Share Market Highlights 6 May 2024: Sensex, Nifty close flat amidst volatility, IT stocks rise

Wipro has announced collaboration with Microsoft to launch a suite of cognitive assistants for financial services powered by gen-AI: Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination. 

Wipro stock closed at ₹458.60 on the NSE, up 0.27%.

Indian benchmark indices, Sensex and Nifty, closed nearly unchanged on Monday amidst volatile trading. The increase in the country’s information technology stocks was offset by a decline in PSU Banks, as investors anticipated U.S. rate cuts. 

The Nifty 50, a key index of top 50 stocks, fell by 0.15% or 33.15 points to close at 22,442.70 points. On the other hand, the S&P BSE Sensex edged up by 0.03% or 17.39 points to end at 743,895.54.

While Nifty Realty, IT, Pharma, and FMCG indices closed in positive territory, others ended in the red. The Nifty PSU index, which includes state-owned banks, declined by 3.66% following the Reserve Bank of India’s draft guidelines on project finance, which proposed higher provisions for under-construction infrastructure projects.

On the NSE, top gainers included Britannia (6.60%), Kotak Bank (5.02%), TCS (2.05%), Hindustan Unilever (1.80%), and M&M (1.55%). Conversely, major losers were Titan (-7.07%), Adani Enterprises (-4.05%), Coal India (-3.07%), BPCL (-2.89%), and SBI (-2.64%).

Britannia (6.60%), Kotak Bank (5.02%), TCS (2.05%), Hindustan Unilever (1.80%), and M&M (1.55%) were major gainers on the NSE.

Major losers were Titan (-7.07%), Adani Enterprises (-4.05%), Coal India (-3.07%), BPCL (-2.89%), and SBI (-2.64%).

BASF India’s agricultural solutions business has launched a new insecticide - Efficon - which is powered by BASF’s new active ingredient, Axalion in a specialised formulation.

BASF India stock closed at ₹4,260 on the NSE, higher by 4.86%.

GHCL Ltd reported its net profit for the quarter ended March 2024 at ₹124.86 crore as against ₹226.55 crore in the corresponding quarter last year. 

The board has recommended dividend of ₹12 per equity share for the FY ended March 2024. 

In addition, the board has approved greenfield project for Soda Ash annual production capacity of 5.5 million tonne in Kutch Gujarat for ₹4000 crore and a capital budget of approx. ₹224 crore for the financial year 2024-25 including bromine project of ₹117 crore.

The stock closed at ₹505 on the NSE, down by 1.25%.

Coromandel International Limited announced an increase in its investment in Ecozen, a climate-smart technology solutions provider. The company made a ₹24 crore investment through its subsidiary and corporate venture capital arm, Dare Ventures Limited, increasing its shareholding in Ecozen to 5.54 per cent, up by 3.13 per cent

Marico reported its consolidated net profit for the quarter ended March 2024 at ₹320 crore as against ₹305 crore in the corresponding quarter last year. 

Marico stock rises 2.72% on the NSE trading at ₹530.95.

Ajanta Pharma has approved the buy-back of equity share of face value of ₹2 each at a price of ₹2,770 per share aggregating to amount not exceeding ₹285 crore. 

Ajanta Pharma stock is up 1.22% on the NSE, trading at ₹2,412.85

Major gainers:

Britannia (6.91%), Kotak Bank(4.86%), TCS (2.05%), Hindustan Unilever (1.64%), M&M (1.30%)

Major losers:

Titan (-7.19%), Adani Enterprises (-4.12%), BPCL (-2.93%), SBI (-2.81%), Coal India (-2.75%)

Stocks advanced on BSE at 3 pm on May 6, 2024, were 1,230 against 2,667 stocks that declined; 166 stocks remain unchanged. Total stocks traded were 4,063. The number of stocks that recorded a 52-week high was 235, and those that hit a 52-week low was 25. 

In addition, 334 stocks traded in lower circuit, while 308 hit the upper circuit.

Welspun Corp’s associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s manufacturer of HSAW Pipes, announced contract sign off with Maramer Contracting Company with value exceeding SAR 60 million (approx. ₹133 crore) for manufacturing, coating and supply of steel pipes. The duration of the contract is six months.

Welspun Corp stock traded at ₹587.45 on the NSE, down by 2.21%.

Coromandel International Ltd has announced increasing its investment in Ecozen, a climate-smart technology solutions provider. The ₹24 crore investment was made through its wholly owned subsidiary and corporate venture capital arm Dare Ventures Ltd. With this, Coromandel has increased its shareholding in Ecozen to 5.54%, an increase of 3.13%.

Coromandel International stock rises 1.54% on the NSE, trading at ₹1,226.70.

Indegene IPO has been subscribed 0.85 times as of 2.42 pm on May 6, 2024. The QIB portion has been subscribed 0.01 times, NII 1.60 times, retail 0.99 times, and those reserved for employees 0.91 times. Issue closes on May 8.

Major stocks that hit a 52-week high on the NSE:

GRP Ltd (20%)

Ganges Securities (18.50%)

Anup Engineering (12.29%)

Godrej Properties (10.13%)

TVS Holdings (6.50%)

Punjab Chemicals & Crop Protection reported its net profit for the quarter ended March 2024 at ₹2.41 crore as against ₹3.20 crore in the corresponding quarter last year.

The board has recommended final dividend of ₹3 per equity share.

The stock fell 6.62% on thee NSE, trading at ₹1,086.30.

Arvind Limited announced its financial results for Q4 FY24. The company reported an overall revenue of ₹2,075 crore for the quarter under review, a 10% growth compared to the same period last year.

Read more here.

CG Power and Industrial Solutions reported consolidated net profit for the quarter ended March 2024 at ₹233.81 crore as against ₹426.22 in the corresponding quarter last year.

Stock declined 1.46% on the NSE, trading at ₹540.20.

The board of Indian Bank has recommended dividend of ₹12 per equity share i.e at 120% of paid up Equity Capital of the Bank for the Financial Year 2023-24.

The bank reported its consolidated net profit for the quarter ended in March 2024 at ₹2295.61 crore as against ₹1,519.68 crore in March 2023 quarter.

