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Stock Market Today: Corporate earnings and global cues to remain in focus
Share Market LIVE Updates: Indian stock markets are trading flat once again. Most sectors stay around yesterday's mark with Pharma and Realty dragging the market. Titan and Adani Ports jump, while Divi's Lab and Eicher Motors lag.
The focus will remain on the IT stocks as HCL Tech will be declaring its quarterly result today. The sector has been experiencing a downside after TCS and Infosys failed to meet market estimates and an overall negative outlook. US corporate results have also been mixed as the Banking sector continues to experience the aftereffects of the SVB collapse.
20 Apr 2023, 10:25:57 AM IST
Adani Ports share price jumps as the company considers buyback of debt securities
After the announcement of a partial buyback of debt securities by the flagship Adani group company, Adani Ports and Special Economic Zone Ltd, on Wednesday, Adani Ports shares today witnessed strong buying interest among the stock market bulls. Adani Ports share price today opened with an upside gap and went on to hit an intraday high of ₹669.50 on NSE, logging more than 1.50 per cent rise within a few minutes of opening bell today. (Read More)
20 Apr 2023, 10:24:08 AM IST
ICICI Securities share dips after weak Q4 results, ₹9.25 dividend declaration
ICICI Securities share price today witnessed strong sell-off heat after weak fourth-quarter results for the financial year 2022-23. The brokerage company declaring ₹9.25 per share dividend to its shareholders also failed to keep its shareholders' faith in early morning deals. ICICI Securities share price today opened downside and went on to hit an intraday low of ₹432 apiece on NSE, logging around a 5 per cent dip from its Wednesday close of nearly ₹461 apiece.
Despite reporting a 23 per cent dip in the consolidated net profit of the company, ICICI Securities has declared a dividend of ₹9.25 per share for its shareholders. The brokerage company's announcement is a sigh of relief for the ICICI Securities shareholders as the stock has delivered zero return in year-to-date (YTD) time as ICICI Securities share price has nosedived from around ₹495 to ₹463 apiece levels, logging to the tune of 6.50 per cent dip in this time. (Read More)
20 Apr 2023, 09:55:14 AM IST
After being among the top gainers for two days in a row, Divi's Lab finds itself among the biggest laggards as it sheds 3.5%
Divi's Laboratories
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Divi's Laboratories
20 Apr 2023, 09:53:46 AM IST
India sees jump in Covid infections, over 12,000 new corona virus cases in the last 24 hours
India on 20 April reported another rise in infections with over 12,000 Covid-19 cases. In the last 24 hours, India reported 12,591 Covid cases, the data by the health ministry has stated.
The further rise in cases came a day the country reported 10,542 cases yesterday. The country's active caseload currently stands at 65286 – 0.14% percent of the total cases.
The country was seen a declining graph from April 14 to April 18 when 11,109 and 7,633 cases were reported respectively. India had recorded 9,111 on April 17, 10,093 on April 16, and 10,753 on April 15. (Read More)
20 Apr 2023, 09:48:47 AM IST
Reliance Securities Stock in Focus for Today: Engineers India - and three intraday picsk
STOCK IN FOCUS
Engineers India (CMP 78): Considering its asset-light business model, strong clientele base, foray into newer segments and healthy execution track record, we have our BUY rating on ENGR, with a SOTP-based revised Target Price of Rs110.
Intraday Picks
TATASTEEL (PREVIOUS CLOSE: RS108) BUY
For today’s trade, long position can be initiated in the range of Rs107-108 for the target of Rs111 with a strict stop loss of Rs106.
KOTAKBANK (PREVIOUS CLOSE: RS1885) BUY
For today’s trade, long position can be initiated in the range of Rs1865-1880 for the target of Rs1919 with a strict stop loss of Rs1845.
LT (PREVIOUS CLOSE: RS2220) SELL
For today’s trade, short position can be initiated in the range of Rs2235-2250 for the target of Rs2176 with a strict stop loss of Rs2265.
20 Apr 2023, 09:45:40 AM IST
Furniture rental startup RentoMojo reports data breach by hackers, 1.5 lakh subscribers to be affected
Online rental marketplace start-up Rentomojo operated by Edunetwork Pvt. Ltd and which was started in 2014, Rentomojo allows users in Bengaluru, Mumbai, Delhi NCR and Pune to rent furniture, utilities and motorbikes on a subscription basis has reported an instance of data breach which is likely to affect its 1.5 lakh subscribers. The startup firm said that it has reported this incident to the appropriate authorities and is cooperating fully with the ongoing investigation.
