LIVE | Tracking Latest Stock Market Headlines & Top Developments | India Business Hour | Top News

LIVE | Tracking Latest Stock Market Headlines & Top Developments | India Business Hour | Top News

e e e e e e e [Music] hello and welcome to India business hour I’m Shireen ban the big stories that we’re tracking for you this evening the sensex and the Nifty down 2% this week despite ending in the green on Friday this is the biggest weekly fall in two months financials drag the market with Nifty Bank index posting the biggest weekly fall in four months a cbct TV8 analysis of Q4 earnings of top 200 listed companies throws up a mixed bag of the 104 companies to have released numbers so far 51 have seen EPs downgrades and 42 have seen upgrades delhi’s chief minister arind krial walks out of the hard jail after Supreme Court Grant’s interim bail kajal released after 51 days is out on bail till the 1st of June India’s industrial output growth Slows To 4.9% in March compared to 5.7% in February the cumulative growth growth rate for fi 24 stands at 5.8% compared to 5.2% in the previous Financial year after finding common ground with the agitating cabin crew Air India Express management expects full normaly in operations by Sunday sources say the revenue loss is expected to be around 30 CR rupes with about 300 flights being canceled so far we will fight with our fingernails says Israel’s prime minister Netanyahu after US President Joe Biden threatens to stop the supply of weapons after the attack on Rafa also says he hopes Israel and the US can overcome its differences there is no threat to the BJP government in harana claims chief minister naab Singh SII says he’s confident of winning the trust vote if the need arises in an exclusive interview congress party and Duan tala’s jjp claim that the government is in a minority after three independent mlas withdrew their support a Delhi court orders the framing of charges against JP leader and former head of India’s Wrestling Federation brid buan Singh he’s been accused of sexually harassing six female wrestlers the court says there is sufficient material to frame charges against him luxury home sales are soaring but affordable housing is on the decline a report by anaro shows luxury homes account for 21% of all home sales in the first 3 months of 2024 compared to just 7% 5 years ago affordable housing now contributes 20% to overall sales dropping sharply from 37% 5 years ago Gold Rush on the occasion of aaia even as prices remain at record levels the price of 10 grams of gold shoots pass 73,000 rupees jewelry stocks shine in trade as always let’s start with the market action the sensex and the Nifty did manage to close in the green today Financial stocks continue to remain Under Pressure though were midcaps outperforming the Blue Chips in the market today but if you take a look at the picture for the week the SX and the Nifty are down 2% this week and this is the biggest weekly loss that we’ve seen in the last 2 months that’s the picture and the Nifty Bank particularly vulnerable down about 3 and a half% uh Sharp Cuts coming in there posting the biggest drop that we’ve seen in the last four months foreign portfolio investors have sold shares were 2.2 billion this week on the other hand domestic institutional investors have bought shares worth $2.1 billion so that sums up the stock market snapshot for the week gone by in earnings now Tata Motors has reported a big set of Q4 numbers quartly Revenue met estimates growing 14.3% compared to last year but margins missing the mark the auto Major’s profits Rose threefold but this was largely aided by a tax credit of 88,200 CR rupees the operational performance of jaguar and Land Rover came in below estimates even after reporting an 11% Revenue growth the management says it has delivered the highest ever courtly revenues and profits adding that the India business is now debt free that’s starta Motors and moving on to Sia also reporting a mixed set of numbers for Q4 net profit ahead of Street estimates Revenue margins missing the mark on an annual basis net profit up 79% to 939 CR rupees while Revenue up 7.4% to 6,163 crores the management says that sales in the US have crossed the $900 million Mark in f524 adding that margins have declined in the quarter largely on account of seasonality more earnings Bank of Baroda reporting a steady set of numbers in Q4 net profit and net interest income beating twet estimates the bank’s asset quality has improved on a sequential basis loan growth at 133% in Q4 compared to just 4% in Q3 while we’re more than halfway through the Q4 earning season a CNBC TV8 analysis of top 200 listed companies has thrown up a mixed bag Prashant is standing by with the earnings report card Prashant what does it look like uh as far as the halftime report is concerned the question we’re trying to answer is what are fourth quarter earnings doing to SCH year F525 earnings and the reason that question is important is because markets trade on forward basis right I mean based on what forward earnings estimates are uh so I mean actually some are looking at F5 26 but that’s too far out so what we’re doing is we’re looking at what are the changes in the last one month basically one month because we are taking a point before the earning season started till now and over the last one month as the earning season has progressed however the top 200 companies which is the most which are the most liquid companies most traded well owned companies where are What are earnings looking like for them so this is actually the picture uh 