Market Bizzz

​On May 10, three Adani Group companies — Adani Enterprises, Adani Green, and Adani Transmission — informed the bourses about the board meeting to consider the fundraising proposal.

Dish TV India reported a consolidated net loss of INR 1,720.62 crore for Q4 2023 due to impairments and deferred tax liability, compared to a net loss of INR 2,031.99 crore in the same period last year. The revenue also fell by 21.45% to INR 504.82 crore, with losses of INR 1,907.61 crore under exceptional items. For the fiscal year ended in March 2023, the company’s net loss was INR 1,683.54 crore, with a decrease of 9.83% in revenue from consolidated operations. Dish TV’s total subscriber additions were 0.50 million, which were greater than the previous fiscal year.

Tata Motors Group, the Mumbai-based multinational automotive manufacturing company, announced a net profit of INR 5420 crore ($721.5m) for Q4 2022, a rise of INR 6435 crore ($858.7m) YoY, driven by a strong operational performance at Jaguar Land Rover and its India business. Net revenue also rose to INR 1,05,932 crore, a YoY increase of 35%. The company has also outlined a capex of INR 38,000 crore, which includes INR 8000 crore for India business, for FY24.

Oil markets saw a slight rebound in early Asian trade on Friday, as traders covered their short positions ahead of the weekend; however, gains were limited by concerns about the US debt ceiling and fears of a US regional banking crisis. Brent crude futures rose by 0.5% to $75.34 a barrel, while US crude futures gained 0.6% to $71.28. Both benchmarks were on track to register little change for the week after three consecutive weeks of declines. The market’s bearish mood is likely to continue amid concerns over weak fuel demand recovery in China.

RBI had pre-empted and changed its stance to pause in its April meeting, now all focus is on the inflation trajectory. Historically, it has been seen it takes 6 to 9 months post pause for a shift in stance towards lowering interest rates.

Shares of Walt Disney Co fell 8.7% on Thursday after the company reported that total subscribers to its flagship Disney+ service decreased, dragging down the Dow and the S&P 500. Meanwhile, PacWest Bancorp led declines in regional banks after reporting a decrease in deposits, reviving concerns over the industry’s health. The Nasdaq was lifted, however, by shares of Alphabet Inc, which rose 4.3% as Google unveiled more artificial intelligence products. The energy sector fell along with declining oil prices, while the U.S. Federal Deposit Insurance Corporation said 113 of the country’s largest lenders will bear the cost of replenishing the $16bn in coverage provided during the crisis.

Engineering behemoth Larsen & Toubro reported a 10% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 3,987 crore. Consolidated revenue from operations rose 10.4% YoY to Rs 58,335.15 crore.