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27th May, 2022

FOMC minutes hint at front-ending rate hikes, with flexibility

Published on: 4:20 pm

  • The message of the FOMC minutes announced by the US Federal Reserve on 26th May was clear. “Monetary policy in the US may have to move beyond the Neutral zone and into Restrictive territory”. That means; Fed could risk some impact on growth just to ensure that rampant consumer inflation at above 8% is quickly brought under control.
  • However, one cannot miss out the tone of pragmatism in the minutes of the Fed. Most of the members are now of the view that over the next couple of meetings, 50 bps hikes may be inevitable to send the right message about the earnestness of the Fed. However, Fed is veering towards reviewing its stand in the last quarter of 2022, based on the high frequency impact on growth levers. First the Fedwatch! Read More

Indian markets end the week in green

Published on: 4:05 pm

  • Indian markets have ended the week in Green. Nifty was up by 182.30 points at the time of closing; BSE Sensex was up by 632 points.  Top Gainers today included Tech Mahindra,  Apollo Hospitals, HDFC Life etc. Top losers today were ONGC, NTPC, PowerGrid , Bharti Airtel etc.
  • The statement by RBI Governor that inflation will not be controlled at the cost of killing growth seemed to have given some reason for positivity to the markets. Overnight cues from the US markets also pushed up sentiments in the Indian markets. Some US retail companies posted better financial results yesterday. This raised hopes that slowdown in US may not be as deep as expected. US economy is a consumption – driven one. Consumption makes up the biggest chunk of US GDP. Better performance by retail companies indicates to stronger consumption. Read more

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CRISIL reaffirms ‘A1+’ rating of Godrej Agrovet’s Commercial Papers

Published on: 3:54 pm

  • Godrej Agrovet Limited informed that CRISIL Ratings has reaffirmed its 'CRISIL A1+' rating on the company’s Commercial Paper.
  • The rating agency has reviewed Commercial Papers worth Rs1,000 crore. Read more

Vijaya diagnostics logs 25% yoy decline in PAT at Rs23.70 crore for Q4FY22; stock plunges ~4%

Published on: 3:40 pm

  • Vijaya Diagnostic Centre Limited, one of India’s leading integrated diagnostic chains, has announced its financial results for the quarter and twelve months ended March 31, 2022.
  • The company has reported a 23% yoy increase in revenue at Rs462.40 crore in FY22 as compared to Rs376.70 crore in FY21. For Q4FY22, the company reported growth of 4% yoy at Rs116.20 crore as against Rs112 crore in Q4FY21. Read more

Quess Corp climbs ~2% as PAT grows by a whopping 232% yoy in Q4FY22; EBIDTA jumps 388% yoy

Published on: 3:26 pm

  • Quess Corp Limited announced its results for the quarter and financial year ended March 31, 2022.
  • The company reported a revenue of Rs13,692 crore during FY22, registering a growth of 26% yoy against Rs10,837 crore during the previous financial year. For Q4FY22, the company has logged growth of 26% yoy at Rs3,792 crore as against Rs3,005 crore in the previous corresponding quarter. Read More

DigiSpice’s Spice Money logs 80% yoy jump in revenue at Rs341 crore for FY22; stock gains ~1%

Published on: 3:05 pm

  • DiGiSPICE Technologies Limited announced its results for the quarter and financial year ended March 31, 2022. The company operates in rural fintech through its subsidiary, Spice Money.
  • Spice money logged a growth of 80% in its service fee revenue to Rs341 crore in FY22 as against Rs190 crore during the previous financial year. Read More

Cummins’ stock slips near 2% despite robust Q4 & FY22 showbiz

Published on: 2:46 pm

  • The Board of Directors of Cummins India Limited has reviewed and approved the financial results for the quarter and fiscal year ended March 31, 2022.
  • The company reported a 19% yoy jump in total sales at Rs1,468 crore for Q4FY22 as compared to Rs1,246.51 crore in the previous corresponding quarter. Whereas total sales for FY22 increased by 42% yoy against the previous year at Rs6,026 crore. Read more

CRISIL reaffirms credit ratings assigned to Isgec Engineering's subsidiary; stock adds ~1%

Published on: 2:22 pm

  • Isgec Heavy Engineering Limited informed that CRISIL Ratings has revised the credit ratings assigned to its subsidiary.
  • CRISIL reviewed Isgec Titan Metal Fabricators Private Limited’s bank facilities worth Rs55 crore. It has assigned ‘CRISIL AA’ rating to the company’s Cash Credit and Working Capital Demand Loan worth Rs10 crore with a stable outlook on the same. Read more

Allcargo Logistics posts 91% yoy growth in revenue ~Rs20,000 crore; reports 349% yoy growth in PAT

Published on: 2:03 pm

  • Allcargo Logistics Limited reported consolidated revenue of Rs20,072 crore for the financial year ended March 31, 2022, as compared to Rs10,498 crore in previous financial year, up by 91% yoy.
  • EBITDA stood at Rs1,516 crore for FY22, as against Rs634 crore for FY21, logging growth of 139% yoy. Read more

Torrent Pharma acquires 4 brands from Dr. Reddy’s Laboratories; stock marginally up

Published on: 1:14 pm

  • Torrent Pharmaceuticals Limited announced that the company has entered into an agreement with Dr. Reddy's Laboratories for the acquisition of four of its brands Styptovit-E, Finast, Finast-T, and Dynapress.
  • Styptovit-E, a gynecology product having an estimated market size of Rs500 crore (AIOCD data set), will further strengthen Torrent’s presence in the therapy. Read more

