IT companies are gearing up to announce their fourth quarter earnings for FY23 later this week. TCS will be the first company to start the season, followed by Infosys and HCL Tech. The sector is expected to see a seasonally weak quarter with sluggish growth in both revenue and margin.
FPI legroom in Kotak Mahindra Bank over 25%, MSCI may increase weighting
shares of Kotak Mahindra Bank (KMB) will be in focus on Tuesday morning as foreign portfolio investor (FPI) holding in the private sector lender declined during the three-month period ended March 2023.
As per the latest March quarter shareholding pattern, FPI holding in the company stood at 41.22 per cent, down 147 basis points quarter-on-quarter.
After a sharp drop in FPI holding, the foreign investment room in KMB has increased to 25.05 per cent as against 22.38 per cent at present. ,Read more,
Sensex flat in pre-open session; RIL, L&T, SBI, Vedanta in focus in today’s session
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SRL Diagnostics acquires Lifeline Laboratories; To expand its presence in the Indian Pathology market.
SRL Diagnostics, a subsidiary of Mumbai-listed hospital chain Fortis Healthcare, has acquired Lifeline Laboratories to expand its presence in the Indian pathology market.
The acquisition of Lifeline, which is based in the National Capital Region, is expected to accelerate the growth of SRL and expand its geographical reach, said a company statement.
The acquisition of Lifeline Laboratories by SRL Diagnostics is in line with the strategy to expand its presence in key regions such as Delhi, Mumbai, Uttar Pradesh, Andhra Pradesh and Telangana. ,Read more,
It is prudent for global businesses to diversify supply chains: FM Sitharaman
Finance Minister Nirmala Sitharaman has said that it is prudent for global businesses to spread their supply chains instead of concentrating them in one market, although there may be a lot of investor interest in China which is opening up after its strict Covid control policy. Is. ,
Speaking at the Peterson Institute for International Economics in Washington DC on Tuesday (India time), Sitharaman said that no matter how much one thinks that the supply chain will move out of China, it will not happen. ,Read more,
MSME loan defaults: Micro units turn NPA under govt’s ECLGS scheme
The micro-enterprise segment in the country is facing significant distress, as indicated by the fact that 17.27 lakh units, which availed credit under the Emergency Credit Line Guarantee Scheme (ECLGS), have turned non-performing assets (NPAs). have turned into March 24, 2023.
According to the Department of Financial Services (DFS) data shared by MSME Minister Narayan Rane in the Rajya Sabha recently, most of the beneficiaries of the Emergency Credit Line Guarantee Scheme (ECLGS), which expired on March 31, 2023. ,Read more,
Bajaj Finserv Mutual Fund files papers with SEBI to launch 7 schemes
Bajaj Finserv Mutual Fund, which received SEBI’s nod to start mutual fund operations last month, has filed draft documents with the market regulator to launch seven schemes across equity, debt and hybrid space.
Latest player has filed papers to launch mutual fund schemes – Liquid Fund, Money Market Fund, Overnight Fund, Arbitrage Fund, Large & Mid-Cap, Balance Advantage and Flexi Cap Fund, an update with the Securities and Exchange Board of India (SEBI) showed on Monday.
The company will launch these products after getting regulatory approval.
Overall, a total of 179 open-end funds and 49 closed-end funds were launched in the calendar year 2022, and cumulatively, these funds gathered 62,187 crores.
In comparison, 140 NFOs were floated in 2021 and cumulatively, these were able to raise funds 99,704 crore and 81 new schemes were launched in 2020 53,703 crores.
Financial services firm Bajaj Finserv Ltd received final registration from SEBI in March this year to launch its mutual fund operations under the Bajaj Finserv Mutual Fund banner. (PTI)
Stocks to watch: SBI, Reliance Industries, Bajaj Finserv, L&T, Glenmark, Vedanta, Bank of Baroda, JSW Steel, Bajaj Auto and Zydus Lifesciences
Delta Corp will be one of the stocks in focus as the company announces its quarterly earnings report on Tuesday. ,Read more,
Global Markets: SGX Nifty to Dow Jones – Major triggers for Indian stock market today
As US stocks await the release of CPI data and FOMC meeting minutes on Wednesday, major benchmark indices were trading in a tight range during Monday’s deals. However, the rally in the US dollar took a pause and the dollar index saw some recovery in the morning deals in the Asian stock market. SGX Nifty opened on a positive note today indicating a strong opening on Dalal Street.
