Colgate-Palmolive exceeds analyst expectations for Q4, and more

Indian Markets:

• Monday’s market rally gained momentum from positive indications in both the Asian and European markets, fostering a favorable trading environment.
• India’s wholesale inflation figures experienced a consistent decline, further supporting the market’s upward trend.
• The majority of sectoral indices on the NSE closed in the green, indicating widespread positive sentiment among investors.
• Real estate shares attracted significant buying activity, showcasing renewed confidence in the sector’s potential.
• April marked the first time since July 2020 that WPI inflation dipped below zero, highlighting the extent of the decline.
• The sustained moderation of inflation in India demonstrates positive progress and the effectiveness of measures taken to address price pressures.

Global Markets:

• The Dow Jones futures were up 128 points, indicating a positive opening in the US stock market today.
• On Monday, both European and Asian markets saw a slight increase.
• US stocks closed slightly lower on Friday, with a decline led by weaker megacap shares that had previously experienced a rally. This was accompanied by a decrease in US consumer sentiment, reaching a six-month low.
• The Congressional Budget Office warned on Friday that the US faces a significant risk of defaulting on its payment obligations within the first two weeks of June unless the debt ceiling is increased.
• In May, US consumer sentiment slumped to a six-month low, according to a survey by the University of Michigan. The preliminary reading of the overall consumer sentiment index was 57.7, the lowest since November of the previous year and down from 63.5 in April.

Stocks in Spotlight:

• The Nifty Realty sector witnessed an impressive surge of over 4 percent, driven by remarkable gains of 12 percent and 8 percent in Sobha and DLF stocks, respectively. Other major players in the sector such as Mahindra Lifespaces, Prestige Estates, Oberoi Realty, and Godrej Properties also experienced substantial gains. DLF, in particular, announced an outstanding performance in its residential business, achieving record sales bookings of Rs 8,458 crore in FY23, marking a remarkable year-on-year growth of 210 percent. 
• Avenue Supermarts, the operator of popular retail chain D-Mart, experienced a decline of over 4 percent in its share value following the announcement of a 100-basis-point drop in operating margins for the March quarter. EBITDA (earnings before interest, taxes, depreciation, and amortization) growth remained relatively modest, with a year-on-year increase of 4.4 percent to Rs 771.5 crore.
• Colgate-Palmolive India witnessed a significant rise of nearly 3 percent in its shares, defying the decline in net profit for the March quarter. The company’s performance exceeded analyst expectations, with both the topline and bottomline surpassing estimates of Rs 1,347 crore and Rs 276 crore, respectively. 

News from the IPO world🌐

• Krishca Strapping Solutions, strapping tools manufacturer, will launch its IPO on May 16, 2023
• Remus Pharmaceuticals Ltd IPO will open for subscription on May 17
• Crayons Advertising, an Integrated marketing and communications agency, will launch its IPO on May 22

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