Morning Update for 13 April 2022

Indices at previous closing

Nifty50: 17,530 ▼144 (-0.8%)

Sensex: 58,576 ▼388 (-0.6%)

Nifty Bank: 37,747 ▲133 (+0.3%)

For more updates on F&O, click here.

Sunteck Realty posts pre-sales growth in Q4 

Property developer Sunteck Realty said that it witnessed a pre-sales growth of 36% year on year (YoY) to ₹503 crore in Q4 FY22. The quarter-on-quarter (QoQ) pre-sales were up by 43%. For FY22, the company recorded pre-sales of ₹1,303 crore, up 27%.

The collections stood at ₹404 crore in Q4 FY22, up 50% QoQ and 26% YoY. Collections for the year rose 35% to over ₹1,053 crore. As per the management, the new project launches lined‐up in the forthcoming quarters shall lead to continued growth momentum in the pre‐sales and cash flows of the company and thereby grow market share.

Normal monsoons expected this year

India is expected to get normal monsoon rains in the year, according to the weather forecasting agency Skymet. 

Monsoons have an impact on the rural demand for products. For instance, a normal or above normal monsoon can lead to a rise in the sales of tractors, fertilisers, pesticides and FMCG products in the rural markets. Additionally, a good monsoon can also improve output from agri-based industries, such as the sugar industry.

OPEC cuts oil demand forecast for 2022

The Organization of the Petroleum Exporting Countries (OPEC) has slashed its growth forecast for global oil demand in 2022. The ongoing Russia-Ukraine war and the Omicron wave in China are major reasons for this expectation of reduced demand.

OPEC has said that the world demand for crude oil will rise by 3.67 million barrels a day, which is 480,000 barrels less than its earlier estimates. Crude oil prices had risen as high as $139 a barrel in March. However, the prices have since then cooled off, but remain over $100 a barrel.

Sectoral indices (April 12)

Global markets (at 7:30 AM today)

Fact of the day

India aims to achieve 500 GW renewable energy capacity by 2030, up from about 150 GW at the end of December 2021.

Source: Economic Times

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