KEY HIGHLIGHTS
Adani Group Stocks Rise After Expert Committee Report
Yield On The 10-Year Bond Rises
The yield on the 10-year bond closed 2 bps higher at 7.008% on Friday after RBI approved to transfer a surplus of Rs 87,416 crore to the government.
It closed at 6.99% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
-The local currency depreciated by 7 paise to close at 82.66 against the greenback on Friday.
-The local currency closed at 82.59 on Thursday.
Source: Bloomberg
Closing Bell
Indian benchmarks snapped their three-day losing streak aided by gains in technology and IT stocks, while advances in Adani group stocks also aided.
S&P BSE Sensex gained 0.48% to close at 61,729.68, while Nifty 50 rose 0.41% to end the day at 18,203.40.
Adani Enterprises, Adani Ports & SEZ, Tata Motors, Tech Mahindra and Infosys were the top Nifty 50 gainers in percentage terms, while Divi's Laboratories, Britannia Industries, NTPC, ONGC and Hero MotoCorp were the top laggards of the index.
Infosys, Tata Motors, Adani Enterprises, Adani Ports & SEZ, Tech Mahindra contributed the most to Nifty 50 in point contribution.
This week, Nifty 50 fell 0.61%, while Sensex declined 0.48%. Sector-wise, Nifty Pharma index declined the most this week, followed by Nifty Media and Nifty Metal.
Meanwhile Nifty Realty led the pack with most gains this week followed by Nifty IT index.
Eleven of the 19 sectoral indices compiled by BSE Ltd. gained with BSE IT and Teck gaining the most, over 1%.
Broader indices underperformed the Indian benchmarks. BSE MidCap closed flat, while BSE SmallCap declined 0.16%
The market breadth was in favour of the bears. About 1,808 stocks declined, 1,641 stocks advanced while 146 remained unchanged.
Nifty Bank Trading Over 400 Points From Day's Low
NSE Nifty Bank index was trading up over 400 points from day's low. The index was up 0.45% at 43,947.35.
Alkem Labs Shares Decline After Q4 Results
Alkem Laboratories - Q4 FY2023-consol figures (YoY)
Revenue up 17% at Rs 2,903 crore Vs Rs 2,484 crore (BBG estimate : Rs 2,793 crore)
Net profit down 34% to Rs 71 crore Vs Rs 108 crore (BBG estimate : Rs 340 crore Profit)
EBITDA up 5% to Rs 353 crore from Rs 337 crore (BBG estimate : Rs 459 crore Profit)
Margins at 12.2% Vs 13.6% (BBG estimate : 16.4%)
Board recommended a dividend of Rs 10 per share.
Source: Bloomberg, Exchange filing
Air Passenger Traffic Grows 22% YoY To 1.29 Crore In April
Market share of airlines in April Vs March (2023):
IndiGo at 57.5% Vs 56.8%
Vistara at 8.7% Vs 8.9%
Air India at 8.6% Vs 8.8%
AirAsia India at 7.6% Vs 7.6%
Go First at 6.4% Vs 6.9%
SpiceJet at 5.8% Vs 6.4%
Akasa Air 4% Vs 3.3%
Source: DGCA
European Markets Trade Higher
Strides Shares Up After USFDA Upgrades Status For Puducherry Facility
Shares of Strides Pharma Science Ltd. were trading higher after the company said its Puducherry facility has been upgraded to a status that will allow it to seek fresh approvals in the U.S.
The U.S. Food and Drug Administration modified the facility to "voluntary action indicated" from "official action indicated" after an inspection conducted from February 20–24, according to its filing.
A voluntary action means that while investigators find and document objectionable conditions, the FDA will not take or recommend regulatory or enforcement action. Official action classification indicates that the U.S. drug regulator would suggest corrective actions and may withhold approvals of pending product applications till observations are resolved.
The U.S. drug regulator recommended official action in May 2019, followed by a warning letter in July 2019 for the unit.
