Market Today

1. Mutual Funds investors panic-sell amid Franklin Templeton crisis

The mutual fund industry witnessed a turmoil after anxious investors resorted to panic selling in debt schemes following Franklin Templeton Mutual Fund’s abrupt decision to wind up six schemes with aggregate assets under management (AUM) of over Rs 28,000 crore. Industry leaders and CEOs of five leading mutual funds later came together to allay investor fears and assure them of the credit quality of the portfolio held by the MF industry.

2. Banks parking over Rs 7 lakh crore daily with RBI via reverse repo

“Banks have turned risk-averse amid economic crisis related to lockdown,” said Soumyajit Niyogi, associate director at India Ratings. “Even if they would be earning less at reverse repo, they have little option".

3. Mindtree Q4 results: Net profit jumps 3.9% YoY to Rs 206 crore; firm announces dividend of Rs 10 per share

“Our relentless focus and client-first approach have resulted in robust Q4 performance on multiple dimensions – revenue growth of 1.9 per cent in constant currency, expansion of operating margin by 150 basis points and record deal wins of $393 million,” said Debashis Chatterjee, Chief Executive Officer

4. L&T share price up 2% on order win; Morgan Stanley remains overweight

L&T won a significant order in the form of three packages from the Dedicated Freight Corridor Corporation of India Limited.
Global research firm Morgan Stanley maintained an overweight call on the stock, with target raised to Rs 1,117 from Rs 941 per share.

5. Pharma shares rally; Sun Pharma, Laurus Labs hit 52-wk highs

S&P BSE Healthcare index was up 2 per cent, as compared to 0.59 per cent decline in the S&P BSE Sensex.
Alembic Pharma's consolidated profit before tax (PBT) more than doubled to Rs 298 crore in the January-March quarter.
Besides Alembic Pharma, Sun Pharmaceutical Industries and Laurus Labs also hit their respective 52-week highs on the BSE today. Strides Pharma Science, Alkem Laboratories, Ajanta Pharma, Lupin, Ipca Laboratories, Jubilant Life Sciences and FDC were up in the range of 5 per cent to 10 per cent on the BSE.