Nifty50: 16,951 ▼ 34 (-0.2%)
Sensex: 57,613 ▼ 40 (-0.07%)
Dear reader,
The next time you feel like giving up, remember this story of a South Korean woman who passed the driving test on her 960th attempt. Yes, you heard that right.
Although the incident happened in 2005, Cha Sa-Soon’s story of grit and perseverance recently went viral again on Reddit. After passing the written test in 860 attempts, she passed the practical test after repeating it ten times, making it a total of 960 driving tests. By then, she was 69-years-old!
The markets, on the other hand, didn’t show much perseverance today and plummeted.
- Markets end flat amid volatility.
- Out of the Nifty50 stocks, 32 stocks declined.
- FIIs snap three-day selling spree to turn net buyers.
Among the Nifty sectoral indices, Bank (+0.3%) was the top gainers, while Media (-1.6%) and Auto (-0.9%) were the top losers.
| Top gainers | Today's change |
| UPL | 714 ▲ 14 (+2.0%) |
| IndusInd Bank | 1,033 ▲ 20 (+1.9%) |
| Dr Reddy | 4,541 ▲ 55 (+1.2%) |
| Top losers | Today's change |
| Adani Enterprises | 1,602 ▼ 120 (-6.9%) |
| Adani Ports | 596 ▼ 32 (-5.1%) |
| Tech Mahindra | 1,073 ▼ 29 (-2.6%) |
What’s trending
⭐ Vedanta announces interim dividend
The mining company has announced an interim dividend of ₹20.5 per equity share. The record date is 7 April 2023. So far in FY23, the company has doled out a dividend of ₹101.5 per share.
⭐ Power cos win lucrative bids
Tata Power, JSW Energy and Reliance are among 11 companies that are going to get a solar cell manufacturing approval from the Centre. A total capacity of 39.6 gigawatts (GW) of domestic Solar PV module manufacturing capacity has been allotted. There’s a total outlay of ₹13,937 crore under solar cells PLI Tranche-II.
⭐ Jindal Steel acquires stake
The stainless steel maker (-4.0%) has signed an agreement with Indonesia-based New Yaking Pte. As part of the agreement, Jindal Stainless will acquire a 49% stake in the company valued at 157 million. Both companies will invest and develop a nickel pig iron smelter facility in Indonesia.
⭐ Crude oil prices rise
Oil prices edged higher today, extending the gains witnessed in the previous session. Risk of supply disruptions in Iran and ease in the US banking crises continue to support the oil rally.
In Focus
Large developers to gain market share
Housing sales in India’s top seven cities are expected to rise 14% YoY in the ongoing quarter. One of the key beneficiaries of this are listed developers. In fact, according to a recent report, large developers could see market share gains in coming years. Here are the key factors behind this:
Access to capital
Tier-1 developers like DLF, Godrej Properties, Macrotech Developers have easy access to capital owing to their healthy balance sheet. This helps companies to execute projects on time and gain market share compared to smaller developers.
RERA implementation
Implementation of Real Estate Regulatory Authority (RERA) has led to consolidation trends in the real estate sector. Strict regulatory norms have forced many smaller developers out of business and benefited Tier-1 developers.
Buyers prefer larger developers
In recent years, buyer preference has also moved towards large established developers to avoid construction-related risks. This trend has boosted sales of listed developers.
In the first nine months of FY23, DLF reported a 45% YoY rise in new sales to ₹6,599 crore. During the same period, Godrej Properties new booking rose by 77% to ₹8,181 crore.
Robust real estate demand along with the above factors is benefiting listed developers.
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Phrase of the day
Going Long
When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’. When should you go long, find out from this chapter What does going Long mean?
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