The Puducherry facility caters to the U.S., other regulated markets, and institutional businesses and produces finished dosage formulation products across multiple dosage formats.
The scrip was trading 3.26% higher at Rs 370.25 per share. Total traded quantity stood at thrice the 30-day average volume. The four analysts tracking the stock maintained 'buy'. The return potential over the next 12 months stood at 5.5%.
Source: Bloomberg, Exchange filing
Adani-Hindenburg PILs: Supreme Court Committee Report Made Public
Committee was asked to look into issues like market volatility, regulatory failure, investor awareness
Supreme Court had also asked the committee to examine if existing regulatory framework is sufficient to protect investor interest.
Committee was asked to examine 3 areas of regulatory failure- Minimum Public Shareholding Norms; Related Party Transactions; Stock Price Manipulation
Committee says:
-MPS Norms: SEBI has found compliance with various regulations on disclosure of beneficial ownership by FPIs invested in Adani stocks
-On RPT and MPS allegations, SEBI has sought more time
Supreme Court Report Key Takeaways
1 - Adani Group has disclosed all beneficial owners
2 – SEBI hasn't raised any issue with Adani's declaration of beneficial owners
3 – Retail shareholding of Adani has gone up post the Hindenburg report
4- There were short sellers who profited post Hindenburg report, that requires investigation
5 – No prima facie Violation of existing rules OR laws found
6 – Reports points to ongoing investigation by SEBI on MPS and Related Party transactions
7 – Report says SEBI still doesn’t have enough information on 13 overseas entities and & 42 contributors to AUM
8 – Report asks SEBI to decide if pending discovery of 13-entities whether any further case is made
9 – Report finds that SEBI while referring case to ED, did not make any prima facie charge
10 – Adani stocks have stabilised at new price discovery without destabilising Indian Markets
11 – Report acknowledges measures undertaken by Adani to comfort investors
Supreme Court Upholds Disqualification Of Tata Motors From Electric Buses Tender Invited By BEST
Bombay High Court had upheld Tata Motors' disqualification but also dismissed the bid by Evey Trans- the successful bidder.
Tata Motors' bid was disqualified as it was held to be non-responsive for deviating from tender specifications.
High Court had asked BEST to float a fresh tender.
Source: Supreme Court Proceedings
Universal Cables Shares Decline Most In Nearly 3 Months
Shares of Universal Cables declined after the company's Q4 results.
Universal Cables Q4 FY23 (Consolidated, YoY)
Revenues down 1.91% at Rs 582.87 crore
Ebitda up 8.33% at Rs 51.77 crore
Ebitda margin at 8.88% vs 8.04%
Net profit up 31.94% at Rs 41.06 crore
The company announced a dividend of Rs 3 per share for the financial year 2022-23.
The stock fell 4.94% to trade at Rs 382.15, compared to a flat Nifty. Intraday it fell 8.18%-- the most since Feb. 27. Total traded quantity stood at 2.6 times the 30-day average.
Source: Bloomberg, Exchange filing
RBI Receives Bids Worth Rs 46,790 Crore For 14-Day Variable Rate Repo Auction
-- The notified amount for the auction stood at Rs 50,000 crore.
-- The weighted average rate for the auction stood at 6.51%.
Source: RBI
Jindal Stainless Shares Decline
Shares of Jindal Stainless fell 5.71% to Rs 279.15 per share compared to a flat Nifty 50.
Intraday, the stock fell as much as 5.74%.
Of the 8 analysts tracking the stock, seven maintained 'buy', while one analyst recommendeds 'hold'.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 28.1% over the next 12 months.
Source: Bloomberg, Exchange filing
Midday Market Update
Indian benchmarks swung between gains and losses as gains in IT and technology stocks were offset by declined in utilities and power stocks.
S&P BSE Sensex gained 0.12% at 61,505.63, while the Nifty 50 gained 0.05% to 18,138.30 as of 12:15 p.m.
Thirty of the 50 Nifty 50 stocks declined, while 19 advanced and one remained unchanged.
