Sensex Surges 874 Pts, Nifty Ends Near 17,400; Ril Hits Record High, M&m Shines – Mint

Indian indices on Thursday continued the winning streak, staging solid recovery after recent pains, with support from most counters. Market heavyweights Reliance Industries, Maruti, TCS, HDFC, and M&M contributed significantly to the rally. Sectorally, all the sectors except metals were in the green, with auto, IT, banks, financials making healthy gains. Globally, shares in Europe and US were mixed as inflation worries, crude prices, and the war in Ukraine kept the investors cautiously optimistic. In Asia, shares in Japan, South Korea, and Australia advanced, while that in Hong Kong and Shanghai declined.

21 Apr 2022, 03:54:20 PM IST

Sensex gains 874 pts, Nifty ends near 17,400; IT, auto, banks, financials shine

Indian indices made healthy gains on Thursday, with the help of strong buying support in Reliance, M&M, Maruti, and HDFC stocks amid positive global cues. Investors’ risk appetite made a comeback as they bought stocks across the board despite inflation concerns.  

The Sensex added 874.18 points, or 1.53%, to close at 57,911.68, while Nifty50 gained 256.05 points to end at 17,392.60. IT, bank, financials, auto were among the best performing sectors, while metals and telecom were muted. 

On the 30-stock index, the most gains were made by M&M, Maruti, Bajaj Finance, Asian Paints, Reliance, while Tata Steel, Bharti Airtel, and Nestle India were the only losers.

On Nifty50, Eicher Motors, Coal India, Adani Ports, and M&M made the most gains, while CIPLA, Hindalco, and ONGC were among the laggards.

Reliance Industries’ shares

Reliance rose for a third session and was among the top three gainers on the Nifty 50 index, up 2.34%.

Morgan Stanley raised its target price on the conglomerate’s stock to 3,253 rupees ($42.61) from 2,926 rupees and said it expects up to a 10% boost to the company’s net asset value in anticipation of quicker hydrogen monetization.

Sensex at close

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Sensex at close
21 Apr 2022, 03:26:29 PM IST

Growth slows for infrastructure finance in NBFCs: Icra report

Despite a sharp economic recovery following the easing of curbs after the second wave of the pandemic subsided, infrastructure credit growth has slowed down. In the first nine of FY22, infrastructure-focused loan books witnessed moderate annualised growth for both non-banking finance companies (NBFCs) and banks, ratings agency Icra Ltd. said on Thursday.

21 Apr 2022, 03:18:44 PM IST

Investments through P-Notes decline to ₹87,979 cr in March

Investments in the Indian capital markets through participatory notes (P-notes) dropped to 87,979 crore as of March-end, with experts believing that foreign investors will continue to adopt a cautious stance.

“We will see some liquidity drying up from global markets over the coming months resulting in the continuation of pressure in P-notes participation for a few months.

“However, we believe that the India story is intact and the world’s leading economies are looking at trade partnerships with us,” said Divam Sharma, founder at Green Portfolio, a Sebi-registered portfolio management service provider.

21 Apr 2022, 03:03:08 PM IST

Oil rises as investors focus on lower supply from Russia, Libya

Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market.

Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 87 cents, or 0.9%, to 103.06 a barrel.

Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a “special military operation”.

21 Apr 2022, 02:57:26 PM IST

ED raids JSPL’s Delhi, Gurugram offices in forex violation case; shares plunge 6%

India’s federal financial crime fighting agency raided offices of Jindal Steel & Power Ltd (JSPL) in New Delhi on Thursday over suspected violation of foreign exchange regulations, a source familiar with the matter said.

21 Apr 2022, 02:56:49 PM IST

NCDEX’s average daily turnover grows 47% to ₹1,857 crore in FY22

Leading agri-commodity bourse NCDEX on Thursday said its average daily turnover rose 47.26 per cent year-on-year to 1,857 crore in the last fiscal despite suspension of trading in some commodities.

The exchange’s average daily turnover in the previous fiscal was higher than 1,261 crore in FY21 and even higher than 1,794 crore that prevailed during the pre-pandemic 2019-20 year, it said in a statement.