51 companies actually 104 companies have reported first of all so a little over 50% of the companies have reported out of these 51 companies actually have seen earnings being downgraded consensus and these are consensus Bloomberg estimates and for 42 companies uh you know eps4 F525 actually has been upped so more down then up right now now let me just start with the good news which is of course you know where earnings estimates have been brought up and I’ve what I’ve tried to do is basically Bunch companies together in a certain segment uh adjacent sectors but broadly you know in the same category except of course pnb because that is so sort of you know it’s it’s a big big one right 70% upgrade to F525 estimates uh in the last one month is what P&B has seen vidanta and some of these sort of other companies like in the material space vidanta seen a 26% upgrade to F year estimates Co India 8% T power has seen a 5.4% upgrade the the other companies are Trend this is largely in the sort of consumer space consumption space Trent is seen a 11% upgrade Loa macrotech has seen a 7% and Bajaj Auto has seen a nearly 6% upgrade Oracle Financial Services 9% upgrade and you’ve got indust Tower of course Telecom as a sector has come back vone Etc now hopefully viable 8% upgrade there for indust starers f year estimates now financials to end this list with uh you know HDFC Bank 7% Indian Bank six 6 and a half% and you have HDFC mutual fund AMC which is seen a 6% upside as well you know I’m stopping and cutting off at that 65% kind of a mark and not going Beyond but there are 41 companies which have actually seen upgrades but these are the meaningful ones now to the downgrades here and pamal tops list numbers actually came out earlier this week 21% downgrade to F year estimates icsa pro has seen a 14% downgrade uh to estimates uh there is mrf dalmia bhat Tata chemicals all over 10% downgrade to estimates there is the it pack right I mean it has had it bad even though estimates were lower but I mean there have been misses even on that and Tech Mahindra coof Forge L&T Technologies anywhere between 6 and 8% downside is what we’ve seen there uh to wrap it up godd properties 6% downside and it’s interesting right Loa was in the upgrade list with a decent up upgrade but properties godd properties is seeing a 6% downg rate of full year estimates and lot of Laboratories here of course that have been misses for a couple of years now and another 5% downgrade is what we have seen so as I said more than 50% earnings reported out of the NSA 200 basket and so far it’s a mixed bag with more companies seeing downgrades than upgrades back to you sharine all right Prashant many thanks but let’s go straight to the big political story this evening delhi’s chief minister arvind krial walking out of the hard jail the Supreme Court granting interim bail to krial till the 1st of June in the Delhi excise policy Case C Ral will be allowed to campaign for the elections but he will not be allowed to discharge his duties as chief minister of Delhi and he cannot interact with any person involved in the case Amad party leaders and opposition leaders welcoming the court order take a look [Music] [Music] place [Applause] office conference [Music] [Music] that is a big developing story arvind krial out now on interim bail kicking off the campaign for the Delhi elections 21 days to go for Delhi to vote it is the last lap and krial now in the battlefield will be driving the campaign from the front uh remember the Supreme Court granted krial interim bail today uh this despite the fact that the Ed just last night filed a fresh Avid affidavit in the Supreme Court uh asking the court not to Grant bail uh to krial filing a fresh affidavit uh in the last 24 hours let’s go across to my colleague ashmit Kumar he joins us now with more on the rationale that the Supreme Court has given in its order as it gave relief to Arvin kajal ashmi take us to the fine print of the supreme court order uh well the Supreme Court made it abundantly clear that it cannot lose sight of the fact that this is an election year in fact the Supreme Court said that uh uh this will be the biggest event of the Year there are over 970 eligible voters about 700 million of them will be casting their votes even using a Latin term saying that as far as general elections are concerned it provides the viz via or the living force behind a democracy essentially saying making grounds for Arin krial for campaigning and we saw just moments back that he comes out all guns blazing when he came out of thear jail now as far as the rational is concerned the Apex court goes a step further and says that it is rejecting the Ed’s contention that Grant of interim bail will somehow be discriminatory against the Common Man in fact goes on to say that Grant of interim bail is dictated by peculiar facts and circumstances that it is not an exceptional situation but rather it’s run-of-the mail there are various cases where the Supreme Court and various courts have already granted inter term Bale also going on to say that Arvin krial is an elected leader he’s a chief minister of the national capital he doesn’t have any criminal antecedence he’s not prone to criminal Tendencies he not a threat to society going on to say that while he may be facing accusations and charges that he’s not been convicted so far that the arrest that the investigations have been on since August of 2022 and even his arrest is under challenged before the highest court of the country and that the matter is subj duice so on the back of this the Apex