Market Analysis Today
Apr 02 2024Stocks in News
RateGain Travel: Societe Generale Funds bought 933222 at Rs. 715.00 (Positive)
Sat Ind: Societe Generale Funds bought 700000 of the company (Positive)
Uflex: Company commissions CPP film production line with capacity of 18,000 mt/day in Flex Films Rus LLC, Russia (Positive)
Tata Power: TP Saurya Limited Commissions 200 MW Solar Project in Bikaner, Rajasthan. (Positive)
HAL: Company announces highest-ever revenue of over Rs 29,810 crore in FY 2023-24, marking double-digit growth of around 11%. (Positive)
ABFRL: Company aims to vertically demerge its Madura Fashion & Lifestyle business into separate listed entity. (Positive)
South Bank: Gross advances as on March 31 at Rs 64168 crore, up 16.04% year-on-year. (Positive)
Dilip Buildcon: Company transfers 26% stake in units to Alpha Alternatives Holdings for Rs 109 cr (Positive)
Vijaya Diagnostocs: Kotak Mutual Fund bought 810000 (Positive)
Reliance: Jio adds 41.78 lk users vs 39.94 lk users (MoM). (Positive)
Associated Alcohol: Has been allotted the license for supplying Country Liquor in the allotted districts of Madhya Pradesh (Positive)
Bharti Airtel: Company adds 7.52 lk users vs 18.50 lk users (MoM). (Neutral)
Vodafone Idea: Company losses 15.22 lk users vs 13.68 lk users (MoM) (Neutral)
Ashok Ley: Total vehicle sales down 4% at 22,866 units vs Est 21000 units (YoY) (Neutral)
Atul Auto: Total sales down 0.8% at 3,128 units vs 3,154 units (YoY) (Neutral)
Bharat Dynamics: FY24 turnover at ₹2,350 crore vs ₹2,489.4 crore (YoY) (Neutral)
ICICI Lombard: Gets GST demand and penalty order worth Rs 7.8 crore from Bihar tax authorities. (Neutral)
Maruti Suzuki: Company gets demand notice giving effect to ITAT`s order for FY 2010 demand worth Rs 238.7 crore. (Neutral)
South Bank: Gross advances as on March 31 at Rs 80,337 crore, up 11.4% year-on-year. (Neutral)
TVS Motors: March Sales numbers seen at 3.55 lakh units versus estimates 3.70 lakh units. (Neutral)
HDFC Bank: Names Suketu Kapadia as group head of interal audit (Neutral)
CSB Bank: Total deposits stood at ₹29,719 crore, marking a quarter-on-quarter increase from ₹27,345 crore (Neutral)
Aurobindo Pharma: Company in agreement with Merck Sharp & Dohme Singapore to extend the timelines. (Neutral)
Solara Active: Executes agreement for sale of 100% stake in arm to Symbio Generrics for Rs 12.5 crore (Neutral)
Asian Paints: Board approves amalgamation of units Maxbhumi Developers and Sleek International with company. (Neutral)
IMFA: Indian Metals board approves withdrawal of Scheme of Amalgamation of Utkal Coal into co, acquisition of remaining shares of subsidiary Utkal Coal to make it a wholly-owned unit (Neutral)
PNB: Bank approved raising of capital for an amount up to 100b rupees through Basel iii compliant bonds (Neutral)
Trident: Company has fully redeemed non-convertible debentures aggregating to 250m rupees (Neutral)
Strides Pharma: Company proposes to consolidate group`s South African business under trinity pharma (proprietary) limited, South Africa. (Neutral)
SH Kelkar: Approved an equity investment of $7m at a premium of $7.68 per equity share in unit keva fragrance industries. (Neutral)
Syngene International: Company gets demand order worth Rs 16 crore from Income Tax Department for AY2022-23 (Neutral)
Goodluck India: Declared second interim dividend of ₹2/share (Neutral)
Zomato: Company gets tax demand and penalty order worth Rs 184.2 crore from Delhi tax authorities. (Negative)
Infosys: Company faces tax demand of ₹341 crore while its subsidiary gets a refund (Negative)
Hero Motocorp: March Sales numbers seen at 4.90 lk units versus estimates 5.40 lk units (Negative)
NMDC: Company`s March production at 4.86 MT vs 5.6 MT in March 2023. (Negative)
Uno Minda: Company received communication from Honda Motorcycle & Scooter India informing about the global recall of their bikes on account of leakage of oil observed from the engine (Negative)
Jubilant Pharmova: Drug firm on Monday said it has received an Income Tax demand notice for ₹228.75 crore for the Income Tax Department (Negative)
Morning Action – Tuesday, April 2nd 2024
# Wall Street mostly traded with negative bias in Monday’s trade following the latest read on U.S. manufacturing activity which sparked concerns over the Federal Reserve`s rate-cut plans and kept a lid on the bullish sentiments.
# In early action, Gift Nifty is way below the dotted lines indicating a pause in bullish momentum for Nifty bulls.
GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-107, 22502)
# Dow Future (-130, 39437)
# Nikkei (+191, 39993)
# Hang Seng (+270, 16812)
# Dow Jones (-241, 39567)
# Nasdaq (+17, 16397)
# Bovespa (-1116, 126990).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# The Institute for Supply Management said its manufacturing PMI swung into expansion territory in March, arriving at 50.3% vs February`s 47.8%. The data suggested that the ISM`s Manufacturing Price Index – a measure of inflation – rose to an 18-month high of 55.8% last month.
# Well, the hotter-than-expected economic report has pushed back expectations on the Fed`s rate-cut plans and today`s data continued that trend.
According to CME Group`s Fed Watch Tool, futures traders are currently pricing in a 57% chance the first quarter-point rate cut will come in June, down from 64% one week ago.
The odds of it happening in July are at 52%, up from last week`s 48%.
# As for the main US indexes, the Dow Jones fell 0.6% to 39,566 and the S&P 500 shed 0.2% to 5,243. The Nasdaq Composite eked out a 0.1% gain to 16,396 on strength in several mega-cap stocks such as Alphabet (+3.0%) and Meta Platforms (+1.2%).
The 10-year Treasury yield jumped to 4.3% after the Easter weekend, the highest since touching the over-three-month high of 4.34% on March 18th.
# WTI crude oil prices were seen trading firm at $84 per barrel hitting the highest levels in five months as investors look forward to OPEC+’s joint ministerial meeting this week.
The group is expected to review market fundamentals and member’s conformity to production targets, and is widely anticipated to retain current output policies. Russian Deputy Prime Minister Alexander Novak also said on Friday that focus for oil companies shall be on cutting output rather than exports in the second quarter as the country tries to meet OPEC+ production targets.