Here we list down the major global market triggers that may affect the Indian stock market today:Read more,
SC allows Vedanta to maintain Sterlite plant in Tamil Nadu
has given great relief to Vedanta LimitedThe Supreme Court has allowed maintenance work to be carried out at its closed Sterlite plant in Tuticorin, Tamil Nadu.
The apex court’s decision was based on the report of a High Powered Committee (HPC) constituted by the Tamil Nadu government to inspect the structural and civil safety of the plant.
The High Court committee had recommended in 2022 that some maintenance activities could be carried out for the maintenance of the Sterlite plant. ,Read more,
RBI issues detailed norms for outsourcing of IT services by banks, NBFCs
The Reserve Bank of India came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not dilute their responsibilities and obligations towards customers.
In its ‘Master Direction on Outsourcing of Information Technology Services’, the RBI said that regulated entities (REs) are extensively leveraging IT and IT-enabled services (ITES) to enhance their business models, products and services delivered to their customers. services to be supported. ,Read more,
Reliance Research stock in focus today: CEAT
stock in focus
CEAT (CMP 1,456): Looking at further volume recovery, regular price growth, rising margin area, we have BUY rating on CEAT with a target price of Rs 1,850, valuing the stock at a P/E multiple of 12x Is.
intraday picks
Buy Maruti (Last Close: Rs 8,535)
For today’s trade, long positions can be initiated in the range of Rs 8,485-8,440 for a target of Rs 8,690 with a strict stop loss of Rs 8,360.
Buy ApolloHosp (Last Close: RS4,237)
For today’s trade, long positions can be initiated in the range of Rs 4,215-4,185 for a target of Rs 4,315 with a strict stop loss of Rs 4,145.
BUY POWERGRID (previous off: RS225)
For today’s trade, long positions can be initiated in the range of Rs 228-227 for a target of Rs 234 with a strict stop loss of Rs 223.
SBI to look at raising $2 billion in FY24 through senior unsecured notes, board meeting on April 18
The country’s largest public sector lender, State Bank of India (SBI) on Monday announced its plan to raise up to $2 billion for the financial year FY24 by issuing senior unsecured notes. To discuss and consider the same, the members of the board of creditors are scheduled to meet on April 18.
The Senior Unsecured Notes will be denominated in US Dollars or any other convertible foreign currency. Along with this, the board will also consider whether these notes should be issued through public offer or private placement.
“The meeting of the Executive Committee of the Central Board is scheduled to be held on April 18, 2023,” SBI said in its regulatory filing. ,Read more,
US stocks closed mixed on Wall Street amid rate hike hopes
Stocks were mixed in their first trade on Monday after a report raised speculation the Federal Reserve might tighten the brakes a little harder on financial markets and the economy.
The S&P 500 closed up 4.09 points, or 0.1%, at 4,109.11. It did not trade on Friday, when data showing a resilient US jobs market raised hopes that the Fed would raise interest rates again at its next meeting.
Big tech shares fell more than the rest of the market, leading the Nasdaq Composite down 3.60, or less than 0.1%, to 12,084.36. It was down 1.4% earlier in the day. The Dow Jones Industrial Average was flat, and rose 101.23, or 0.3%, to 33,586.52.
Higher rates hit tech and other high-growth stocks hardest, and Apple and Microsoft were the two heaviest drags on the S&P 500. Apple fell 1.6%, and Microsoft slipped 0.8.%.
Tesla also dipped 0.3% after sharp, early losses. The company cut prices on its entire US model lineup to entice buyers amid rising interest rates that have made auto loans more expensive.
The Fed has raised interest rates at a faster pace over the past year in hopes of reducing high inflation. Higher rates can do that, but can only slow the entire economy down in one fell swoop. This increases the risk of a future recession and causes the prices of stocks, bonds and other investments to fall.
Traders are betting on a nearly 70% chance that the Fed will raise its key overnight interest rate by 0.25 percentage points in May, from 5% to 5.25%, according to data from CME Group. A day ahead of Friday’s jobs report, he looked roughly at the coin flip possibility that the Fed would pat at its next meeting. (AP)
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