Court saying that it needs to take a holistic and a libertarian view in light of these ongoing elections and further goes on to say that it will however impose four conditions number one is he can’t be visiting his office he can’t sign any files he can’t meet any of the witnesses and nor can he be seen talking about this particular case the excise policy case in public but all he’s at complete Liberty to go ahead and campaign as we just saw minutes back for the elections importantly elections Delhi elections on May 25th and Punjab elections on June 1st so clearly he’ll be trying to make the best possible use of this 21-day period allowed to him by the Apex court all right as with appre appreciate you joining us Arin krial out on interim bail onto the macros India’s industrial output growth slowed to 4.9% in March compared to 5.7% in February the cumulative growth rate for fi 24 at 5.8% compared to 5.2% growth in the previous Financial year on a monthly basis the mining sector witnessed the slowest growth in March coming in at 1.2% versus 8% in February manufacturing and electricity sectors Rose by 5.2% and 88.6% respectively and this is muchly higher in comparison to the February print Air India Express is likely to see normaly return to its operations by Sunday a senior official has told C bctv 18 the airline could be staring at a revenue loss of 30 CR rupees on account of the large scale flight cancellations the official told us that Air India Express operates about 230 flights every day and the flights canceled were a mix of domestic and international with 85% load Factor adding that about 250 cabin crew had reported sick of which around 60 have resumed Duty the are rejoining gradually as they produce Fitness certificates onto the realy sector where luxury home sales are soaring but affordable housing is on the decline a report by anaro shows that luxury homes account for 21% of all home sales in the first 3 months of 2024 when compared to just 7% 5 years ago affordable housing now contributes 20% to overall sales sales dropping sharply from 37% 5 years ago the report also shows that the number of new luxury homes available has been steadily Rising ing over a 5year period while affordable housing supply has shrunk dramatically shares of lnt down in trade despite posting a largely inline performance in Q4 this as brokerages reduced their target prices following a cut in the margin guidance for fiscal year 2025 the company’s president and whole-time director and CFO R Shankar Raman said that L&T is committed to achieving improved margins in the coming fiscal take a look now given that the changing mix of international domestic recorder it is to be expected that the 9% 9 and a half% we used to print as margins when we are only focusing on India essentially will change but having said that we will the company is committed and will do everything possible within our means to make sure that the margin improves uh to better levels even during fi25 well on to Asian pains the management is confident that the company will Top its margin guidance in the next fiscal despite a week Q4 speaking CN bctv 18 the management said that they do have confidence in the company’s volume growth prospects adding that the Abit margin of f524 had beaten the company’s guidance he expects this trend to carry on through the next fiscal as well take a look I think uh overall from a volume perspective we are pretty comfortable but if you look at the financial year 24 we are still at the Abida margins of almost about 21% Plus in terms of what we have delivered which is much uh above the guidance in terms of of what is there to that extent and I think what we are positive that as we kind of go ahead in the year given the mix in terms of what we intend to sell given the focus we want to bring even on the premium and the luxury segment apart from the economy I think we should be well above the guidance in terms of what we have kind of given for the year and I think that’s been the focus and the gross margins have also been good to that extent TVs group has doubled down on Financial Services sector the company has bought 81% St in Home Credit India for $554 CR rupes with an aim to have a book of 50,000 crores in 3 years speaking to CNBC tv18 TVs Motors MD sashan venu said the company will increase production to 50,000 electric two- wheelers per month will also launch at least two new electric vehicles this year take a look I think this acquisition focuses more on consumer durables and personal loans in addition Home Credit has a very good distribution and digital app it also has a large customer base which represents a huge cross cell opportunity for new product like gold uh other personal loans auto loans and Education Loans as well I think it also represents a large focus on new to credit customers with a very good distribution and that is something that we will really look to capitalize on I think there’s definitely synergies in terms of collections in terms of the Tex stack that we are developing and AI that we will leverage to serve our customers better and the digital digital assets and digital infrastructure there’s also synergies in terms of costs and cost of funds and sourcing of funds and lastly there will be huge amount of cross sell opportunities as well so the combination I think will create very good synergies where Home Credit can focus on its existing customer base but also leverage the strengths and synergies of being part of the TVs Holdings Group we will definitely set up capacity very soon within this financial year for 