Stock Market LIVE: Sensex rebounds, up 350 pts from low; Kotak Bank down 9%

Tesla’s plan to manufacture its affordable electric car priced at $25,000 in India and Mexico could materialise sometime in 2025 or thereafter, with Elon Musk declaring that these models would be produced at its existing factories to utilise their full capacity before investing in new manufacturing lines. READ MORE

In the broader markets, Nifty SmallCap was trading over 0.50 per cent higher while MidCap was trading marginally higher at 0.10 per cent.

Shares of Hindustan Unilever dropped as much as 1.82 per cent to hit an intraday low of Rs 2,218 on Thursday. The fall came after fast-moving consumer goods (FMCG) company reported a slight dip in its consolidated net profit (attributable to the owners of the company) for the March quarter of 2023-24. However, the figure of Rs 2,558 crore, down 1.6 per cent year-on-year from Rs 2,600 crore, exceeded market expectations.

Benchmark indices Sensex and Nifty opened lower on Thursday, tracking global peers. S&P BSE Sensex was trading 0.26 per cent lower at 73,660.23 levels while NSE’s Nifty 50 was down 0.25 per cent at 22,346.60 levels.

Indian equities have soared to become among the world’s most expensive, yet its bonds appear relatively cheap despite being Asia’s best performers this year.The benchmark 10-year note offers a premium of almost 270 basis points over the earnings yield for the MSCI India share index, making the country’s debt more attractive to investors just months before its inclusion in JPMorgan Chase & Co’s indexes from June. READ MORE

Both Sensex and Nifty were trading 0.38 per cent lower at 73,572.34 and 22,316.90 levels, respectively

Tata Consumer reported Q4 results which were more or less in line with analyst consensus but disappointed the market. The company is going through a process of reorganisation after the amalgamation of Tata Coffee and the acquisition of Organic India and Capital Foods. READ MORE

The Reserve Bank of India (RBI) on Wednesday asked private-sector lender Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and barred it from issuing fresh credit cards. READ MORE

According to the block deal data available with the National Stock Exchange (NSE), Canada Pension Plan Investment Board (CPPIB) sold 2,04,50,000 shares, amounting to a 2.8 per cent stake in Delhivery. READ MORE

JioCinema, the Indian streaming service controlled by Reliance Industries Ltd., is offering Hollywood movies and TV shows for as little as one rupee (US 1.2 cents) a day in a new promotion, while keeping live programming, like cricket matches, free. READ MORE

With the Supreme Court cracking down on Patanjali over misleading advertisements, the advertisement industry is concerned. While industry players acknowledge that some degree of exaggeration in claims is common, the Supreme Court’s firm action signals an impending shift. READ MORE

Honasa Consumer Ltd., the newly listed parent of India’s personal-care brand Mamaearth, is taking on global giants in the world’s fastest-growing beauty market with onion hair oil and curd-and-turmeric face masks. READ MORE