Finance.
Apr 22, 2024, 2:18 pm IST
Bharti Airtel Introduces Budget-Friendly International Roaming Plans
In a bid to cater to the needs of its customers traveling abroad, Bharti Airtel has introduced cost-effective international roaming packs. These newly unveiled packs provide access to 184 countries, with tariffs starting as low as Rs 133 per day. This pricing structure positions Airtel's offerings as a compelling choice, even when compared to purchasing local SIM cards.
Moreover, these international roaming packs come with enhanced data benefits, inflight connectivity options, and round-the-clock contact center support. With these features, Airtel aims to ensure that its customers can stay connected seamlessly during their travels, without having to worry about exorbitant roaming charges.
Apr 22, 2024, 1:57 pm IST
Gujarat Toolroom completes an order of Rs 650 million.
The current contract between Gujarat Toolroom Limited and Reliance Industries Limited has been successfully completed in another segment.
As per the agreement, GTL has fulfilled the second installment of the contract by delivering construction supplies to Reliance Industries Limited, valued at Rs. 650 million.
Apr 22, 2024, 1:25 pm IST
The Madura Fashion business is approved for demerger into a distinct listed entity by the Aditya Birla Fashion board.
The vertical demerger of the Madura Fashion and Lifestyle business (MFL business) from ABFRL into Aditya Birla Lifestyle Brands (ABLBL), a recently created entity, has been approved by the board of Aditya Birla Fashion & Retail.
Following the demerger, ABLBL will be listed individually.
All ABFRL shareholders will possess the same number of shares in both ABLBL and ABFRL after the demerger, which will be carried out through an NCLT scheme of arrangement.
In addition to their current investment in ABFRL, ABFRL shareholders will get one share of ABLBL for every share of ABFRL. ABFRL intends to obtain Rs 2,500 crore in equity capital within a year of the demerger's conclusion in order to bolster its balance sheet and finance the expansion of the remaining companies.
Jio Financial Services witnessed a surge of 3.7% in its shares, reaching Rs 384 apiece on the NSE during Friday's intraday trade. This upswing in stock value came in despite subdued earnings in the fourth quarter of the financial year 2023-24 (Q4FY24). The company marked a downturn in profits compared to the previous year with a consolidated net profit of Rs 310.6 crore, marking an 80% year-on-year (YoY) decline from Rs 1,604.5 crore recorded during the same period last year.
Pavna Industries Inks Agreement with OLA Electric to Supply Ignition Switches And Latches for EVs
Pavna Industries Limited, one of India’s leading automotive parts manufacturers announced that it has inked an
agreement with OLA Electric to supply ignition switches and latches. This contract further
consolidates the company’s foray into the two-wheeler electric vehicle segment.
Under this agreement, Pavna Industries commits to providing high-quality ignition
switches and latches to OLA Electric across its manufacturing plants in India. Ola Electric. Mr. Swapnil Jain, Managing Director of Pavna
Industries Ltd., said, "Pavna and OLA Electric joining forces will not only drive
affordability but also enhance the quality standards for enthusiasts of two-wheeler EVs.
OLA's comprehensive product range caters to the diverse needs of electric vehicle owners and
represents a significant leap towards accelerating EV adoption in India.”
Apr 22, 2024, 11:00 am IST
India Gold Price Today Takes Breather After A Day Of Stablity At Record High Range
Gold prices in India today for 10 grams of 24-carat are Rs. 73,690/- and Rs. 67,550/- for 10 grams of 22-carat gold. The yellow metal prices have fallen today for both pure gold and standard gold by Rs. 550/- and Rs. 500/- respectively since the previous day. Similar to this, the 18-carat gold prices in India today have fallen since previous day by Rs. 410/-, reaching Rs. 55,270/- per 10 grams. The MCX Gold Futures maturing in June are currently floating around Rs 72,138/-, while the US Spot gold prices on Monday's Asian session are trading shy at $ 2,368.5/- per ounce.
Vikas Lifecare Limited's Agro Products Division has bagged an order for rice,
valued at about INR 500 Million, bolstering its presence in the premium and organic rice
segments. Of these orders, INR 400 Million are attributed to premium rice varieties,
while the remaining INR 100 Million represents orders for Organic Breeds of Rice.
The company's Agro Products Division has set an ambitious target of INR 4500 Million for the
current F.Y., as compared to INR 3600 Million achieved in the preceding FY, targeting a 20+ %
Growth on YoY Basis.
Apr 22, 2024, 10:16 am IST
Zydus Launches Mirabegron Extended-Release Tablets In The US
Zydus Lifesciences Limited announces the launch of Mirabegron Extended-Release Tablets, 25 mg in the US market. The
company had earlier received final approval from the United States Food and Drug Administration
(USFDA) to market Mirabegron Extended-Release Tablets USP 25 mg and 50 mg. Mirabegron Extended-Release Tablets USP 25mg and 50mg had annual sales of USD 2.42bn in
the US. CEO of Americas, Dr. Punit Patel, said, "As one of the first suppliers, we
are pleased with the launch of generic Mirabegron which will improve access and availability of
the generic product for patients in the US market. This is a significant launch for us which will
strengthen our growth plans in US market in the current fiscal.”
