Opening Bell:
Gift Nifty is up by 86.5 points in the early morning trade, indicating a positive opening for Indian stock market
Despite a setback on Wall Street, most Asia-Pacific markets experienced gains, halting the Dow Jones Industrial Average’s 8-day winning streak. Japan observed stable corporate inflation alongside a notable 6.4% surge in import prices. The Nikkei 225 in Japan advanced by 0.7%, while South Korea’s Kospi saw a modest increase of 0.18%. Australia’s S&P/ASX 200, however, recorded a slight decline of 0.08%. Futures for Hong Kong’s Hang Seng index suggest further gains, standing at 19,209 compared to the previous close of 19,115.06.
On Monday, the US stock market closed with a mixed performance as investors awaited crucial inflation data and upcoming earnings reports. The Dow Jones Industrial Average declined by 81.33 points, or 0.21%, settling at 39,431.51, while the S&P 500 experienced a slight dip of 1.26 points, or 0.02%, closing at 5,221.42. Conversely, the Nasdaq Composite edged up by 47.37 points, or 0.29%, concluding at 16,388.24.
Stocks News:
đ DLF: The leading real estate firm has achieved a remarkable 61.5% year-on-year surge in its consolidated net profit, reaching Rs 920.7 crore for the quarter ending in March FY24, driven by robust top-line and operational performance. Quarterly revenue from operations also exhibited substantial growth, climbing by 46.6% year-on-year to Rs 2,135 crore. Additionally, EBITDA soared by 89.3% year-on-year to Rs 754 crore, accompanied by a notable margin expansion of 790 basis points, reaching 35.3%.
đ Jindal Steel & Power: Despite a slight decline in revenue from operations by 1.5% year-on-year to Rs 13,487 crore for the March FY24 quarter, the company managed to achieve a consolidated net profit of Rs 933.5 crore, marking a significant 100.5% growth compared to the same period in the previous fiscal year. This impressive performance was supported by enhanced operating margins, driven by reduced input costs. Notably, the profit in Q4FY23 was affected by an exceptional loss of Rs 153.5 crore. Sales volume also experienced a slight decrease, dropping to 2.01 million tonnes from 2.03 million tonnes during the corresponding period. Â
đ Shriram Finance: The board members of Shriram Finance have greenlit the sale of its housing finance subsidiary, Shriram Housing Finance (SHFL), to global investor Warburg Pincus for Rs 4,630 crore. Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment from all the current stakeholders. Shriram Finance currently holds a controlling stake in SHFL, while the remaining ownership is held by private equity firm Valiant Partners LP, Mauritius. As part of this transaction, Valiant will also completely divest its equity stake to Warburg Pincus.
đ Cochin Shipyard: Securing a significant order from a European client, Cochin Shipyard is set to design and construct a hybrid service operation vessel (Hybrid SOV) with a contract value ranging between Rs 500-1,000 crore. The vessel, equipped with hybrid battery systems aimed at enhancing energy efficiency and reducing carbon footprints, underscores the company’s commitment to sustainable practices. The project is slated for completion by the end of 2026.
đ FIIs sold shares worth Rs 4,498.92 crore. DIIs pumped in Rs 3,562.75 crore worth of stocks on May 13
Domestic and International Events
- In April, there was a marginal easing in India’s headline retail inflation, as indicated by the Consumer Price Index (CPI), which measures changes in the prices paid by consumers for goods and services. The CPI inflation rate dipped to 4.83%, down from the previous month’s 10-month low of 4.85% recorded in March.
- In April, Japan’s corporate goods price index (CGPI), which represents wholesale inflation, climbed by 0.9% compared to the previous year. This exceeded the median market expectation of a 0.8% rise and mirrored the 0.9% uptick recorded in March.
- Gold maintained stability slightly above $2,335 per ounce as traders anticipated crucial US inflation data that could impact Federal Reserve monetary decisions. Following a 1% decline in the prior session, the precious metal held its ground, with traders taking profits in anticipation of Wednesday’s release of US consumer inflation figures. Ongoing inflationary pressures have posed obstacles to the central bank’s intentions to decrease borrowing rates this year.
- Crude oil prices rose on Tuesday on tighter supply outlook amid stronger demand and voluntary output cuts. US West Texas Intermediate crude futures rose 0.28% to $79.34 a barrel, while Brent crude futures gained 0.29% to $83.60 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,115 | 0.8 % |
| Shanghai Composite | 3,148 | (0.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,432 | (0.2) % |
| DAX | 18,742 | (0.2) % |
| FTSE 100 | 8,415 | (0.2) % |
| Nikkei | 38,179 | (0.1) % |
| Straits Times | 3,304 | 0.4 % |
