Domestic equity benchmarks BSE Sensex and NSE Nifty 50 opened higher on the first trading day of the truncated week. The Sensex opened 189 points or 0.31% higher at 61,301.61 points and the Nifty opened 92.80 points or 0.51% higher at 18,124.80 points.
Amid a sell-off on HDFC Twins on Friday, the Indian indices closed in the red. The BSE Sensex nosedived 694.96 points to settle at 61,054.29. However, it gained 0.09% during the week. Similarly, the Nifty 50 dropped 186.80 points lower to settle at 18,069.00. However, it gained 0.08% during the week.
Top Gainers/ Losers
Rail Vikas Nigam Ltd. (up 32%), Brightcom Group (up 20%), Engineers India Ltd. (up 19%), Cholamandalam Financial Holdings Ltd. (up 18%), and BEML (up 14%) were among the top gainers this week.
Manappuram Finance Ltd. (down 18%), Bombay Burmah Trading Corporation Ltd. (down 9%), RBL Bank Ltd. (down 8%), Central Bank (down 6%), and IndusInd Bank Ltd (down 6%), were some of the top losers this week.
The Recap
Go First Files for Bankruptcy, Blames ‘serial failure’ of P&W engines
The airline said that the “serial failure” of Pratt & Whitney engines necessitated the grounding of 50% of its fleet, and forced it to initiate voluntary insolvency resolution proceedings. Go First added that Pratt & Whitney GTF (Geared Turbofan) engines have recurring and persistent issues and it has failed to repair those engines and/or provide sufficient spare leased engines. According to a statement, the company has approached the NCLT “to protect the interests of all stakeholders,” as it is no longer in a position to meet its financial obligations.
Global Gold Demand Dips By 13% To 1,080.8 Tonnes In Jan-Mar Quarter: WGC
According to the World Gold Council (WGC), the global demand for gold decreased by 13% year on year (YoY) in the January to March quarter to 1,080.8 tonnes, mainly due to outflows from European-listed exchange-traded funds (ETFs). It stood at 1,238.5 tonnes during the same quarter in the previous year. An outflow of 29 tonnes equivalent to USD 1.5 billion was recorded from global gold ETFs. Most of them came from European-listed products.
Manappuram Finance In Hot Waters
The NBFC’s share price plunged 18.21% in the past three days as Enforcement Directorate (ED) froze assets worth ₹ 143 crores after searching six premises of the company and its managing director, VP Nandakumar, in Kerala’s Thrissur as a part of its investigation. There were allegations of money laundering from the ‘illegal’ collection of deposits from the public. It said that the proceeds of the crime have been “diverted and invested” by the managing director into immovable properties in his name, in the name of his spouse and children and into the shares of Manappuram Finance Ltd.
Air India, Vistara sign interline pact
An interline agreement was announced between Tata Group airlines — Air India and Vistara. Accordingly, Air India’s passengers will be able to travel seamlessly on its partner Vistara’s route network, and to-and-from more than 80 sites across its vast domestic and international network. The agreement will facilitate the issue and acceptance of tickets for flights. Air India has entered into similar agreements with carriers like Lufthansa, United Airlines, Air Canada, and Singapore Airlines, amongst others.
India’s exports to UAE likely to grow by 60% by 2026-27
India’s exports to the United Arab Emirates (UAE) are expected to increase by about 60 percent to reach USD 50 billion by 2026-27. According to a government official, they are currently at USD 31.3 billion on the back of the free trade agreement between the countries. The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE was signed on February 18, 2022, and it became effective on May 1 of 2022. Domestic exporters in a number of industries, including textiles, agriculture, dried fruits, stones, and jewellery, would have duty-free access to the UAE market thanks to this arrangement.
Results
Adani Green Energy Ltd
In the January to March 2023 quarter, the Adani Group company reported a four-fold increase in its consolidated net profit to 507 crores, as opposed to 121 crores in the corresponding quarter last year. Its total income rose to ₹ 2988 crores in the latest quarter, compared to ₹ 1587 crores in the corresponding quarter last year.
Its consolidated net profit for the entire year increased to ₹ 973 crore in 2022-23 from ₹ 489 crore in the previous financial year. Its total income rose to ₹ 8,633 crore in the 2022-23 fiscal from ₹ 5,548 crore a year ago.
Indian Hotels Company Ltd
The Tata Group company reported a four-fold increase in its consolidated net profit in the fourth quarter ended March at ₹ 338.84 crore, as against ₹ 71.57 crore a year-ago.
During FY 2022-23 (full-year), the hospitality major posted a profit of ₹ 1,052.83 crore, against a loss of ₹ 264.97 crore in the preceding financial year. Its total income during the fourth quarter jumped to ₹ 1,654.54 crore, as against ₹ 954.88 crore in the previous year.
Written by Simran Bafna
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