Domestic benchmark indices opened in the green on Monday and continued to gain, led by financial and auto shares. The Sensex opened at 61,166 points and the Nifty opened at 18,120 points. FPIs pumped more than ₹ 10,000 Crores in Indian equity so far this month.
Strong buying in auto and financial shares pushed the indices higher on Friday. The Sensex added 123 points to end at 62,027 points, while the Nifty added 17 points to end at 18314 points.
Top Gainers/ Losers
Some of the top gainers this week were Brightcom Group Ltd. (20.34%), Intellect Design Arena Ltd (up 17.21%), Sanofi India Ltd (14.85%), Cholamandalam Financial Holdings Ltd (up 10.86%) and Zensar Technologies Ltd (10.09%).
In contrast, some of the top losers this week were Indiabulls Real Estate Ltd (down 19.29%), Indian Bank Ltd (down 11.38%), Adani Transmission Ltd (down 6.33%), TCNS Clothing Co Ltd (down 6.23%) and Gujarat Ambuja Exports Ltd (down 6.22%).
The Recap
AC Sales drop 15% as temperature falls
Unseasonal rains in India during April-end and the beginning of May put brakes on the sales of cooling products such as air conditioners, coolers and refrigerators. Customers delayed purchases and some manufacturers reported around a 15 percent decline in their sales as compared to the same period (April-May) last year. However, manufacturers like Panasonic, Godrej and Daikin hope that the sales will be back on track as normal summer resumes.
Fitch affirms India’s sovereign rating on robust growth outlook, flags weak finances
Fitch on Tuesday affirmed India’s sovereign rating at ‘BBB-‘ with a stable outlook, on the back of robust growth and resilient external finances. However it said that weak public finances remain a challenge. With this India’s rating has remained unchanged at ‘BBB-‘, which is the lowest investment grade, since August 2006. Fitch forecasted India to be one of the fastest-growing sovereigns globally clocking 6 per cent growth in the current fiscal (April 2023-March 2024) supported by resilient investment prospects.
FIR against former BharatPe co-founder Ashneer Grover and his family
The Economic Offences Wing of the Delhi Police filed an FIR against Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for alleged ₹ 81 crore fraud after a complaint by BharatPe. It said that Grover and his family caused damages of ₹ 81.3 crores through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, and sham transactions.
Adani group stocks gain after Mauritius Minister refuted Hindenburg Allegations
Adani Group stocks gained on Thursday, after Mahen Kumar Seeruttun, Financial Services Minister of Mauritius refuted all allegations labelled on the group by US-based short seller Hindenburg Research. He said that these allegations are ‘false and baseless’. Meanwhile the beleaguered group will be holding a meeting on May 13, 2023 to consider and approve the proposal of raising funds by issuing equity shares or any other securities.
Vodafone Idea loses customers to Jio and Airtel
According to the data released by TRAI on Tuesday, telecom operators Reliance Jio added 10 lakh mobile subscribers and Bharti Airtel added 9.82 lakh mobile subscribers in the month of February, while cash-strapped Vodafone-Idea’s subscriber base shrunk by 20 lakh customers. The top five players, including BSNL and Atria Convergence constituted 98.38 per cent market share of the total broadband subscribers at the end of February 2023.
Results
Eicher Motors
The automobile company’s consolidated net profit increased by 49 per cent to ₹ 906 crore for the fourth quarter ended March 31, 2023, due to robust sales across domestic and global markets. Its revenue from operations grew to ₹ 3804 crores for the quarter, against ₹ 3193 crores reported in the corresponding quarter last year.
For the entire year (FY23), Eicher Motors posted a consolidated net profit of ₹ 2,914 crores, compared to ₹ 1,677 crores in FY22. Its total revenue from operations increased to ₹ 12,221 crores in FY23, against ₹ 10, 298 crores reported in the previous year.
Dr Reddy’s Laboratories
The pharma company on Wednesday reported multifold growth in its consolidated profit after tax to ₹ 959.2 crores due to a low base in the corresponding quarter last year (₹ 87.5 crores). The company’s revenue climbed 25% to ₹ 6,297 crores due to strong growth from North American, European and Indian markets, against ₹ 5,437 crore in the corresponding quarter of the previous year.
For the entire financial year, it posted a profit after tax of ₹ 4,507 crores, up 91% as compared to ₹ 2,357 crores posted in the previous year (FY22). Its revenue rose to ₹ 24,588 crores against ₹ 21439 crores in FY22. The board has also recommended a dividend of ₹ 40 per share.
Written by Simran Bafna
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