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“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
Let’s begin with some market news. Tata Motors’ share price rallied 9.6% today to hit an intraday high of Rs 408 per share as investors reacted to the auto major’s January-March quarter results. Tata Motors reported a consolidated net loss of Rs 1,033 crore in the fourth quarter of the previous fiscal year, down from Rs 7,605 crore in the same period last year. Analysts believe Tata Motors’ results were a mixed bag, and expect near-term headwinds for the stock. They have trimmed the target prices, but have maintained their ‘Buy’ calls on Tata Motors stock. Revenue came in at Rs 78,439 crore, down from Rs 88,627 crore in the year-ago period.
In some more market news, Rakesh Jhunjhunwala portfolio stock NCC has fallen 10% so far in 2022. However, brokerages remain bullish and see up to 70% potential rally going forward, given that the company secured Rs 4,300 crore worth of orders in Q4FY22, taking the OB to Rs 39,300 crore. It further expects Rs 15,000 crore of order inflows in Financial Year 23. NCC has announced Rs 2 dividend per share on the equity share of face value of Rs 2 each, for the Financial Year 2021-22. According to the NCC shareholding pattern for January to March 2022 quarter, Rakesh Jhunjhunwala holding in NCC stands at 6,67,33,266 shares or 10.94 percent stake in the company.
Meanwhile, the country’s largest lender SBI today reported a 41 per cent surge in standalone net profit at Rs 9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans. State Bank of India had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing. Total income of the bank during the March quarter increased marginally to Rs 82,613 crore, from Rs 81,327 crore in the same period of the previous fiscal. On a consolidated basis, the bank reported a 56 per cent increase in net profit at Rs 9,549 crore, compared to Rs 6,126 crore in the fourth quarter of the previous fiscal. For the entire financial year 2021-22, the bank reported a 55 per cent rise in standalone profit at Rs 31,676 crore, from Rs 20,410 crore in the previous financial year.
Moving on. Mortgage financier LIC Housing Finance today increased interest rate on home loans by 20 basis points to 6.9 percent, from 6.7 percent, for select borrowers. For borrowers with CIBIL score of 700 and above, the rate hike has been limited to only 20 bps. The revised rates are applicable from today. For customers having CIBIL score less than 700, maximum hike is 25 basis points. For New to Credit customers, the hike is 40 bps. CIBIL Score is a 3-digit numeric summary of a customer’s credit history. It ranges between 300 to 900. The closer the score is to 900, the better the credit rating is.
On to some IPO related news. Prudent Corporate Advisory Services’ Rs 538.61-crore IPO, which got 1.22 times subscription, is likely to finalise the share allotment next week on 18th May. The initiation of refunds or unblocking of funds from ASBA account will take place on 19 May, and equity shares will be credited to demat accounts of allottees on 20th May. Prudent Corporate Advisory Services shares are expected to list on stock exchanges on 23rd May. The IPO got bids for 73,30,928 shares against 60,18,689 shares on offer, as per NSE data. The IPO was of up to 85,49,340 equity shares, and was sold at a price range of Rs 595-630 per share.
In news related to twitter deal, Billionaire Elon Musk today said that his $44 billion bid to buy Twitter has been temporarily on hold. Musk in a tweet said that the Twitter deal is temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users. Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.
And lastly, let’s hear how the stock market performed today. Domestic equity benchmarks BSE Sensex and Nifty 50 ended in for the sixth day straight on Friday, on the back of fag-end selling. BSE Sensex settled 137 points or 0.3 per cent down at 52,794, while NSE’s Nifty finished trade at 15,782, down 26 points or 0.2 per cent. The top BSE Sensex draggers were ICICI Bank, State Bank of India, HDFC Bank, Bharti Airtel, Axis Bank, Housing Development Finance Corporation, among others. On the flip side, gains in RIL, ITC, HUL, Sun Pharmaceuticals, and M&M capped the index losses.
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