Market Beats

Volatility due to inflation fears and uncertainty over the second wave of Covid-19 will continue to keep market participants on their toes in the coming week.

The MSCI Asia Pacific Index slumped 3.2% this week, and is now down 2.7% in May. That’s put the gauge on track for its worst monthly performance since March 2020 -- when markets took the biggest hit from the pandemic.

Paytm Money witnessed a 30% year-on-year (YoY) value growth in digital gold sales on their platform this year. Paytm Money CEO Varun Sridhar said, “In the last three days, we have recorded 50kg of gold sales. The average ticket size has grown from Rs 1,600-1,700 to Rs 2,300-2,500 per transaction.”

"Today 'everything is going up day' because everyone is buying," said Chuck Carlson, senior vice president at Wealthspire Advisors, in New York. "It's a 'buy everything' day."

According to banking sources, IDBI Bank has already written to the CBI, which has confirmed that commercial dealings will not affect the criminal investigation process.

The surge in cases and the subsequent capacity constraints are forcing the middle-class to avail of private healthcare services they cannot afford.

"We think FMCG stocks are good short-term trade but not an investment at this point."

"Q1 of this year is going to be tough for most of the FMCG companies, including Asian Paints," says Mahantesh Sabarad.

The Tesla boss' tweets, which had helped drive some of the gains in bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company's customers would no longer be able to use bitcoin to buy its cars.

After flying for 17 years as ‘GoAir’, owner Nusli Wadia, in an abrupt move, changed the carrier’s brand to ‘Go First’. The rebranding was initiated ahead of taking his company Go Airlines public.

"Board of Directors at its meeting held today approved re-appointment of Rajeev Singhal as the MD of the company for a period of one year with effect from May 18, 2021, i.e. on the expiry of his present term on May 17, 2021, subject to the approval of shareholders," Tata Steel BSL said.

"After a long period of (data) beating expectations, it's quite likely we're going to maybe have some disappointments like we did today, or with the payrolls (data). And that could ultimately move the yield curve lower and help gold," said Bart Melek, head of commodity strategies at TD Securities.

Benchmark copper on the London Metal Exchange (LME) was 0.9% lower at $10,245.50 a tonne at 1624 GMT, having scaled a record high of $10,747.50 on Monday.

The S&P 500 fell 4% from Monday through Wednesday, the biggest three-day swoon for the benchmark index since late October, after several months of largely calm and steady increases to record highs, although it partially rebounded at the end of the week.

Earlier this week on Tuesday, the board of directors of the company had approved the proposal for the issuance and allotment of 1,38,45,000 shares of the company of face value of Rs 2 each on a preferential basis at a price of Rs 73.10, including a premium of Rs 71.10 per equity share, aggregating to Rs 1,01,20,69,500 for consideration other than cash.

The board of directors of the company also approved a fundraising plan up to Rs 600 crore, including a rights issue of Rs 200 crore, to reduce its Rs 1,900 crore high-cost debt.

Its revenue from operations was up 51.84 per cent at Rs 452.06 crore during the quarter under review as against Rs 297.72 crore in the corresponding period of the previous fiscal.

The lender was targeting to raise Rs 1,800 crore including an option to retain oversubscription up to Rs 600 crore.

In addition to producing for the domestic market in India, these plants will also have enhanced focus on catering to the Global Business (GB) markets across the world.

Larsen & Toubro’s optimism flows from its expectations that notwithstanding the second wave, the country’s thrust on infrastructure in the Budget would see the company take in several large orders over the coming years.

TIMF Holdings sold 1.95 million shares of Yaarii Digital Integrated at Rs 91 apiece through a bulk deal on the NSE.

The buy and sell data for the month showed the fund house is continuing with its policy of banking on re-rating candidates. Old economy stocks topped the list of items in its cart for April.

The celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and sent some stocks soaring this year with a series of tweets and business announcements.

After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses surged from about 43 cents to 51 cents in a matter of minutes.

The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.

Prior to this role, Shah was the chief commercial officer at cookie maker Britannia Industries. Shah ’s career, which spans consumer durables, telecom and FMCG, has also worked with brands such as Asian Paints and Motorola.

According to the annual statement, the port's operating surplus was Rs 322.63 crores in the last fiscal, as against Rs 328.71 crore in 2019-20.

The non-banking financial company said it posted strong growth across businesses leading to delivery of the highest ever consolidated profit, despite a COVID-hit year.

The extension of one month is over and above the timelines, as prescribed under Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) regulations and the regulator's circulars.

PGCIL, under the process of monetisation of assets through the InvIT, has transferred 74 per cent of its shareholding to the PGInvIT, it said in a BSE filing.

The distribution comprises 92.3% dividend at Rs 4.44 per unit and balance in the form of interest. The record date for the distribution is May 21.

While indices may have logged gains over the past three weeks, they have been stuck in an 800-point range between 14,200 and 15,000 for well over two months as investors balance the near-term disruption caused by the second wave.

Demand was minuscule last year, when the country was in a lockdown on Akshaya Tritiya in late April. But consumer sentiment wasn’t this bad, as there were very few Covid cases at the time, and many had booked gold over the phone or purchased it online.

In an e-auction sale notice, Yes Bank said it took physical possession of the immovable properties mortgaged to it on August 29, 2020 pursuant to a demand notice issued to the borrower and mortgagor in January 2020. The e-auction will take place under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

The company’s consolidated revenues for the quarter rose 5.2 per cent on-year to Rs. 4,606.45 crore, which was also sharply below Street’s estimate.

Moody's adjusted free cash flows for TML will likely stay negative with its continuous product development and capital expenditure, although the improving profitability and leverage support the view that the imminent risk of a downgrade has now been averted.

The infrastructure company’s new order inflows in the quarter slumped 12 per cent year-on-year to Rs 50,651 crore.

"A steady demand in the domestic market across segments during the fourth quarter has helped growth in sales volume and revenue," said Abhyuday Jindal, managing director, JSL.

The stock made its debut at Rs 104, registering a gain of 4 per cent on the BSE. It further jumped 4.97 per cent to Rs 104.97 during the day. It closed at Rs 103, higher by 3 per cent.

The board meeting is scheduled to be held on Tuesday, May 18, 2021 to consider and approve the audited financial results for the quarter and financial year ended March 31, 2021.

Overseas demand for U.S. Treasuries is brimming just as new sales of long-term debt are projected to drop. Such a tightening of supply is counter-intuitive given current eye-popping government spending and may help explain what looks like some screwy market maths.

MCX gold futures for June 4 delivery were last seen quoting at Rs 47,617 per 10 grams, up by Rs 179 from their previous close.

The index is likely to stay in a broad range between 14,400 and 14,890 levels next week, said analysts, who believe the chances of a recovery from here on are good.

The celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and sent some stocks soaring this year with a series of tweets and business announcements.

According to Refinitiv data, global equity funds received $15.1 billion worth of inflows, the biggest in four weeks.

The company’s pre-sales from India operations rose 116% during the quarter to Rs 2,531 crore with collections increasing 10% to Rs 2,089 crore.

Income during the period under review increased to Rs 617.91 crore, over Rs 441.48 crore in the same quarter a year ago, the filing said.

The total income during the quarter under review stood at Rs 2,173.56 crore as against Rs 1,664.46 crore in the corresponding quarter a year ago, Welspun India said in a regulatory filing.