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European shares flat amid push for tougher sanctions on Russia
- European shares gave up early gains to trade flat on Monday with investors keeping an eye out for more Western sanctions after Ukraine accused Russia of war crimes.
- The pan-European STOXX 600 index was trading flat, as losses in banks and some industrial stocks partially countered upbeat healthcare stocks.
- Germany said the West would agree to impose more sanctions on Russia, with the country’s defence minister saying the European Union must discuss banning the import of Russian gas, which accounts for 40% of European consumption.
Sensex today live: Index holds 60,000 in afternoon trade
Top 5 NBFC gainers at this hour
Price as on 04 Apr, 2022 02:14 PM, Click on company names for their live prices.
Vodafone raises stake in Vodafone Idea to 47.61%
British telecom major Vodafone has raised its stake in debt-ridden Vodafone Idea Limited to 47.61 per cent through its subsidiary Prime Metals, a regulatory filing said on Monday. The company earlier held 44.39 per cent stake in Vodafone Idea Limited (VIL). “Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 per cent of the equity share capital, of Vodafone Idea Limited (the “company”). PML has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company,” the filing said.
About 70 per cent of HDFC customers do not bank with HDFC Bank, indicating significant opportunity. About 80 per cent of HDFC Bank customers do not have mortgages, indicating low penetration. The friction that exists currently between sanction and disbursal will go away. There would also be opportunities to sell life insurance and non-life insurance products. There would be other synergies for the combined entity. The deal would do away with the holding company discount applied on HDFC’s investments.
– Shivaji Thapliyal, YES Securities
Indian retail investors has brought shock-absorbing capacity to Indian markets: Nirmala Sitharaman
FIIs & FPIs may come & go but today Indian investors have proven even if they come & go, any shock that may come is… https://t.co/bgiYP0FK6M
— NSitharamanOffice (@nsitharamanoffc) 1649056579000
Top gainers in afternoon session
Price as on 04 Apr, 2022 01:08 PM, Click on company names for their live prices.
BCPL Railways bags order from Tata Steel for a project cost of Rs 1843.7 crore for installation of over head electric equipment post tippling yard at TSM Angul Plant under Khurda Road Division of East Coast Railway.
Price as on 04 Apr, 2022 12:41 PM, Click on company names for their live prices.
Ultracab India gets orders from various government & public sector companies; stock rallies 20%
Price as on 04 Apr, 2022 12:20 PM, Click on company names for their live prices.
Sensex today live: Index off day’s high
The BSE barometer Sensex has fallen nearly 600 points from day’s high although it is still up nearly 1000 points and trading firm above 60,000 level. ITC, Asian Paints and Infosys remain top index drags while profit taking in HDFC twins also cut gains.
SML Isuzu jumps 18% after company announces price hike
Shares of commercial vehicle manufacturer SML Isuzu zoomed more than 18 per cent during early trade on Monday after the company increased the price of its products. In a regulatory filing, the company said that prices have been increased by 3-4 per cent across all models of its trucks and buses. The price rise is effective on an immediate basis from April 4, 2022. “The company is taking actions to absorb the impact of a sharp increase in commodity prices and other input costs, the upward revision has been necessitated to partially offset the impact of increased costs,” the filing added.
IOC,Larsen & Toubro and ReNew Power on Monday came together to form a joint venture to develop green hydrogen business. Indian Oil Corporation (IOC) and L&T have additionally signed a pact to form a joint venture with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.
Price as on 04 Apr, 2022 11:59 AM, Click on company names for their live prices.
The amalgamation between HDFC Bank and HDFC Ltd is a fruitful deal for both the parties. We expect the technological platform to be well synchronized and shall enable the bank to build a larger housing loan portfolio. The proportion of unsecured loan will be narrowed down and it will drag down the risk weight, hence improvement in the capital buffer. Despite the larger housing book, the NIMs are likely to stay stable as the bank’s aggressive approach to build a low-cost CASA deposit. The valuation (4x) is still attractive after double-digit single day growth. We believe it’s the win-win situation for both shareholders.
