On a weak wicket

Nifty50: 17,639 ▼ 168 (-0.9%)
Sensex: 59,034 ▼  575 (-0.9%)

• After a gap-down opening, markets slid downwards and closed in red for the third consecutive day.
• In all, 28 of the Nifty50 stocks closed in the red.
• Investors await RBI’s policy outcome on Friday after the US Federal Reserve meeting indicates further tightening of policy.

Among the Nifty sectoral indices, Pharma and Realty were the top gainers, while Oil and Gas and Metal were the top losers.

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Here are the top stories of the day.

Yes Bank rises after rating upgrade

Shares of Yes Bank jumped 11% intraday after Care Ratings upgraded the lender’s credit rating. The private lender has been in demand among investors in the new financial year. So far, the stock has surged about 33% so far this month. 

The rating agency has revised the ratings for the bank’s infra bonds ₹5,000 crore to ‘BBB+’ from ‘BBB’. Its Lower Tier II bonds and Tier II bonds (Base III) too have been upgraded similarly. The rating for Upper Tier II bonds has been revised to 'BB+'. Meanwhile, the bank said that its net advances increased by 8.8% for the fiscal year ended on 31 March 2022.

Tata Motors aims to more than double EV sales in FY23

Auto major Tata Motors expects to more than double its electric vehicle sales in FY23, on the back of strong demand for EVs and rising fuel prices. The company expects EV sales to account for 10-15% of its overall passenger vehicle sales in the ongoing financial year. It had reported EV wholesales volumes at 19,106 units in FY22.

It also plans to export its EVs to mature markets beyond South Asia in a couple of years. A Tata Motors executive said that globally, EVs cost over $25,000. This is seen as an opportunity to introduce its affordable EVs in other markets.

Godrej Prop unveils a new housing project

Godrej Properties has announced the development of a new housing project in suburban Mumbai with a booking value potential of ₹1,000 crore. This project will be an extension of two large projects in the area with 7 lakh square feet of saleable area on offer. 

The management hopes to deepen their presence in key micro market areas across the country with this venture. The company had recently announced another 33-acre residential project in Bengaluru as well as a 9-acre project in Pune. In FY21, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

IPO corner

According to reports, BankBazaar, which offers co-branded credit cards and credit score, plans to launch its IPO in 2023. It is also reportedly looking to recruit 1,500 employees to speed up its revenue growth and is hiring across verticals. The fintech player is planning technology as well as product expansions.

Good to know

What is a relief rally?

After a negative news or event has dragged down a stock, a relief rally may ensue if the anticipated negative event turns out to be positive or less severe than initially expected. For example, if a new Covid wave were to hit the country, airline stocks could fall on the possibility of fresh lockdowns. However, if the new wave turns out to be less severe and lockdowns are not introduced, it could lead to a relief rally. 

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