RentoMojo sent an email to its subscribers stating that the firm has detected a security breach and wrote, "Recently, our team identified a security breach that involved unauthorised access to one of our databases." (Read More)
20 Apr 2023, 09:36:40 AM IST
IT index starts on a positive note as the index jumps 0.5% with all the stocks trading in the green
IT index
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IT index
20 Apr 2023, 09:35:05 AM IST
Geojit Financial Services views on today's market: In the absence of strong positive or negative triggers, the current consolidation phase will continue
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: In the absence of strong positive or negative triggers, the current consolidation phase will continue. There are some sectoral trends within this consolidation phase that are significant from an investor perspective. One, IT is weak and might continue to remain weak. Two, pharma is showing resilience and this sector stands to benefit from the recent spread of Covid, though mild, in many places. Three, new-age digital consumer stocks are showing strength. Institutional accumulation is happening in some of these stocks and at current levels, their risk-reward ratio appears favourable.
20 Apr 2023, 09:28:52 AM IST
Titan stock price surges in early trading as it gains around 2% as its jewellery arm Tanishq reinstates its advanced booking option
Soaring gold prices have prompted Titan Co. Ltd’s jewellery arm Tanishq to reinstate its advanced booking option, allowing buyers to lock in the price of the yellow metal ahead of auspicious occasions such as the Akshaya Tritiya. It is also amplifying its gold-exchange programme and introducing an affordable range of jewellery to woo consumers. The move is part of a greater push by large retailers to keep the demand momentum intact amid soaring gold prices.
Titan
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Titan
20 Apr 2023, 09:27:09 AM IST
‘It is lawsuit time’, Elon Musk threatens to sue Microsoft; says ‘trained illegally using Twitter data’.
Billionaire Elon Musk threatened tech giant Microsoft to take legal action against the American multinational technology corporation over claims that the company "trained illegally using Twitter data". He made these remarks on his official Twitter handle.
“They trained illegally using Twitter data. Lawsuit time," Elon Musk tweeted.
This came after Microsoft announced that it would drop Twitter from its advertising platform as they refuse to pay the microblogging site's API fees.
“Microsoft drops Twitter from its advertising platform as they refuse to pay Twitter’s API fees," Twitter Daily News said in a tweet. (Read More)
20 Apr 2023, 09:21:56 AM IST
Indices start flat but soon moves into green as Titan and Asian Paints surge at open; Sensex up 100 pts and Nifty 30 pts
Sensex at Open
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Sensex at Open
20 Apr 2023, 09:15:41 AM IST
FMCG stocks face rural headwinds but bright spots offer hope; uncertainty on monsoons adds to the discomfort
The performance of stocks of fast-moving consumer goods (FMCG) companies have been mixed in 2023 so far. Bajaj Consumer Care Ltd, Dabur India Ltd and Emami Ltd have seen their shares fall 6-14% so far. On the other hand, Nestle India Ltd and Godrej Consumer Products Ltd (GCPL) have enjoyed gains of 5% and 11%, respectively.
A key factor for the difference in stock returns could be due to the companies’ varied levels of exposure to the rural markets. As the chart shows, Bajaj Consumer, Dabur and Emami derive about 45-50% of their sales from the rural areas. The rural sales split for GCPL and Nestle is at 25-28%. (Read More)
20 Apr 2023, 09:09:53 AM IST
Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25pc annually
Realty firm Prestige Estates on Wednesday said its sales bookings rose by 25 per cent to a record ₹12,930.9 crore in the last fiscal year on strong housing demand.
In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of ₹12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of ₹9,805.5 crore (up by 31 per cent y-o-y)."
Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales.
The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area.
During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year. (PTI)
20 Apr 2023, 09:02:58 AM IST
Sensex starts flat at the preopen session; Tata Motors, Adani Ports, AUSFB, Titan in focus in today's session
Sensex at Preopen
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Sensex at Preopen
20 Apr 2023, 09:01:09 AM IST
After TCS and Infosys, will HCL Tech also disappoint Street in Q4?
