Accelerating WPI Inflation, L&T Infotech-Mindtree Merger, and Top Buzzing Stocks Today

Tue, 19 Apr Pre-Open

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On Monday, Indian share markets traded heavily in red, hammered by a dive in IT sector after Infosys tanked over 7%.

At the closing bell on Monday, the BSE Sensex stood lower by 1,172 points, down nearly 2%.

Meanwhile, the NSE Nifty slumped 302 points, ending below 17,200 levels.

Infosys, HDFC, and HDFC Bank were among the top losers.

NTPC, Tata Steel, and Maruti Suzuki, on the other hand, were among the top gainers.

In the broader markets, the BSE Midcap index slipped 0.9% while the BSE Smallcap index fell 1%.

Among sectors, IT stocks lost the most, shedding over 4%. Whereas despite weak momentum, buying interest was seen in certain auto, metals, FMCG, and power stocks.

Witnessing a sharp sell-off in the equity market, gold prices were trading higher at Rs 53,400 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, co-head of Research at Equitymaster Rahul Shah discusses Paytm and Zomato, in his latest video.

Rahul answers the most important question - which is a better buy from the two, in the video. Tune in to know more...

RBI Imposes Penalty on Manappuram Finance

The Reserve Bank of India (RBI) yesterday imposed a monetary penalty of Rs 17.6 lakh on Manappuram Finance for non-compliance with certain provisions.

The violation pertains to issuance and operation of prepaid payment instruments (PPI) and Know Your Customer (KYC) norms, the RBI said in a statement.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers, the RBI said.

It was observed that the entity was non-compliant with the directions issued by RBI on KYC and small PPI requirements, the RBI said.

L&T Infotech-Mindtree Merger

L&T is weighing a merger between two of its publicly traded software firms L&T Infotech and Mindtree.

Larsen took control of Mindtree by making the first hostile takeover in the IT industry in 2019.

The takeover of Mindtree started when L&T bought 20.3% shares in Mindtree from Cafe Coffee Day founder VG Siddhartha in March 2019. It also made on-market purchase of around 15% capital shares. In June 2019, L&T made an open offer for an additional 31% stake.

The conglomerate holds 61% stake in Mindtree and around 74% stake in L&T Infotech. Individually, L&T Infotech has a market value of US$ 13.6 bn while Mindtree has a market capitalization of US$ 8.3 bn. If the merger goes through, it would create a US$ 22 bn entity.

Larsen seeks scale to compete with global giants. The merger, if it happens, would look for cost synergies. Admin costs, like HR would come down.

According to reports, the firms' boards could consider share swap ratios for the merger as early as next week. Separately, Mindtree and L&T Infotech would be conducting board meetings to report their earnings on 18 and 19 April, respectively.

Maruti's EV Plans

Maruti Suzuki will launch multiple electric vehicles (EV) models in India in its bid to catch up with competitors and become a leader in the segment, despite not being present there at present, according to the company's new Managing Director and CEO Hisashi Takeuchi.

The country's largest carmaker also plans to produce EVs from its factories in future when the demand for EVs picks up in the country. To start with, the first EV will be rolled out from Suzuki Motor Gujarat's plant.

Maruti is planning to launch its first EV model in 2025.

Here's what the company's MD said in an interaction:

• We are a little behind our competitors in introducing the (EV) model to the Indian market, but we see that still, the market demand for those EVs is limited. Actually, sales of EVs in the Indian market are still very, very limited.

WPI Inflation at Record High

India's wholesale price-based inflation quickened to 14.55% in March from 13.11% in February amid hardening of fuel prices.

Retail inflation for March has also climbed to 6.95%, a 17-month high, as food prices went up.

The full impact of local fuel prices will begin to show in subsequent months.

Fuel prices were up 34.52% on the year versus 31.50% in February. The food index rose 8.71% in March compared to 8.47% in February. The food index comprises food articles from primary articles and food products from manufactured products.

The core WPI inflation hardened in March with a 2.2% sequential rise amid global supply disruptions caused by the protracted Russia-Ukraine war.

The RBI has taken note of the rising inflation and shifted its focus on tackling rising prices and withdrawal of accommodation.

It has also revised its inflation projection upwards to 5.7% from 4.5% earlier for fiscal 2023.

We will keep you updated on the latest developments from this space. Stay tuned.

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