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Nifty futures plunged over 200 points to 14,659.50 on Singaporean Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Monday. In the previous session, Sensex settled at 49,591 while NSE’s Nifty 50 ended at 14,834. A host of factors such as the onset of Q4 results by of IT companies with TCS, CPI and IIP numbers, rising COVID-19 cases, on-going vaccination drive, oil prices, rupee movement and other global cues will set the market direction today. Analysts believe, concerns over the fast spreading second wave of COVID-19 in India along with vaccine supply crunch will continue to keep the markets volatile.
TCS: India’s largest IT company Tata Consultancy Services (TCS) is scheduled to announce its January-March quarter earnings on Momday. Experst believe that IT bellwether may post robust revenue growth, however, pick-up in hiring could weigh on margins. Among key factors, FY22 guidance and deal wins will be closely watched.
Infosys: Software services giant Infosys said on Sunday it would consider a proposal to buy back of its shares at its forthcoming board meeting scheduled for April 14. Infosys completed its first buyback of Rs 13,000 crore in December 2017, comprising 11.3 crore equity shares at a price of Rs 1,150 per share. It also announced a buy-back in early 2019 for an amount of Rs 8,260 crore and bought back 11.05 crore share at an average price of Rs 747.38 per equity share.
State Bank of India: Several banks, including State Bank of India (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), PTI cited a study by the IIT-Bombay.
Vodafone Idea: The telecom department has issued a show-cause notice to Vodafone Idea Ltd (VIL) over non-payment of licence fee for the fourth quarter of FY2020-21, with regard to some circles, sources said. The show-cause notice dated April 7, 2021 states that the company has not paid Q4 FY21 licence fee (by March 25) for circles of Bihar, Gujarat, Jammu and Kashmir, Kerala, Maharashtra, Uttar Pradesh (East), Orissa, as well as national long distance, according to PTI.
South Indian Bank: South Indian Bank’s total deposits stood at Rs 82,710 crore as of March-end 2021, slightly down from Rs 83,034 crore a year ago, data showed on Friday. Of this, the retail deposits were up by 15 per cent at Rs 76,294 crore as against Rs 66,457 crore, as per the provisional data, released by the bank to comply with the Sebi norms on disclosure requirements and fair practices.
Mahindra & Mahindra: M&M unveiled the brand name of its much-awaited SUV, built on the W601 platform, as the XUV700. The XUV700 is an all new, authentic, global SUV set to redefine benchmarks in the SUV segment and get your hearts racing with its sci-fi technology, spirited performance and first-in-class features.
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