Market Buzz : IndusInd Audit Woes, Infosys-DNB Deal, Singtel`s Airtel Stake Sale & Global Jobs Data Impact`by GEPL Capital
Stocks in News
* INDUSIND BANK: During an internal audit of the bank’s MFI business, Rs 674 crore was found to be wrongly recorded as interest income over three quarters of FY24-25 and was fully reversed by January 10, 2025. Separately, Rs 595 crore of unexplained balances in “other assets” were adjusted against “other liabilities” in January 2025.
* INFOSYS: The company has extended its strategic partnership with DNB Bank ASA to accelerate digital transformation efforts.
* BHARTI AIRTEL: Singtel, through its subsidiary Pastel Ltd., plans to sell around 4.76 crore Airtel shares worth Rs 8,568 crore via open market transactions on Friday.
* ALKEM LABS: Enzene Biosciences, a subsidiary of the company, reported a cybersecurity incident at its US unit involving compromised employee email IDs and a fraudulent fund transfer. The amount is under investigation, and external agencies have been engaged for a detailed probe.
* LARSEN & TOUBRO: The company signed an amendment agreement capping its secondary stake acquisition in E2E Networks at 2.98%. It acquired 5.95 lakh shares from a promoter, raising its total stake to 18.99%.
* BIOCON: Biocon Pharma, a subsidiary of the company, received approval for Rivaroxaban Tablets, used to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation.
* RVNL: The company received a Letter of Acceptance (LOA) for a Rs 116 crore order from Central Railway.
* SAMVARDHANA MOTHERSON INTERNATIONAL: The company’s stepdown subsidiary will acquire a 14.29% stake in Motherson Technology Services Kabushiki Gaisha.
* STRIDES PHARMA: The company has approved the demerger of Arco Lab’s Life Sciences and Digital Innovation Capabilities into its subsidiary, Pivot Path.
Economic News
* EAM Jaishankar speaks with Afghan counterpart to expand ties amid tensions with Pakistan: India and Afghanistan are working to strengthen their relationship. External Affairs Minister S Jaishankar spoke with Afghan Foreign Minister Amir Khan Muttaqi. They discussed the Pahalgam attack and ways to boost cooperation. India is increasing humanitarian aid. Afghanistan wants help with visas and prisoners. Both countries want to develop the Chabahar Port. They emphasized historic ties and future collaboration
Global News
* Australia’s jobs boom beats expectations, but rate cut bets remain amid global risks: Australia’s employment surged in April with an unexpected 89,000 job gains, led by more full-time roles for women, far exceeding forecasts of 20,000. The unemployment rate held steady at 4.1%, while labor force participation rose to 67.1%, near record highs. Despite strong job growth, hours worked stayed flat after two months of decline. The Australian dollar rose 0.3% on the data, but investors still expect the Reserve Bank of Australia to cut rates to 3.85% in May amid cooling inflation and global uncertainties. The labor market remains resilient with stable job ads and moderate wage growth, while the RBA predicts unemployment will peak at 4.2% this cycle.
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