50,000 Vehicles a month a customer demand for I Cube has been very good and customers are delighted with it really we will launch more variants of it and also the new electric scooter so I think the combination of these as the market grows we will definitely Embrace and capitalize on this opportunity that’s sashan Beno of the TVs group on India business out an exclusive interview with the harana chief minister naab Singh seni who says there’s no threat to the BJP government in his state that and more coming up you can catch all of SC bctv 18’s news and updates on Facebook X threads Instagram and geoc Cinema the top international news tonight Israel continues to pound Gaza as it steps up its offensive in Rafa reports have said that there have been heavy clashes between Palestinian armed groups and Israel’s military in the eastern part of the city Israeli Prime Minister Benjamin Netanyahu said they will fight with their fingernails if needed this after US President Joe Biden threatened to stop the supply of weapons over the attacks on Rafa Nathan is hopeful that the US and Israel can overcome their differences meanwhile Israel and Hamas deleg ation have left Cairo after inconclusive negotiations reports have said Israel has expressed its reservations about the proposed captive release deal and has deemed the round of negotiations as over today we are much stronger we are determined and we are united in order to defeat our enemies and those who want to destroy us if we need to stand alone we will stand alone I have said that if necessary we will fight with our fingernails Tim Cook has been the Sea of Apple for over a decade but with cook hitting 63 the street is busy wondering who at Apple can take over from him should he decide to retire report by Bloomberg says there are a few internal candidates who are possible successors pu yadav has more on who could succeed cook peu first let me make this clear at 63 cook may be older than most Fortune 500 CEOs but he has not indicated that he plans to retire anytime soon so this is purely a hypothetical exercise that being said the street speculates that when he retires the Reigns will likely go to an Insider one because they understand the company’s culture strategy and products table and two bigest tradition cook was the chief operating officer to Steve Jobs when job stepped down and cook was named CEO from that perspective longtime Apple tracker Mark Gman put forward a list of four Apple insiders who could be potential successors first is the current Chief Operating Officer Jeff Williams who has been with the company since 1998 and currently oversees the worldwide operations among other things however at only 2 years younger than cook Williams AG could pose a challenge especially if Cook stays for another 3 to 5 years next is Apple Senior vice president of software engineering Craig fedi while he is responsible for iOS and Mac OS he has no proven track record in business which could work against him there’s also deor O’Brien who oversees Apple’s retail operations she’s been with Apple for 30 years but has not played a big role in the company the last name on German’s list is John tnis Apple’s senior VP of Hardware engineering he joined Apple’s executive team in 2021 and at 49 years old he’s in charge of basically all the money-making hardware for Apple he’s also becoming an important face for the company just this week cook called on to him to introduce the iPad Air during the let lose event on May 7 he is a rising star who definitely cannot be discounted but like we said all of this is hypothetical cook is likely to remain at Apple for next few years and despite some troubles cook managed to fill job shoes fairly well so anyone who takes over will have their work cut out for them well yes big shoes to fill as and when somebody does decide to take over if necessary and when necessary po many thanks the Delhi court has ordered framing of charges against BJP leader and former head of India’s Wrestling Federation Bridge bushan Singh Singh has been accused of sexually harassing six female wrestlers the court has said there is sufficient material to frame charges against him the chief minister of harana naab Singh SII has claimed that there is no threat to the BJP government in the state speaking to my colleague Abu man Sharma SII said he’s confident of winning the trust vote if take a look con Congress of the house well that’s the chief minister of harana saying the government not in trouble with that it is time for us to wrap up this edition of India business hour before we go Gold Rush on the occasion of Akay tra we leave you with visuals from jewelry stores across the country thanks very much for watching have a great weekend see you on Monday [Music] [Applause] [Music] [Applause] [Music] [Applause] [Music] [Applause] oh [Music]

On #IndiaBusinessHour

* Worst week in 2 months; #Sensex, #Nifty down 2%
* Q4 earnings report card; 51 downgrades, 42 upgrades
* #Kejriwal gets interim bail; SC grants relief for 21 days
* March IIP growth slows to 4.9%; FY24 IIP growth rate at 5.8%
* #AirIndia Express settlement, full normalcy by Sunday: Srcs
* ‘Will fight with fingernails’: #Netanyahu on #USA arms warning
* ‘No threat to #BJP state govt’; Haryana CM exclusive
* Heat on Brij Bhushan Singh; #DelhiCourt frames charges
* Luxury Home sale soaring; Affordable housing down
* #Gold rush despite price rise

#sensex #nifty #stockmarket #stockmarketnews #stockmarketupdates #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday

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