News Overview

As LTFH reduces the share of unsecured loans (53% of retail) and increases focus on prime customers, analysts of IIFL Capital Services anticipate a period of transition before lower opex and credit costs can offset margin pressures, like in case of MMFS. LTFH’s ROEs are expected to be constrained at ~13.5% by FY26 due to low leverage and consequently retain analysts of IIFL Capital Services ADD rating.

Tractors declined ~25% YoY in Mar’24 and ended FY24 down 7-8% YoY. Although the end-demand has been weak, the rate of decline was magnified in March, due to a shift in the festive calendar (high base in March 2023).

At the time of writing, Ramco Cements were priced at ₹854.25, experiencing a 0.73% decline on the BSE.

UltraTech Cement highlighted that it achieved a significant milestone by adding 50 mtpa capacity in less than 5 years, with an investment of around ₹32,000 Crore, after reaching 100 mtpa capacity over 36 years.

Petrol and Diesel prices in cities across India on 03-04-2024

Sector-wise, tech, IT, telecommunication, and banks experienced declines, while consumer durables, services, metal, utilities, and commodities witnessed gains.

The company's ₹130 crore public issue witnessed robust demand, with a subscription rate of 86.57 times during March 26-28.

Telecommunications Consultants India, the only public shareholder in Bharti Hexacom, is diluting its 15% stake, equivalent to 7.5 Crore equity shares, out of its total 30% shareholding, through the OFS route. Promoter Bharti Airtel holds a 70% stake in the company.

The company has reached significant milestones in FY24, including its highest-ever cast metal production of 463,428 metric tons, bauxite excavation totaling 76,00,230 metric tons, and metal sales amounting to 470,108 metric tons. Additionally, during the year, the company expanded its product range by introducing a new aluminum alloy ingot (AL59).

The Sensex and Nifty indices are likely to open lower today, reflecting weak cues from global markets and SGX Nifty.