TCS Earnings Release, Phoenix Mills Growth, L&T Divestment, and Dr. Reddy’s New Product Launch

Opening Bell: 

Gift Nifty is down by 45.5 points in the early morning trade, indicating a negative opening for Indian stock market

Asian markets showed mixed results on Friday, influenced by Wall Street’s overnight performance and in anticipation of upcoming trade data from China. Japan’s Nikkei 225 increased by 0.51% while the Topix was up by 0.53%. In contrast, South Korea’s Kospi dropped by 0.38%, although the Kosdaq rose by 0.62%. Futures for Hong Kong’s Hang Seng index suggested a lower opening.

US stocks ended higher on Thursday, led by gains in tech-related momentum stocks, after encouraging economic data revived optimism that inflation is continuing to moderate. The Nasdaq, buoyed by rate-sensitive tech giants, saw significant gains. The S&P 500 also finished in the green, while the Dow Jones Industrial Average remained nearly flat. The softer-than-expected Producer Prices Index (PPI) supported the view that inflationary pressures are easing. Specifically, the Dow Jones Industrial Average dropped slightly by 2.43 points, or 0.01%, to 38,459.08. The S&P 500 increased by 38.42 points, or 0.74%, reaching 5,199.06, and the Nasdaq Composite rose by 271.84 points, or 1.68%, to 16,442.20.

Stocks News:

👉 Tata Consultancy Services: India’s largest IT services provider, Tata Consultancy Services, is scheduled to release both its quarterly and full-year earnings reports on April 12. On the same day, Anand Rathi Wealth will also be announcing its quarterly financial results.

👉 Phoenix Mills: For the quarter ending March FY24, Phoenix Mills reported a total consumption of Rs 2,818 crore, a 27 percent increase from the previous year. Its gross retail collections for the quarter rose by 37 percent year-over-year to Rs 791 crore. For the full year FY24, total consumption grew by 22 percent to Rs 11,327 crore, and gross retail collections increased by 27 percent to Rs 2,743 crore compared to last year.

👉 Larsen & Toubro: The infrastructure giant has finalized the sale of its entire 51 percent stake in L&T Infrastructure Development Projects to Epic Concesiones. As a result, L&T IDPL and its subsidiaries are no longer part of Larsen & Toubro. L&T Infrastructure Development Projects was a joint venture between Larsen & Toubro and the Canada Pension Plan Investment Board.

👉 Dr. Reddy’s Laboratories: The pharmaceutical major has introduced the drug-free, non-invasive migraine management wearable device, Nerivio, in Germany through its subsidiary betapharm. Nerivio, which is approved by the US Food and Drug Administration (USFDA) and holds a CE mark certification in Europe, was launched as part of an exclusive partnership with Theranica for the marketing and distribution of the device in multiple markets.

👉 Foreign institutional investors (FIIs) net bought shares worth Rs 2,778.17 crore, while domestic institutional investors (DIIs) purchased Rs 163.36 crore worth of stocks on April 10, provisional data from the NSE showed.

Domestic and International Events

• U.S. producer prices rose modestly in March, easing concerns about a potential resurgence of inflation. The Producer Price Index (PPI) for final demand increased by 0.2% last month, following a 0.6% rise in February. This was slightly below the 0.3% increase anticipated by economists polled by Reuters. Over the past 12 months, the PPI has climbed 2.1%, up from a 1.6% increase in February.

• U.S. inflation experienced a higher-than-expected rise in March, driven primarily by increases in petrol and shelter costs. The Consumer Price Index (CPI) rose by 0.4% month-over-month. Annually, U.S. inflation rose by 3.5%, marking the largest increase in six months.

• The European Central Bank maintained its interest rates steady on Thursday, marking the fifth consecutive hold. However, with inflation slowing, there is growing optimism that the ECB might start reducing rates, potentially beginning in June. The key deposit rate remains at a record high of four percent, following rapid rate hikes aimed at controlling surging inflation. Now, with inflation receding to 2.4% in March, closer to the ECB’s target of 2%, and the economic strain from higher borrowing costs, there are increasing calls for rate cuts.

• Crude oil prices saw an uptick on Friday, driven by escalating tensions in the Middle East. Brent crude futures rose by 0.38% to $90.08 a barrel, while U.S. West Texas Intermediate crude futures increased by 0.51% to $85.45.