Morning Update for 11 April 2022

Indices at previous closing

Nifty50: 17,784 ▲144 (+0.8%)

Sensex: 59,447 ▲412 (+0.7%)

Nifty Bank: 37,752 ▲194 (+0.5%)

For more updates on F&O, click here.

JLR sees a sharp fall in Q4 retail volumes

Tata Motors-owned luxury carmaker Jaguar Land Rover said that its retail sales in Q4 of FY22 fell by 36% year-on-year to 79,008 units, owing to the global semiconductor shortage that has rocked the auto industry. However, the company manufactured 82,722 units in Q4, which was 15% higher compared to Q3, in a sign of gradual improvement in chip supply.

The company said that the Ukraine crisis had a limited impact on its production so far. However, it cautioned about the unpredictability of raw material supply and inflationary pressures. Meanwhile, on an annual basis, total JLR retail sales in FY22 fell by 14.4% to 3.7 lakh units.

Ruchi Soya becomes debt-free

Edible oil maker Ruchi Soya has become debt-free after it repaid ₹2,925 crore worth of loans to banks. A part of the proceeds from its ₹4,300 crore follow-on public offer (FPO) was used to repay the debt. 

The Patanjali-owned company paid cash to a consortium of lenders led by the State Bank of India. This development comes after the stock zoomed up almost 15% on Friday, when its FPO shares were listed on the stock exchanges.

Foreign investors turn into net buyers of the Indian equity

Foreign investors have been net sellers of Indian equities since October 2021, on expectations of faster-than anticipated interest rate hikes in the US, and the Russia-Ukraine War. However, foreign investors have turned into net buyers of Indian shares in April so far. They have infused about ₹7,707 crore into Indian stocks so far in April, as a correction brought them a good buying opportunity. 

This news comes after foreign investors sold Indian equities worth ₹1.48 lakh crore in the last six months. However, according to the news report, it is still early to consider it a change in trend, especially because they again turned into net sellers in the last two trading sessions.

Sectoral indices (April 8)

Global markets (at 8:00 AM today)

Fact of the day

Sri Lanka's central bank has doubled the interest rate to 14.5% amid the country's worsening economic crisis.

Source: NDTV

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