MARKET LIVE: Sensex down 200 pts; IT stocks bleed post TCS Q4; FMCGs gain

Stock market live updates: Tech M, HCL Tech, Infosys, Wipro, and TCS led the losses on the Sensex, dropping up to 3 per cent

1:26 PM

Bajaj Finance up half a per cent on fund raise

Bajaj Finance has raised Rs 1,955 crore through two bonds against an indicative amount of up to Rs 8,700 crore.

1:26 PM

Future Retail surges 5% as company seeks exclusion of 90 days from Corporate Insolvency Resolution Process

The company's Resolution Professional has filed an application before the National Company Law Tribunal, Mumbai seeking exclusion of a period of 90 days from Corporate Insolvency Resolution Process (CIRP) of FRL, and consequent extension from April 16, 2023 to July 15, 2023, for concluding the CIRP of FRL.

economy

1:25 PM

Torrent Power confirms securing contract for 4,000 MW power supply

The company has confirmed participating in the government's e-Tender for procurement of up to 4,000 MW power from Gas-based plants during identified crunch period (April 10, 2023 to May 16, 2023). In this regard, it has been awarded contract for supply of 920 MW power (770 MW from DGEN plant and 150 MW from SUGEN plant).

1:25 PM

K&R Rail Engineering Board to consider bonus issue; stock declines 4%

The company's Board of Directors is scheduled to meet on April 20, 2023 to consider and approve the issuance of bonus equity shares.

1:25 PM

RVNL gains around 2% on order win worth Rs 64 crore

RVNL has received Letter of Award (LoA) from North Western Railway for provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 Kms) of Jaipur Division over North Western. The cost of the project is Rs 63.8 crore.

1:24 PM

Campus Activewear acquires assets from Marico Ind for capacity expansion

The company has acquired Land and Building from Marico Industries Limited in Ponta Sahib to expand its existing capacity for the manufacturing of semi-finished goods (Sole and /or Upper) and assembly of footwear.

economy

1:24 PM

Comment :: 'Mediocre Q4 results and uninspiring commentary from TCS will keep the IT stocks soft'

News on the inflation front - both from the US and India - are positive for markets. The US consumer inflation number has come lower-than- expected at 0.1% MoM and 5% YoY. CPI inflation print in India declining to 5.66% is an endorsement of the MPC’s pause decision. The core inflation also has declined to 5.8% indicating that the RBI’s inflation target of 5.2% for FY24 is achievable, assisted by the base effect.

So, the MPC continuing with the present rates in the next policy meeting is a clear possibility. This is positive for equity markets. The current rally is driven by sustained FII buying, which is sort of forced buying triggered by short-covering. It is important to understand the fact that the last nine days of continuous FII  buying has led to eight days of sustained rally in the market.

1:23 PM

Covid-19 Update :: India reports more than 10,000 new cases

India recorded a single-day rise of 10,158 coronavirus cases, highest in nearly eight months, according to the Union Health Ministry data. The number of active cases has increased to 44,998, the data updated on Thursday showed. READ MORE

1:23 PM

Share of NRIs, overseas investors in mutual fund assets declining

Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period. READ MORE

1:23 PM

Infosys Q4 Preview: Profit may weaken sequentially; FY24 guidance eyed

n rupee terms, the company can report a YoY revenue growth of 20-21 per cent to an average of Rs 38,824 crore, as per a compilation of six brokerage estimates, while its yearly profit may rise 12-21 per cent to an average of Rs 6,589 crore. READ MORE

1:22 PM

MFs raise equity bets as valuations improve; fund houses invest Rs 55k cr

The number is more than double the amount deployed in the preceding three months (October to December), signalling improved valuations and favourable economic indicators READ MORE.

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1:21 PM

New orders should boost BHEL's prospects; analysts have mixed views

One of the sectors which saw large orders was the Railways with tenders for 200 Vande Bharat trains. A consortium of Bharat Heavy Electricals (BHEL) and Titagarh Wagons has received an order for 80 Vande Bharat trains, in one of the biggest awards under this tender, valued at more than Rs 23,000 crore. READ MORE

1:21 PM

Renuka, EID Parry: Sugar stocks to sweeten as global prices hit 11 yr-high

Simbhaoli Sugars was the top gainer, closing over 14 per cent on Wednesday. The majority of sugar companies closed on strong note, surging in the range of 5 per cent to 2 per cent. Balrampur Chini Mills reached a 10th month high on Wednesday. READ MORE

1:20 PM

Core inflation falls in March but health inflation remains steady, elevated

The crucial core inflation rate fell to a 10-month low of 6 per cent in March 2023, but health inflation remained steady at 6.59 per cent. This is significant in the time of rising Covid cases. READ

1:20 PM

India remains concerned about global economic outlook: FM Sitharaman

"The need of the hour is a people centric, equity driven, consensus-based, and collective approach to face global developmental challenges," Sitharaman said. READ

Economy