BUSINESS
Fundamental drivers for IT sector growth remain intact: HDFC Securities
"The absolute return potential for the sector is likely to be moderate, basis growth reverting to medium-term baseline, lower growth dispersion in FY23E as compared to FY22E, and headwinds to multiple expansion based on increase in cost of capital and geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing.
Strong dollar dents India's foreign reserves, forex down by over $11 billion
The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies. The FCAs consist of global currencies and securities such as US treasury bonds. As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.
Netflix may buy stake in NFL Films to boost sports streaming
According to a TechCrunch report, the NFL is in talks with media companies about selling equity in NFL Films. The most notable company that is in the queue is Netflix. Today, there are no live games on Netflix or more sports content but the streaming house may soon plan to grab a bigger pie of the sports industry in the online world.
Mercedes-Benz India's YoY Q1 2022 sales up 26%
The company's sales rose to 4,022 units from 3,193 units sold in the corresponding period of last year. The luxury carmaker said the Q1 sales growth has been achieved against the backdrop of continuing semi-conductor shortage, global supply chain challenges, and increasing operating cost for the company. Mercedes-Benz also ended Q1 2022 with a highest-ever order bank of more than 4,000 units.
Strong dollar dents India's foreign reserves, forex down by over $11 bn
The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies. The FCAs consist of global currencies and securities such as US treasury bonds. As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.
Equity MFs' net inflows rose to over Rs 28K cr in March
The net inflows into equity and equity-linked schemes rose to Rs 28,463.49 crore from Rs 19,705.27 crore in February and Rs 14,887.7 crore in January. In December 2021, the net inflows had stood at over Rs 25,000 crore. "The deteriorating geo-political situation caused by the Russia-Ukraine war, elevated hawkish US Fed stance, or even the rising inflation owing to spurt in fuel prices have not deterred investor confidence in the India growth story," said N.S. Venkatesh, Chief Executive, AMFI.
Russia-Ukraine war will impact consumers across globe: FAO
A global food crisis of this scale last seen in 2008, can still be averted, he added. n an address to the 169th session of FAO's Council, convened to discuss the consequences of the war on global food security, Qu emphasised the importance of keeping global supply chains functioning and highlighted FAO's work on the ground.
ICICI Securities picks RIL, TCS, Axis Bank among preferred stocks
In the mid-cap space, Voltas, HAL, Bank of Baroda, Birla Soft, SRF, Graphite, Timken India, Lemon Tree, and TCI Express are the preferred stocks, the brokerage said. Broader markets are expected to maintain momentum backed by strong improvement in breadth over past few weeks, it said. Sectorally, the IT sector will be in focus amid earnings results expected to be released in coming weeks.
Ferrero recalls Kinder chocolates in US, Europe, Asia over salmonella fear, India excluded
The countries recalling Kinder eggs and chocolates include the UK, Germany and France in Europe and Hong Kong and Singapore in Asia. Ferrero, which manufactures Kinder Joy at its plant in Pune, said India is excluded in the list of countries where its products are being recalled, according to media reports. Salmonella is a common food-born illness that causes diarrhoea, fever and stomach cramps.
Breaking 3-day losing streak, indices rise as RBI keeps rates, stance unchanged
The Reserve Bank of India (RBI) retained its key lending rate during the first monetary policy review of FY23. Accordingly, the MPC of the central bank maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Sensex settled at 59,447.18 points, up 412.23 points or 0.70 per cent, whereas Nifty at 17,784.35 points, up 144.80 points or 0.82 per cent.
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