Stock traded at ₹537.85 on the NSE, down by 1.13%

NPCI Bharat BillPay Ltd. (NBBL), a subsidiary of National Payments Corporation of India (NPCI), has on boarded Disney+ Hotstar as a biller on its Bharat Bill Payment System (BBPS) platform under subscription category.

VA Tech WABAG Launches BLUE SEED an initiative to empower promising start-ups in Water Sector.

Accelerator to support emerging start-ups in the water sector.

Mr. Gopal Srinivasan of TVS Group, CMD of TVS Capital Funds Limited launched the initiative.

VA Tech WABAG will invest in promising start-ups with innovative water technology solutions.

Capital Support: Pre-seed and seed funding to jump start growth.

Will provide comprehensive support and resources to accelerate the success of these Waterpreneurs.

It aims to cultivate a thriving ecosystem of Waterpreneurs

BSE Sensex declines by 34.47 pts or 0.05% to trade at 73,843.68 as of 1.29 pm, and Nifty 50 falls 53.65 pts or 0.24% at 22,422.20.

Axis AMC, one of the fastest-growing fund houses, has appointed Vishal Dhanesha as the Chief Operating Officer. Vishal, with over two decades of experience, most of it in the asset management space, will be responsible for overseeing the Fund Accounting Operations, R&T Operations, IT and Information Security functions across the Mutual Fund, AIF, and PMS businesses. Vishal will be a part of the AMC’s leadership team and will participate in shaping as well as executing the company’s strategic imperatives. 

Prior to joining Axis AMC, Dhanesha was the Head of Operations at SBI Funds Management Limited where he spent over a decade in roles across Operations & Audit. He has also been associated with Franklin Tempelton AMC & KPMG in the past.

The board of Indian Card Clothing Company has approved the proposal to sell commercial buildings owned by the company together with the land appurtenant thereto known as ICC Chambers – I admeasuring approximately 907.40 sq. mtrs. (built-up area) and ICC Chambers – II admeasuring approximately 4,158.71 sq. mtrs. (built-up area) situated at Village Tungawe, Saki Vihar Road, Muranjan Wadi, Marol, Andheri East, Mumbai – 400072, Maharashtra, for a consideration not below ₹91 crore to Faridabad Management Pvt Ltd , Mumbai.

Indian Card Clothing Company stock rises 2.29% on the NSE, trading at ₹276.95.

The Indegene IPO has been subscribed 0.65 times as of 1.15 pm on May 6, 2024. The QIB portion has been subscribed 0.01 times, NII 1.23 times, retail 0.75 times, and that reserved for employees 0.75 times. Issue closes on May 8. 

The Arvind Ltd board has recommended a final dividend of ₹3.75 per equity share and a one-time special dividend of ₹1 per equity share, totalling to a dividend of ₹4.75 per equity share of face value of ₹10 each, for the financial year ended March 31, 2024.

The board has also appointed Susheel Kaul as Managing Director of the company, designated as Managing Director & President (Textiles), with effect from May 6.

Shares of Arvind Ltd trade at ₹330.90 on the NSE, down by 0.79%.

The board has also approved a scheme of arrangement for transfer of advanced materials undertaking of Arvind Ltd as a going concern on a slump sale basis to Arvind Advanced Materials Ltd, a wholly-owned subsidiary of the company

Zinc futures (May contract) on the Multi Commodity Exchange (MCX) returned nearly 18 per cent in April. Thus, the uptrend, which began in the second half of February, is valid. The rebound in price off the support band of ₹250-252 last week reinforces the bulls’ hold. Read more

Sanofi India Ltd said it has received an order from the Assistant Commissioner of State Tax Taxpayer Services Circle Kadavanthra at Tripunithura, imposing a penalty of ₹9.99 million for the non-issuance of e-way bills.

The company is reviewing the order with the consultant and assessing the next steps in the matter.

Shares of Sanofi India declined by 1.41% on the NSE, trading at ₹8,502.40.

HCLTech has entered a collaboration agreement with Amazon Web Services (AWS) to accelerate generative AI-led enterprise digital transformation. HCL Technologies stock trades at ₹1,357.10 on the NSE, up 0.67%.

Major gainers on the NSE at 12 noon:

Britannia (7.92%), Kotak Bank (5.50%), TCS (2.16%), JSW Steel (2.03%), Infosys (1.36%)

Major losers:

Titan (-6.23%), Adani Enterprises (-3.49%), NTPC (-2.71%), SBI (-2.58%), Adani Ports (-2.26%)

Total stocks traded were 3,918. The number of stocks that recorded a 52-week high was 199, and those that hit a 52-week low was 22. 

In addition, 271 stocks traded in lower circuit, while 242 hit the upper circuit.

Vinati Organics has subscribed to additional fully paid-up equity shares amounting to ₹58.05 crore by way of subscription towards the rights issue of Veeral Organics Pvt. Ltd., a wholly owned subsidiary.

Vinati Organics stock trades at ₹1,618.15 on the NSE, down by 0.66%.

Adani Enterprises (-3.31%)

Adani Ports (-2.59%)

Ambuja Cements (-2.32%)

Adani Power (-2.29%)

Adani Total Gas (-2.14%)

Adani Wilmar (-1.67%)

Adani Green Energy (-1.27%)

Adani Energy Solutions (-1.14%)

ACC (-0.71%)

CarTrade Tech Limited reported its consolidated net profit for the quarter ended March 2024 at ₹24.96 crore as against ₹17.49 crore in March 2023 quarter.

Stock rallied 11.98% to trade at ₹839.80 on the NSE.

Bank Nifty, which posted a gain of 1.5 per cent last week, began today’s session with a gap-up at 49,175 versus Friday’s close of 48,924. The index is now trading at today’s open price and gained 0.5 per cent so far today. Read more

Nifty 50 has begun the week on a weak note. The sharp fall seen on Friday last week is continuing to weigh on the index. It is currently trading at 22,456, down 0.08 per cent. The advances/declines ratio is at 19:31. This gives a bearish bias. ​Read more​

Shares of Kotak Mahindra Bank on Monday rallied nearly 5 per cent after the company reported a 25 per cent growth in its March quarter net profit. Read more

Xelpmoc Design and Tech Ltd has approved the proposal for sale/disposal of equity investment in Fortigo Network Logistics Pvt Ltd at a consideration of ₹1.30 crore 

Stock trades at ₹144.80 on the BSE, down by 0.65%.

