TATA Motors hikes prices, HDFC Bank and Infosys Q4 results

Opening Bell:

SGX Nifty is down by 91.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian stocks opened cautiously on Monday as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world’s second-largest economy is recovering. The Japanese Nikkei is flat with 0.12 percent gain. Hong Kong’s Hang Seng is up by 0.51 percent and South Korea’s Kospi is down by 0.14 percent gains in early morning deals.

S&P 500 futures edged up 0.2%, while Nasdaq futures were flat as investors awaited a slew of earnings reports led by Goldman Sachs, Morgan Stanley and Bank of America. Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-ago period. S&P 500 declined 0.21 percent whereas Nasdaq 100 lost 0.23 percent respectively on Friday.

Stocks News:

?TATA Motors will marginally increase the price of its passenger vehicles from May 1. The weighted average increase will be 0.6%, depending on the variant and model. It has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence compelled to pass on some proportion through this hike.

?HDFC Bank, the largest private sector lender, recorded healthy growth in its fourth quarter results for FY23. The bank posted double-digit growth in both profitability and interest income. Its retail lending book witnessed robust growth with home loan products crossing ₹1 lakh crore mark. Also, the bank saw a dip in its provisions and gross NPA.

?Infosys‘ overall operating performance was below expectations in fourth quarter of FY23. The company announced its Q4 results after market hours on Thursday. Infosys reported a sequentially weak quarter in the period ending March 31, 2023 (Q4FY23). The IT giant’s Q4 PAT came in at ₹6,128 crore down by nearly 16% QoQ. While revenue also dipped by 2.2% QoQ to ₹37,441 crore

?Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Isoproterenol Hydrochloride injection.

?Foreign institutional investors (FII) bought shares worth Rs 342.84 crore, whereas domestic institutional investors (DII) sold shares worth Rs 264.02 crore on April 11, National Stock Exchange’s provisional data showed.

Domestic and International Events

• Oil prices edged up on Monday, supported by OPEC+’s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world’s No. 2 oil consumer.
• India’s highway construction is projected to accelerate in 2023-24 despite a potential economic slowdown due to global factors. The highways ministry has set a goal to build at least 45km of highways a day. At this pace, a record 16,000 km of roads would be developed in a year.
• If monsoon rains turn out as predicted and raw material prices continue to ease, rural demand for FMCG items could recover in the next three to six months, companies and industry experts are hoping. Earlier this month, India Meteorological Department said it expects normal rains in the June-September monsoon.
• India will see solid economic growth, but not as much as it would have if global conditions were as in the early 2000s, said Indermit Gill, chief economist at the World Bank. Isolated bank failures will not be a danger to India, but a generalized banking crisis may lead to a global recession and a noticeable slowdown within the country.

Key Equity Indices