21 Apr 2022, 02:49:07 PM IST

Sensex roars for the second straight session, adds almost 900 points; M&M, Reliance, TCS, HDFC rally

BSE

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BSE
21 Apr 2022, 02:33:57 PM IST

LIC IPO: Govt to take a call on timing this week

The government is likely to take a call on the timing of Life Insurance Corp. of India’s initial public offering (LIC IPO) this week. “A decision on timing the IPO would be taken this week,” an official told PTI.

21 Apr 2022, 02:22:14 PM IST

Maharashtra, Tamil Nadu, Gujarat plan massive coal imports to stave off scarcity

Three of India’s most industrialised states plan to import 10.5 million tonnes of coal in the coming months as officials scramble to arrest widespread power cuts, a move that could push global coal prices to new highs.

21 Apr 2022, 02:13:26 PM IST

Nifty50 continues to surge; trades 1.33% higher led by Coal India, Adani Ports

NSE

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NSE
21 Apr 2022, 02:06:02 PM IST

Campus Activewear sets IPO price pand at ₹278-292 per share

Athleisure footwear company Campus Activewear on Thursday fixed a price band of 278-292 a share for its 1,400-crore initial public offering (IPO).

The three-day initial share-sale will open for public subscription from April 26 and the bidding for anchor investors will open on April 25, according to the company.

21 Apr 2022, 01:58:03 PM IST

Multibagger Dolly Khanna share hits upper circuit after stock split announcement

Dolly Khanna portfolio: One of the multibagger stocks in 2021, Ajanta Soya shares have been attracting buyers’ interest ever since market opened today. Ajanta Soya share price today opened around 11 higher from its Wednesday close. Within 10 minutes of market opening, this Dolly Khanna share hit 5 per cent upper circuit at 259 apiece levels. The Dolly Khanna portfolio stock is one of the news making stocks today as on Wednesday, its Board of Directors have proposed stock split in 1:5 ratio, subject to approval of shareholders and other competent authorities.

21 Apr 2022, 01:50:29 PM IST

HDFC Securities has ‘Buy’ rating on this multibagger IT stock post Q4 results

Mastek reported a strong quarter with revenue and margin both coming in line. The order book improved 25.4% YoY, boosted by a $65 mn+ win from the UK government (home office), following a $60 mn NHS deal in Q3FY22. The management is aiming to reach $1 billion revenue in the next five years, implying an organic revenue CAGR of >20%.

21 Apr 2022, 01:41:39 PM IST

ITC to acquire a 10% stake in Blupin Technologies

ITC on Thursday said it will acquire 10.07 per cent stake in Blupin Technologies Pvt Ltd, the company behind direct-to-consumer(D2C) brand, Mylo for up to 39.34 crore.

21 Apr 2022, 01:33:48 PM IST

L&T Infotech FY23 outlook looks strong: Report

L&T Infotech Ltd. (LTI) will likely have a robust FY23 as the company continues to benefit from strong demand environment which is expected to last three to five years, according to a post earnings report by Motilal Oswal.

21 Apr 2022, 01:16:37 PM IST

Sectoral indices: Nifty IT, auto, financials drive in demand, drive the index

NSE

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NSE
21 Apr 2022, 01:09:13 PM IST

Why gold prices are up 7% so far this year

Gold is proving remarkably resilient, gaining almost 7% this year as investors shrug off surging real yields and strengthening dollar to focus on political and economic risks.

21 Apr 2022, 12:55:03 PM IST

Multibagger Tata group stock rises further after better-than-expected Q4 results

Multibagger stock: After following IT stock crash post-weak Infosys results, Tata Elxsi share price rebounded strongly ahead of its Q4FY22 results as market was expecting strong Tata Elxsi results on Wednesday. However, the Tata group IT company reported better-than-expected Q4 results, which triggered fresh buying in Tata Elxsi shares in early morning deals. After making a close at 7600 per share levels on NSE on Tuesday, Tata Elxsi share price today surged up to 8190 apiece levels, logging around 7.75 per cent in two straight sessions.

21 Apr 2022, 12:49:40 PM IST

LIC puts up robust show ahead of IPO

Life Insurance Corp. of India’s (LIC) first-year premium collection, a key metric, rose 7.9% to 1.98 trillion for the year ended 31 March, data reviewed by Mint showed, boosting the prospects of the state-run insurer as the government gets ready to brave choppy markets to take the company public.