The Indegene IPO has been subscribed 0.24 times as of 11.09 am on its opening day - May 6, 2024. The NII portion has been subscribed 0.42 times, retail 0.30 times, and the portion reserved for employees 0.40 times. The issue closes on May 8.

Major gainers: Rainbow Childrens Medicare (9.34%), Godrej Properties (8.90%), Britannia (7.60%), BASF (6.70%), TVS Holdings (6.21%)

Major losers: PFC (-7.99%), Titan (-6.31%), REC (-6.26%), MRPL (-5.33%), Zen Technologies (-5%)

Zydus Lifesciences Ltd has executed and completed a share purchase agreement with Bayer Pharmaceuticals Pvt Ltd (purchaser) and Bayer Zydus Pharma Pvt Ltd JV Company) for sale and transfer of 1,24,99,999 equity shares of ₹10 of the JV Company.

The company has received the consideration amount and Bayer Zydus Pharma Private Ltd has ceased to be a joint venture of the company. 

Zydus Lifesciences stock declines by 2.29% on the NSE, trading at ₹974.60.

Godrej Properties stock surges 6.63% to trade at ₹2,740.05. The company plans to launch residential projects worth ₹30,000 crore this fiscal across major cities to achieve 20% growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej said in a PTI interview.

REC stock plunges 9.99% on the NSE, trading at ₹502.05. The stock on Friday hit the 52-week high at ₹567.15. On Sunday it said it had received RBI approval to set up a subsidiary in GIFT City, Gujarat.

Sprayking Ltd has secured a ₹4-crore order, advances in brass rod production, and introduced two new quality-certified brands for African markets. The stock declined by 4.01% on the BSE to trade at ₹45.01.

NSE Nifty50 was up by 0.4 per cent, or 89 points, to 22,565.45, while the BSE Sensex advanced to 74,303.84, up by 0.58 per cent, or 425 points. Of the 3,131 stocks actively traded, 1,595 advanced, 1,387 declined and 149 stocks remained unchanged. 137 stocks hit 52- week high and 9 stocks hit 52-week low at 9.30 a.m. on Monday on the BSE. Read more

Alembic Pharmaceuticals has received an Establishment Inspection Report (EIR) from USFDA following an inspection carried out at its Oncology (Injectable and Oral Solid) Formulation Facility (F-2) at Panelav. Stock trades at trades at ₹1,017.50 on the NSE, down by 0.66%.

Major gainers: Kotak Bank (4.33%), Britannia (23%), JSW Steel (1.64%), TCS (1.60%), IndusInd (1.38%)

Major losers: Titan (-4.77%), SBI (-2.25%), Shriram Finance (-1.81%), Bajaj Auto (-1.54%), Adani Enterprises (-1.19%)

India’s top stock exchanges are luring investors with new products and lower fees as they battle for a share of the hot but fledgling derivatives market, in turn fuelling a surge in trading activity that is drawing regulatory scrutiny. Read more

In the preceding week, the Indian benchmark indices Nifty 50 and Sensex experienced a marginal gain of around 0.2 per cent. Sectoral indices such as BSE Power (3.3 per cent), BSE PSU (3.1 per cent) and BSE Auto (2.4 per cent) gained the most while BSE Teck (-2.1 per cent), and BSE IT (-1.5 per cent) were tepid during the week. Read more

Grasim Industries has received an order from Additional Commissioner, CGST & Central Excise, Surat, Gujarat, for denial of partial Input Tax Credit under Integrated Goods and Services Tax Act, 2017 of ₹45,12,70,303 (plus the applicable interest thereon) and levy of consequential penalty of ₹4,51,27,030.

CITI on Titan

Neutral, TP cut to Rs 3650

4Q : Profitability below expectations; margins risk ahead

EBITDA growth of 6% YoY missed Citi est by 5%(PAT in-line) 

Co prioritizing aggressive growth (20%) over margins

Expect stk to remain under pressure in near term

GS on Titan

Buy, TP Rs 3950

Rev growth remains strong, but competitive intensity to cap margins

Strong rev growth in jewellery sustains; but facing margin headwinds

Management expects to maintain current margin range of 12-13%

UBS on Titan

Neutral, TP Rs 3900

Focus on driving sales amid high competition

Margins impacted by higher discounts & offers

Demand environment remains weak; competitive intensity continues

Weak sales growth in watches & wearables; Caratlane EBIT margin at 6.9%

JPM on Kotak BK

Upgrade to OW, TP Rs 2070 on supportive vals post recent RBI actions & senior management departure

Bank showed in 4Q that core operating metrics remain strong 

Believe KMB can continue to compound b/s at 16% CAGR over next 2 yrs

Nomura on Kotak BK

Upgrade to buy, TP Rs 2000

4Q an all-round beat; elevated write-offs but asset quality well in control

Now see significant value in KMB

While resolution of RBI’s embargo & any further churn in top management will be key to watch, find current vals attractive

Jefferies on Kotak BK

Hold, TP cut to Rs 1790

profit of Rs41bn, up 18% YoY, was ahead of est. & adj for 3 one-timers it grew by 5%.

Deposit growth was healthy at 24% & aided loan growth of 18% (core at 17%).

