The SGX Nifty is trading flat, mildly in the green, higher by 8.5 points. Nifty futures on the Singaporean exchange are at the 17,725 level, indicating a positive start for the domestic equity indices, BSE Sensex and NSE Nifty. On Friday, the Indian share market was closed on account of the Good Friday holiday, however, on Thursday, markets extended their winning streak to five days. Sensex closed above 59,800, higher by 143 points while Nifty closed just shy of 17,600.
“It was an encouraging week for the Indian stock market, with a solid upside compared to other EMs which were muted. The release of positive monthly auto sales data, higher-than-expected PMI manufacturing data, strong quarterly bank and NBFC numbers, and cut in windfall tax were the driving factors. Given the upside horizon on domestic growth and a stable financial market, India is expected to have an edge in the performance of equities going forward. We can expect FII inflows to prosper going forward. However, the high level of inflation should meaningfully drop during the latter part of the year, or else the positivity will be lost,” said Vinod Nair, Head of Research, Geojit Financial Services.
Adani Wilmar
Adani Wilmar, the FMCG arm of the Adani Group, achieved nearly 14% growth in volume in the last fiscal, helping the company’s revenue cross Rs 55,000 crore. The company’s total income stood at Rs 54,327.16 crore in the previous year. In the Food & FMCG segment, the company earned Rs 3,800 crore in revenue in FY23, registering an on-year growth of about 40% in volumes and about 55% in revenue.
Oil India, ONGC, Indraprastha Gas, Mahanagar Gas, GAIL, Gujarat Gas
By accepting the proposals of the Kirit Parikh panel’s report, the government unveiled a new gas pricing reform that will lead to a softening in prices for CNG and PNG. The APM gas prices will be pegged at 10% of the international price of the domestic crude basket. Additionally, the prices will change every month with the floor price for the same being $4/mmBtu, while ceiling will be $6.5/mmBtu. Following the move, Mahanagar Gas and Indraprastha Gas cut CNG prices by Rs 8 and Rs 6 per kg respectively.
Mahindra and Mahindra, Indian Bank
M&M has been slapped with a penalty of Rs 6.77 crore from the Reserve Bank of India for non-compliance with norms. Indian Bank has been fined 55 lakh for contravention of some Know Your Customer (KYC) rules.
Tata Motors
Tata Motors’ Q4FY23 wholesale volumes reached 94,649 units, representing a robust 24% on-year and 19% quarter-on-quarter growth, surpassing market expectations of 84,500 units. The FY23 wholesales increased by 9% on-year to 321.3k units.
ONGC
ONGC acquired 1.15 crore shares in Mangalore SEZ, taking its total shareholding in the firm to 49% for a total consideration of Rs 40.32 crore. IL&FS offered its stake in MSEZ to ONGC as a right to first refusal.
Adani Power
Adani Power began supplying electricity from its plant in Godda in Jharkhand to Bangladesh. Adani Power commissioned the first 800 MW ultra-super-critical thermal power generation unit at Godda in Jharkhand. The plant has started supplying 748 MW of power to Bangladesh.