21 Apr 2022, 12:43:07 PM IST

Asian indexes mixed in choppy trading, echoing Wall Street

Asian shares were mixed in choppy trading Thursday, as inflation worries and the war in Ukraine had investors partly optimistic while staying cautious.

Benchmarks rose in Japan, South Korea and Australia, boosted by the overnight rally in Europe and in the Dow in the U.S. Investors were also watching South Korean trade numbers for April, which showed a trade deficit, although both imports and exports rose.

21 Apr 2022, 12:38:07 PM IST

Rainbow Children’s Medicare IPO to open on Apr 27

The 2,000-crore initial share sale of multi-speciality pediatric hospital chain Rainbow Children’s Medicare Ltd will open for public subscription on April 27.

The-three day initial public offering (IPO) will conclude on April 29, and the bidding for anchor investors will open on April 26, the red herring prospectus (RHP) with Sebi showed on Thursday.

The public issue comprises a fresh issue of equity shares aggregating up to 280 crore and an offer sale of up to 2.4 crore equity shares by the selling shareholders.

21 Apr 2022, 12:29:30 PM IST

Tech shares help Japan’s Nikkei post highest close in more than 2 weeks

Japan’s Nikkei rose on Thursday to its highest close in more than two weeks, driven by technology heavyweights, as U.S. futures advanced and after longer dated U.S. treasury yields tumbled overnight.

The Nikkei share average ended 1.23% higher at 27,553.06, its highest close since April 5. The broader Topix gained 0.67% to 1,928.00. Both indexes rose for the third straight session.

A market participant from a Japanese brokerage said the Nikkei’s gains were capped as investors awaited corporate earnings and currency moves weighed on risk appetite.

The dollar added 0.34% to 128.305 yen, after soaring to a two-decade high of 129.430 on Wednesday as the Bank of Japan stepped in to the bond market for the third time in three months to defend its zero-percent yield target, drawing a stark contrast with the Fed’s increasingly hawkish posture.

21 Apr 2022, 12:23:19 PM IST

Strong earnings growth continues, benefiting from increasing retail footprint in capital markets: ICICI Securities on Angel One

Angel One (Angel) successfully maintained its business momentum in Q4FY22 with 101%/24% YoY/QoQ PAT growth. We estimate PAT CAGR of 15% over FY22-FY24E and value the stock at 22x FY24E EPS of Rs101 (earlier: FY23E EPS of Rs86.5). Maintain BUY with a revised target price of Rs2,230 (earlier: Rs1,900).

21 Apr 2022, 12:21:29 PM IST

Oil firms as investors focus on supply drop from Russia, Libya

il prices rose on Thursday as concerns about supply due to a potential European Union (EU) ban on Russian oil came to the fore, days after diminished supplies from Libya rocked the market.

Brent crude futures rose $1.32, or 1.24%, to $108.12 a barrel at 0636 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.26, or 1.23%, to 103.45 a barrel, adding to a 19 cent gain in the previous session.

Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a “special military operation”.

21 Apr 2022, 12:17:16 PM IST

BSE Auto index surges; Tube Investments of India, M&M surge

BSE

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BSE
21 Apr 2022, 12:07:44 PM IST

What potential L&T Infotech & Mindtree merger could mean for the respective IT stocks

As per media reports, the boards of L&T Infotech (LTI) and Mindtree (MTCL) may consider merging both the companies soon. While both have clarified that the reports are speculative, the potential merger has been deemed an eventuality since Mindtree’s acquisition by L&T (conglomerate parent) in March 2019, as per IIFL.

21 Apr 2022, 11:59:08 AM IST

Nestle Q1 net profit slips 1.25 pc to ₹594.71 cr

FMCG major Nestle India Ltd on Thursday reported a 1.25 per cent decline in its net profit to 594.71 crore for the first quarter ended March 2022.

The company, which follows January-December financial year, had posted a profit of 602.25 crore in the same period a year ago, Nestle said in a BSE filing.

However, Nestle India’s net sales increased 9.74 per cent to 3,950.90 crore during the quarter against 3,600.20 crore in the corresponding period last fiscal, the company added.

Its total expenses in the January-March quarter rose 12.98 per cent to 3,195.90 crore compared to 2,828.61 crore a year ago.

Nestle India’s domestic sales surged 10.23 per cent to 3,794.26 crore from 3,442.03 crore in the January-March quarter of 2021.

