Sensex soars 463pts, ends atop 61K; Nifty tops 18050; mid-, smallcaps shine

CLOSING BELL: Healthy buying in heavyweights like Reliance Industries, L&T, ITC, Kotak Bank, SBI, Bharti Airtel, TCS, and HDFC Bank lifted benchmarks on Friday

9:04 AM

CURRENCY ALERT | Rupee opens 5 paise stronger at 81.78/$

8:59 AM

SBI raises $750 mn through bonds to fund offshore business growth

The country's biggest lender has concluded the issue of USD 750 million senior unsecured fixed rate notes having maturity of 5 years and coupon of 4.875 per cent payable semiannually under Regulation-S, SBI said in a filing.

 

"The bonds will be issued through our London branch as of May 5, 2023 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City," it said. READ MORE

8:56 AM

Hindustan Zinc turns into a net debt firm for first time in 20 years

HZL has turned from a debt-free company to an indebted one (on a net basis) in FY23 for the first time in more than 20 years. The metal producer gave all its accumulated cash reserves through a special dividend last financial year and was forced to borrow additionally to fund its capex plans. READ MORE

8:53 AM

Sebi bars Karvy Investor Services from onboarding new clients

Sebi in its inspections found that KISL did not operate from the registered office premises. Sebi noted that the continued presence of such an entity could pose a serious threat to the integrity of the securities market and the interests of investors. READ MORE

8:50 AM

Airtel's 5G service reaches 3,000 cities, Jio 5G in 3089 urban areas

Both telecom service providers are in a race against time to spread their 5G network, massively investing in new tower and network infrastructure. Before this, Airtel had announced reaching the 500 cities mark on March 24. At that point, Jio was present in 408 cities. READ MORE

8:47 AM

Zuckerberg's fortune jumps $10 bn on Meta's robust first-quarter sales

Meta shares rose 14% after the earnings report, lifting Zuckerberg’s fortune to $87.3 billion and boosting him up a notch on the Bloomberg Billionaires Index to 12th place. It’s the highest the Meta chief executive officer’s wealth has been in more than a year. READ MORE

8:44 AM

WATCH :: Should investors sell stocks in May and go away?

8:40 AM

Opinion :: Sebi at age 31. Or is it 35?

The Securities and Exchange Board of India (Sebi) recently unveiled a new logo on the occasion of its 35th anniversary. However, the Sebi Act came in 1992, which is only 31 years ago. There hangs a tale behind this and some interesting insights into public policy.
 

Policy thinkers in India had understood the requirement for a securities market regulator in the 1980s. Well before the Act was passed, on April 12 1988, a non-statutory Sebi was constituted, through an administrative resolution of the Government of India. READ MORE

8:36 AM

ALERT :: RateGain appoints Yogeesh Chandra as Chief Strategy Office

8:33 AM

ALERT :: SJS to acquire 90.1% stake in Walter Pack India

>> SJS Enterprises has approved the acquisition of 90.1% stake in Walter Pack Automotive Products India Private Limited (WPI) for a total cash consideration of Rs 239.3 crore.

>> SJS would pay a total cash consideration of Rs 239.3 crore for 90.1% stake at an LTM EV / EBITDA of ~7x. Total upfront consideration to be paid at closing would be Rs 229.8 crore and balance would be paid over the next 18 months. SJS expects to close the acquisition in 5 - 6 weeks.

>> WPI had interim revenues of over INR 1,200 Mn and healthy EBITDA margins of around 30% with an attractive RoCE of over 50% for FY23. Over two-thirds of WPI revenues are from the automotive segment (passenger vehicles) and the balance one-third are from consumer durables segm

8:29 AM

Q4 results: India's IT services biggies fail to meet expectations

India’s fourth largest IT services player, Wipro, said it expects revenue to contract in the first quarter of financial year 2023-24 (FY24). It guided for a revenue contraction of 1-3 per cent in constant currency.
 

Wipro does not provide revenue guidance for the full fiscal. The company reported net profit of Rs 3,074.5 crore in Q4FY23, a dip of 0.41 per cent year-on-year (YoY), and sequentially PAT was flat with a growth of 0.7 per cent. READ MORE

8:25 AM

Market regulator Sebi bars five for front-running trades in LIC

In an interim order issued on Thursday, Sebi noted that Yogesh Garg, an employee in the investment department of LIC, and four others connected to him made unlawful gains of Rs 2.44 crore by front-running the trades of LIC.

 

Sebi has alleged that Garg placed intraday trades and executed them just prior to the impending orders of LIC and squaring off the trades later.  READ MORE

8:20 AM

Mankind Pharma's Rs 4,326-crore IPO garners bids worth Rs 50,000 crore

Including anchor investor demand, the Rs 4,326-crore IPO — the largest in more than a year — generated bids worth close to Rs 50,000 crore, raising hopes of a revival in the primary markets.
 

Anchor investors had subscribed to shares worth nearly Rs 1,300 crore of Mankind Pharma, the fourth largest pharma company in India in terms of sales. READ MORE

8:17 AM

Fund Flow :: DIIs sold equities worth Rs 97.07 crore on Thursday

8:13 AM

Fund Flow :: FIIs bought equities worth Rs 1,652.95 crore on Thursday