Dabur India disappoints with Q4 results, HDFC reported strong Q4 numbers

Indian Markets:

• The Indian stock market experienced a resurgence, reversing the previous day’s decline, after the United States Federal Reserve suggested that they may soon suspend the cycle of interest rate hikes.
• This announcement boosted the sentiment of market participants on Dalal Street
• In addition to the favorable announcement by the Federal Reserve, the market also received a boost from strong March quarter financial results reported by India Inc.
• Although FMCG names saw some selling pressure, banks and financial services stocks were in the limelight and contributed to the upward trend in the market.

Global Markets:

• Stocks declined Thursday, as contagion fears in the regional bank space were reignited. Investors also digested the Federal Reserve’s 25 basis point rate hike and commentary following its Wednesday meeting.
• Across the Atlantic, Europe’s region-wide Stoxx 600 was down 0.6 per cent after the European Central Bank raised rates by a quarter percentage point as expected to 3.25 per cent, in a move that marks a slowdown from consecutive half-point rises this year
• The headline rate of eurozone inflation rose for the first time in six months to 7 per cent in the year to April, though core inflation dipped for the first time since June 2022.

Stocks in Spotlight:

• Dabur India, one of India’s leading consumer goods companies, experienced a decline in its share value of approximately 1.5 percent following the release of its financial results for the March quarter. The company reported a decrease in net profit of 0.5 percent, falling from Rs 294.3 crore in the year-ago period to Rs 292.7 crore
• Shares of HDFC Ltd gained around 3 percent after the company reported a 19.59 percent growth in standalone net profit at Rs 4,425.50 crore for the quarter ended March against Rs 3,700.32 crore in the year-ago period. The company beat estimates on all fronts.
• Shares of ABB India rallied 5 percent on the back of strong earnings for the first quarter of the calendar year 2023. It reported a post-tax profit of Rs 245 crore at the end of Q1 as against Rs 149 crore last year on a like-to-like basis, without any exceptional items.

News from the IPO world?

• Coforge to go for US IPO as soon as public market revives
• Ideaforge Technology IPO approved by SEBI
• Tata Play gets SEBI approval to float IPO

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