Market this week 29-4-2022
- Tesla shares is down more than 9% in early trading following Musk’s Twitter deal.
- The share price of Mahindra CIE has risen by 14% as the company’s first-quarter profit jumped to Rs 161 crore.
- As a result of the dismal fourth quarter, Tata Communications has dropped 10%, the most since March 2020.
- Adani Power is the sixth company in the Adani Group to reach the Rs 1 trillion mark.
- Gujarat-based Atul Auto vrooms 10% after declaring EV foray
Tesla shares is down more than 9% in early trading following Musk’s Twitter deal.
Tesla Inc’s stock dropped by over nine percent during early trading hours on April 26, in what was seen as an adverse impact of the finalisation of deal between company’s CEO Elon Musk and Twitter Inc for the latter’s acquisition.
The electric car-maker’s shares were trading at $905.95 a piece at Nasdaq at the time of writing this report, which was around 9.2 percent or nearly $92 lower as compared to the previous day’s close.
The drop comes just one day after Twitter revealed it had reached an agreement with Musk to sell the microblogging site for $44 billion, or $54.20 per share. The timing of Tesla’s stock decline indicates that investors are anxious about the Twitter deal. Their concerns stem from the acquisition’s finance, which would require Musk to raise $12.5 billion in loans against his Tesla equity.
The share price of Mahindra CIE has risen by 14% as the company’s first-quarter profit jumped to Rs 161 crore.
The share price of Mahindra CIE Automotive jumped more than 14% in the morning session on April 26, a day after the auto component maker reported a consolidated net profit of Rs 161.42 crore for the first quarter ended March, up from Rs 10.09 crore the previous year.
Revenue from operations increased to Rs 2,588.36 crore, up from Rs 2,189.4 crore in the previous year’s January-March quarter, according to the corporation, which follows a January-December financial year.
For the fiscal year ending December 31, 2021, the board of directors of the Pune-based corporation recommended a final dividend of Rs 2.5 per share of Rs 10 apiece.
As a result of the dismal fourth quarter, Tata Communications has dropped 10%, the most since March 2020.
On April 25, Tata Communications Ltd’s stock fell 10%, the most since March 2020, after the company revealed a dismal set of data for the March quarter.
On the BSE, the stock closed at Rs 1,119.50, down 9.27%, its lowest close since March 12, 2020. During the day, the stock fell to Rs 1112.70.
Tata Communications reported revenue increase of 1.9 percent quarter over quarter (QoQ) and 4.7 percent year over year, but a 6 percent shortfall on EBITDA due to higher operational expenses. Due to reduced EBITDA, higher D&A, and taxes, net profit fell 7.6% quarter over quarter, partially offset by higher other income. The data segment continued to recover (up 2.1 percent QoQ), aided by strong growth in the digital platform (up 3.4 percent QoQ).
Adani Power is the sixth company in the Adani Group to reach the Rs 1 trillion mark.
Adani Power became the sixth company in the group to reach a market capitalization of Rs 1 trillion (lakh crores) on Monday, when the stock achieved an all-time high of Rs 270.80, up 5% from the previous closing. Just year, the stock has climbed over 165 percent, with a 46 percent gain this month.
Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Enterprises, and Adani Ports & Special Economic Zone were among the first companies to reach this milestone.
Power equities have surged since the beginning of the year on predictions that energy producing businesses will post solid fourth-quarter results in 2021-22. Experts also speculated that these enterprises may have had greater cash flows as a result of power discoms paying their dues. Since mid-March, as temperatures have risen across the country, there has been a sharp increase in electricity demand, worsening the demand-supply disparity.
Gujarat-based Atul Auto vrooms 10% after declaring EV foray
On April 21, shares of Atul Auto, a Gujarat-based three-wheeler maker, jumped more than 10% after the business announced a move into electric car manufacturing using battery swapping technology.
The company’s subsidiary Atul Greentech Pvt Ltd (AGPL) is partnering with Honda Power Pack Energy India and Valeo to build prototype cargo and passenger three-wheelers with Honda Mobile Power Pack, according to a filing on April 20.
Following the satisfactory completion of field trials, Atul Auto will introduce the e-vehicle. Valeo’s integrated compact electric powertrain system will be installed in the vehicle with the swappable battery. Our fleet and individual customers will be able to minimise their total cost of ownership and upfront capital expenditures thanks to AGPL’s swappable technology.
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