Slippages & credit costs are normalising

Bernstein on Kotak BK

Market Perform, TP Rs 1650

Solid qtr. –with growth finally ahead of peers (24% YoY deposit growth & 20% advances growth) & RoA of 3% being highest amongst peers

Focus now will be on management’s commentary on expected impact of recent regulatory actions

Kotak inst. on JSW Infra

Sell Call, Target Rs 205

Co Reported A 5% EBITDA Beat On Higher Margin In Q4

On Organic Basis, Vol Growth Was Flat YoY & Implied Growth Guidance Is Mid-single Digits

2024-30 Capex Guidance Of Nearly `30,000 Cr Is Aligned With Assessment Of Capex In Projs Won

Value Of New Project Wins Is A Key Upside Risk

Port Portfolio Is Constrained In Benefitting From Growth In JSW Steel Vol For Next 2 Yrs

JPMorgan on Avenue Supermarts

Upgrade To Overweight, Target Raised To Rs 5,400

Risk-reward Is Favorable With Business Set Up Well For Acceleration

Upgrade Premised On More Confidence On High Teens+ Rev Growth Delivery Over Medium-term

Upgrade On Ability To Ensure Lowest Prices Offers A Key Competitive Advantage Over Peers

Apparel Underperformance Is Now Behind With Co Aiming To Skew Mix Towards Non-dashion Pdts

Margin Tailwinds Exist From Scale Benefits , Premiumisation, Better Mix & Strong Cost Focus

Raise FY25-26 EPS By 3-6%

GS on Avenue Supermarts

Sell Call, Target Rs 3,900

Q4 Profit Growth Catches Up With Sales Growth, Margin Have Likely Bottomed

Declining Revenue Contribution By General Merchandise & Apparel Will Cap Gross Margin Expansion

FY24 SSSG Below Historical Trend

Store Addition Similar To Last Year, Largely In Existing States

Sharp Increase In Capex In FY24

MS on Britannia

Overweight Call, Target Rs 5,243

Reported Q4 Revenue, EBITDA, & Adjusted PAT Growth Of 3%, -2%, & -4% YoY, Respectively

Revenue Was Up 8% On A Five-year CAGR Basis, Similar To Q2

Gross Margin Expanded 107 bps YoY And 113 bps QoQ To 44.1%

EBITDA Margin Contracted 96 bps YoY & Was Flat QoQ At 19.6%

CLSA on Britannia

Outperform Call, Target Rs 5,636

Q4 Consol Revenue Growth Of 1.1% YoY, 2% Below Estimate

Gross Margin Was Flat YoY At 44.9% While EBITDA Margin Contracted By 56 bps YoY To 19.4%

Absolute EBITDA Was 3% Below Estimate

PAT Contracted By 2.2% YoY, Which Was 1% Below Estimate

Jefferies on Godrej Properties

Buy Call, Target Rs 3,175

Strong Cashflow Performance In Q4 Drove First Net-debt Reduction In 22 Quarters, Key Positive

FY24 Guidance Has Been Well Exceeded

Disclosures On Embedded Profitability Imply Co Trades At 17x PE To FY25 Pre-sales

JPMorgan on Godrej Properties

Upgrade To Overweight, Target Raised To Rs 3,100

Upgrade Following Co’s FY24 Pre-sales Beat

Upgrade Following Disclosures That Its Economic Interest In New Sales Has Improved Substantially

Resulting In Imputed Net Margin Rising To 13%

Mumbai Sales Growth Is An Added Positive As Co Is Finally Capitalising On Home Mkt Opportunity

Nomura on First Source

Neutral, TP Rs 200

4Q: Rev beat, margins in line

FY25E cc revenue growth guidance at 10-13% reasonable

Robust deal win & headcount addition give confidence on FY25 rev guidance

Margin expansion to remain slow initially with investment in team & capability

Nomura on Kansai Nerolac

Buy, TP Rs 400

Double-digit vol growth in Decorative; Industrial demand good, but weaker than 3Q

Strong GPM expansion continued; OPM improvement capped due to higher A&P

Capacity addition despite rising competition

KNPL trades 36x/31.5x Mar-25F/26F EPS

Tyre-maker CEAT will enter North and Latin America with passenger car and truck and bus radial tyres in 2024. Read more

The new week to begin on positive note for domestic markets. However, analysts expect the market to remain volatile and will be anchored by global events. Read more

Issue Open - 22-Apr-24

Issue Close - 06-May-24 (Today)

Right issue Size: Rs. 400 Crs (10 Crs Shares)

Stock Price – 42.95/-

Right issue Price: Rs. 40/-

Payment Terms: Rs. 40/- (Full amount of Rs.40 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 20 Rights Equity Share for every 39 shares held (Effectively 0.51 for every 1 share held).

Last Trade date (Cum Right): 02 April 2024

Ex-Right Trading date: 03 April 2024

Record Date: 03 April 2024

Right Entitlement (RE) Trading Period:- 22-April-2024 to 30-April-2024

Last day of Renunciation of Rights Entitlements: 30-April-2024

Date of Allotment (on or about): 10-May-2024

Date of listing (on or about): 20-May-2024

Type of Offer: Acquisition

Acquirer: Coforge Limited

Issue of Public Announcement: 02-May-2024

Offer price Rs: 1,415

CMP: Rs 1,320

(%Prem.)/Disc.: 6.7%

Offer Size : Rs 1,013 Cr

Proposed Acq. No.of shares: 0.72 cr

Proposed Acq. : 26%

Schedule of Activity: Not Yet Announced

Type of Offer: Acquisition

Acquirer: Nadir Godrej, Tanya Dubash, Nisaba Gorej, and other promoters of Godrej Agrovet

Issue of Public Announcement: 02-May-2024

Offer price Rs: 1,069.75

CMP: Rs 1,227

(%Prem.)/Disc.: -14.7%

Offer Size : Rs 545 Cr

Proposed Acq. No.of shares: 0.51 cr

Proposed Acq. : 26%

Schedule of Activity: Not Yet Announced

JP Morgan on DMart: Upgrade to Overweight on Company, raise target price at Rs 5400/sh (Positive) 

MOSL on DMart: Maintain Buy on Company, raise target price at Rs 5310/sh (Positive) 

JP Morgan on Kotak Bank: Upgrade to Overweight on Bank, raise target price at Rs 2070/sh (Positive) 

Nomura on Kotak Bank: Upgrade to Buy on Bank, raise target price at Rs 2000/sh (Positive) 

Investec on Kotak Bank: Maintain Buy on Bank, target price at Rs 2300/sh (Positive) 

Jefferies on KEI Ind: Maintain Buy on Company, raise target price at Rs 4770/sh (Positive) 

Antique on Oil India: Maintain Buy on Company, raise target price at Rs 709/sh (Positive) 

Antique on ONGC: Maintain Buy on Company, raise target price at Rs 339/sh (Positive) 