SEBI gives much needed boost to passive funds

Published on: 1:02 pm

  • According to AMFI data, the AUM of passive funds in India has crossed Rs5 trillion. What is more interesting is that the AUM grew 60% in the year 2021 and is expected to sustain that momentum in 2022 also. What exactly do we understand by passive funds?
  • As the name suggests, a passive fund has no active management. The fund manager does not decide what stocks to buy and what stocks to sell or how much to allocate to each stock. A typical passive equity fund will be pegged to an index like the Nifty. So it will create a portfolio of all stocks in the Nifty in the same proportion. The portfolio will only change when the Nifty constituents or weightage changes. Read More

Angel One achieves milestone of 10 million clients; stock spurts ~3.5%

Published on: 12:58 pm

  • Angel One Limited showcases a phenomenal performance by expanding its client base to 10 million and has doubled the client base since March’21.
  • This new milestone is evidence of the confidence the management demonstrated with its decision of transforming from a physical to a digital player in the retail broking industry. This high conviction has translated into 10 million app ratings and has ensured Angel One is their favorite wealth generation destination. Read More

CRISIL upgrades long-term credit rating of Varun Beverages; reviews instruments worth Rs3,122.80 cro

Published on: 12:25 pm

  • Varun Beverages Limited informed that CRISIL Ratings has upgraded its rating on the long-term bank facilities of the company. The rating agency has upgraded the rating to ‘CRISIL AA+’ from ‘CRISIL AA’ and revised the outlook to ‘Stable’ from ‘Positive’.
  • The rating on the commercial paper program has been reaffirmed at ‘CRISIL A1+’.
  • Total long-term bank facilities reviewed stood at Rs3,122.80 crore. Read more

Q4FY22 Preview: ONGC: PAT seen at Rs166,828 million

Published on: 12:04 pm

  • Result date: 28th May, 2022
  • Recommendation: Reduce
  • Target price: Rs170
  • Source: IIFL Research
  • Oil and Natural Gas Corporation (ONGC) could see a sharp jump in Profit After Tax (PAT) in the March 2022 quarter, over the year-ago quarter. Higher oil realizations and near doubling of gas transmissions segment’s EBITDA could drive the company’s profitability even as volumes are likely to remain flat. Read more

Page Industries climbs over 5% on posting robust Q4 & FY growth numbers; PAT jumps ~57% yoy at R

Published on: 11:55 am

  • Page Industries Limited (Jockey) announced its results for the quarter and financial year ended March 31, 2022.
  • Company reported revenue of Rs1,111.10 crore for Q4FY22, up by 26.2% yoy against the previous close. Revenue for FY22 stood at Rs3,886.50 crore, registering a growth of 37.2% yoy against the previous year. Sales momentum has picked up significantly on the back of substantial growth in volumes. Read more

Q4FY22 Preview: Mahindra and Mahindra: Revenues seen at Rs169,072 million, PAT at Rs10,955 million

Published on: 11:20 am

  • Result date: 28th May, 2022
  • Recommendation: Buy
  • Target price: Rs1,035
  • Mahindra and Mahindra will witness healthy growth in volumes of automobile sales, even as tractor sales could witness sharp fall owing to the seasonality factor. Price hikes though could aid revenue in the March 2022 quarter. Consequently, revenue could grow ~27% over the year-ago quarter and ~11% sequentially. Read More

Delhivery bags patent for its proprietary technology product Addfix; stock zooms ~2%

Published on: 10:51 am

  • Delhivery Limited informed investors and exchanges through its press release that company has been awarded a US Patent - US 11,343,638 B2 (45) on May 24, 2022.
  • This patent received is for Delhivery’s innovation in address verification and location mapping - ‘System and method for validating geographic location accuracy for an address.’ Read more

Sun Pharma acquires Uractiv Portfolio from Fiterman Pharma in Romania; stock marginally up

Published on: 10:24 am

  • Sun Pharmaceutical Industries Limited announced that its subsidiary S.C. Terapia S.A., Romania has acquired the UractivTM portfolio from Fiterman Pharma in Romania.
  • The Uractiv portfolio comprises food supplements including minerals, vitamins, and adjuvants; cosmetics, and medical devices used for maintaining urinary tract health. Read more

GMM Pfaudler all set to expand its manufacturing footprint in Telangana; stock trades flat

Published on: 10:07 am

  • GMM Pfaudler Limited informed that the company’s senior management team, led by Mr. Thomas Kehl, CEO of Pfaudler’s International Business met with the Telangana Minister for Industries, Mr. KT Rama Rao, Mr. Jayesh Ranjan, Principal Secretary, and Mr. Shakthi Nagappan, Director - Life Sciences and Pharma at the World Economic Forum in Davos, Switzerland.
  • During the said meeting, the management put forward its commitment to increase its manufacturing footprint in the state. The company further expressed its interest to partner with the Telangana State Government in the upcoming Hyderabad Pharma City. Read More

Market opens ~1% higher; Nifty above 16,300 points

Published on: 9:34 am

  • Domestic Markets make entry in green zone today, driven by positive global cues. Sectoral indices auto, IT, and Pharma remained nearly 1% higher. Oil & Gas makes a dim start to the day with marginal downfall, while all other indices trade in green.
  • Sensex opened at 54,727.83 points, up by 475.30 points or 0.88% against the previous close. Nifty opened 144.90 points or 0.90% higher at 16,315.05 points Read More

Indian markets may start the day in Green, on positive global cues

Published on: 9:02 am

  • SGX Nifty has opened the day in the Green. 
  • US markets saw another strong day as earnings reports from large Corporates saw short covering/value buying emerge. Technology stocks lead the winners as Nasdaq rallied over 300 points while Dow Jones closed higher by nearly 520 points.US bond yields closed unchanged near 2.74% after hitting 3 month low of 2.70%.  Read More

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