Domestic benchmark indices started the truncated week on a positive note. The BSE Sensex opened at 59858.98 points and the Nifty at 17634.90 points. The markets remained closed on Friday on account of Ambedkar Jayanti.
On Thursday, the markets closed for the week in the green, after extending their gaining streak to 9 days, the longest since October 2020. Shares of the financial sector led to recovery in the last hour, while IT stocks closed sharply lower following lower-than-expected earnings by Tata Consultancy Services.
Market Movers
Some of the top gainers this week were AU Small Finance Bank (up 18.76 percent), IDBI Bank (up 13.43 percent), Max Healthcare (up 9.65 percent), Rashtriya Chemicals And Fertilizers (up 8.22 percent), and Tata Motors (up 7.13 percent).
On the other hand, some of the top losers were Brightcom Group (down 16.49 percent) SecureKloud Technologies (down 10.88 percent), PNB Housing (down 8.48 percent), Jindal Stainless (down 8.08 percent), and Dhani Services (down 7.69 percent).
The Recap
India Remains A Globally Attractive Destination For Investment : Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman said that the Indian structural reforms approach has ensured that the country remains a globally attractive destination for investment. She added that India will grow briskly, possibly faster, in the coming years and is well-positioned in the global economy. India was the 10th largest economy in the world in dollar terms in 2014 and is now the 5th largest economy due to steady growth amidst global and domestic challenges.
A Majority Of Large-Cap Mutual Funds Outperformed The Benchmark In 2022
According to a study by S&P Dow Jones Indices, approximately 88 percent of actively managed mutual fund underperformed the BSE 100 in 2022. Meanwhile, more than 60 percent of funds underperformed in all categories outside of Indian Equity Mid-/Small-Cap. The scorecard further suggested that Indian Equity Mid-/Small-Cap funds fared the best with 50 percent of them beating the S&P BSE 400 MidSmallCap Index over the 10-year period that ended in December 2022.
Domestic aviation industry on recovery path; suggests data
Though the air passenger traffic remained about 4 percent lower than the pre-pandemic volume of 14.15 crores, the domestic aviation industry continued to witness recovery. The air passenger traffic logged around 60 percent growth at ₹ 13.60 crores in FY23. Despite a recovery, the industry faces challenges on account of elevated aviation turbine fuel (ATF) prices and the depreciation of the rupee against the US dollar, having a major bearing on the cost structure.
Rishi Sunak’s wife Akshata to earn ₹ 68.17 cr dividend income from Infosys
Britain’s Prime Minister Rishi Sunak’s wife Akshata Murthy who is also the daughter of Infosys co-founder Narayana Murthy stands to earn ₹ 68.17 crore in dividend income from her shareholding in India’s second-largest IT firm Infosys. Akshata held 3.89 crore shares of Infosys at the end of December according to the company’s filings with the exchanges. If she continues to hold these shares she would receive ₹ 68.147 crores in dividends as Infosys declared a final dividend of ₹ 17.50 per share for FY23.
India on way to become global mobile device leader: Vaishnaw
India is on its way to becoming a global leader in the mobile devices segment with the doubling of smartphone exports to over USD 11 billion, said Union Minister Ashwini Vaishnaw. Apple is estimated to have clocked a 50 percent share in these exports according to industry sources, with the export of ‘made in India’ iPhones worth USD 5.5 billion (about ₹ 45,000 crores). It was followed by Samsung which accounted for about 40 per cent share with exports worth ₹ 36,000 crores.
Results
Tata Consultancy Services
India’slargest IT company Tata Consultancy Services on Wednesday reported a 14.8 per cent rise in net income to ₹ 11,392 crores for Q4FY23 (January to March 2023), against ₹ 9,959 crores in the corresponding period a year ago. It logged a growth of 16.9 percent year-on-year (YoY) as its revenue from operations stood at 59,162 crores. The company declared a final dividend of ₹ 24 per equity share for the fiscal year.
Infosys
Bengaluru-based IT company Infosys posted a 7.8 percent YoY rise in its consolidated net profit at ₹ 6,128 crores in the March quarter of FY23, against ₹ 5,686 crores in the corresponding quarter last year. Its consolidated revenue in the fourth quarter of FY23 stood 16 percent higher at ₹ 37,441 crore and it gave a revenue growth guidance of 4-7 per cent for FY24. Further, it declared a final dividend of ₹ 17.50 per share for FY23.
Written by Simran Bafna
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