Market Walk

Core inflation has spiked sharply paving the way for more rate hikes by the RBI

Core inflation has spiked sharply paving the way for more rate hikes by the RBI

Vodafone Idea reported a narrowing of losses to Rs-6,563 crore in Q4 FY2022

Vodafone Idea reported narrowing of losses to Rs-6,563 crore in Q4 FY2022. Overall revenues for the fourth quarter increased by 6.5% to Rs.10,239 crore while EBITDA for the quarter was up 5.4% at Rs.4,649 crore. Average revenues per user (ARPU) was up 7.5% sequentially at Rs.124, which is still relatively lower than competition. What should hurt the company is that it lost 34 lakh subscribers as its user base fell to 24.4 crore. Vodafone explained that 4G customer had continued to grow on voice and data experience.

Consumer inflation is now expected to spike to 7.5%

We may be see another spike in retail inflation when MOSPI announces the April CPI number on Thursday 12th May. In Mar-22, consumer inflation was 6.95%, which is now expected to spike to 7.5%. This is likely to be led by a combination of higher energy and food prices. While 7.5% is the consensus estimate of Reuters economists, the actual worst case inflation could go all the way to 7.85%. Most of the economists surveyed expect core inflation to have also spiked sharply, paving the way for more rate hikes by the RBI.

Delhivery Ltd managed to place Rs.2,400 crore worth of shares with anchor investors

Delhivery Ltd managed to place Rs.2,400 crore worth of shares with anchor investors on 10th May, a day ahead of the IPO opening. Anchors included 64 investors, with some top notch FPIs also participating. Some of the FPI participants included GIC Singapore, Tiger Global, Steadview Capital, Schroeder Fund and Goldman Sachs. Many of the leading mutual funds in India were also part of the anchor list. The reduced size of the IPO of Delhivery is Rs.5,235 crore. The fresh issue is Rs.4,000 crore and OFS is Rs.1,235 crore.

Asian Paints reported flat growth in net profits at Rs.874 crore

For the March 2022 quarter, Asian Paints reported flat growth in net profits at Rs.874 crore. The bottom line took a hard hit on higher raw material costs, a trend visible for last two quarters. There was also an exceptional loss of Rs.53.7 crore due to loss on their Sri Lanka business. Sales revenues were up 21% to Rs.7,890 crore in Q4FY22. Asian Paints board has recommended final dividend of Rs.15.50 per share. The good news came from the international business which delivered double-digit revenue growth in Q4FY22.

Adani Wilmar fell for the eighth straight session to Rs.583

The stock of Adani Wilmar fell for the eighth straight session to Rs.583. The stock has already fallen 34% from its recent high price of Rs.878. Markets were relatively disappointed by the quarterly numbers. It may be recollected that the stock currently trades in the T2T segment, where only delivery is permitted. Adani Wilmar is a JV between Adani group and Wilmar of Singapore. For FY22, its sales crossed that of Hindustan Unilever, making it the largest FMCG company in India. Post IPO rally has been tad too frenetic.

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