Morning Update for 5 April 2022

Indices at previous closing

Nifty50: 18,053 ▲382 (+2.1%)

Sensex: 60,611 ▲1,335 (+2.2%)

Nifty Bank: 38,635 ▲1,486 (+4.0%)

For more updates on F&O, click here.

SML Isuzu shares surge after price hike

The automaker has announced that it will hike prices of its products (across all its models of trucks and buses) by 3-4%, effective from Monday. After the announcement, shares of SML Isuzu closed at 20% upper circuit. Earlier, the company had reported a 47% rise in sales for FY21-22. 

Meanwhile, the firm’s total sales increased 43% in March 2022. The sales of passenger vehicles more than doubled, while the sales of cargo vehicles rose 3%.

Sugar exports likely to see a sharp rise

India's sugar mills industry body said that sugar exports may touch 85 lakh tonnes in the ongoing 2021-2022 marketing period ending September. This is higher than the 71 lakh tonnes of sugar exported in the year-ago period. Additionally, it said that sugar production has reached 309.8 lakh tonnes till March of the ongoing 2021-2022 marketing period, which is higher than the 278.7 lakh tonnes in the same period the previous year.  

Meanwhile, for ethanol, against a total letter of intent for supply of 416.3 crore litres to oil marketing companies, 131.6 crore litres have been supplied as on 27 March this year.

Manufacturing activity slows down in March

India's manufacturing activity slowed down in March as new export orders shrank and production expanded at a reduced pace. The Manufacturing Purchasing Manufacturing Index (PMI) was at 54.0 in March, down from 54.9 in February. 

The PMI in March was at its lowest rate of growth since September 2021. Inflationary pressures have also intensified, as input prices increased. This has resulted in a rise in output prices in March, with the manufacturers sharing part of the additional costs with their customers.

Sectoral indices (April 4)

Global markets (at 7:30 AM today)

Fact of the day

Twitter shares rose 30% intraday on Monday after a US regulatory filing showed that Tesla CEO Elon Musk owns a 9.2% stake in the microblogging company.

Source: TOI

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