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Stock Market Closing Bell: Indian Market On Tuesday Closes In Red; Nifty Down 0.43%, Sensex Closed At 73,014 L
GIFT Nifty
The GIFT Nifty has lost 168.50 points, or 0.75 percent, suggesting that the wider index in India is off to a bad start. The Nifty futures were fluctuating between 22 and 184.
US Exchange
US stocks saw a steep decline on Monday, with worries over growing geopolitical tensions between Iran and Israel and a spike in Treasury yields overshadowing an early gain from a solid retail sales data.
The S&P 500 lost 61.59 points, or 1.20 percent, to 5,061.82, the Nasdaq Composite lost 290.07 points, or 1.79 percent, to 15,885.02, and the Dow Jones Industrial Average slid 248.13 points, or 0.65 percent, to 37,735.11.
Markets in Asia
As the world watches Israel's response to Iran's airstrike over the weekend, Asian markets continued their downward trend.
The attention will be on China's first-quarter GDP figures on Tuesday; the country, which is the second-biggest in the world, is predicted to have grown by 4.6 percent from a year ago.
On Tuesday, numbers for China's retail sales and industrial production are also anticipated.
Dollar
In response to stronger-than-expected U.S. retail sales, the yen slumped to its lowest level since 1990 on Tuesday, while the dollar hovered just below its peak since early November versus a few peer currencies, sparking concerns about intervention.
Following the news, the US dollar index reached 106.27, the highest level since November 2. At one point, it was at 106.23.
The widening interest rate gap between the two nations and the dollar's persistent resilience caused the Japanese yen to weaken, and on Monday it broke through 154 to set a new 34-year low vs the greenback.
Crude Oil
Tuesday saw an increase in oil prices due to increased Middle East tensions following Israel's military chief's declaration that his nation would retaliate against Iran for its weekend missile and drone attack, despite requests from allies for moderation.
By 0005 GMT, June delivery Brent futures had increased by 46 cents, or 0.5%, to $90.56 per barrel. May delivery of U.S. oil futures saw a 0.5% increase, or 43 cents, to $85.84 a barrel.
Indian Market By The End Of Tuesday's Session Closes In Red
Today Sensex fell more than 385 Points, while Nifty 50 trades near 22,176 range. Top Losers in the session were noted as Infosys, IndusInd Bank and Wipro, falling 3.53%, 3.06% and 2.7% since yesterday, while top gainers recorded were Eicher Motors, HUL and Divis labs. Sectoral indices fell with lowest range in IT and PSU Banks. As per past five session, Indian market has fallen by 2.66% or 1990 points in Sensex and 2.33% or 528 Points in Nifty 50 index, staring for breaching the fresh resistance levels posted last week.
Airtel celebrates 5.9 million 5G customers in Tamil Nadu & 3 million in Gujarat
Bharti Airtel, one of India’s leading telecommunications service providers, today announced that it has 5.9 million customers enjoying 5G service in the state of Tamil Nadu while has 3 million customers enjoying 5G service in the state of Gujarat. Tarun Virmani, CEO-Tamil Nadu, Bharti Airtel said, "We are making significant strides in building the network infrastructure required to facilitate widespread adoption of 5G in Tamil Nadu. We express our gratitude to our valued customers who have upgraded to enjoy the power of unlimited 5G service at no additional cost. Our tireless efforts are to keep our customers consistently connected to the state's fastest, most reliable, and cutting-edge network.”.
J&K Bank Limited Undergoes Changes In Management
Jammu & Kashmir Bank Limited appoints Mr. Fayaz Ahmad Ganai as the New Chief Financial Officer of the company. He is a Qualified Chartered Accountant with an experience of 15 Years in Large Corporate / Financial Institution of which five years under senior management level i.e. Scale IV. He has worked in the areas of Finance, Corporate/Retail Credit, Accountancy, Balance Sheet Management and Taxation.
Sasken & JOYNEXT Forge Strategic Partnership to Accelerate Innovation
Sasken Technologies Limited, a leading provider of product development and digital transformation services, and JOYNEXT, a respected Tier1 player in the automotive industry, announced a strategic partnership to collaborate on the development and launch of cutting-edge platforms for both in-vehicle systems, navigation, digital cockpit and 5G telematics and off-vehicle cloud and digital services leveraging emerging technologies for the automotive industry. We are excited to collaborate with JOYNEXT, as their automotive industry expertise aligns perfectly with Sasken's ambition to maintain a leadership position in the global automotive market," said Mr. Abhijit Kabra, CEO, Sasken Technologies.
