Auto companies in news, HAL recorded highest ever revenue, RBI MPC meet begins today

Opening Bell:

SGX Nifty is up by 34.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Markets in the Asia-Pacific traded higher on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some investors shaking off concerns of a further banking crisis. The Japanese Nikkei is up by 0.46 percent. Hong Kong’s Hang Seng is down by 0.10 percent and South Korea’s Kospi is down by 0.01 percent in early morning deals.

US stocks rallied in the last trading session as investors are looking to move ahead of the recent banking crisis after repeated assurances from the US regulatory agencies. Trump whereas becomes the first ex-US president to be indicted. The world awaits further developments on the same issue as Trump maintains his innocence. The S&P 500 was up 0.57 percent and Nasdaq Composite added 0.73 percent, respectively.

Stocks News:

?Maruti Suzuki sold 1.7 lakh units in March 2023, down 0.2% over same month last year, with domestic sales (contributed 82% to total sales) falling 2.7% and exports rising 13.7% to 30,119 units. In FY23, total sales volumes increased by 19% to 19.66 lakh units compared to previous year with domestic sales rising 20.7% and exports up 8.8%.

?TATA Motors sold 91,048 units in March, up 1.7% over 89,516 units sold in same month last year, with commercial vehicle exports down 42% at 1,516 units. It registered total sales of 2.51 lakh units in Q4 FY23, up 3% over Q4 FY22, with commercial vehicle exports falling 59% at 4,023 units.

?Eicher Motors: Commercial vehicle sales volume in March increased by 35.2% to 11,906 units compared to year-ago month driven by domestic business, but exports dropped 36.5% YoY to 414 units. In FY23, company sold 79,623 units, a 39.5% growth over previous year as domestic sales volumes jumped 53.6% to 72,827 units, but exports fell 41.5% to 4,933 units.

?Hindustan Aeronautics has registered highest-ever revenue from operations of around Rs 26,500 crore for FY23, increasing 8% over revenue of Rs 24,620 crore in FY22. The order book stood at around Rs 82,000 crore at the end of March 2023.

?Foreign institutional investors (FII) bought shares worth Rs 357.86 crore, whereas domestic institutional investors (DII) bought shares worth Rs 2479.96 crore on March 31, National Stock Exchange’s provisional data showed.

 Domestic and International Events

• Oil closed more than 1% higher, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.
• The three-day Reserve Bank of India (RBI) monetary policy meeting begins today. There will be a holiday on April 4 on account of Mahavir Jayanti. The outcome of the meeting will be announced on April 6 by RBI Governor Shaktikanata Das and Dalal street will be watching the commentary on inflation and growth.
• The monthly collection under the Goods and Services Tax (GST) regime jumped 13 percent on-year to Rs 1.60 lakh crore, as per the data shared by the finance ministry on April 1. This is the second highest monthly mop-up since the rollout of the indirect taxation regime in July 2017, and is only behind the Rs 1.68 lakh crore collection recorded in April last year.
• Gold prices closed flat, drawing support from a weaker US dollar even as higher bond yields and receding fears of a full-blown banking crisis limited gains for the safe haven asset. Following two sessions of declines, US gold futures are down 0.54 percent to $1,987.15.

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