21 Apr 2022, 11:48:17 AM IST

RIL shares: How ‘hydrogen boost’ can drive the stock

As the world retools the way it produces and uses energy, and as energy security takes center-stage, green hydrogen is gaining attention. Hydrogen adoption plans are quickly progressing, with RIL best positioned to capitalize, as per global brokerage Morgan Stanley. The energy upcycle should help fund its growth and lift multiples.

21 Apr 2022, 11:36:52 AM IST

Gold prices today fall for fourth day in a row, down ₹3,000 in a month

Gold prices fell for the fourth day in a row in Indian markets. On MCX, gold futures were down 0.12% at 52567 per 10 gram while silver dipped 0.4% to 68,136 per kg. The yellow metal has been under pressure amid multi-year high US bond yields and a strong US dollar. Gold had hit a high of 55,700 per 10 gram last month in domestic markets.

21 Apr 2022, 11:23:47 AM IST

Sensex jumps over 680 points; RIL hits record high, TCS, L&T, Infosys surge

BSE

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BSE
21 Apr 2022, 11:08:21 AM IST

Campus Activewear IPO price band announced. Issue to open next week

Campus Activewear IPO: The Initial Public Offering (IPO) is going to hit the primary markets next week on Tuesday, 26th April 2022. As per the information available on BSE website, Campus Activewear IPO’s price band has been fixed at 278 to 292 per equity share. The book built issue will remain open for bidders till Thursday, 28th April 2022.

21 Apr 2022, 10:53:48 AM IST

Bitcoin, ether rise while dogecoin, Shiba Inu, XRP slip

Check cryptocurrency prices today

21 Apr 2022, 10:46:08 AM IST

Banks hike MCLR rates: SBI vs Axis Bank vs Bank of Baroda

EMIs for home, car and personal loans are set to go up as major lenders like the State Bank of India (SBI), Axis Bank, Bank of Baroda (BoB) and Kotak Mahindra Bank have hiked their benchmark lending rates. State Bank of India has increased its marginal cost of funding based lending rate (MCLR) by 10 basis points (bps) across tenors, as per data available on the SBI website.

21 Apr 2022, 10:45:16 AM IST

Broad market indices: Nifty50 up 0.75%, SmallCap 100 adds over 1.4%

NSE

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NSE
21 Apr 2022, 10:33:27 AM IST

Rupee almost flat against US dollar in early trade

The rupee started the session on a flat note against the US dollar on Thursday amid strong American currency in the overseas market and a firm trend in the domestic equities.

Besides, unabated foreign fund outflows and fluctuations in international crude prices weighed on investor sentiments, forex traders said.

At the interbank foreign exchange, the rupee opened slightly strong at 76.28 against the US dollar but soon shed the gains to quote at 76.31, registering a fall of just 1 paisa over the last close.

In the previous session, the rupee rose 20 paise to close at 76.30 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.14 per cent to 100.56.

21 Apr 2022, 10:27:06 AM IST

Reliance Industries ‘firing on all cylinders’ as stock hits new high

Shares of index heavyweight Reliance Industries Ltd (RIL) hit a fresh all-time high level by surging more than 2% to 2,775 apiece on the BSE in Thursday’s early deals, supporting the benchmark indices. RIL’s market capitalization stood over 18.7 lakh crore on the BSE.

21 Apr 2022, 10:21:21 AM IST

Modest performance on flattish onsite volume: YES Securities on L&T Infotech

Overall, the performance in the quarter was slightly below expectation due to flattish onsite volume sequentially resulting in modest performance for the quarter. Demand environment continues to remain robust for the company as reflected in its deal pipeline. Offshore employee attrition has started to moderate, and it will take around another 2 quarters for onsite attrition to come in control. We expect it to be among the growth leaders in the Tier 2 IT companies led by its capabilities across verticals and service lines and should be able to maintain net margin of 14‐15% for FY23. Employee addition continues to be robust and that offers strong revenue growth visibility. It continues to remain one of our top picks in Tier‐2 IT space, well positioned to capitalize on demand environment. We expect revenue CAGR of 19.5% over FY22‐FY24E, with average EBIT margin of 17.6%.

We maintain BUY on the stock with revised target price of 6,451/share at revised multiple of 34x on FY24E EPS. The stock trades at PER of 27.2x on FY24E EPS.

