Major benchmark indices are likely to start trading calmly this week amid subdued global signals. That aside, Q4 results, led by IT stocks, are likely to dictate the market trend this week.
Income today: TCS, Kesoram Industries, Delta Corp and Birla Tires were among the prominent companies to announce Q4 results today.
JLR sales were down 36 percent year-over-year in Q4FY22; on a quarterly basis, the decrease is 1.4 percent. Luxury car maker Jaguar Land Rover continued to be at risk of a global semiconductor shortage as Q4FY22 retail sales fell sharply by 36 percent year-on-year to 79,008 vehicles and the sequential decline was just 1.4 percent. The Jaguar brand posted sales of 14,574 units for the March 2022 quarter, down 37.9 percent and Land Rover reported sales of 64,434 units, down 35.6 percent from the same period last year. However, the company said it continued to see strong demand for its products as of March 2022 with global retail orders exceeding 1.68,000 units.
Societe Generale acquired a 1.18 percent stake in the bank through open market. European financial services firm Societe Generale acquired more than 1.9 crore shares (1.18 percent stake) in Kolkata-based private lender Bandhan Bank through open market operations. These shares were purchased at an average price of Rs 306.55 per share. However, HDFC was the seller and sold more than 4.96 crore shares (or 3.08 percent of the total paid-up equity) in the bank at an average price of Rs 306.61 per share. The stock ended up 2.5 percent on March 8.
Jindal Steel and Strength (JSPL)
The company plans to set up the country’s second coal gasification plant at its Raigarh plant in Chhattisgarh. The company is already using coal gasification technology to produce steel at its plant in Angul, Odisha.
One of the group’s firms has said it is working on a solution to use hydrogen instead of coke in the manufacturing process to reduce carbon emissions. Vedanta’s Sesa Goa Iron Ore Business said it is seeking a partnership with IIT-Bombay to investigate the production of pig iron ore using hydrogen instead of coke.
Export Import (Exim) Bank of India
The bank plans to raise approximately $3 billion through foreign bonds in 2022-23 (FY23) to support new borrowing and refinance some of the old debt. Harsha Bangari, director of India Exim Bank, said that government bond yields (government bond yields) have started to rise in international markets.
A consortium led by the IT major has secured an order of Rs 550 crore from BSNL for the implementation of a domestically designed 4G network, an official source said Friday. The TCS consortium will initially deploy 6,000 mobile towers for BSNL 4G services.
Following the shift in policy stance and hardening interest rates, banks may attempt to revise lending rates, albeit in a calibrated manner. Much of the upward revision in loan rates is expected to happen when the RBI raises key rates like repos, bankers said.
Sales of fast-moving consumer goods (FMCG) slowed in the March quarter due to a sharp rise in prices, especially in commodities containing edible oil, according to retail intelligence platform Bizom. Sales of home care and personal care products have witnessed a slowdown. However, Bizom expects beverage sales to pick up in the summer months.
After nearly two years back in the airline boardroom, Sanjiv Kapoor now has a non-priority job: taking Jet Airways, which has been grounded for three years, back to the air. The airline shut down its operations in April 2019 after it ran into a pile of debt and bankers refused new financing. The airline is expected to return to the air in the third quarter of CY2022. Jet will be the first bankrupt airline to be revived.
Significant IT appointment Anis Chenchah as Member of the Board of Directors and Chief Executive Officer of Wipro, APMEA (Asia Pacific, India, Middle East and Africa). Chenchah has over two decades of experience in Consulting, IT and Business Process Services. He comes from Capgemini where he was the Global CEO of Capgemini Business Services and a member of the Group Executive Committee.
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