Apr 22, 2024, 9:43 am IST
IREDA Records Strong Q4 Performance: Profit Surges 33% YoY To Rs 337 Crore
In the fourth quarter of the financial year 2023-24, the Indian Renewable Energy Development Agency (IREDA) has reported a robust performance, with net profit reaching Rs 337.4 crore, marking a significant 33% increase compared to the same period last fiscal year.
During the quarter, net interest income witnessed notable growth, surging by 35.07% to Rs 481.4 crore, while total revenue from operations saw a substantial rise of 34.3% to Rs 1,391.3 crore.
Moreover, IREDA's loan book expanded to Rs 59,698.11 crore, reflecting a strong growth of 26.81% compared to the previous year. Additionally, the agency reported a 14% year-on-year increase in loan disbursements for the quarter, totaling Rs 12,869.35 crore.
Apr 22, 2024, 9:23 am IST
Markets Opens With Gains: Nifty Nears 22,300 Mark
On April 22, Indian indices kicked off the trading session on a robust note, with the Nifty surpassing the 22,250 mark.
The Sensex witnessed a gain of 445.88 points or 0.61 percent, reaching 73,534.21, while the Nifty surged by 143.50 points or 0.65 percent to reach 22,290.50. Market breadth was positive, with 2018 shares advancing, 352 shares declining, and 122 shares remaining unchanged.
Apr 22, 2024, 9:00 am IST
Vodafone Idea FPO Subscribed 49% On Day 2, With Strong QIB Interest
On the second day of Vodafone Idea's follow-on public offer (FPO), subscription levels reached 49%, with investors securing 617.4 crore equity shares, according to data from exchanges.
The telecommunications giant, which is offering 1,260 crore shares in its Rs 18,000-crore FPO – the largest such offer in the country, saw robust interest from investors. This initiative is part of a broader strategy to raise Rs 45,000 crore through a combination of debt and equity.
Qualified institutional investors (QIBs) led the subscription, acquiring 0.93 times their allotted quota of shares, indicating strong institutional confidence in the offering. Meanwhile, non-institutional investors subscribed to 0.75 times their reserved portion.
Retail investors, however, showed more modest interest, subscribing to only 0.13 times their allotted shares. This translated to the purchase of 79.28 crore shares out of the reserved 630 crore shares.
Apr 22, 2024, 8:58 am IST
Nasdaq Dips, Treasury Yields Fall Amidst Earnings & Geopolitical Concerns
On Friday, the Nasdaq and the S&P 500 experienced significant declines, while Treasury yields dipped as investors navigated through a mix of lackluster earnings reports, uncertainties surrounding central bank policies, and geopolitical tensions.
The Dow Jones Industrial Average emerged as the sole gainer among the three major U.S. equity indexes, while the Nasdaq, dragged down by declines in megacap tech and tech-related momentum stocks, slid by 2.05%.
The session marked the sixth consecutive day of declines for both the S&P 500 and the Nasdaq, representing the longest losing streak since October 2022. For the week, the S&P 500 and the Dow recorded their sharpest weekly percentage losses since March 2023, while the Nasdaq witnessed its largest weekly drop since November 2022.
The Dow Jones Industrial Average rose by 211.02 points, or 0.56%, to 37,986.4, while the S&P 500 lost 43.89 points, or 0.88%, to 4,967.23. The Nasdaq Composite dropped by 319.49 points, or 2.05%, to 15,282.01, reflecting the broader market sentiment amidst ongoing volatility.
Apr 22, 2024, 8:56 am IST
Asian Equities Rally Amid Earnings, Economic Data Attention
Asian stock markets saw a positive start to the week, with investors turning their attention to a barrage of corporate earnings reports and economic indicators. This shift in focus comes as market participants seek insights into potential shifts in central bank policies.
In early Monday trading, key benchmarks in Japan, Australia, and South Korea all recorded gains of over 1%, partially recovering from the losses experienced last week. The dollar showed slight weakness as traders found some relief in the absence of further escalation in tensions between Iran and Israel following the latter's retaliatory strike.
Apr 22, 2024, 8:53 am IST
Oil Declines Following Weekly Loss Amid Middle East Uncertainty
Following its initial back-to-back weekly decline of the year, oil prices have retreated as traders focus on the evolving situation in the Middle East. Brent crude slipped below the mark per barrel after registering a 3.5% loss last week, marking its most significant drop since early February.
Market sentiment remains cautious as investors assess the potential repercussions of recent actions by Iran and Israel amidst simmering tensions in the region. The uncertainty was palpable on Friday as oil prices experienced significant fluctuations, driven by conflicting reports and geopolitical developments.
Iran's unprecedented drone and missile strike on Israel prompted swift reactions, but the subsequent response from both parties has left the market in a state of uneasy calm. While Iran downplayed Israel's reaction to the attack, traders remain vigilant for any further escalation in the conflict and its potential impact on global oil markets.
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