21 Apr 2022, 10:14:21 AM IST

Ashish Kacholia enters this multibagger metal stock in Q4

Ashish Kacholia portfolio: In Q4FY22, ace investor Ashish Kacholia added 4 new stocks in portfolio. Out of these 4 new portfolio stocks, 3 are multibagger stocks. Gravita India shares are one of those 3 multibagger stocks that have entered Ashish Kacholia portfolio during January to March 20222 quarter. As per Gravita India Limited shareholding pattern for recently ended March 2022 quarter, Ashish Kacholia’s name appears in the list of individual shareholders of the company. This means ace investor entered this multibagger stock in Q4FY22.

21 Apr 2022, 10:05:21 AM IST

Petrol, diesel prices today: Fuel prices unchanged for over 2 weeks.

Check latest fuel rates here

21 Apr 2022, 09:48:14 AM IST

Top Sensex losers in early trade: Chennai Petroleum Corporation, HSIL top drags 

BSE

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BSE
21 Apr 2022, 09:43:01 AM IST

Top Sensex performers in early deals: Bajaj Hindusthan Sugar, Future Consumer lead

BSE

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BSE
21 Apr 2022, 09:35:09 AM IST

BSE Indices make solid gains in early trade

BSE

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BSE
21 Apr 2022, 09:31:42 AM IST

Reliance Industries hits 52-week high

BSE

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BSE
21 Apr 2022, 09:27:29 AM IST

Nifty50 trades 0.6% higher; Reliance crosses 52-week high at open, Coal India surges over 2%

NSE

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NSE
21 Apr 2022, 09:22:49 AM IST

Reliance hits 52-week high at open

BSE

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BSE
21 Apr 2022, 09:21:34 AM IST

Sensex at open: Jumps over 300 points, Maruti, DRL, Bajaj Finance lead early rally

BSE

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BSE
21 Apr 2022, 09:13:08 AM IST

Nifty50 at pre-open: Trades near 17,250; BPCL, Apollo Hospitals, Reliance gain

NSE

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NSE
21 Apr 2022, 09:11:12 AM IST

Sensex at pre-open: Jumps 430 points; Sun Pharma, Reliance, Wipro rally

BSE

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BSE
21 Apr 2022, 08:57:55 AM IST

Day trading guide for Thursday

8 stocks to buy or sell today — 21st April

21 Apr 2022, 08:47:13 AM IST

Tata Power stock under F&O ban on NSE today

Only one stock has been put under the ban for trade on Thursday, April 21, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The security has been put on ban under the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.

21 Apr 2022, 08:44:25 AM IST

Gold investors bet against Fed as war threatens paradigm shift

Gold is proving remarkably resilient, gaining almost 7% this year as investors shrug off surging real yields and strengthening dollar to focus on political and economic risks.

While traditional yield and currency drivers suggest bullion is overvalued, demand for the haven asset remains strong. That’s because gold buyers piling into exchange-traded funds are taking a pessimistic view of the U.S. Federal Reserve’s ability to cool decades-high inflation without hurting the economy. For them, gold is a hedge against soaring prices and low growth.

21 Apr 2022, 08:42:00 AM IST

Elon Musk’s Tesla races ahead of rising costs with price hikes

Tesla Inc results surged past Wall Street expectations on Wednesday, as higher prices helped insulate the electric vehicle maker from supply chain chaos and rising costs.

The results also should trigger $23 billion in new payouts to CEO Elon Musk, already the world’s richest man.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.

Shares of Tesla rose 5% after the close of regular trading.

21 Apr 2022, 08:29:03 AM IST

Oil climbs but takes a breather in tight range

Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

Brent crude futures rose 55 cents, or 0.5%, to $107.35 a barrel at 0117 GMT, recouping losses from the previous session.

U.S. West Texas Intermediate (WTI) crude futures gained 41 cents, or 0.4%, to 102.60 a barrel, adding to a 19 cent gain in the previous session.

Analysts said market volatility is likely to pick up again soon, with the European Union still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a “special military operation”.

21 Apr 2022, 08:21:24 AM IST

Most Asian indexes gain ground on US yield drop, but Chinese stocks fall

Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes.

A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled MSCI’s broadest index of Asia-Pacific shares outside Japan 0.22% lower.