MS on Britannia: Maintain Overweight on Company, target price at Rs 5243/sh (Positive) 

Jefferies on ONGC: Maintain Buy on Company, target price at Rs 390/sh (Positive) 

Bernstein on Kotak Bank: Maintain Market Perform on Bank, target price at Rs 1650/sh (Neutral) 

Jefferies on Kotak Bank: Maintain Hold on Bank, target price at Rs 1790/sh (Neutral) 

Nuvama on Kotak Bank: Maintain Reduce on Bank, target price at Rs 1530/sh (Neutral) 

JP Morgan on Britannia: Maintain Neutral on Company, target price at Rs 5260/Sh (Neutral) 

JP Morgan on Titan: Maintain Overweight on Company, cut target price at Rs 3850/Sh (Neutral) 

GS on Titan: Maintain Buy on Company, target price at Rs 3950/Sh (Neutral) 

UBS on Titan: Maintain Neutral on Company, target price at Rs 3900/Sh (Neutral) 

Jefferies on Titan: Maintain Hold on Company, target price at Rs 3500/Sh (Neutral) 

Nuvama on DMart: Maintain Hold on Company, target price at Rs 4821/sh (Neutral) 

MOSL on MRF: Maintain Sell on Company, target price at Rs 92000/sh (Neutral) 

Kotak on JSW Infra: Maintain Sell on Company, target price at Rs 205/sh (Neutral) 

Kotak on CEAT: Maintain Sell on Company, target price at Rs 1850/Sh (Neutral) 

BofA on Tata Tech: Maintain Buy on Company, target price at Rs 1250/sh (Neutral) 

JP Morgan on Tata Tech: Maintain Underweight on Company, target price at Rs 800/sh (Negative) 

Nuvama on Titan: Downgrade to Hold on Company, cut target price at Rs 3867/sh (Negative)

Paytm’s parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said. Gupta steered the lending business, online and offline payments, and compliances, at Paytm. Read more

Amidst the geopolitical challenges and uncertain global economic climate, India’s foreign currency reserves stand intact at USD 637 billion bolstered by strong economic growth trajectory, attractiveness to international investors and robust export growth trajectory, said Mr Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry

The SME Initial Public Offering of Storage Technologies and Automation Ltd was subscribed 258.56 times on the final day of bidding after the issue saw strong buying interest from all category of investors.

The issue received bids of 71,11,37,600 shares against the offered 27,50,400 equity shares, at a price band of ₹76-78, according to the data available on the SME platform of BSE.

Non-Institutional Investors Portion was subscribed 422.83 times, Retail Portion was subscribed 242.63 times, whereas Qualified Institutional Buyer Portion subscribed 117.86 times.

OneView Corporate Advisors Private Limited is the sole book-running lead manager and Integrated Registry Management Services Private Limited is the registrar to the issue. The equity shares are proposed to be listed on SME Platform of BSE Limited

Ex-Dividend 07 May 2024 (Tomorrow)

Last date for Cum-Dividend Today

Hcl Technologies Ltd.

Dividend Per Share Rs.18

Previous day Closing Price – Rs. 1347.8

Oracle Financial Services Software Ltd.

Dividend Per Share Rs.240

Previous day Closing Price – Rs. 7781.05

•Fixed Income

The New 10-Year Benchmark GOI 7.10 2034 traded between 7.10% - 7.17% during this week.

The Old 10-Year Benchmark GOI 7.18 2033 traded between 7.14% - 7.20% during this week, tracking movement in US Treasury Yields and FED Meeting. 

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 28,000, INR 14,700 Crore, and INR 27,000 Crore, respectively. 

G-sec Cutoff: 

7.33% GS 2026: 100.41/7.1460%\u0009

7.23% GS 2039: 100.29/7.1973%

7.34% GS 2064: 100.55/7.2971%

SDL Cutoff:

08 Years: PN 7.54%

10 Years: AS 7.54%, HR 7.52%, RJ 7.52%

12 Years: AP 7.53%, PN 7.53%

13 Years: PN 7.53%, RJ 7.52%

15 Years: RJ 7.52%

17 Years: AP 7.51%

20 Years: AP 7.49%, RJ 7.49%, TN 7.49%

26 Years: KL 7.47%

T-Bill Cutoff:

091 Days: INR 12000 Crore 98.2854/6.9972%

182 Days: INR 7000 Crore 96.6090/7.0393%

364 Days: INR 8000 Crore 93.4053/7.0797%\u0009

•Commodities:

1)Brent Crude Oil: $82.81-$89.29 (Per barrel)

2)WTI Crude Oil: $77.95-$83.91 (Per barrel)

3)Gold: INR 7,151-INR 7,260 24 Carat (1 Gram)

4)Silver: INR 83,000-INR 84,000 (1 KG)

•US Treasury Yield:

1)US 2 Years Treasury: 4.76%-5.04%

2)US 5 Years Treasury: 4.45%-4.72%

3)US 10 Years Treasury: 4.44%-4.69%

•Corporate Bond Highlights

AAA 5 Years Bond traded between 7.70%-7.75% this week.

AAA 10 Years Bond traded between 7.80%-7.84% this week.

•New Issuances:

CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED

Ratings: AA+/Stable by ICRA & INDIA Ratings; Issue Size: 500 + 500 Crs; Maturity Date: 30/04/2029. 

Allocated 504 Crs at 8.59%

SMFG India Credit Company Limited

Ratings: AAA by ICRA; Issue Size: 500 + 250 Crs; Maturity Date: 15/09/2025. 

Allocated 500 Crs at 8.30%.

KOTAK MAHINDRA PRIME LIMITED\u0009

Ratings: AAA/Stable by ICRA & CRISIL; Issue Size: 275 +375 Crs; Maturity Date: 18/08/2027

Allocated 277 Crs at 8.13%

SUMMIT DIGITEL INFRASTRUCTURE LIMITED

Ratings: AAA/Stable by ICRA & CRSIL; Issue Size: 600 + 0 Crs; Maturity Date: 01/05/2029. 

