Shares of Kotak Mahindra Bank Ltd crashed 13% and hit a 52-week low of Rs 1,602 on 25 April after the Reserve Bank of India ordered the private lender to stop issuing new credit cards and onboarding new customers via its digital channels. Deep-seated concerns about compliance and risk management at Kotak Mahindra Bank compelled the RBI to step in. The regulatory body highlighted substantial gaps in the company’s digital and security platforms that had persisted for over two years.  In a statement, the RBI said, “In the absence of a robust IT infrastructure and IT Risk Management ..read more

Nestlé India and Dr Reddy’s Laboratories have established a joint venture to market their nutritional health products, vitamins, minerals, herbals, and supplements worldwide. The joint company, which will have its headquarters in Hyderabad, will use Dr Reddy’s retail and distribution network to increase the nutritional solutions offered by Nestlé to consumers throughout the nation. In this newly formed JV, Dr Reddy’s will hold 51%, whereas the remaining stake will be held by Nestle India. The company will have the option to increase its holding in the company to 60% after six ye ..read more

Shares of Inox Wind Limited (IWL) rose by 9% after the company’s Board of Directors proposed the issuance of bonus shares. The proposal suggests issuing three bonus equity shares for every existing equity share, taken from the company’s accumulated reserves.  The shares will be issued to shareholders whose names appear in the Register of Members as of the ‘Record Date’. This move will increase the company’s capital base without any cash outflow and enhance the liquidity of Inox Wind’s shares, increasing participation for a wider set of investors. In FY24, Inox Wind turned profitable in th ..read more

Nestle India Limited’s stocks jumped 3% on April 25 after it published strong fourth quarter (Q4FY24) results, entered into a joint venture, and recommended a dividend, as per its latest regulatory filing.  Nestle India’s Q4FY24 net profit grew by 26.7% to Rs 934 crore from Rs 737 crore in the same quarter last year. The company profited from higher product prices and demand for packaged food items.  Nestle India’s revenue from operations increased to Rs 5,268 crore from Rs 4,831 crore a year earlier. This marked the first time Nestle India’s domestic sales crossed the Rs 5,000 crore ..read more

Shares of Macrotech Developers Ltd were trading 4% lower on 25 April after the company announced its quarterly report for January-March.  The real estate firm reported an 11% year-on-year decline in its consolidated net profit to Rs 665.5 crore for the quarter under review from Rs 744.4 crore reported in the same quarter last year. However, its full fiscal year profit jumped three-fold to Rs 1,549 crore for FY24 from Rs 486.7 crore reported during FY23.  The company’s total income during the quarter stood at Rs 4,083.9 crore, up from Rs 3,271.7 crore reported in the same quarter of t ..read more

Shares of RITES were trading in the green and 2% higher on 25 April after the company announced signing an MoU for rail infrastructure projects.  In its regulatory filing, the company said that they have signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation to provide project management consulting services for rail infrastructure projects. The collaboration aims to find creative infrastructure solutions to upgrade, expand, and improve rail connectivity for power plants and the neighbouring towns. As part of this partnership, RITES and DVC will cooperate clos ..read more

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.22% lower by 50 points at 22,370, indicating that the domestic benchmark indices are likely to make a negative start on Thursday.   On Wednesday, 24 April, Domestic benchmark indices S&P BSE Sensex gained 114.48 points, or 0.16%, to end at 73,852.94 while the Nifty50 traded 34.40 points, or 0.15% higher and settled at 22,402.40. Here are some stocks that are likely to remain in focus on 25 April. Quarterly Results Today: Indusind Bank, Glenmark Life Sciences, Coromandel International, UTI ..read more

Under the futures and options (F&O) segment, three stocks were banned from trade on Thursday, 25 April, by the National Stock Exchange (NSE). The securities banned for the F&O trade are Aditya Birla Fashion and Retail, Hindustan Copper, and Steel Authority of India. Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.  Hindustan Copper was retained on the list from Wednesda ..read more

PhonePe’s Indus Appstore has launched an AI-powered voice search feature for ten Indian languages, in addition to English. With this feature, users can search for apps in their preferred language, using voice search. This feature is powered by artificial intelligence and machine learning algorithms, ensuring accuracy and precision in understanding diverse accents and speech patterns, and offering relevant search results. As per a joint report by the Internet and Mobile Association of India (IAMAI) and Kantar, 57% of Indian users prefer internet usage via vernacular language.  Indus Appsto ..read more

The Indian arm of UK’s Unilever, Hindustan Unilever, announced on 24 April a 6% year-on-year decline in standalone net profit to Rs 2,406 crore for the fourth quarter of the fiscal year from Rs 2,552 crore in the same period last year. Although revenue from a vital sector—beauty and personal care—declined by 2.7%, Hindustan Unilever’s fourth-quarter sales grew marginally to Rs 14,693 crore.  A final dividend of Rs 24 per share for FY24 was declared by HUL on equity shares having a face value of Rs 1 each.  Earlier, the company had paid out an interim dividend of Rs 18 per share ..read more