Atam Valves Achieves Total Revenue of ₹ 52.62 Cr in FY24
Established in 1982, Atam Valves is a renowned manufacturer of industrial and plumbing valves and fittings. In FY24, the company achieved Total Revenue of ₹ 52.62 Cr with EBITDA of ₹ 9.82 Cr and PAT ₹ 5.83 Cr with EBITDA margin & PAT margin of 18.66 % and 11.08 % respectively. Mr. Amit Jain, Managing Director of Atam Valves Limited said, "With a promising demand outlook for industrial valves, we're strategically expanding our market presence by venturing into new industries and strengthening our footprint globally. Our endeavour to obtain API certification by Q2 FY25 signifies our dedication to elevating industry standards and enhancing marketability. With this proactive approach, we are confident in sustaining our profit margin with an upward bias."
CRISIL Q4 Results
For the quarter that ended on March 31, 2024, CRISIL's consolidated income from operations climbed 3.2% to Rs 737.7 crore from Rs 714.9 crore in the same period the previous year. Compared to the same quarter the previous year, when it was Rs 732.2 crore, the consolidated total income for the quarter that ended on March 31, 2024, increased 3.6% to Rs 758.8 crore. For the quarter ending March 31, 2024, profit before tax increased 1.0% to Rs 195.5 crore from Rs 193.6 crore in the same quarter the previous year. For the quarter ending March 31, 2024, profit after tax decreased by 5.5% to Rs 137.7 crore from Rs 145.8 crore in the same period the previous year. An interim dividend of Rs 7 per share has been declared by the Board.
Coal India’s CAPEX Risen By 6.5% To Rs.19,840 Cr In FY24
The total capital expenditure of Coal India Limited (CIL) climbed by 6.5% year on year to Rs. 19,840 crores at the end of FY 2024, the highest amount to date. In contrast, the capital expenditure for the previous fiscal year was Rs. 18,619 Crores. Against the year's capex target of Rs. 16,500 crores, CIL met its goal by 120%. CIL's capital expenditures exceeded the allocated budget for the fourth consecutive fiscal year.
Dynacons Secures Prestigious Contract Worth Rs. 233 Cr From NABARD
Dynacons Systems & Solutions Limited is pleased to announce its latest success in landing a major contract with the National Bank for Agriculture and Rural Development (NABARD) valued at Rs. 233 crores (all included). Under this significant contract, Core Banking Solution (CBS) will be upgraded and migrated from Finacle 7.0 to Finacle 10.2.25, using the Application Service Provider (ASP) paradigm. Serving 1391 branches of 38 State Coop Banks in 8 states is part of the contract's scope. The project scope encompasses infrastructure and network advancements from top technology vendors including HPE, Oracle, Fortinet, Array, and Versa, in addition to the update, migration, and maintenance of the Core Banking Solution.
Caplin Steriles Gets USFDA Approval For Ofloxacin Ophthalmic Solution
The United States Food and Drug Administration (USFDA) has granted Caplin Steriles Limited (Caplin), a subsidiary of Caplin Point Laboratories Limited, final approval for its Abbreviated New Drug Application (ANDA) for Ofloxacin Ophthalmic Solution USP 0.3% (eye drops), a generic therapeutic equivalent of (RLD) Allergan Inc.'s OCUFLOX Ophthalmic Solution. Treatment for corneal ulcers and conjunctivitis-related eye infections is recommended by the use of Ofloxacin Ophthalmic Solution USP 0.3%. For the 12-month period ending in December 2023, Ofloxacin Ophthalmic Solution USP 0.3% generated US sales of around million, according to IQVIATM (IMS Health).
Shoppers Stop Shares In Focus
The debut of their co-branded credit card, the Axis Bank Shoppers Stop Credit Card, has been revealed by Axis Bank, one of the largest private sector banks in India, and Shoppers Stop, one of the country's top premium fashion, beauty, and gifting omnichannel destinations. Cardholders will benefit from an enriched online and offline buying experience thanks to this partnership.
RIL Arm Jio Financial Services Stock Soars 5% On JV Announcement With BlackRock; Details Here
Jio Financial Services, the financial arm of Reliance Industries, experienced a surge of 5% during intraday trading, with shares reaching a peak of Rs 371.95 apiece. This upswing closely follows a pivotal announcement made by the company through an exchange filing on Monday, unveiling plans for a joint venture with global investment giant BlackRock. The agreement, poised as a 50:50 collaboration, aims to pioneer wealth management endeavors within the Indian financial landscape.
Cipla Allocates 27,906 Equity Shares Under ESOP, Som Distilleries Ltd. Commissions New Facility In Bhopal
The Operations and Administrative Committee of the Cipla Ltd. on 15th April 2024 has allotted 27,906 fully paid-up equity shares of INR 2 each, under exercise of employee stock options under the Employee Stock Option Scheme 2013-A of the Company. Consequently, the issued, subscribed, and paid-up share capital of the Company has increased to INR 1,61,47,89,936 comprising 80,73,94,968 equity shares of face value INR 2 each. Som Distilleries Ltd. is successful in commissioning state-of-the-art wraparound packaging equipment at our Bhopal canning facility. The newly installed wraparound equipment represents a milestone achievement in streamlining our production processes and enhancing overall efficiency. With this innovative technology in place, the company anticipate an increase in operational efficiency by approximately 25%.
