After a record run in FY2022, when the brokerage industry is set to report over 30 per cent topline growth at around Rs 28,000 crore, the industry is set for a tepid growth next fiscal even though the outlook is stable, says a rating agency report. The market has been on a song since June 2020 when the first wave of the pandemic ebbed and since then it has had record run with the stock indices more than doubling since the Covid-19 mayhem in March 2020 and scaled new life-time highs since then. The market frenzy was also visible in the massive number of new investors coming to the equity market, as exemplified in the more than trebling of the demat accounts since April 2020.
Sensex climbs higher on favourable global cues.
'If through growth and serving the customer we become number one, we will be very happy and very proud.'
Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments. The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing. Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.
Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019. "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.
Shares of Infosys surged almost 7 per cent on Friday after the IT major reported a 13 per cent growth in consolidated net profit for the quarter ended December 2014.
Target prices around Rs 400 suggest a significant upside.
'For the next two years, we expect the bulk of earnings growth contribution from sectors like financials and energy, where the outlook remains positive, while the sectors which are linked to domestic consumption and are currently witnessing strains on margins have low salience for Nifty earnings.'
At Rs 919 crore, InterGlobe Aviation, the parent firm of low-cost airline IndiGo, posted its best-ever fourth quarterly net profit in the January-to-March quarter (Q4) of financial year 2022-23 (FY23). The bottom-line, however, was lower than the Street's expectations where estimates ranged from Rs 1,160 crore to Rs 2,180 crore. On the bourses, shares of IndiGo have added just 30 paise (0.01 per cent) since the announcement of the Q4-FY23 results on May 18.
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by HUL, UltraTech Cement, Nestle India, Kotak Bank, Dr Reddy's and Titan. NSE Nifty surged 157.90 points to 17,234.15.
Giving a fresh twist to the Ford India employees' strike at the firm's Maraimalai Nagar factory, the company has set the deadline for Monday evening for workers to accept a 'non-negotiable' severance package it is offering. It also indicated the possibility of legal action against workers from June 14 (Tuesday) and warned of early closure of the unit, before completing remaining export volume production. For the past 14 days, some 2,000 employees at the unit had struck work, seeking a better package from the company.
Seek advice from Sebi-registered investment advisors whose names are available on Sebi's Web site.
The cement industry continues to present a puzzle to investors.
Changes in global oil and gas rates matter more to India's economy than other major economies because the country imports around 87 per cent of its oil, half of its gas in the form of LNG, and over 60 per cent of its LPG.
The move is meant to curb or reverse the export of India's financial markets to overseas trading platforms.
The steelmaker's India basket grew after Tata Steel completed its acquisition of Bhushan Steel under the Insolvency and Bankruptcy Code process and its subsidiary, Tata Sponge, acquired Usha Martin.
Bharti'suarterly revenue run rate continues to be hover around the $1.2 billion mar
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
Hospitals to recover from sluggish Q3; diagnostics' growth rate at pre-Covid levels.
Telco proved the biggest draw in the 30-share BSE Sensex late afternoon on Friday as FIIs reckoned that the company will turn out exciting results for Q3.
Mother Dairy hiked milk prices by Rs 2 per litre in the Delhi-NCR market effective Tuesday, citing an increase in its procurement rate of raw milk from producers. This is the fifth increase in milk prices since March, with the cumulative hike now totalling up to Rs 9 per litre, or 16 per cent, by Mother Dairy -- one of the leading milk suppliers in Delhi-NCR with volumes of more than 30 lakh litres per day. When contacted, R S Sodhi, MD of Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk under Amul brand and is a major player in Delhi-NCR, said that there is no plan to increase its milk prices in the near future.
Infosys, TCS, HUL and Reliance Industries were the top gainers of the day.
Budweiser World Cup campaign curbed, not crashed, by Qatar beer ban
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
Metal shares gained on hopes that the government may adopt ordinance route for mines sector reforms
Actress Irra Mor generously offers a tonne of tips on looking good.
A strong performance by sectors including banking raised the profits of Indian companies by 28 per cent in the three months ended March 2022. The rate of growth is, however, lower than the 30 per cent seen in December. Growth in net sales was also lower than what was seen in the December quarter for the sample under consideration.
'Bharat has been leading, but it cannot carry India as the bulk of the sales come from India in terms of volume and profitability.'
While weather forecasters remain divided on how the monsoons will play out in India over the next few months, analysts believe the news at the current juncture - at best - can trigger a knee-jerk reaction in the markets. They believe it is too early to say whether the sub-par monsoon on account of El Nino can seriously dent the market sentiment in the short-to-medium term. "These are just initial forecasts and we will have another round / status update from the weather forecasters a month down the line.
'... and without necessarily calling them Economic Surveys.' 'One should stick to the main focus, which is to give people a good perspective on how the economy is doing.'
Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap finishing in red
The stellar rise in corporate earnings in financial year 2021-22 (FY21) and FY22 did not result in a corresponding boom in capital expenditure (capex), with listed companies' investment in fixed assets rising just 2.3 per cent year-on-year (YoY) in FY22, growing at the slowest pace in the last six years. In comparison, the firms' combined net profit jumped 63.5 per cent YoY in FY22, while net sales increased 31.1 per cent - the fastest pace in over a decade. The 955 non-financial companies in Business Standard's sample reported combined net profit of Rs 7.18 trillion in FY22, compared with Rs 4.39 trillion in FY21 and Rs 2.59 trillion in FY20.
Even as India's passenger-vehicle sales touched a record high of 3.9 million units in 2022-23, growing 27 per cent over the previous financial year, the country's largest carmaker, Maruti Suzuki India (MSIL), said on Monday uncertainties in the electronic-component supplies might affect production in FY24. MSIL said the shortage of electronic components had some impact on production in FY23. "The company took all possible measures to minimise the impact.
Sensex ended strong, Tata Steel, HUL climb higher.
Hit by Covid waves and slowdown, the Indian Railways has still not been able to return to its pre-pandemic passenger traffic, data by ministry of Railways has revealed. In February, the national transporter received 413 million ticket bookings - 43 per cent higher than the previous year, but only 61 per cent of the 675 million in February 2020. According to the statistics, that was the last time the Railways saw more than 500 million bookings in a single month.
Weakness in Infosys, L&T and Hindalco cap index gains.
Oberoi Realty has hit the top slot in Mumbai's ranking of the top-20 developers in terms of sales in 2021, evicting the Runwal group which was number one last year. The Lodha group which had occupied the top slot three out of five times since 2017 slipped to second place in 2020 and continues to be in the same position in 2021. The Oberoi group was in fifth place in 2019 and fourth place in 2020. This is the first time that it has occupied the number one position. The Runwal group which took the top slot in 2020 is down to third place in 2021.
