Infosys Q4 results, AU Small Finance Bank up 17 percent and more

Indian Markets:

• Nifty 50 Movement: Index opened at 17,807.30. After some struggle to move higher, it turned red and hit the days low of 17,729.65 by early afternoon trade. It started to recover from that level and managed to bounce back in late trade and hit the days high of 17,842.15 at the fag end of the trading session.
• The Indian equity markets continued their winning streak for the eighth straight day on Wednesday, fueled by positive global signals
• The IT sector remained stable in anticipation of its upcoming earnings releases, while healthcare and auto stocks remained popular among investors.
• However, capital goods and FMCG shares struggled, experiencing a downturn during the trading session.

Global Markets:

• Global stock markets had a mixed day on Thursday, as investors grappled with inflation data and the latest outlook from the US Federal Reserve. European markets advanced, while Asian markets ended mixed following the release of minutes from the Feds March meeting, which warned that the US economy could face a recession in the aftermath of the banking crisis.
• On Wednesday, Wall Street saw gains after the release of US consumer price index data showing a cooling in inflation, with the CPI rising 0.1% in March and 5% year-on-year, while core CPI rose 5.6% annually. However, gains were erased later in the day following comments from the Fed.

Stocks in Spotlight:

• Infosys, a leading IT major, witnessed a decline of 2.79% as it reported a 7% dip in its consolidated net profit to Rs 6,128 crore in Q4 FY23. The company’s revenues also saw a dip of 2.3% to Rs 37,441 crore compared to Q3 FY23. However, the net profit and revenues on a YoY basis saw healthy growth of 7.8% and 16%, respectively, compared to Q4 FY22. The operating profit for Q4 FY23 was Rs 7,877 crore, which was a decline of 4.4% QoQ but a growth of 13.2% YoY. The company missed analysts’ estimates for both bottomline and topline.
• AU Small Finance Bank’s stock witnessed a significant surge of 17.08% as the Reserve Bank of India approved the re-appointment of Sanjay Agarwal as the managing director and CEO of the bank for a period of three years starting from 19 April 2023 till 18 April 2026.
• Vedanta, the diversified minerals company, witnessed a marginal increase of 0.15% in its stock price following the announcement that its board has approved a fund-raising plan through the issuance of non-convertible debentures (NCDs) worth up to Rs 2,100 crore. The funds will be raised in one or more tranches on a private placement basis.

News from the IPO world?

• Fintech firm BankBazaar.com plans to launch IPO
• Nexus REIT plans to float Rs. 4,000 crore IPO in May 
• NTPC Green Energy plans IPO this fiscal

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