Tata Elxsi Jumps 9.5% After Q4 Earnings
Shares of the Tata group company rose nearly 9.6% after reporting a net profit has increased 40.3% jump in fourth-quarter net profit.
Its revenue from operations rose 18.1% to Rs 518.39 crore for the said quarter from Rs 438.88 crore in the corresponding period last fiscal, it added.
The company continued to execute strongly on its growth aspirations with over 9% quarter-on-quarter revenue growth in constant currency, Tata Elxsi CEO and MD Manoj Raghavan said in a statement.
Lupin Declines For Second Day
Lupin’s stock declined for a second straight session on high volume after broking firm Jefferies highlighted a potential negative for the drugmaker.
Opening Bell: Sensex, Nifty Open Lower Amid Weak Cues
Indian equity benchmarks opened lower, in line with their global peers, after rising first time Thursday this week.
The S&P BSE Sensex dropped as much as 0.6% with a similar cut on the NSE Nifty 50 Index. The market was shut on Wednesday for a local holiday. Still, the Sensex has lost about 8% from its recent peak on Feb. 15, nearing losses read as a technical correction.
Ten of the 19 sector sub-indices compiled by BSE Ltd. declined, led by a gauge of banks. ICICI Bank Ltd. and HDFC twins were the biggest losers on the Sensex.
The outlook for Indian assets has turned bearish as a spike in infections prompt cities from the financial hub Mumbai to the national capital New Delhi to bring in stringent restrictions on the movement of people. India, which has the world’s second-largest outbreak, reported 3,32,730 new cases Friday.
Rupee Bond Traders To Weigh RBI Minutes, Auction
Indian sovereign bond traders will assess the minutes of the central bank’s April meeting which focused on growth recovery and demand at a Rs 32,000-crore ($4.3billion) bond auction later on Friday.
An absence of any announcement so far on RBI’s bond purchases for the next week may weigh on sentiment.
- India’s monetary policymakers are willing to discount inflation worries for now and focus on supporting growth as a resurgent Covid-19 outbreak threatens a nascent economic recovery, minutes of their latest meeting showed Thursday after close of markets
- India’s long-term foreign-currency debt rating was affirmed by Fitch at BBB-, the lowest investment-grade score. Long-Term Issuer Default Rating was affirmed by Fitch at BBB-, the lowest investment-grade score. Long-Term Local-Currency Issuer Default Rating was affirmed by Fitch at BBB-, the lowest investment-grade score
India’s SGX Nifty 50 Index futures for April delivery fell 0.5% to 14,336.50, while MSCI Asia Pacific Index little changed. The NSE Nifty 50 Index added 0.8% Thursday to 14,406.15.
Indus Towers, Cyient, Rallis India, Tata Elxsi may react as the companies reported quarterly results after the market closed Thursday. HCL Technologies, M&M Financial and Indiabulls Real are the companies scheduled to report earnings Friday. Foreign investors sold net of Rs 728 crore of stocks on April 20, according to the NSDL website.
Asian stocks weakened in early Friday trade following broad-based declines in U.S. benchmarks as investors mulled a proposal for higher taxes on the wealthy to help pay for U.S. President Joe Biden’s social plan.
Markets were little moved overnight by a further assurance from European Central Bank President Christine Lagarde that the institution isn’t discussing any pullback in its emergency bond-buying program even as economic data improve.
Oil pared a weekly loss as traders considered signs of recovering demand in the U.S. and setbacks in key markets where spikes in virus cases are further constraining activity.
Treasury yields and the dollar were little changed.