But share benchmarks in Australia and Korea were up, while Japan’s Nikkei rose 0.81%. Nasdaq futures gained 0.6% and S&P500 futures advanced 0.4%.

The 10-year yield was last at 2.8455%, a whisker higher in Asia morning trade, but still bruised after falling overnight from as high as 2.981% in early trade on Wednesday.

21 Apr 2022, 08:08:31 AM IST

Hong Kong stocks open lower

Hong Kong stocks opened down on Thursday, following two days of losses and mixed results on Wall Street where shares of streaming giant Netflix plummeted on dwindling subscriptions.

The Hang Seng Index fell 0.78 percent, or 163.81 points, to 20,780,86.84.

The Shanghai Composite Index started 0.40 percent lower, or 12.62 points, at 3,138.43, while the Shenzhen Composite Index on China’s second exchange lost 0.53 percent, or 10.42 points, at 1,975.22.

21 Apr 2022, 07:53:28 AM IST

JD, Alibaba stock exodus from New York intensifies

Investors are shifting more of their shares in Chinese e-commerce giants to the Hong Kong market, as Beijing’s efforts have yet to dispel concerns over the companies’ eligibility to remain listed on Wall Street.

About 77% of JD.com Inc.’s shares are circulating in Hong Kong’s clearing and settling system as of Tuesday, versus 44% at the beginning of this year, according to Bloomberg calculations based on stock exchange data. Alibaba Group Holding Ltd.’s Hong Kong-listed share portion rose to 56% from 53% during the same period, the data show.

Most of this year’s conversions at Alibaba and JD.com took place this month, even as China modified a decade-old rule that potentially removed a key hurdle for U.S. regulators to gain full access to auditing reports.

While other companies that are listed in both Hong Kong and New York haven’t seen a similar scale of share conversion this year, the moves by shareholders at Alibaba and JD.com highlight that the U.S. delisting risk remains a concern. By slashing exposure to American depositary shares, investors avoid direct regulatory shocks that may force trading suspensions and liquidation of their stock in the U.S.

21 Apr 2022, 07:43:09 AM IST

Indexes end mixed, Netflix plunges on subscriber losses

Wall Street’s major stock indexes ended mixed Wednesday after another day of choppy trading, while Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead.

The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose 0.7%, having received a bump from IBM, which added 7.1% after reporting quarterly results that beat analysts’ estimates.

Netflix slumped 35.1% a day after the streaming giant reported its first decline in subscribers in more than a decade. The company also said it expects a steeper decline during the current quarter. Netflix is now considering changes that it has long resisted, including minimizing password sharing and creating a low-cost subscription option supported by advertising. The stock is now down 67% from the all-time high it reached in November.

The skid in Netflix, one of Wall Street’s Big Tech high flyers in recent years, weighed heavily on the S&P 500, outweighing gains elsewhere in the benchmark index, and hit the communication services sector the hardest, pulling it 4.1% lower.

21 Apr 2022, 07:40:30 AM IST

Europe stocks shine but US mixed as Netflix plunges

European stocks rose Wednesday as investors tracked corporate earnings and developments in the Ukraine conflict, while US stocks ended mixed and Netflix shares tumbled after the streaming giant reported a drop in subscribers.

Oil prices slid further after having slumped the previous day on demand concerns.

21 Apr 2022, 07:37:50 AM IST

End of an era as Netflix faces stagnation challenges

Having lost subscribers for the first time in more than a decade, Netflix faces the new challenge of stagnation from a position of strength.

A drop of just 200,000 users — less than 0.1 percent of its total customer base — was enough to send Wall Street panicking, with shares plunging more than 30 percent on Wednesday.

The loss of subscribers and the company’s various plans to revive business “change the historically simple story” of Netflix’s solid success, said Wells Fargo analysts, who cut its price target in half.

21 Apr 2022, 07:30:24 AM IST

Tokyo markets open higher

Tokyo stocks opened higher Thursday, despite a mixed finish on Wall Street, where a big earnings miss by Netflix prompted a sell-off of the streaming giant’s shares.

The benchmark Nikkei 225 index added 0.31 percent, or 83.99 points to 27,301.84, while the broader Topix index edged up 0.19 percent, or 3.70 points, to 1,918.85.

The dollar fetched 128.20 yen, against 127.84 yen in New York late Wednesday.


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