All sectoral indices ended in the green, with bank, metal and power rising 2-3 percent. BSE midcap and smallcap indices gained a percent each
The Indian benchmark indices ended higher for the second consecutive session on April 4, boosted by the announcement of the merger of HDFC and HDFC Bank. At close, the Sensex was up 1,335.05 points, or 2.25%, at 60,611.74 and the Nifty was up 382.90 points, or 2.17%, at 18,053.40.
HDFC Bank | CMP: Rs 1,654.10 | The scrip jumped 10 percent on April 4. The share price rose on the announcement of a merger with Housing Development Finance Corporation (HDFC) and better numbers for the quarter as well as year ended March. HDFC has approved a scheme for the amalgamation of wholly-owned subsidiaries HDFC Investments and HDFC Holdings into HDFC and teh merger of HDFC with HDFC Bank. The scheme is subject to requisite approvals, said HDFC. The share exchange ratio for the amalgamation of HDFC with HDFC Bank shall be 42 shares (credited as fully paid up) of HDFC Bank for every 25 fully paid-up equity shares of HDFC, it added.
Eicher Motors | CMP: Rs 2,512 | The stock price added over a percent on April 4. Motorcycles sales (Royal Enfield) in March 2022 increased two percent to 67,677 units year over year but in FY22, sales declined two percent to 6.02 lakh units from the previous year.
TVS Motor Company | CMP: Rs 633.70 | The share ended in the green on April 4. Subsidiary TVS Motor (Singapore) Pte Ltd has acquired a 70 percent stake in the United Kingdom-based EBCO for 1,163,070 pounds. EBCO provides smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie-ups with most major dealers across the United Kingdom and is the exclusive distributor of Corratec e-bikes in the country. In addition, TVS Motor registered sales of 3.07 lakh units in March 2022, down from 3.22 lakh units sold in the same month last year.
SML Isuzu | CMP: Rs 703.90 | The stock surged 20 percent after the company decided to increase the prices of its products. SML Isuzu has decided to increase prices across all models—trucks and buses—in the range of 3-4 percent, effective April 4, 2022, it said in a release. While the company is taking actions to absorb the impact of a sharp increase in commodity prices and other input costs, the upward revision has been necessitated to partially offset the impact of increased costs, it added.
Bajaj Auto | CMP: Rs 3,765 | The share ended in the green on April 4. Bajaj Auto has sold 2,97,188 units in March 2022 against 3,69,448 units in March 2021. Domestic sales were down 36% at 1.26 lakh units versus 1.98 lakh units and exports were flat at 1.70 lakh units.
Tata Power | CMP: Rs 251.90 | The share added over 2 percent after Tata Power Renewables Energy Ltd (TPREL), a wholly owned subsidiary of Tata Power, has commissioned a 300 MW project in Dholera, Gujarat. It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission.
Bank of Maharashtra | CMP: Rs 18.05 | The stock price jumped 4 percent after the bank’s total deposits rose 16.5% YoY at Rs 2,02,641 crore in March 2022 against Rs 1,74,006 crore in March 2021. The gross advances was up 27% YoY at Rs 136,733 crore against Rs 107,654 crore. CASA ratio stood at 57.93% versus 55.05% QoQ & 53.99% YoY.
Vodafone Idea | CMP: Rs 10.20 | The share added a percent after British telecom major Vodafone raised its stake in debt-ridden Vodafone Idea Limited to 47.61 percent through its subsidiary Prime Metals, a regulatory filing said on April 4. The company earlier held a 44.39 percent stake in Vodafone Idea Limited (VIL). “Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 percent of the equity share capital, of Vodafone Idea Limited (the “company”). PML has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company,” the filing said.
IDFC First Bank | CMP: Rs 43.60 | The stock added over 4 percent on April 4. CASA deposits were up 12% YoY and up 7.4% QoQ. The bank’s deposits were up 12.6% YoY and up 8.5 % QoQ. Gross funded assets were up 12.8% YoY and 8.1% QoQ. IDFC First Bank says overall asset quality trends remain strong. Collections efficiencies have further improved during Q4. Collections efficiencies were now better than pre-COVID levels.
Mahindra & Mahindra Financial Services | CMP: Rs 167.45 | The scrip ended in the green on April 4. In March 2022, the business continued its momentum with the disbursement of approximately Rs 3,832 crore delivering a 66% Y-o-Y growth. The disbursement for FY2022 at approximately Rs 27,466 crore, registered a Y-o-Y growth of 45%, the company said in its release. The collection efficiency (CE) was in line with expectations at 109% for March 2022, similar as in March 2021.
Sandip Das
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