Infosys to announce Q4 numbers today

Top of the Morning

In this episode, find out about Fino Payments Bank’s move to buy minority stake in PaySprint, also find out why Indian markets will open on a flat note

Business Term of the Day: Valuation

Infosys: The IT major will announce its fiscal fourth quarter earnings on Wednesday. Analysts expect Infosys to guide for double-digit revenue growth for FY23 while retaining its Ebit margin guidance in the 22-24% band.

Tata Steel: Has completed acquisition of entire 50% stake held by Steel Authority of India, in S&T Mining Company. Its subsidiary Tata Steel Mining Ltd acquired debt-laden Rohit Ferro-Tech Ltd for ₹617.12 crore through an insolvency resolution process on Tuesday.

 Hathway Cable & Datacom: Reported a 60.6% year-on-year decline in its consolidated net profit to ₹28.42 crore for the quarter ended March 2022. Total income during the period rose 3.32% to ₹462.87 crore.

 Fino Payments Bank: Will buy a minority stake in New Delhi-based fintech PaySprint for an undisclosed amount. The bank acquire up to 12.19% stake in the company which offers APIs (Application Programming Interfaces) in banking, payments, travel, lending, insurance and investments.

 Veranda Learning Solutions: Nomura Singapore has exited the company by selling an additional 7.78 lk shares at an average price of ₹162.51 apiece, via open market transactions. European financial services group Societe Generale acquired 7.68 lakh equity shares in Veranda at an average of ₹162.50 apiece.

 McDowell Holdings: The National Company Law Tribunal has initiated insolvency proceedings against the company and appointed an interim resolution professional. The NCLT admitted the plea filed by Sun Star Hotels and Estate Pvt Ltd, a financial creditor of the erstwhile Vijay Mallya-promoted company, claiming a default of ₹16.80 crore.

 

Moving on to markets

Indian markets are likely to start Wednesday’s session on a flat note as per trends indicated by the SGX Nifty futures, which were quoting 15,753 levels at 7:45 am, unchanged from their previous close.

Global sentiment remains weak as inflation numbers in both India and US rose steeply. US consumer inflation rose 8.5 per cent in March vs 7.9 per cent in Feb, raising expectations of larger rate hikes by the US Fed.

Back home, India’s annual retail inflation hit a 17 month high of 6.95 per cent in March from a year ago, while industrial production grew only 1.7 per cent in February and contracted 4.7 per cent from the last month.

Investors will react to the inflation numbers coupled with lower industrial output, that poses conflict for the RBI to juggle between the growth and inflation conundrum.

Business Term of the day

Valuation is a quantitative process of determining the fair value of an asset or a firm. In general, a company can be valued on its own on an absolute basis, or else on a relative basis compared to other similar companies or assets.