Nifty, Sensex May Remain Weak For a Few Days - Weekly Closing Report
Moneylife Digital Team 12 April 2024
The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
On Friday, Indian equity markets witnessed a substantial 1% decline in benchmark indices Sensex and Nifty, as investor sentiment faltered amid a broad-based selloff. This downturn was fuelled by disappointing US CPI inflation data, which dashed hopes of an imminent June rate cut and triggered a surge in treasury bond yields.
 
In the US, inflation surged by 0.4% month-over-month, surpassing forecasts and causing a spike in Treasury yields. This has led investors to question the feasibility of the anticipated three rate cuts by the Federal Reserve this year, resulting in underperformance in emerging markets (EMs). Expectations of three rate cuts by the US Federal Reserve this fiscal year had been building up, but the recent uptick in inflation has tempered these hopes, prolonging the wait for rate cuts. Consequently, the Indian markets reacted sharply to the rising inflation and diminishing prospects of a near-term rate reduction.
 
New Ventures/ Capacity Expansion 
 
Jindal Stainless subsidiary -- Jindal Lifestyle has launched the first premium cookware range under its Arttd'inox lifestyle brand.
 
Ddev Plastiks Industries has received board’s approval to incorporate wholly owned subsidiary in the kingdom of Saudi Arabia (KSA), subject to the statutory requirements/approval, with an initial investment of Rs25 crore.
 
Jana Small Finance Bank has partnered with Kotak Mahindra Life Insurance Company to offer life insurance to the customers of the bank.
 
Capri Global Capital has achieved a remarkable 75% year-on-year (y-o-y) growth in new car loans and disbursed over Rs10,000 crore to around 94,000 customers in FY23-24.
 
Axis Bank’s subsidiary -- Axis Mutual Fund (Axis MF) has partnered with Enparadigm, an AI-driven experiential learning and talent intelligence solutions company, for exclusive learning journeys, to elevate the performance and productivity of their frontline, mid and, to an extent, senior employees.
 
Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection, 0.5 mg/mL Single Dose Vial (Product).
 
Trident Lifeline has received approval for incorporation of a wholly owned subsidiary with the proposed name ‘TLL Elements’ of the company. This entity will be positioned as a company for all types of cosmetic and herbal products.
 
TSMC received $11.6 billion in U.S. grants, loans for three chip plants.
 
Thomas Cook (India) and its Group Company, SOTC Travel, have partnered with the Uttarakhand Tourism Development Board to launch special aerial darshans to Adi Kailash & Om Parvat (Dev Bhoomi).
 
Bharti Airtel has deployed additional sites in Anand district to densify its network.
 
Godawari Power and Ispat has resumed its operation at 8 MW Bio Mass Power Plant namely Balaji Power A unit of Hira Ferro Alloys (a subsidiary of the Company).
 
PB Fintech has incorporated its wholly-owned subsidiary namely -- PB Pay.
 
The United States Food and Drug Administration (US FDA) has completed inspection at the API facility of Shivalik Rasayan at Dahej, Gujarat.
 
Ramco Systems has entered into strategic engagement with Korean Air, a flag carrier of South Korea and its largest airline, to implement its flagship aviation software, Ramco Aviation Suite at Korean Air’s Engine Maintenance Center.
 
Shyam Metalics and Energy has established a new Stainless Steel Hot Rolled Coils (HRC) facility at its existing plant in Sambalpur, Odisha.
 
Zaggle Prepaid Ocean Services has entered into an agreement with Eversub India. Zaggle would provide Eversub India the Zaggle Save (Employee expense management & benefits).
 
Happiest Minds Technologies has entered into strategic collaboration with Enercon, a leading wind energy technology company.
 
Tata Passenger Electric Mobility (TPEM), the electric car making arm of Tata Motors, has signed a non-binding Memorandum of Understanding (MoU) with Shell India Markets (SIMPL) to collaborate in establishing public charging stations across India.
 
Tech Mahindra has collaborated with Microsoft to launch a unified workbench on Microsoft Fabric.
 
PVR Inox has launched Bengaluru’s largest cinema at Phoenix Mall of Asia and its largest cinema in South.
 
DCM Shriram has secured Rs100 crore sustainable finance from the Standard Chartered Bank to fund the upcoming compressed bio-gas plant in Uttar Pradesh.
 
Order Wins
 
Rail Vikas Nigam has received Letter of Acceptance (LoA) worth Rs47.36 crore from Central Railway for signalling and telecommunication work for provision of automatic block signaling on Khapri- Sewagram Section of Nagpur Division. The order is to be executed within 12 months.
 
Godrej Properties (GPL) has sold over 1050 homes worth over Rs3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram.
 
Gensol Engineering has received significant order book that stands at an impressive Rs1783 crore in the beginning of FY25.
 
PVR Inox has launched Bengaluru’s largest cinema at Phoenix Mall of Asia and its largest cinema in South.
 
Investments/ Acquisitions/ Mergers/ Stake sale/ Fund Raising
 
Aadhaar Housing Finance received SEBI approval for Rs5,000 crore IPO.
 
Intellivate Capital Ventures has signed the Share Purchase Agreement (SPA) to acquire 2,30,000 equity shares equivalent to 100% of the total issued and paid up share capital of Partitoe Ventures (Investee Company) from the existing Shareholders of the Investee Company.
 
Citigroup through its affiliate Citigroup Global Markets Mauritius has bought more than 1.76 crore shares or 0.7% stake in South Indian Bank. Citigroup Global Markets Mauritius has acquired 66.97 lakh shares amount to 1.11% stake of RBL Bank.
 
Exide Industries has entered into an agreement for acquiring 26% equity stake in Clean Max Arcadia, a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions for generation and supply of solar power.
 
Lemon Tree Hotels has forayed into the stunning country of Nepal with the opening of Lemon Tree Premier, Budhanilkantha, Kathmandu.
 
Lupin has launched first generic version of Oracea (Doxycycline Capsules, 40 mg), in the United States, after having received an approval from the United States Food and Drug Administration (USFDA).
 
Other
 
The Reserve Bank of India (RBI) has imposed a penalty of Rs49.70 lakh on LIC Housing Finance for non-compliance with Parra 80.1 (part) and 85.6 of the RBI Master Directions.
 
Earnings 
 
Cupid: Net Sales was Rs62.9 crore in Q4FY24 up 52% YoY (Rs41.5 crore). Net Profit was Rs23.7 crore in Q4FY24 up 184% YoY (Rs8.34 crore)
 
Transformers & Rectifiers India: Net Sales was Rs513 crore in Q4FY24 up 17% YoY (Rs438 crore). Net Profit was Rs41.6 crore in Q4FY24 up 343% YoY (Rs9.60 crore)
 
Top Gainers and Losers of the major indices for the week are given in the table below:
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