1 / 5Very weak earnings from Infosys | The tech major's revenue in terms of dollars was down 2.25 percent at $4,554 million, its profits were down 6.9 percent at Rs 6,128 crore, in its Q4 earnings report. It showcased a weak guidance for FY24 of 4 to 7 percent constant current revenue growth. Multiple brokerages downgraded their ratings on the stock, post its weak earnings. Nomura downgraded its rating to 'neutral' and cut its target to Rs 1,290 per share from the Rs 1,660 per share. CLSA also downgraded from 'buy' to 'O-PF' and lowered the price target from Rs 1,800 to Rs 1,550 per share.
2 / 5HDFC Bank numbers strong, in line with estimates | The bank reported a strong NII growth of 23.7 percent year-on-year at Rs 23,351 crore and its profit was up 20 percent at Rs 12,048 crore. It also reported a very strong retail loan growth in the fourth quarter of FY23, up 29.8 percent in the same period in FY22 and 9.75 percent from the third quarter of FY23.
3 / 5Dow jones down 143 points on Friday | Advance retail sales in March showed consumer spending in the US fell twice as much as expected. Retail sales in the country declined by 1 percent last month, more than the 0.5 percent drop expected by economists polled by Dow Jones.
4 / 5Earnings to watch this week | HCL Tech will report its Q4 earnings on Thursday and Reliance Industries will on April 21, ICICI Bank will report its Q4 earnings on Saturday, while Bajaj Auto and Maruti will report theirs on April 25 and 26, respectively.
5 / 5Markets post gain for third consecutive week | The market extended its gaining streak to nine days, which was its longest gaining streak since October 2020. Foreign institutional investors bought cash for 10 straight days. FIIs bought Rs 222 crore in cash market on Thursday.
