Headline indices were deep in the red on Monday, led by a fall in IT shares after their disappointing result. Meanwhile oil & gas and FMCG shares traded in the green. The thirty-share BSE Sensex started the week at 60,385.90 points and the fifty-share NSE Nifty 50 opened at 17,863.00 points.
The markets reacted to quarterly results and global trends during the week. On Friday, the Sensex closed at 59,655.06 points and the broader Nifty 50 settled at 17,624.05 points.
Market Movers
The top gainers this week were Raymond (up 14.27%), Borosil Renewables (up 12.40%), Mastek (up 11.33%), Lemon Tree Hotels (up 10.38%), and KRBL (up 10.35%).
On the other hand, some of the top losers were Brightcom Group (down 22.01%), Balaji Amines (down 12.40%), Aavas Financiers (down 11.69%), Infosys (down 11.68%), and LTI Mindtree (down 10.38%).
The Recap
Netflix slashes subscription rates in 116 countries
Following the success of its business model in India, Netflix, a well-known OTT player, reduced subscription prices in 116 nations. After introducing a low-cost subscription plan in India, it observed a 30% boost in consumer engagement and a 24% year-over-year revenue gain. It slashed prices in the range of 20 to 60 percent in 2021 to deepen market penetration and to suit the Indian market.
Mutual Fund SIP Collection increased by 25% in FY23 to ₹ 1.56 lakh crores
Despite the volatility in equity markets, inflows through the SIP route reached 1.56 lakh crore in 2022-23, up 25 percent as compared to ₹ 1.24 lakh crore the preceding fiscal, according to data available with the Association of Mutual Funds in India (AMFI). Mutual fund SIP contributions increased by three times during the last seven years. It was at ₹ 43,921 crores in FY17. Experts say that such an increase was mainly because of volatility amid global geopolitical reasons and inflation.
Cumulative impact of monetary policy actions still unfolding: RBI Governor
In the interest rate-setting panel meeting, RBI Governor Shaktikanta Das opined that the cumulative impact of the monetary policy actions over the past year is still developing and that it has to be closely watched. The apex bank effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation. It took a pause this time. MPC member Michael Debabrata Patra added that the process of getting inflation back to target could turn out to be gradual and uneven, but the aim is to contain second-round effects and anchoring inflation expectations.
Fantasy sports revenue likely to grow over 3 fold to Rs 25,240 cr by FY27
According to a joint report by the Federation of Indian Fantasy Sports and Deloitte India, the revenue from fancy sports is likely to grow over threefold to ₹ 25,240 crore by FY2027. It mentioned that India is the fastest-growing fantasy sports market in the world with over 300 fantasy sports platforms and 18 crore users. The industry attracted ₹ 15,000 crores in FDI till FY22, which is likely to touch ₹ 25,000 crore by FY27, the report added.
Windfall tax back on oil produced; levy of diesel export at zero
Following an increase in global prices, the government has reinstated the windfall profit tax on domestically produced crude oil while eliminating the tax on diesel exports. With effect from Wednesday, the tax on crude oil generated by firms like ONGC is now ₹ 6,400 per tonne. Oil prices shot up this month after a surprise cut in production announced by the producers’ cartel OPEC and its allies like Russia.
Results
ICICI Lombard
The general insurer said its net income jumped almost forty percent to ₹ 437 crores for the March quarter, boosted by the base effect in the year-ago period when it took a heavy hit from pandemic-related claims. Its net income grew 36% year on year to ₹ 1729 crores for the full fiscal. Its board has proposed a final dividend of ₹ 5.50 per share for the full year, taking the overall payout to ₹ 10 per share during the year.
HCL Technologies
HCL Technologies, a leading Indian IT company reported a net profit of ₹ 3,981 crores for the January to March quarter of FY2023, up 10.61% against ₹ 3,599 crores reported in the corresponding quarter last year. Its revenue grew by 17.74% to ₹ 26,606 crores, compared to ₹ 22,597 crores reported in the year-ago period. The company’s board has declared an interim dividend of ₹ 18 per equity share and the record date is fixed as April 28, 2023.
Written by Simran Bafna
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
