Domestic benchmark indices BSE Sensex and NSE Nifty 50 opened lower on the first trading day of the week, however, IT and metal shares led them higher later during the day. The Sensex opened at 61579.78 points on Monday, and the Nifty 50 opened at 18201.10 points. 

On Friday, the indices ended at a five-month high, led by Oil, gas and financial shares. The Sensex closed for the week at 62501.69 points while the Nifty settled at 18,499.35 points. 

Top Gainers/ Losers 

Some of the top gainers this week were Adani Enterprises Ltd (up 24.42 per cent), Indiabulls Real Estate Ltd (up 19.31 per cent), Dixon Technologies (India) Ltd (up 17.99 per cent), Suzlon Energy Ltd ( 16.96 per cent) and MedPlus Health Services Ltd (16.30 per cent). 

On the other hand, some of the top losers were Polyplex Corporation Ltd (12.61 per cent), JK Lakshmi Cement Ltd (down 7.21 per cent), Restaurant Brands Asia (down 6.87 per cent), Page Industries Ltd (down 10.59 per cent) and Star Health & Allied Insurance Company Ltd. (down 8.87 per cent). 

The Recap 

Adani Stocks Gain On Monday After Report By Supreme Court-Appointed Committee

A six-member committee appointed by the Supreme Court found prima facie evidence that six entities including four foreign portfolio investors built short positions in the Adani scrips prior to the release of the Hindenburg Report which claimed that the Adani empire was the “biggest con in corporate history” and was engaged in a “brazen stock manipulation and accounting fraud scheme”. The committee did not find any adverse observation or evidence of price manipulation of stocks by firms linked to the Adani Group. 

TCS partners with Google Cloud, aims to earn 40,000 skill badges on Google Cloud Generative AI 

Tata Consultancy Services (TCS) has expanded its partnership with Google Cloud for generative AI offerings, in order to leverage Google Cloud’s generative AI services to design and deploy custom-tailored business solutions for clients. TCS said that it has been making investments to scale its expertise in the fast-developing field of cloud technologies. It stated that it has over 25,000 engineers who are Google Cloud certified and over 50,000 employees who have received AI training. To meet the expected demand for its new offering, it also aims to earn 40,000 skill badges on Google Cloud Generative AI this year. 

Govt cuts FAME-II subsidy on electric 2-wheelers from June 

For electric two-wheelers registered on or after June 1, 2023, the government has lowered the subsidy offered under the FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme. The cap on incentives for two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present. The FAME plan officially started on April 1, 2019, and was later extended for an additional two years. The total outlay for FAME-II was ₹ 10,000 crores. 

S&P expects Indian banks to maintain their strong performance

According to S&P S&P Global Ratings, the Indian banking sector has significantly improved over the past seven years, from a time when many public-sector lenders were struggling with bad loans. It believes that the sector’s profitability will stabilise at a healthy level, and asset quality will continue to improve. It further stated that the Indian banking industry is seeing a robust rebound and that lenders have posted their greatest performance in ten years. Higher net interest margins and reduced lending costs are advantageous to banks. 

Late Payment Surcharge Rule drives Discoms’ dues down by a third to Rs 93,000 cr in less than a year of enforcement 

In May, the total amount of unpaid bills owed to power distribution companies (discoms) was down by around a third, to about ₹ 93,000 crores. This happened within one year of implementing the Late Payment Surcharge Rules in June 2022. The entire value chain of the sector has been impacted by the discoms’ growing debts to transmission and generation companies up until last year. Discom dues were at ₹ 1.39 lakh crores, in June last year. 

Results 

Life Insurance Corporation of India 

The insurance behemoth reported a consolidated net profit of ₹ 13,191 crores for the fourth quarter that ended in March 2023 compared to ₹ 2,409 crores in the corresponding quarter of the previous year, indicating a more than five-fold increase. However, its total income declined to ₹ 2,01,022 crore from ₹ 2,15,487 crore in the same period of the previous fiscal. 

For the entire financial year (FY 2022-23), the state-run insurer registered a multi-fold rise in net profit to ₹ 35,997 crore from ₹ 4,125 crore in the preceding financial year. Its solvency ratio increased from 1.85 per cent to 1.87 per cent and net non-performing assets declined from 0.04 per cent to nil. 

Cummins India Ltd 

Cummins India, a manufacturer of engines, reported a 61% increase in its consolidated profit after tax to ₹ 348.91 crore in the quarter that ended in March 2023 compared to ₹ 216.27 crores in the quarter that ended in March 2022. It registered a total income of ₹ 2,021.30 crore against ₹ 1569.36 crore in Q4 FY22. It reported record revenue for the second financial year in a row, driven by strong domestic and export demand. 

Written By Simran Bafna 

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