TCS to announce Q4 results, Tiger Global offloads stake in Delhivery

Opening Bell:

SGX Nifty is up by 1.5 points in the early morning trade, indicating a flat opening for Indian stock market.

Asian equities inched lower on Wednesday ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve’s monetary policy path, with markets wagering another hike in interest rates at the central bank’s next meeting. The Japanese Nikkei is up by 0.4 percent. Hong Kong’s Hang Seng is down by 0.76 percent and South Korea’s Kospi is down by 0.38 percent in early morning deals.

Wall Street stocks ended mixed on Tuesday, losing steam late in the session as investors awaited crucial inflation data and the unofficial kick-off of first-quarter reporting season. S&P 500 was flat with a negative bias whereas Nasdaq 100 lost 0.67 percent respectively.

Stocks News:

?Shares of IT major TCS will be in focus as the company will announce its fourth quarter earnings. Analysts expect revenue growth to moderate to 1% quarter-on-quarter in constant currency terms due to macroeconomic slowdown leading to delays in revenue conversion.

?Bharat Heavy Electricals Limited (BHEL) led consortium has been awarded an order for 80 Vande Bharat trains at Rs 120 crore per train in the mega tender of Indian Railways.

?Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, offloaded Rs 387.87 crore worth of shares in Delhivery via open market transactions on April 11.

?Delta Corp reported a consolidated net profit of Rs 51 crore for the quarter ending March 2023. This is an increase of 6%, compared with Rs 48 crore in the same period last year.

?Foreign institutional investors (FII) bought shares worth Rs 342.84 crore, whereas domestic institutional investors (DII) sold shares worth Rs 264.02 crore on April 11, National Stock Exchange’s provisional data showed.

Domestic and International Events

• India’s Inflation is seen to be falling significantly in March primarily due to a favourable base effect. In March 2022, the CPI had jumped 1 percent month-on-month, creating a high base for the inflation print in March this calendar year.
• Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers.
• The International Monetary Fund (IMF) pared its forecast for India’s growth to 5.9% from 6.1% for the current fiscal year.
• Rate hike expectations boosted the US dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.

Key Equity Indices