India Gold Prices Today On 16th April 2024 Jumps Again, A Consistent Rise Since Past Week
Today gold rates in India for 10 grams of 24-carat are Rs. 74,130/- and Rs. 67,950/- for 10 grams of 22-carat gold. The yellow metal prices today have risen by Rs. 980/- for pure gold and Rs. 900/- for standard gold, per 10 grams for both. Similarly, 18-carat gold rate in India today have increased to Rs. 55,590/- per 10 grams, a hike of Rs. 730/- since yesterday. The MCX Gold Futures expiring in April this year are floating around Rs 72,854/-, which is 0.8% or Rs 577/- higher than yesterday's closing. US Spot Gold Rates on Thursday mid-Asian sessoon are moving in green at $ 2,385.1/- per ounce, rising $ 3.18/- since Monday's end of US session.
Infosys drives hybrid cloud-powered innovation for Team Global Express
Infosys Cobalt accelerates the customer’s transition to the new environment, enabling them to deliver exceptional customer service. Infosys leveraged the established blueprints and tools from Infosys Cobalt to build on its strategic collaboration with Team Global Express and drive hybrid cloud-powered innovation. Karmesh Vaswani, Executive Vice President & Global Head of Consumer, Retail & Logistics, Infosys, said, “The separation program for Team Global Express presented a unique opportunity to achieve significant value. This complex program challenged us to not only accomplish the separation on time and without business disruption, but also seamlessly establish a modern, secure, and scalable digital foundation to accelerate their future growth. Leveraging our proven Infosys Cobalt cloud ecosystem and through a collaborative partnership with Team Global Express, we successfully navigated the complexities of this program, achieving an outcome that ranks among our most impactful engagements in the Australia and New Zealand region.”
Sterlight Technologies Limited Raises Rs. 1000 Cr Through QIP
Sterlight Technologies Ltd. has raised INR 1000 Cr through a Qualified Institutional Placement (QIP) route. The Company approved the issue and allotment of 8.84 Cr Equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, aggregating to INR 1000 Cr. Post the allotment, the paid-up equity share capital of the company has increased to INR 97.5 Cr, comprising 48.75 Cr equity shares. Ankit Agarwal, Managing Director, STL, said: “We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilized towards strengthening our balance sheet so that we double down on our purpose of transforming billions of lives by connecting the world.”
Bitcoin hovers above ,000 as Hong Kong approves ETFs
Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange said, "The largest cryptocurrency is retesting its recent support around ,000. The approval of Bitcoin and Ether ETF by the Hong Kong regulator marked a positive momentum for Bitcoin yesterday which could be even stronger once the institutional demand builds up for Bitcoin in the Asia region."
Gujarat Gas inks a non-binding MoU with Indian Oil Corporation.
Gujarat Gas has inked a non-binding Memorandum of Understanding (MOU) with Indian Oil Corporation to expand the range and accessibility of energy solutions for consumers. According to the MoU, Indian Oil Corporation would supply liquid fuels, vehicle lubricants, greases and specialty products to Gujarat Gas outlets. Furthermore, Gujarat Gas will establish CNG facilities and CNG Mother facilities at Indian oil stations.
Rupee declines marginally by 0.04 paise against US Dollar
Indian rupee witnessed marginal decline of 0.04 paise against US dollar in morning trade on Tuesday.
Recommendations by Mr. Aditya Gaggar, Director of Progressive Shares
Geopolitical tension-led correction dragged the Indian equities lower to end the day at 22,273. An early sign from GIFT Nifty indicates another round of selling in the markets to test its long-term trendline and 50DMA support. Except for the Metal, all the sectors have observed a sharp correction and the ongoing correction will continue further providing a good opportunity for the investors to add good quality stocks. Stock-specific buying can be seen in the Oil & Gas and Metal segments, while pressure will likely remain on the NBFC counters.
Oil costs increase as Israel considers how to respond to the attack by Iran
Tuesday saw an increase in oil prices due to increased Middle East tensions following Israel's military chief's declaration that his nation would retaliate against Iran for its weekend missile and drone attack, despite requests from allies for moderation. By 0005 GMT, June delivery Brent futures had increased by 46 cents, or 0.5%, to .56 per barrel. May delivery of U.S. oil futures saw a 0.5% increase, or 43 cents, to .84 a barrel.
Revision of Windfall Tax
Crude oil windfall tax increased from Rs 6,800 per tonne to Rs 9,600 per tonne. There will be no windfall tax on petrol, diesel or ATF going forward.
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