Indian markets were down on Wednesday tracking global markets. Stocks fell globally, while US Treasury yields rose to multi-year highs as investors braced for the possibility of aggressive monetary tightening by the US Federal Reserve to fight inflation. Markets also focused on new sanctions by the West against Russia over its invasion of Ukraine.
DCX Systems files for ₹600 crore IPO
DCX Systems Limited, a leading manufacturer of electronic sub-systems and cable harnesses, has filed a draft red herring prospectus with capital markets regulator SEBI to raise ₹600 crore through an initial share sale.
JSW Steel declared preferred bidder for Ajgaon Iron ore block in Maharashtra: CNBC-TV18
Cost of living rises in India as companies pass on higher prices
Indian manufacturers are running out of capacity to absorb rising input costs, with an increasing number passing it along to consumers in an economy already grappling with Asia’s third-fastest inflation and an uneven recovery.
Companies from the Indian units of Unilever Plc and Suzuki Motor Corp. to homegrown JSW Steel Ltd. are raising prices in response to the global supply squeeze made worse by the surge in energy costs following Russia’s invasion of Ukraine. Higher retail fuel prices are also threatening to hurt demand just as the economy returned to its first full-year of growth after the pandemic-induced 6.6% contraction in the fiscal year ended March 2021. (Bloomberg)
Gold prices face downside risks in the near term: Report
Gold prices could face downside risks in the near term due to higher bond yields and the resolution of the Russia-Ukraine conflict sooner or later, according to Quantum Asset Management Company.
Given the geopolitical and macroeconomic backdrop, the fund house suggests that this could potentially be a good opportunity for investors to enter the market for the medium to long-term, to benefit from the various risks and structural disruptions which will be conducive for gold.
BSE Smallcap index outshines broader market; up 0.7%
Japan’s Mitsui to pick up 49% stake in ReNew Power’s RTC project
Japanese investment firm Mitsui & Co will invest in the round-the-clock (RTC) renewable energy project being developed by ReNew Power and pick up a 49% stake in it.
Tata Motors launches new electric SUV ‘Curvv’
Tata Motors unveiled a special electric SUV concept in India – Tata Curvv Electric SUV. Tata Curvv will be electric first SUV and will later get petrol and diesel engine options.
Marico stock slips as Q4 update signals muted demand
Shares of Marico Ltd. were down about 4% on the National Stock Exchange in opening deals on Wednesday, following the company’s business update for the March-ended quarter (Q4FY22). As per the update, demand conditions remain muted amid subdued rural sentiment and rising prices of commodities. (Read more)
ICICI Securities recommends ‘buy’ on Tatva Chintan Pharma
“The management expects growth in SDAs to continue, and opportunities are increasing for emission control beyond transport vehicles. Tatva Chintan should grow faster from new customer wins, and likely supply to developed market for Euro-7. It has cracked products that are high in purity, and has found application in semi-conductor industry. Supercapacitor batteries are being commercially launched which should drive growth for electrolyte salt. PASC will benefit from the knowledge of continuous flow chemistry, and the company is already in the process of commercializing products. It has reiterated its sustainable EBITDA margin guidance of 22-24%, and Dahej plant commissioning by Nov/Dec’22. We have cut our EPS estimates by 15% for FY22 on lower SDA sales (on chip shortage) and by 4-6% for FY23-24E. We forecast revenue / EPS CAGR of 31% / 28% over FY22-24E. Accordingly, we cut our target price to Rs3,000 (from Rs3,110, 40x FY24E EPS). Maintain BUY. Our estimate does not completely capture the rising opportunities in semi-conductor industry and PASC.”
Markets at noon: Sensex down 376 points; NTPC top gainer; HDFC twins biggest laggards
Maruti Suzuki to hike prices of different models this month due to rising input costs
ITC says sustainably managed over 54,000 tonnes of plastic waste in FY22
ITC Ltd on Wednesday said it is accelerating its move to go beyond plastic neutrality, having sustainably managed more than 54,000 tonnes of plastic waste across India in 2021-22.
The company said its flagship solid waste management programme Well-Being Out of Waste’ (WOW) has so far covered 1.8 crore citizens across 46.7 lakh households in India’s large cities and small towns.
Persistent Systems strengthens leadership team to drive growth
Persistent Systems Ltd. is bolstering its leadership team by inducting senior leaders to support the company’s growth and strategic initiatives.
Sameer Bendre, formerly chief people officer, will take on the role of chief of operations with the responsibility for overseeing Pune-based Persistent’s environmental, social, and governance (ESG) and risk management priorities as well as the company’s enterprise information systems and administration functions.
India’s Paytm aims to break-even for profitability in 1.5 years; shares up over 4%
Bandhan Bank’s Q4 business update signals recovery, but risks remain
Shares of private sector lender Bandhan Bank Ltd were in focus on Wednesday, after the lender released the business update for the March-ended quarter of financial year 2022. Decent growth in business momentum and improvement in collection efficiency were among the key highlights. (Read here)
Sensex contributors: HDFC twins, Infosys drag index
Nifty Energy up 0.8%; Tata Power jumps 10%; Reliance down
India’s services activity rises to 53.6 in March from 51.8 in February
India’s services sector expanded at its fastest pace so far this year in March as an easing of Covid-19 restrictions boosted demand, but elevated inflationary pressures clouded business confidence, a private survey showed.
The S&P Global India Services Purchasing Managers’ Index rose to 53.6 in March from 51.8 in February.
Fuel prices up ₹10 in 16 days, petrol above ₹105/litre in Delhi
Oil marketing companies raised prices of petrol and diesel by 80 paise a litre each on Wednesday. Petrol is now priced at ₹105.41 a litre in the national capital, while diesel is sold for ₹96.67 a litre.
Tata Consultancy Services down 1.6%
Kansas Department of Labour has selected TCS to build a modern, secure, web-based system for the state’s unemployment insurance program. This will help transform a legacy mainframe platform from the 1970s into a cloud-based system that dramatically improves the delivery of services to Kansas residents.
Indian rupee falls 24 paise to 75.53 against US dollar in early trade
HDFC Bank, HDFC extend losses from the previous session, down around 2% each
NTPC up 3%; India’s top electricity producer’s coal imports this financial year will be the highest in eight years
Nifty Bank down 1.2%; Federal Bank top gainer, HDFC Bank, Bandhan Bank lag