Allocated 600 Crs at 7.89%

MUTHOOT FINANCE LIMITED

Ratings: AA+/Stable by CRISIL; Issue Size: 190 + 0 Crs; Maturity Date: 03/05/2027

Allocated 190 Crs at 8.95%

Ratings: AA+/Stable by CRISIL; Issue Size: 250 + 250 Crs; Maturity Date: 03/05/2029

Allocated 420 Crs at 9.03%

ICICI HOME FINANCE COMPANY LIMITED

Ratings: AAA/Stable by CARE; Issue Size: 150 + 250 Crs; Maturity Date: 02/08/2027

Allocated 160 Crs at 8.07%

TATA REALTY AND INFRASTRUCTURE LIMITED

Ratings: AA+/Stable by ICRA; Issue Size: 225 + 0 Crs; Maturity Date: 03/05/2026

Allocated 225 Crs at 8.20%

BAJAJ FINANCE LIMITED

Ratings: AAA/Stable by CRISIL & INDIA Ratings; Issue Size: 500 + 2500 Crs; Maturity Date: 10/05/2027; Allocated 1035 Crs at 8.15%

Ratings: AAA/Stable by CRISIL & INDIA Ratings; Issue Size: 200 + 1000 Crs; Maturity Date: 02/05/2034; Allocated 328.50 Crs at 7.93%

•News Highlights

INDIA

1)The Reserve Bank of India announced that the Centre plans to buy back Rs 40,000 crore worth of government securities on May 9, the first such repurchase since 2018. The unexpected move is also seen bringing down yields on short-term government bonds, as the three securities that the government has chosen to buy back are all maturing within six to nine months.

2)India’s foreign exchange reserves saw a decline of $2.41 billion to $637.92 billion as of April 26, according to the latest data from the Reserve Bank of India (RBI). This follows a previous decrease of $2.83 billion to $640.33 billion for the week ending on April 19, 2024.

3)India’s services exports decelerated in FY24 to a three-year low, with a modest increase of 4.9 per cent to $341.1 billion, data released by the Reserve Bank of India showed. Net services exports grew at a robust pace of 13.6 per cent to $162.8 billion as services imports contracted 2 per cent to $178.3 billion during the financial year ended March 31.

4)Fundraising by banks through certificates of deposits (CDs) declined by 74% in April compared with March as liquidity tightness in the banking system eased and demand for loans moderated. Banks raised Rs 32,860 crore in April compared with Rs 1.27 trillion in March through CDs, data from Prime Database show.

5)India’s services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion, according to a report by the Reserve Bank of India released on 2nd May 2024. As per RBI’s data on India’s international trade in services, the trade surplus during March 2024 was USD 13.4 billion.

6)The headline Purchasing Managers’ Index (PMI), released by HSBC, slipped to 58.8 in April from a 16-year high of 59.1 recorded in March. Indian manufacturing slowed down a bit in April but growth stayed robust to signal the second-best improvement in the sector’s health in three and a half years.

7)Paris-based global agency Organisation for Economic Co-Operation and Development (OECD) has upgraded India’s GDP growth forecast by 40 basis points to 6.6% for FY2024-25. The GDP forecast for FY25 also remains the same at 6.6%. 

8)Unified Payment Interface (UPI) transactions declined in volume and value in April by 1 per cent and 0.7 per cent, compared to March 2024. Transactions stood at Rs 19.64 trillion in terms of value, down from Rs 19.78 trillion in March. There were 13.3 billion transactions in April, compared to 13.44 billion in March.

9)Data for April revealed that FIIs sold shares worth Rs 35,692.19 crore, while DIIs bought shares worth Rs 44,186.28 crore. Despite these divergent trends, Indian indices sustained positive returns in April, with the Nifty yielding 0.65% and the Sensex rising by 0.63% in the holiday-shortened month.

10)After 2 straight months of inflows, foreign portfolio investors (FPIs) turned sellers in April. FPIs sold Indian equities worth ₹8,671 crore during the month on the back of a rise in US bond yields and higher crude oil prices.

11)India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on 30th April 2024.

12)A recent report by World Gold Council (WGC) revealed that gold demand in India saw a significant rise by 8 per cent, reaching 136.6 tonnes in the January - March quarter (Q1) in 2024. This rise was supported by a robust economic backdrop, despite gold prices reaching historic highs. The increase in demand was further fueled by the Reserve Bank of India’s (RBI) robust gold purchases. The central bank purchased over 19 tonnes of gold during the initial quarter of the current calendar year 2024 (Q1-CY24 / Q4-FY24), surpassing the 16 tonnes it purchased throughout the entirety of 2023, as outlined in the WGC report.

13)Goods and services tax (GST) collection touched a record ₹2.10 trillion in April, reflecting robust economic growth. This is also the first time GST collection has crossed the ₹2 trillion mark since the unified indirect tax regime was rolled out seven years ago. “This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions, up 13.4%, and imports, up 8.3%,” a finance ministry statement said.

14)The Asia-Pacific region will grow less slowly than previously feared, the International Monetary Fund (IMF) said on 30th April 2024, reflecting an improved outlook for two of the region’s largest economies, China and India. “We have raised our regional growth forecast for this year to 4.5%, up 0.3 percentage point from six months earlier, after a 5% expansion in 2023. The revision reflects upgrades for China, where we expect policy stimulus to provide support, and India, where public investment remains an important driver, making it the world’s fastest-growing major economy,” the IMF report said.

15)India recorded about 131 billion UPI transactions with a total value of Rs 200 lakh crore in FY24, finance minister Nirmala Sitharaman said. In FY23, about 83.7 crore transactions worth Rs 139 trillion were done through UPI, National Payments Corporation of India (NPCI) data stated.

16)The growth in output of eight key infrastructure industries — known as the core sector — slowed to 5.2 per cent year-on-year (Y-o-Y) in March from 7.1 per cent in February on the back of a sequential deterioration recorded by five of its constituents.

17)Indian economy will likely expand 6.8% in the current fiscal as public investment remains the primary growth driver, the International Monetary Fund said in its Regional Economic Outlook for Asia and Pacific.

WORLD

1)Federal Open Market Committee (FOMC) votes unanimously to leave benchmark rate unchanged in target range of 5.25%-5.5%, a two-decade high, for sixth straight meeting; adds new sentence to statement noting, “In recent months, there has been a lack of further progress toward the Committee’s 2% inflation objective.” The likelihood of a rate cut by the Fed in June and July is low while those odds for the September meeting dipped below 55%.

