Earnings jitters

Nifty50: 17,674 ▼ 108 (-0.6%)
Sensex: 58,964 ▼ 482 (-0.8%)

• After a weak opening, the markets continued to remain subdued ahead of IT major TCS’ results today. 
• In all, 29 of the Nifty50 stocks closed in the red.
• Most major global indices were trading lower amid expectation of further tightening of monetary policy by the US Fed.

Among the Nifty sectoral indices, Oil and Gas (+1.8%) and Media (+1.3%) were the top gainers, while IT (-1.4%) and Financial Service (-0.5%)  were the top losers.

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Here are the top stories of the day.

Godrej to launch its financial services arm

Godrej Industries (GIL) has announced the launch of its financial services arm, Godrej Capital. GIL plans to invest ₹1,500 crore in this company with an aim to scale up and build a ₹30,000 crore balance sheet by 2026.

According to the management, the company will continue to focus on the growth of home loans and loans against property, and will require equity investment worth ₹5,000 crore by 2026.

CreditAccess Grameen’s loan book grows

CreditAccess Grameen's shares rose as much as 3% intraday after it said its gross loan book grew 22% year-on-year in March to ₹16,601 crore. The microfinance company also said its loan disbursements were at ₹2,257 crore in March, up 29% from ₹1,746 crore in February.

Further, the company added 214 new branches in FY22, taking its overall branch count to 1,638. Since the start of 2022, the company's shares have risen by 55%.

Oil prices plunge amid supply relief

Crude oil prices have witnessed a continuous decline after the member countries of the International Energy Agency (IEA) decided to release 120 million barrels of emergency oil stocks. Also, amid rising cases, a reduced demand from China has been an added reason for the global oil prices to drop below $100 per barrel.

This is IEA’s second collective action this year in response to the strain on oil markets due to the ongoing geopolitical tensions. The members had agreed last month to release 62.7 million barrels.

The supply will be released over a period of six months with the US contributing about 60 million barrels.

IPO corner

The edtech player Veranda Learning Solutions made a decent debut on the bourses today. Shares of the company listed at a premium of 14.5% against the issue price of ₹137. It’s important to note that the ₹200 crore IPO was oversubscribed by 3.5 times, with retail investors showing strong interest.

Good to know

What is a P/E ratio?

The price-to-earnings ratio is the ratio of the share price of a company to its earnings per share. It is used by investors or analysts for comparing the valuation of a company relative to its peers. Generally, a high P/E ratio might mean that a company's stock is overvalued or that investors are expecting high growth rates in the future and vice versa.

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