After weak Q4 numbers from Indian IT majors Tata Consultancy Services (TCS) and Infosys, market participants will keep an eye on HCL Technologies, the third largest IT services company in the country, which is scheduled to release its fourth-quarter earnings today.
Q4 is seasonally a weak quarter due to fewer working days and furlough impact in January. Analysts expect consolidated revenue to remain flat, and net profit to decline by 4.8 per cent sequentially.
Most brokerages are also expecting a sequential decline in constant currency revenue, and margins to contract for the January to March quarter. (Read More)
20 Apr 2023, 08:51:02 AM IST
PVR Pic reports strong revenue; posts revenues of nearly ₹200 crore for FY23
PVR Pictures Ltd, the film distribution arm of PVR Ltd, posted revenues of nearly ₹200 crore for FY23, on the back of strong box office performances of Drishyam 2, Vikram Vedha and John Wick 4. It is now looking to scale up the business with more independent films across languages, joint managing director Sanjeev Kumar Bijli said.
The firm, which has also produced films, has no plan to go back to production but is looking to ramp up distribution of Indian films, including Hindi and regional movies, as well as English and Japanese television animation, Bijli said. (Read More)
20 Apr 2023, 08:49:58 AM IST
Rupee likely to hold firm after weakening below key near-term level
The Indian rupee is expected to consolidate at open against the U.S. dollar on Thursday, after falling below the important near-term support level of 82.20 in the previous session.
The non-deliverable forwards indicate the rupee will open at around 82.20-82.25 to the U.S. dollar compared with 82.2250 on Wednesday.
The rupee declined for the third straight session on Wednesday, bogged down by the cash and hedging dollar demand and higher U.S. yields, according to traders.
"It is sort of a surprise that we have managed to reach the 82.20 level. We were betting on a 81.80 to 82.20 immediate range," a spot dealer at a private sector bank said.
USD/INR will see a quiet open with traders assessing whether the up move "will stick" and likely to move higher in the afternoon, he said. (Reuters)
20 Apr 2023, 08:34:07 AM IST
Stocks to Watch: Tata Motors, Adani Ports, ICICI Securities, JSW Steel, Titan, Bank of Maharashtra, Tata Communications, AU Small Finance Bank, PVR, and Prestige Estates
HCL Technologies, ICICI Prudential, Cyient, Bodhi Tree Multimedia, and Sterling and Wilson Renewable Energy will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
20 Apr 2023, 08:23:14 AM IST
Tim Cook commits to doubling jobs creation in India, building on the 100,000 it generated over the past two years
Apple Inc. plans to double the number of jobs created in India, building on the 100,000 it generated over the past two years through manufacturing and other operations as it reinforced its commitment to Asia’s third-largest economy in discussions with government officials, a person aware of the talks said.
During a meeting with senior government officials on Wednesday, Apple chief executive Tim Cook sought policy predictability, help in developing supplier and component ecosystems, and manpower training as he discussed the company’s business plans in India, the person said, seeking anonymity. (Read More)
20 Apr 2023, 08:12:06 AM IST
Tanishq cashes in on gold price boom with early booking option allowing buyers to lock in prices
Soaring gold prices have prompted Titan Co. Ltd’s jewellery arm Tanishq to reinstate its advanced booking option, allowing buyers to lock in the price of the yellow metal ahead of auspicious occasions such as the Akshaya Tritiya. It is also amplifying its gold-exchange programme and introducing an affordable range of jewellery to woo consumers.
The move is part of a greater push by large retailers to keep the demand momentum intact amid soaring gold prices.
The jewellery chain, which is owned by Tata Group, initiates such strategies whenever the price of gold turns volatile. The advanced booking option typically runs for a short duration, effectively protecting the consumers against any rise in gold prices. (Read More)
20 Apr 2023, 08:09:30 AM IST
JLR unveils major investment plans for an all-electric production facility powered by 'Tata family'
UK-based Jaguar Land Rover (JLR) luxury carmaker on Wednesday announced a major investment plan of GBP 15 billion over five years, backed up by a Gigafactory planned by Indian parent company Tata Group in Europe.
JLR Chief Executive Adrian Mardell confirmed plans for the company’s plant in Halewood, north-west England, to become an all-electric production facility as he reaffirmed the firm’s commitment to the Reimagine strategy, which will reposition the luxury car manufacturer as an electric-first company by 2030.
