Tata Motors’ Sales Surge, Sula Vineyards’ Revenue Growth, Bain Capital Exits Axis Bank, NCL Industries Boosts Production

Opening Bell: 

Gift Nifty is down by 2.0 points in the early morning trade, indicating a negative opening for Indian stock market

Asian markets experienced gains on Tuesday, with Japan’s Nikkei 225 increasing by 0.67% and the Topix index moving up by 0.63%. In South Korea, the Kospi index grew by 0.61%, and the Kosdaq index saw a rise of 0.59%. Conversely, futures for Hong Kong’s Hang Seng index suggested a softer start.

US stocks closed virtually flat after a volatile trading session on Monday, as a solar eclipse provided a diversion in anticipation of important inflation figures and the start of the earnings season for the first quarter. The Dow Jones Industrial Average dipped by 11.24 points, a decrease of 0.03%, closing at 38,892.80. The S&P 500 dropped slightly by 1.95 points, or 0.04%, to end at 5,202.39, while the Nasdaq Composite edged up by 5.44 points, or 0.03%, finishing at 16,253.96.

Stocks News:

👉 Tata Motors announced that its Jaguar Land Rover (JLR) division has seen a notable increase in sales, with over 20 percent growth year-on-year for the full year, driven by enhanced production capabilities and steady global demand. In the fourth quarter of FY24, excluding the China joint venture, wholesale volumes reached 110,000 units, marking a 16 percent rise from the same period last year. The full-year figure rose by 25 percent year-on-year to 401,000 units. Retail sales in the fourth quarter, including the China JV, were up by 11 percent year-on-year to 114,000 units, with the annual retail sales climbing 22 percent to 431,000 units.

👉 Sula Vineyards, India’s leading winemaker, has reported a 10 percent increase in net revenue for both the fourth quarter and the full fiscal year of FY24. The March quarter of FY24 saw net revenues of Rs 131.8 crore, up from Rs 120 crore in the corresponding quarter of the previous year. The annual revenue for FY24 reached Rs 608.6 crore, an increase from Rs 553.4 crore the year before.

👉 Axis Bank is on the verge of seeing Bain Capital exit completely. The US-based private equity giant is preparing to sell its remaining shares in the private sector bank through a new block deal estimated at around $430 million, according to sources familiar with the matter. The shares are being offered at a price range of Rs 1,071 to Rs 1,076.05 each.

👉 NCL Industries reported a year-on-year increase of 4 percent in cement production, totaling 730,000 metric tonnes, and a similar 4 percent rise in cement dispatches to 739,000 metric tonnes for the quarter ending March FY24. Production of cement boards saw a significant rise of 17 percent to 21,976 metric tonnes, with dispatches also increasing by 5 percent to 21,651 metric tonnes during the same period.

👉 Foreign institutional investors (FIIs) net sold shares worth Rs 684.68 crore, while domestic institutional investors (DIIs) bought Rs 3,470.54 crore worth of stocks on April 8, provisional data from the NSE showed.

Domestic and International Events

• India has outpaced China in GDP growth in recent years, averaging over 7.5% in 2023 compared to China’s 5.2%. Projections indicate India’s GDP may hit 7% by 2026, while China is forecasted at 4.6%. IMF anticipates China’s growth to decline from 4.6% in 2024 to around 3.5% by 2028.

•  Benchmark US 10-year note yields surged by 4.6 basis points to 4.424%, with the 30-year bond yield rising by 2.3 bps to 4.5548%. Meanwhile, the 2-year note yield increased by 6.3 bps to 4.7949%.

• Gold prices edged closer to a record high, with spot gold rising 0.1% to $2,340.09 per ounce after hitting a record of $2,353.79 on Monday. US gold futures also climbed by 0.3% to $2,358.80 per ounce.

• Crude oil prices saw an uptick as hopes for a Middle East ceasefire dwindled. Brent crude futures rose by 0.44% to $90.78 a barrel, while US West Texas Intermediate (WTI) crude gained 0.39% to $86.77.