Investors look beyond Covid cases' surge; Sensex zooms 790 pts; banks rally

CLSA opines that the surge in Covid cases in Maharashtra may taper in May as the state is in its fourth-month of the second wave. This, it believes, will be positive for the markets

12:24 PM

Morepen Labs to raise over Rs 433 cr via issuance of preferential shares

Drug firm Morepen Laboratories on Wednesday said its board has approved raising over Rs 433 crore through issue of shares to Switzerland's private venture capital firm Corinth Investment Holdings and Liquid Holdings, a promoter group of the company, on preferential basis.

 

"The board of directors of the company considered and approved issue and allotment of up to 10.85 crore equity shares on a preferential basis," Morepen Laboratories said in a regulatory filing. READ MORE

12:06 PM

Bajaj Fin, Axis Bank, Maruti Suzuki: Strategies for stocks post Q4 results

Axis Bank Ltd (AXISBANK)

Likely target: Rs 750 - Rs 765 (upon crossing Rs 716)

Upside potential: 4.75% - 6.84%

This stock has shown a reversal near the support of Rs 625-mark. The move has crossed the 100-days moving average (DMA) set at Rs 683 levels. Now, the stock needs to cross the 50-DMA, located at Rs 716 levels, as per the daily chart to rally further. The overall momentum looks strong with the breakout of 'Inverse Head and Shoulder' formation on the Relative Strength Index (RSI). READ MORE

11:53 AM

HDFC AMC sheds 3% on low Q4 AUM growth, loss in market share woes

Shares of HDFC Asset Management Company (AMC) snapped their three-day winning run and dipped 3 per cent to Rs 2,777.25 in intra-day session on Wednesday following the company's March quarter results as the lower-than-expected AUM (asset under management) growth and continued loss in market share concerned investors. READ MORE

11:38 AM

Maruti Suzuki's margins may slip further on higher commodity costs

The sharp rise in commodity costs dented Maruti Suzuki’s operational performance in the March quarter (Q4). Though revenue growth was up 32 per cent on the back of a lower base and 32 per cent rise in average selling prices, operating profit margin at 8.3 per cent was down 21 basis points (bps) as compared to the year-ago quarter. Reported margins were short of the Street’s 9-10 per cent estimate. The company highlighted that commodity prices, especially of steel and precious metals, have seen a sharp spike. READ MORE

11:25 AM

MARKET CHECK :: Sensex zooms 500 pts

11:11 AM

Bajaj Finance gains 4% despite a miss on Q4 nos; brokerages remain mixed

HDFC Securities notes that Bajaj Finance reported muted performance (operating profit was nearly 11 per cent below expectations) primarily on account of higher employee expenses. Loan loss provisions remained elevated at 3.4 per cent of AUM as the company took accelerated write-offs of Covid-related stress of Rs 1,530 crore. READ MORE

10:58 AM

Market Check | Sensex extends gains, rises 450 points

10:49 AM

Jio to drive Reliance Industries' March quarter Ebitda, say analysts

Mukesh Ambani-led Reliance Industries (RIL) is expected to witness an increase of 8 per cent (on average) in its consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) in the March quarter (Q4), led by strong improvement in the profit of Jio, its telecom business.

 

Jio’s Ebitda is seen rising 34.4 per cent YoY and 6 per cent sequentially, led by a rise in subscriber base to 421 million (33 million jump YoY; 10 million sequentially) and ex-IUC ARPUs (average revenue per unit) to Rs 144 per month.  READ MORE

10:37 AM

TVS Motor Company rallies 15% on better-than-expected Q4 show

Shares of TVS Motor Company rallied 15 per cent in Wednesday's session after the two-wheeler maker posted better-than-expected results for the quarter ended March 2021 (Q4FY21). The company on Tuesday posted a nearly four-fold increase in its consolidated net profit to Rs 319.19 crore for the fourth quarter of FY21, riding on the back of robust sales in the domestic and international markets. READ MORE

10:21 AM

Investors oppose Nippon Asset Management chief's remuneration offer

Mutual fund (MF) house Nippon Life India Asset Management (Nippon MF) has faced opposition from institutional investors on a resolution pertaining to the remuneration of CEO and Executive Director Sundeep Sikka. READ MORE

10:05 AM

Rupee opening

Rupee opens stronger at 74.51 per US dollar vs Tuesday's close of 74.65/$

9:56 AM

IHS Markit sees India's FY22 GDP growth at 9.6% amid rising Covid cases

On-going lockdown and mobility curbs coupled with fears of an extension – time wise and across more Indian cities – have led to economists tweak their gross domestic growth (GDP) projections for fiscal 2021-22 (FY22). In a recent note, those at IHS Markit suggest that they expect the Indian economy (as measured by GDP) to grow at 9.6 per cent in FY22. READ MORE

9:43 AM

MARKET VIEW | Mohit Nigam Head PMS, Hem Securities

The markets are still looking strong over 14,650 and can be seen at levels of 14,850 in the coming days. The vaccine optimism & the Q4 results are repeatedly giving strength to the market momentum. Axis Bank posting a profit of 2,677 crores in Q4 with improved asset quality and Bajaj Finance Net profits  rising by 42% YoY basis are just a few examples. 

9:39 AM

Info Edge shares rise 2% as firm to sell Rs 750 crore worth stake in Zomato IPO

The company said it will sell stake worth Rs 750 crore in the initial public offering (IPO) of its investee company Zomato.

9:37 AM

Axis Bank in the red post March quarter numbers

Private sector lender Axis Bank has reported a net profit of Rs 2,677 crore in the March quarter of FY21, beating Street estimates, on account of lower provisions and good net interest income (NII). In the same period of last financial year, the bank had reported a net loss of Rs 1,388 crore. Sequentially, the net profit of the lender is up 140 per cent. Bloombeg analysts polled had pegged the net profit at Rs 1,912 crore.