2)US Initial Jobless Claims for the week ending April 27 remained steady at 208K, unchanged from the previous week and lower than the anticipated 212K.

3)The US Bureau of Labor Statistics (BLS) announced the number of job openings on the last working day of March to be 8.488M, below the anticipated 8.690M mark.

4)According to Automatic Data Processing (ADP), private sector jobs in the US increased by 192K in April, slightly surpassing the projected increase of 175K jobs.

5)The US trade deficit narrowed slightly to $69.4 billion in March from an upwardly revised $69.5 billion in February. This decrease reflects a decline in both exports and imports.

6)U.S. manufacturing growth showed signs of stalling in April. Both major purchasing managers’ indexes (PMIs) dipped. The S&P Global PMI fell to 50.0, down from 51.9 in March. The ISM Manufacturing PMI also contracted, registering 49.2 compared to 50.3 in March.

7)Nonfarm Payrolls (NFP) in the US rose 175,000 in April, the US Bureau of Labor Statistics (BLS) reported on 3rd May 2024. This reading followed the 315,000 increase (revised from 303,000) recorded in March and came in below the market expectation of 243,000.

8)The jobs report showed that the U.S. Unemployment Rate edged higher to 3.9% from 3.8%, while the Labor Force Participation Rate held steady at 62.7%. Additionally, wage inflation, as measured by the change in the Average Hourly Earnings, declined to 3.9% on a yearly basis from 4.1%.

9)The ISM Services PMI in the US dropped sharply to 49.4 in April of 2024 from 51.4 in the earlier month, reflecting the first contraction in services sector activity since December of 2022, and surprising market expectations of 52. 

10)US S&P Global Composite PMI declined to 50.9 in April’s flash estimate from 52.1, showing that the business activity in the US’ private sector continued to expand, albeit at a softer pace than in March. S&P Global Manufacturing PMI dropped to 49.9 from 51.9 in the same period, highlighting a contraction in the manufacturing sector’s business activity. Finally, S&P Global Services PMI edged lower to 50.9 from 51.7.

11)U.K. manufacturing activity contracted in April. The S&P Global PMI dipped to 49.1, down from 50.3 in March. This indicates a slowdown in the sector after a brief period of expansion.

12)The Eurozone Consumer Price Index (CPI) came in at 2.4% year-on-year (YoY) in April, matching both the forecast and the previous reading of 2.4%. This suggests stable inflation levels in the Eurozone.

13)Eurozone manufacturing activity contracted at a faster pace in April as the HCOB Manufacturing PMI dipped to 45.7, down from 46.1 in March.

14)The eurozone unemployment rate remained at a historic low of 6.5% in March for the fifth consecutive month. Compared with February, the number of unemployed decreased by 51k.

15)German Consumer Price Index (CPI) inflation rose to 0.5% m/m in April, up from the previous month’s 0.4% but missing the forecast 0.6%. Germany’s y/y Harmonized Index of Consumer Prices (HICP) inflation ticked higher to 2.4%, compared to the forecast hold at 2.3%.

16)China’s economic growth showed signs of moderation in April. The manufacturing PMI dipped to 50.4, down from 50.8 in March. The services sector also indicated a slowdown, with the Non-Manufacturing PMI falling to 51.2 from 53.0. This broad-based weakening is reflected in the Composite PMI Output Index, which declined to 51.7 compared to 52.7 in March.

17)China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) came in at 51.4 in April, exceeding the forecast of 51.0 but slightly lower than the previous reading of 51.1. This indicates continued expansion in the manufacturing sector, albeit at a slower pace than in March.

18)Turkey’s credit rating was upgraded by S&P Global Ratings, aided by the government’s return to more orthodox policies. S&P Global has moved Turkey’s long-term sovereign rating one notch higher to B from B, with a positive outlook, according to a statement on Friday.

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Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:18 AM Friday 03 May 2024

Can set alert for them at www.researchbytes.com 

10:00 AM R Systems Intl

Dial: +91 22 6280 1139 

11:00 AM Blue Star

Dial: +91 22 6280 1102

Weblink: https://tinyurl.com/5dwzacam

12:00 PM KEI Industries

Dial: + 91 22 6280 1455 

Weblink: https://tinyurl.com/56v9jmz2

3:00 PM RailTel Corp

Dial: +91 22 6280 1272

3:00 PM Tips Films

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/4r7y8x8s

3:30 PM Linc PenandPlas

Weblink: https://tinyurl.com/3wympmp8

4:00 PM Ceat

Dial: +91 22 6280 1149

Weblink: https://tinyurl.com/yc2598u3

4:00 PM Lloyds Metals and Energy

Dial: +91 22 6280 1224

Weblink: https://tinyurl.com/3v9sh44m

4:00 PM Godrej Prop

Dial: +91 22 6280 1302

Weblink: https://tinyurl.com/3wz6s3zm

4:00 PM Privi Speciality

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3h68akm8

4:00 PM Ugro Capital

(Investor/Analyst Presentation)

Dial: +91 22 6280 1325

Weblink: https://tinyurl.com/bdhp8f2d

4:00 PM HSIL

Dial: +91 22 6280 1325

Weblink: https://tinyurl.com/2wr36xtk

4:00 PM Firstsource Sol

Dial: +91 22 6280 1356

4:00 PM AssocAlcohols

Dial: +91 22 6280 1557

Weblink: https://tinyurl.com/4wneubyk

4:00 PM Bharat Wire Rop

Dial: 044 7126 3432

Weblink: https://tinyurl.com/yfmbkb8e

4:30 PM South IndBk

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/muhx2dcr

4:30 PM JSW Infrastructure Ltd

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/538xp3h6

5:00 PM Titan Company

Weblink: https://tinyurl.com/27m8mvmw

5:00 PM HFCL

Weblink: https://tinyurl.com/3rxtrkbu

5:00 PM Inox Wind

(Press Release )

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/48safc2f

5:00 PM Go Fashion (India)