– Ajit Kabi, Banking Analyst at LKP Securities
HDFC top management addresses media
LIVE | HDFC & HDFC Bank announce merger. Watch top management address the media @HDFC_Bank @HomeLoansByHDFC #HDFC… https://t.co/u2J6ysFu3s
— ET NOW (@ETNOWlive) 1649053270000
Bajaj Auto on Monday reported a 20 per cent decline in total vehicle sales at 2,97,188 units in March compared to the year-ago period. The company had sold a total of 3,69,448 vehicles, including commercial vehicles, in March 2021, it said in a statement.
Price as on 04 Apr, 2022 11:50 AM, Click on company names for their live prices.
PB Fintech rallies after Morgan Stanley upgrades stock to Overweight
Shares of PB Fintech, which has Policybazaar as a wholly-owned subsidiary, soared 9 per cent in early trade on Monday following an upgrade by Morgan Stanley. The global brokerage firm upgraded PB Fintech to ‘Overweight’ post a sharp correction in the stock although it said that “risks to growth and capital costs for insurance companies are rising”.
Investor wealth jumps over Rs 3 lakh crore
Investors turned wealthier by more than Rs 3 lakh crore in the first hour of trading on Monday as equities rallied on the proposed merger of HDFC Ltd with HDFC Bank. Reflecting bullish investor sentiments, the 30-share key index Sensex skyrocketed 1,472.33 points or a whopping 2.46 per cent to 60,736.08 points at around 10.30 am, driven by HDFC twins. The market capitalisation of BSE-listed companies, also an indicator of notional wealth of investors, surged to Rs 2,71,36,569.94 crore.
Rupee trades in narrow range against US dollar in early session
The rupee started the financial year 2022-23 on a muted note and inched higher by 3 paise to 75.71 against the US dollar in early trade on Monday amid a firm trend in the domestic equity market. At the interbank foreign exchange, the rupee opened lower at 75.77 against the American dollar, then touched an early high of 75.71, up 3 paise over its previous close. The local unit also reached 75.79 in initial deals. On Thursday, last trading session of FY22, the rupee advanced by 16 paise to close at 75.74 against the US dollar.
MOSL’s take on HDFC Bank stock following merger announcement
- HDFC Bank has approved merger with HDFC Investments Limited and HDFC Holdings Limited. Post-merger HDFC Limited will hold 41% stake in HDFC Bank. This shall enable the bank to build its housing loan portfolio and enhance its existing customer base.
- The bank has also reported robust loan growth in 4QFY22, led by a healthy revival in Retail loans. The Commercial Banking and Corporate segment too saw strong traction, which will likely support growth in PPOP.
- We expect the margin trajectory to recover gradually over FY23, while the uptick in Retail loan growth and unsecured products will be supportive of fee income. Trend in Retail deposit too remains healthy, with the bank witnessing a sequential improvement in its CASA ratio to 48%. We maintain our Buy rating with a TP of Rs 2, 000 per share.
Tata Power Renewables Energy, a whollyowned subsidiary of Tata Power, has commissioned a 300 MW project in Dholera, Gujarat. It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission.
Price as on 04 Apr, 2022 10:43 AM, Click on company names for their live prices.
After a brief pause, cryptocurrencies were back in vogue, continuing late Sunday night action to Monday as well as the latest rise in equities boosted the morale of crypto assets. All of the crypto tokens were trading higher during the early hours on Monday. Meme tokens including Dogecoin and Shiba Inu gained 5 per cent and 4 per cent, respectively. Cardano and BNB added up to 3 per cent each.
HDFC shares locked in 15% upper circuit
Sensex today live: HDFC twins contribute most of 1,400 points Sensex gains
Nifty tops 18,000 level
The 50-pack index reclaimed the 18,000 level in the morning session on Monday, led by a huge rally in HDFC twins stocks following their merger announcement. It was for the first time since January 19 that the index has touched this level.
Keki Mistry on the mega merger of HDFC & HDFC Bank
#StocksToWatch | Keki Mistry on the mega merger of HDFC & HDFC Bank: ▶️Shares of #HDFC in #HDFCBank to be extingu… https://t.co/eRXNldU9IK
— ET NOW (@ETNOWlive) 1649046507000
What’s moving the market?
Segments not impacted by the growth slowdown and higher inflation like IT, telecom, oil and gas producers and attractively valued financials are likely to find favour with investors in the near term. The market will be keenly watching the Q4 results and guidance of IT companies expected starting next week. FMCG, cement and autos are likely to experience marging pressure…