Domestic markets were trading higher on Monday, the first trading day of the financial year 2023-24, on the back of a rally in auto shares. The BSE Sensex started the week at 59131.16 points and the NSE Nifty 50 at 17427.95 points.
The Reserve Bank of India’s three-day monetary policy started on Monday and the result was announced on April 6, Thursday. The markets remained closed on April 4th and April 7th on account of public holidays.
The benchmark indices opened lower on Thursday, however, they recovered from initial lows, led by gains in financial shares after the Reserve Bank of India kept the repo rates unchanged at 6.5 percent. The Sensex settled at 59832.97 points, up 0.24 percent and the Nifty closed for the week at 17,599.15 points, up 0.24 percent.
Top gainers
Some of the top gainers this week were Dhani Services Ltd. (up 58.40 percent), Reliance Home Finance Ltd (up 40.43 percent, Brightcom Group Ltd (up 39.10 percent), Tata Teleservices (Maharashtra) Ltd (up 21.38 percent), and Apar Industries Ltd (up 19.09 percent).
On the other hand, some of the top losers were Orient Electric Ltd (down 13.24 percent), KPIT Technologies Ltd (down 11.27 percent), Global Health Ltd (down 7.34 percent), Kalpataru Power Transmission Ltd (down 5.46 percent), and Route Mobile Ltd (down 5.46 percent).
The Recap
Market Capitalization Of 10 Most Valued Firms Jumps ₹ 2.34 Lakh Cr Last Week
Reliance Industries emerged as one of the top gainers last week, while nine of the top ten valued firms together added ₹ 2,34,097.42 crores in market valuation last week amid a positive trend in equity markets last week. The market valuation of Reliance Industries increased from ₹ 86,317.26 crore to ₹ 15,77,092.66 crore, TCS added ₹ 30,864.1 crore, taking its valuation to ₹ 11,73,018.69 crores and HDFC Bank’s market valuation rallied from ₹ 26,782.76 crore to ₹ 8,98,199.09 crore.
Vedanta Has Usd 3 Bn Debt Servicing Obligations This Fiscal: S&P
Billionaire Anil Agarwal led Vedanta Resources Ltd has debt servicing obligations of about USD 3 billion, including interest, in the current fiscal, said S&P Global Ratings. It said that the company will likely have enough liquidity until December 2023. Vedanta Resources is the parent company of Mumbai-listed Vedanta Ltd that is known for paying hefty dividends. The company recently declared a fifth interim dividend of ₹ 20.50 per share.
India’s Manufacturing Pmi Hits 3-Month High In Mar Amid Demand Resilience
According to a monthly survey, manufacturing activities in India touched a three-month high in March boosted by faster expansions in new orders and output amid demand resilience. S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose from 55.3 in February to 56.4 in March, indicating a strong improvement in operating conditions in 2023 so far. Going forward, Indian manufacturers expect improved customer relations, new product releases and advertising to support sales and subsequently production over the course of the coming 12 months.
Ambani Regains The Title Of Asia’s Richest Person; Kamath Brothers Are The Newcomers
After rival Gautam Adani tumbled to No.24. on the Forbes’ World’s Billionaires list following the Hindenburg Report, Mukesh Ambani regained his position as Asia’s richest person. With a net worth of USD 83.4 billion, Ambani was ranked at No. 9 on the list. His oil-to-telecom company, Reliance Industries became the first Indian company to surpass USD 100 billion in revenue, last year. Among the newcomers in the list is the youngest Indian billionaire, 36-year-old Nikhil Kamath, with his older sibling Nithin Kamath, who co-founded discount brokerage Zerodha.
Adani Ports Ends Fy23 With 9 percent Growth, Largest Port Cargo Volume Ever
Adani Ports and Special Economic Zone Ltd reported a 9 percent growth in cargo handling at the seaports it operates for the fiscal year ended March 31. At 339 million tonnes, this is the largest port cargo ever, the company said in a statement. It added that it handled about 32 million tonnes of total cargo in March, up 9.5 percent year-on-year. Moreover, this is the first time since July 2022, that the volumes crossed the 30-million tonne mark.
Written by Simran Bafna
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