SGX Nifty hints at a negative open for the Indian equity indices BSE Sensex and NSE Nifty. Vedanta, ICICI Bank, ZEEL are some of the top stocks in focus today.
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The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might continue to extend their losses, as Nifty futures traded 50 points lower at 17,713.5 on the Singaporean exchange. On Monday, the markets snapped a nine-day gaining streak, with Sensex giving up the 60,000 mark and closing 520 points lower at 59,910 while Nifty closed just above 17,700, down by 121 points.
“The market responded negatively to the weak start of the earnings season by IT bellwether and their cautious outlook. On the global front, the US 10-year bond yield rose as solid US job data raised concerns over further rate hikes by the Fed. The earnings reports, primarily from the IT and banking sectors, will influence market trends in the coming days. We expect Nifty50 earnings to grow by 10% in Q4 FY23, driven by banking and finance, auto, telecom, and FMCG,” said Vinod Nair, Head of Research, Geojit Financial Services.
ZEEL
Once the largest public shareholder in Zee Entertainment, global investment management fund Invesco, exited the firm completely on Monday. The fund offloaded its remaining 5.11% stake in the company for Rs 1,004 crore, via block deals, after holding nearly 18% in the company till March last year.
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Vedanta
Vedanta Group on Monday said it has signed MoUs with 20 Korean display glass companies for the development of an electronics manufacturing hub in India. “More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” said Akarsh K. Hebbar, global managing director of Vedanta’s semiconductor and display business.
Network18 Media & Investments
The media firm released its Q4FY23 numbers. Consolidated revenue for the year grew 6% on-year to Rs 6,223 crore, however, the company posted a net loss of Rs 36.8 crore compared to a profit of Rs 61.9 crore on-year. A weak advertising environment through the year impacted profitability despite a strong operating performance.
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Samvardhana Motherson
Samvardhana Motherson is set to acquire an additional 30% stake of Youngshin Motherson Auto Tech Limited (“YMAT”) from Youngshin Components Co. Ltd., Korea. Once the transaction has been completed, Motherson will hold an 80% stake in the firm, and YMAT will be considered as a subsidiary of the firm. YMAT iis engaged in manufacturing & assembling of auto clutch products.
Angel One
The financial services firm reported a significant increase in its earnings, with profits surging over 30% to Rs 267 crore compared to Rs 205 crore on-year. Additionally, the company’s revenue improved, increasing over 20% to Rs 826 crore from Rs 681 crore on-year. The directors also declared a final dividend of Rs 4 per share.
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Jubilant FoodWorks
Coca-Cola India purchased a 15% stake in the Domino’ s maker’s associate company Hashtag Loyalty for Rs 104.68 crore. The company’s stake was reduced from 35% to 29.75% .
ICICI Bank
ICICI Bank on Monday said that it will consider raising funds by issuance of debt securities at its board meeting scheduled on April 22.
