Bajaj Finance and Maruti Q4 results, Emirates increases stake in Vodafone Group PLC

Indian Markets:

• Nifty 50 Movement: The Nifty, after hitting a low of 17,711.20 in morning trade, recovered and ended the day above the 17,800 level.
• Despite negative global cues, benchmark indices closed with significant gains on Wednesday.
• The realty, FMCG, and auto sectors outperformed and exhibited remarkable growth.
• Conversely, the metal, healthcare, and oil & gas sectors saw declines.
• These trends suggest that investors are optimistic about the economic outlook, with certain sectors poised for continued growth

Global Markets:

• Markets in Europe and Asia declined on Wednesday amid concerns surrounding the health of the global banking sector.
• Investor sentiment was impacted following the drop in the shares of First Republic Bank by over 49% on Tuesday. This came after the regional bank revealed its latest quarterly results on Monday, indicating a 40% decline in deposits to $104.5 billion in Q1. The bank stated in its earnings release that it is contemplating strategic moves to restructure its balance sheet.
• Meanwhile, South Koreas composite consumer index for April showed an improvement in consumer sentiment, reaching 95.1 points, an increase of 3.1 points from March.
• On Tuesday, US stocks decreased due to recession fears arising from poor earnings and soft economic data.

Stocks in Spotlight:

• Maruti Suzuki reported a 43 percent increase in standalone net profit for the quarter ended March 2023, amounting to Rs 2623 crore. Although slightly below the Street estimate of Rs 2773 crore, this figure indicates the company’s strong financial performance. During the same period, Maruti Suzuki sold 514,927 vehicles, a 5.3 percent increase from the previous year.
• Vodafone Idea, saw a 6 percent increase in its share price on April 26. This followed an increase in Emirates Telecommunications Group Co’s (e&) stake in Vodafone Group Plc, which is the holding company of Vodafone Idea, from 14 percent to 14.6 percent. Currently, the promoters hold around 75 percent of Vodafone Idea, with Vodafone Plc holding 48 percent and the Aditya Birla Group holding 27 percent, as of December 2022.
• Bajaj Finance, one of the leading non-banking financial institutions in India, announced a remarkable increase in its consolidated net profit for the quarter ended March 2023. As per the company’s statement released on April 26, its net profit for the quarter surged by 30.51 percent to Rs 3,157.79 crore compared to Rs 2,419.51 crore in the same period last year. The company also reported a significant improvement in its gross and net non-performing assets (NPAs), which stood at 0.94 percent and 0.34 percent respectively as of March 31, 2023, a significant decline from the figures reported on the same date last year, which were 1.60 percent and 0.68 percent respectively.

News from the IPO world?

• Mankind Pharma IPO subscribed 87 percent on day 2
• Navi Technologies is looking to raise Rs. 4020 crore through IPO
• Survival Technologies get Sebi’s nod for Rs.1,000 crore IPO

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