Wipro plans new buyback, HeroMotorcorp up on strong March sales

Indian Markets:

• Nifty 50 Movement: Indices settled above the 17,700 level after hitting the days low of 17,612.50 in early afternoon trade.
• Indian equity benchmarks closed higher on April 24 after strong earnings by private lenders.
• The earnings lifted the mood on Dalal Street, breaking away from the previous week’s weakness.
• Market participants were cautious in the previous week due to disappointing earnings from an IT firm.
• Some US central bank office-bearers gave hawkish commentary, adding to the caution in the market.

Global Markets:

• On Monday, the markets in Europe and Asia exhibited mixed performance as investors took a cautious approach ahead of a week filled with important economic releases and earnings reports from top lenders and technology giants on Wall Street.
• Some Southeast Asian markets, such as Singapore, Malaysia, and Indonesia, were closed in observance of a holiday.
• Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection over the weekend, and is holding a liquidation sale after failing to secure funding to remain operational.
• On Friday, US stocks remained relatively stable as investors assessed the latest earnings results and potential concerns over lower profits.
• Investors primarily focused on corporate earnings, which were a mix of positive and negative results.
• In the US, business activity in April exceeded expectations, with S&P Globals flash composite purchasing managers index reaching a high of 53.5, its highest level in 11 months.

Stocks in Spotlight:

• Wipro’s stock price rose by 2% after the company announced its plans to review a proposal for a new buyback of equity shares this week. The last buyback conducted by Wipro was between December 2020 and January 2021, amounting to Rs 9,500 crore, with a tendering of 96.38% of the total buyback size. The company had previously launched a buyback program of Rs 10,500 crore in August 2019.
• Hindustan Zinc’s shares declined by almost 3% on April 24 after the company reported a 12% YoY decline in consolidated net profit for the March quarter of FY2023. The net profit was reported at Rs 2,583 crore, which weighed on the sentiments of investors. The revenue from operations also dropped by 4% to Rs 8,281 crore in the reporting quarter, mainly due to lower zinc, lead, and silver prices, partially offset by higher metal and silver volumes.
• Hero MotoCorp’s stock rose by almost 2% due to strong sales in March and positive market sentiment regarding the potential recovery of the two-wheeler (2W) segment. The company reported selling 5,19,342 motorcycles in March, which was a 15% increase compared to the same period last year when it sold 4,50,154 units. The sales figures for FY23 indicate that the company sold 53,28,546 units, which is 8% higher than FY22. The increase in sales was driven by domestic sales, while export figures declined YoY.

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