Indices at previous closing
Nifty50: 17,807 ▼149 (-0.8%)
Sensex: 59,610 ▼566 (-0.9%)
Nifty Bank: 37,632 ▼435 (-1.1%)
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HDFC Bank to raise ₹50,000 crore
India’s largest private sector lender HDFC Bank said that it is planning to raise ₹50,000 crore in the next one year through a private placement of bonds ahead of its proposed merger with HDFC. The estimated requirement was more than ₹80,000 crore and the bank has some surplus bonds in its portfolio.
However, the board of directors will consider this proposal during their meeting on 16 April. In its regulatory filing, the company said that it proposes to raise funds by issuing perpetual debt instruments (part of additional Tier I capital), Tier II capital bonds and long-term bonds up to a total amount of ₹50,000 crore over the period of next one year through private placement mode.
Titan caps FY22 on “satisfactory” note
Jewellery and watch maker Titan said that it closed its March quarter "on a satisfactory note", despite hurdles like the Omicron and volatile gold prices. The company further said that demand remained robust, with most segments posting a year-on-year growth despite a very high base.
In Q4 of FY22, its jewellery segment witnessed a degrowth of 4%, while its watch and eye care businesses grew by 12% and 5%, respectively. Meanwhile, the company said network expansion continues to progress well, as it expects its business to normalise in Q1FY23 after a gap of two years.
Sugar rush as stocks surge 10%
In an otherwise weak market, sugar stocks were on a roll as they traded higher by up to 10%. Stocks like Dwarikesh Sugar, Dalmia Bharat Sugar and Industries and Triveni Engineering rallied between 4% and 10%.
As per a report, India's sugar export is likely to touch 8.5 million tonnes in the ongoing 2021-22 marketing year. Meanwhile, the government has pushed the timeline for the disbursement of loans for ethanol projects under various schemes to 30 September 2022, to boost domestic production and achieve ethanol blending of 20% by 2025.
Sectoral indices (April 6)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 1.9% | Nifty IT ▼ 1.6% |
| Nifty Metal ▲ 1.3% | Financial Service ▼ 1.4% |
Global markets (at 7:50 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.5% |
| Nikkei 225 (Japan) | ▼ 1.9% |
| Hang Seng (Hong Kong) | ▼ 0.1% |
| SSE Composite (China) | ▼ 0.4% |
| Dow Jones (US) (April 6) | ▼ 0.4% |
| NYSE (US) (April 6) | ▼ 0.3% |
| Nasdaq (US) (April 6) | ▼ 2.1% |
| S&P 500 (US) (April 6) | ▼ 0.9% |
Fact of the day
India will need investments of $12.4 trillion, about half of the US current GDP, from developed nations and investors to transition to net-zero carbon emissions by 206
Source: Business Standard
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