He also revealed that JLR would be the anchor customer of the Tata Group’s proposed Gigafactory, an announcement related to which he said is “hopefully imminent".
“JLR will not be building a Gigafactory; that is not within our plans. Tata will be building a Gigafactory. We are clear it's going to be in Europe. A final destination hasn't yet been chosen," Mardell told reporters at a media event in Gaydon, the company's base in the West Midlands region of England. (PTI)
20 Apr 2023, 07:54:44 AM IST
Day trading guide for today: six stocks to buy or sell on Thursday
As the global market drooped in cautious trade on US Fed rate hike, the Indian stock market finished lower for the third day in a row. NSE Nifty lost 41 points and closed at 17,618 while BSE Sensex corrected 159 points and ended at 59,567 levels. The Nifty Bank index went off 111 points and finished at 42,154 levels. The small-cap index ended minorly in the positive even as the advance-decline ratio dipped below 1:1 (at 0.91:1) after almost 3 weeks. (Read More)
20 Apr 2023, 07:40:12 AM IST
RBI gives permission AU Small Finance Bank to deal with foreign exchange
AU Small Finance Bank Limited (SFB) Wednesday said it has received permission from the Reserve Bank of India (RBI) to act as an authorised dealer to deal in foreign exchange.
AU Small Finance Bank in a regulatory filing said the Reserve Bank vide its letter dated April 19, 2023, has granted a licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange.
The company will be able to deal in foreign exchange subject to compliance with applicable regulations. (Read More)
20 Apr 2023, 07:31:07 AM IST
Adani Ports plans partial buyback of debts; involve debt securities denominated in either Indian rupees or US dollars
Adani Ports and Special Economic Zone Limited, one of India's leading port and logistics companies, on Wednesday, said, the company's board will hold a meeting on 22 April to consider a partial buyback of its certain debt securities effective this financial year, subject to market conditions.
Adani group's total debt stands at around Rs.2.27 trillion as on 31 March.
According to a statement released by the company, the buyback will involve debt securities denominated in either Indian rupees or US dollars. The exact amount and terms of the proposed buyback has not been disclosed by Adani Ports. (Read More)
20 Apr 2023, 07:29:52 AM IST
Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies
Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies, as stubbornly high UK inflation fanned fears of higher-for-longer interest rates.
The largest digital token fell as much as 4.5% before paring some of the slide to trade at about $29,276 as of 3:05 p.m. in New York on Wednesday. Bitcoin has traded on either side of the benchmark number after reaching that level last week for the first time since June.
Ether shed 5.6% and smaller tokens like Solana and Avalanche suffered steeper declines. Crypto-related stocks such as Coinbase Global, Marathon Digital and MicroStrategy also slumped.
The bulk of the decline came after UK consumer-price data on Wednesday showed inflation remained above 10% in March, adding to recent signs that central banks will have to keep lifting borrowing costs. That’s giving traders pause after Bitcoin surged about 80% this year, a rally driven in large part by speculation that rate cuts were imminent. (Read More)
20 Apr 2023, 07:21:52 AM IST
US stock markets flat on Wednesday as investors mull corporate earnings; Morgan Stanely, Tesla profit declines
Wall Street barely budged again on Wednesday following another set of mixed earnings reports from big U.S. companies.
The S&P 500 inched down by 0.35 points, or less than 0.1%, to 4,154.42. The Dow Jones Industrial Average slipped 79.62, or 0.2%, to 33,897.01, and the Nasdaq composite edged up by 3.81 points, or less than 0.1%, to 12,157.23.
Tesla weighed heavily on the market after the electric-vehicle company cut prices for its two top-selling models, its fourth price cut in the U.S. this year. That could be a signal Tesla is trying to spur sales amid shifting U.S. tax credits for electric vehicles. Tesla fell 2% before releasing its latest earnings report after trading closed.
Netflix slumped 3.2% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts.
Elevance Health dropped 5.3% despite reporting stronger profit and revenue than expected. The health insurer gave a forecast for earnings this year that fell short of some analysts' expectations.
So far, most companies have been beating profit forecasts to clear a bar that was set particularly low. Analysts came into this reporting season forecasting the sharpest drop S&P 500 earnings since the pandemic torpedoed the global economy in 2020. Profits are under pressure because inflation is high, interest rates are much higher than a year ago and portions of the economy are slowing. (AP)
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