TITAN records healthy double-digit growth, JLR records 30 y-o-y growth, Earnings kick off this week

Opening Bell:

SGX Nifty is down by 15.5 points in the early morning trade, indicating a negative opening for Indian stock market.

The Asia-Pacific markets were mostly higher on Monday as some investors returned from a long Easter weekend. The Japanese Nikkei is up by 0.4 percent. Hong Kong’s Hang Seng is closed for on holiday and South Korea’s Kospi is up by 0.96 percent in early morning deals.

Futures tied to the broad market S&P 500 rose 0.2 percent and Dow Jones Industrial Average futures edged up 62 points, or 0.2 percent. Nasdaq 100 futures were flat.

Stocks News:

?TITAN recorded healthy double-digit growth across all of its key businesses, with revenues growing by 25% YoY aided by higher growth contributions from watches and wearables and emerging businesses. The base quarter of Q4FY22 carried the adverse impacts of partial lockdowns due to the Omicron wave and weak consumer sentiments caused by a fragile geo-political situation due to onset of Russia-Ukraine war.

?Adani Wilmar the food FMCG company has registered a year-on-year volume growth of close to 14% in FY23, which enabled it to cross Rs 55,000 crore of revenue for the year. It closed the financial year 2023 with around Rs 3,800 crore of revenue in Food & FMCG segment, a strong growth of about 40% YoY in volumes and 55% YoY in revenue terms, while seeding multiple new avenues of growth during the year.

?TATA Motors subsidiary Jaguar Land Rover has registered a 30% year-on-year growth in retail sales at 1.02 lakh units for the quarter ended March FY23 driven by Europe (up 47% YoY), UK (up 42%), China (up 29%), Order book remained strong at 2 lakh units as sales increased, reflecting strong client demand, particularly for Range Rover, Range Rover Sport and Defender.

?Shares of Cholamandalam Finance and Investment Company edged up over 7 percent in early trade on April 6 and tested its highest level in 52-weeks after the company recorded strong loan growth in the fourth quarter.

?Foreign institutional investors (FII) bought shares worth Rs 475.81 crore, whereas domestic institutional investors (DII) sold shares worth Rs 997.08 crore on April 6, National Stock Exchange’s provisional data showed.

Domestic and International Events

• The corporate earnings season for the March FY23 quarter will be kicked off by index heavyweights Infosys on April 13, Tata Consultancy Services on April 12, and HDFC Bank on April 15.
• Growth in quarterly earnings is likely to be driven by the banking and financial services, and auto sectors, while metals and mining may be hit significantly by a fall in commodities and low realisation. Growth in net income as well as revenue may be in double digits.
• The consumer price inflation, which measures the change in prices of a basket of goods and services, is likely to drop below the 6 percent mark in March on April 12, with moderation in food inflation, against 6.4 percent in the previous month, while core inflation is likely to be sticky around 5.9-6 percent.
• On the global front, investors will look for cues from US inflation numbers and FOMC minutes scheduled to be released on April 12. Overall, the inflation is expected to moderate further to around 5.3 percent in March against 6 percent in previous month, while the core inflation is likely to be steady at around 5.5 percent, as per the forecast available on the Trading Economics.

Key Equity Indices