The key benchmark indices are likely to start trade for the week on a quiet note amid subdued global cues. That apart, Q4 earnings led by IT shares are likely to dictate the market trend this week.
Earnings Today: TCS, Kesoram Industries, Delta Corp and Birla Tyres were some of the prominent companies to announce Q4 results today.
Tata Motors
JLR sales decline by 36 per cent YoY in Q4FY22; on quarterly basis the decline is 1.4 per cent. Luxury carmaker Jaguar Land Rover continued to face the risk of global semiconductor shortage as its retail sales fell sharply by 36 per cent year-on-year to 79,008 vehicles in Q4FY22 and the sequential decline was just 1.4 percent. The Jaguar brand recorded sales of 14,574 units for the March 2022 quarter, down 37.9 per cent and Land Rover reported sales of 64,434 units, down 35.6 per cent compared to year-ago period. The company, however, said it continued to see strong demand for its products with global retail orders at over 1,68,000 units as of March 2022.
Bandhan Bank
Societe Generale acquired 1.18 per cent stake in the bank through open market. European financial services group Societe Generale acquired more than 1.9 crore equity shares (1.18 per cent stake) in Kolkata-based private sector lender Bandhan Bank via open market transactions. These shares were bought at an average price of Rs 306.55 per share. However, HDFC was the seller, offloading more than 4.96 crore equity shares (or 3.08 per cent of total paid-up equity) in the bank at an average price of Rs 306.61 per share. The stock ended 2.5 per cent higher on March 8.
Jindal Steel and Power (JSPL)
The company plans to set-up the country’s second coal gasification plant at its Raigarh plant in Chhattisgarh. The company is already using the coal gasification technology to produce steel at its plant in Angul, Odisha.
Vedanta
One of the group’s firm has said it is working on a solution to use hydrogen instead of coke in its manufacturing process so as to reduce carbon emissions. Vedanta’s Sesa Goa Iron Ore Business said it is looking for a tie-up with IIT-Bombay to carry out a research for manufacturing pig iron ore using hydrogen in place of coke.
Export Import (Exim) Bank of India
The bank plans to raise around $3 billion in 2022-23 (FY23) via overseas bonds to support fresh lending and refinance a portion of the old debt. Harsha Bangari, managing director, India Exim Bank, said that treasury rates (yields on government bonds) have started going up in international markets.
TCS
A consortium led by the IT major has bagged a Rs 550 crore order from BSNL for deploying an indigenously-designed 4G network, an official source said on Friday. The TCS consortium will initially deploy 6,000 mobile towers for BSNL 4G services.
Banks
Taking a cue from the shift in policy stance and hardening yields, banks may look to revise lending rates albeit in a calibrated manner. Much of upward revision in loan rates is expected to happen when the RBI hikes policy rates like repo, bankers said.
FMCG
Fast-moving consumer goods (FMCG) sales slowed in the March quarter on the back of a sharp rise in prices, especially in commodity products that include edible oil, retail Intelligence platform Bizom said. Homecare and personal care product sales have witnessed a slowdown. However, Bizom expects sales of beverages to pick up in the summer months.
Jet Airways
Back to the airline boardroom after almost two years, Sanjiv Kapoor now has a job which has no precedence- to take back Jet Airways, which has been grounded for three years now back to skies. The airline shut operations in April 2019 after getting under a pile of debt and bankers refusal for any fresh funding. The airline is expected to take to the skies again by the third quarter of CY2022. Jet will be the first bankrupt airline to be revived.
Wipro
The IT major appointment Anis Chenchah as a member of the Wipro Executive Board and Chief Executive Officer, APMEA (Asia Pacific, India, Middle East and Africa). Chenchah has over two decades of experience in Consulting, IT and Business Process Services. He joins from Capgemini where he was the Global CEO of Capgemini Business Services and member of the Group Executive Committee.
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