Dial: +91 22 6280 1309 

Weblink: https://tinyurl.com/2uhbee62

5:00 PM Tatva Chintan Pharma Chem

Dial: +91 22 6807 7153

( Hosted by Isec )

6:00 PM Tata Technologi

Dial: +91 22 6280 1124

Weblink: https://tinyurl.com/3uh2vpyz

6:05 PM Inox Green Ene

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/yvb3tphp

Skipper : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299324

Greenpanel Industries : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299325

Adani Enterpris : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299320

RamkrishnaForge : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299314

Ajanta Pharma : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299316

Dabur India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299323

Dhampur Sugar : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299298

Federal Bank : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299305

Filatex India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299304

Nuvoco Vistas C : (replay)

https://www.researchbytes.com/webcast.aspx?WID=299303

Results today …

https://www.researchbytes.com/Default.aspx?cc=result

Recent interviews …

https://www.researchbytes.com/Default.aspx?cc=interview

Belstar Microfinance Ltd, a subsidiary of Muthoot Finance, has filed a DRHP with SEBI to raise ₹1,300 crore. The company plans to raise the funds through IPO of equity shares with a face value ₹10 each. Read more

The primary market is gearing up for significant activity this week, with three companies -- Blackstone-backed Aadhar Housing Finance, healthcare tech firm Indegene and travel distribution firm TBO Tek -- poised to float IPOs aiming to collectively raise nearly ₹6,400 crore. Read more

BSNL Employees Union, wrote to the Minister of Communication, suggesting that the public sector telco must be allowed to use Vodafone Idea’s 4G network temporarily to provide its own 4G services. Read more

FMCG industry has begun witnessing green shoots in rural demand recovery. Forecast of normal monsoons and softening of inflationary pressures bodes well for rural consumption uptick, industry players said. Read more

Instl. Investors EQUITY Cash Trades PROV. - 03/05/2024 : Rs. CRS. : 

FIIS : SELL -2,392 (17,440-19,832)

DIIS : BUY +690 (13,865-13,175)

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Recent Interview...

As of 18:33 PM Friday 03 May 2024

Arvind Fashions : Punit Lalbhai, ED

ET Now On The Go: Vibrant Journey Of Arvind Group, Dealing With Changing Trends & More

https://www.youtube.com/watch?v=BzAW_ik1pp0

Blue Star: Vir Advani, MD

Blue Star: More Price Hikes On The Card?

https://www.youtube.com/watch?v=r5vIuQuciEo

Ceat: Arnab Banerjee, ED

CEAT Q4: ERP Expenses Impacts Q4 Profits | MD & CEO Arnab Banerjee Discusses

https://www.youtube.com/watch?v=4afaEW4mfeI

Ugro Capital: Shachindra Nath, Executive CMD

U Gro Looks To Raise Over ?1,300 Cr

https://www.youtube.com/watch?v=StBhRA9rnME

eMudhra: Venkatraman Shrinivasan, Chairman

eMudhra: Q4 Updates, FY25 Revenue & Growth Guidance

https://www.youtube.com/watch?v=i8lTE_BVW1k

KEI Industries: Anil Gupta, CMD

Exports Are Expected To Grow By 50% In FY25 Due To Healthy Orderbook & Inquiries: KEI Industries

https://www.youtube.com/watch?v=0sZnBsqgDg0

Max Estates: Rishi Raj, COO

Max Estates Ltd: New York Life Insurance Invests ?388 Cr, Will Acquire 49% Stake

https://www.youtube.com/watch?v=qZJthanURbk

Coforge: Sudhir Singh, CEO

US Contribution To Revenue Will Increase To 55% From 48% After Cigniti Acquisition: Coforge

https://www.youtube.com/watch?v=Hh8BluRJvpA

Coforge: Sudhir Singh, CEO

Coforge Q4, Orderbook Update & Deal Pipeline

https://www.youtube.com/watch?v=8CLozjyWfG8

Neogen: Harin Kanani, Joint MD

Non-Battery Biz Should See Revenue Of ?1,000 Cr By FY26: Neogen Chemicals

https://www.youtube.com/watch?v=EL7z33eFhio

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Closing Bell:

* Sensex: 73878.15(-732.96)

* Nifty 50: 22475.85 (-172.35)

* Nifty bank: 48923.55 (-307.50)

Nifty top 5 Gainers:

* Coal India: 474.60 (+20.70)

* Grasim: 2,481.35(+44.00)

* ONGC: 286.10(+ 3.30)

* Hindalco: 647.10(+5.65)

* Apollo Hospital: 6,009.60 (+51.05)

Nifty top 5 losers:

* Larsen: 3,499.80( -99.70 )

* Maruti Suzuki: 12,492.15 (-313.20)

* Nestle: 2,456.10(-56.20 )

* Reliance: 2,868.00 (-65.10 )

* Bharti Airtel: 1,277.40(-26.65)

The short-term outlook is bullish for NHPC. The stock has formed an inverted head and shoulder pattern. This is a bullish pattern. Also, the rise since mid-March this year has been happening in a bull channel. Strong support is around ₹95. Read more

Nifty 50 and Sensex broadly remained higher, but stable until Friday. The indices witnessed a sharp fall on Friday giving back almost all the gains. The Nifty Bank index, on the other hand, was under pressure in the second half of the week after rising in the first half. It also fell sharply on Friday giving back half of the gains made during the week. Nifty Bank index looks weak to fall more from here, whereas the Nifty is slightly unclear. It could go either way within a broad range. Read more

Reiterating that IndusInd International Holdings Limited (IIHL) is ready and committed to concluding the long-drawn Reliance Capital acquisition, Ashok Hinduja, Chairman, IIHL said the company will close the transaction as per slated timelines once the go-ahead from IRDAI, the insurance regulator comes through. “If you ask me, are we ready for the May 27, we are ready for even on May 15,” he affirmed. Read more

After asking banks and non-banking finance companies to take a calibrated approach to growth, the Reserve Bank of India has signalled fintechs to tamp down. Read more

Indian Overseas Bank plans to sell 92 NPA loans, totalling ₹13,472 crore, in two lots through e-auction under the open auction method as part of its NPA reduction exercise. The bank has published a sales notification on its website for these loans. Read more