Tata Motors, Infosys, Tech Mahindra, HCL Technologies and Wipro were the top gainers in percentage terms, while Hero MotoCorp, JSW Steel, Tata Steel, Asian Paints and UPL were the top Nifty losers.
Infosys, HCL Technologies, Tata Motors, Tech Mahindra and Wipro were the top Nifty 50 contributors in terms of point contribution.
The broader indices underperformed the benchmarks. BSE MidCap fell 0.25% while BSE SmallCap fell 0.15%
Of the 20 sectoral indices compiled by BSE, 15 declined and five gained with BSE IT and Teck gaining the most, over 1%.
Market breadth was skewed in the favour of the bears. About 1,486 stocks advanced, 1,814 declined and 144 remained unchanged.
Bata India Shares Gain Most In Almost 10 Months After Q4 Profit Beats Estimates
Shares of Bata India Ltd. rose the most in 10 months during trade on Friday, after the company's net profit for the fourth quarter of fiscal 2023 beat estimates.
Bata India Q4 FY23 (Consolidated, YoY)
Revenues up 17.04% at Rs 778.59 crore
Ebitda up 12.29% at Rs 182.07 crore
Ebitda margin at 23.38% vs 24.37%
Net profit up 4.22% at Rs 65.62 crore
The board declared a final dividend of Rs 13.50 per share.
Shares of Bata India were up 0.88% to Rs 1,539 apiece, compared to a 0.18% fall in the NSE Nifty 50 as of 11:06 a.m. The stock rose 4.64% intraday, the most in almost 10 months since July 29, 2022.
Of the 20 analysts tracking the company, 13 maintain a 'buy' rating, five suggest a 'hold', and two suggest a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential downside of 9.2%.
Source: Bloomberg, Exchange filing
South Indian Bank Shares Decline
South Indian Bank Ltd. shares fell 1.76% on Friday.
The bank hiked marginal cost of funds based lending rates across tenures in the range of 5-10 basis points, effective May 20.
Of five analysts tracking the stock, three maintained 'buy', while two recommended 'hold'.
The average of consensus price target implies a potential upside of 21.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Tata Elxsi Shares Fall Post Q4 Results
Shares of Tata Elxsi Ltd. were trading lower after the company posted its Q4 results.
Tata Elxsi Q4 FY23 (QoQ)
Revenue up 2.47% at Rs 837.92 crore (Bloomberg estimate: Rs 868.02 crore)
EBIT up 1.43% at Rs 228.65 crore (Bloomberg estimate: Rs 237.03 crore)
EBIT margin at 27.29% vs 27.57% (Bloomberg estimate: 27.3%)
Net profit up 3.51% at Rs 201.52 crore (Bloomberg estimate: Rs 193.75 crore)
The board approved final dividend of Rs 60.60 per share for the financial year 2022-23.
The stock declined as much as 4.01% intraday before recovering the losses and trading 0.45% lower as of 11:01 a.m. Nifty 50 declined 0.21%.
Total traded quantity so far in the day stood at 5.7 times the 30-day average. Of the eight analysts tracking the stock, two maintained 'buy', while six recommended 'sell'. The average of the consensus price target implies a potential downside of 11.9% over the next 12 months.
Source: Bloomberg, Exchange filing
PTC India Financial Services Shares Gain Post Q4 Results
Shares of PTC India Financial Services Ltd. rose during trade on Friday, after the company reported a jump in its net profit in the fourth quarter of fiscal 2023.
PTC India Financial Services Q4 FY23 (Consolidated)
Interest income down 16.19% at Rs 186.27 crore (YoY)
Net profit up 45.75% at Rs 36.41 crore (YoY)
Gross stage 3 ratio at 13.59% vs 11.99% (QoQ)
Net stage 3 ratio at 8% vs 6.93% (QoQ)
The board recommended a dividend of Rs 1 per share for the fiscal 2023.
The stock advanced 1.55% to Rs 16.35 apiece, compared to the 0.36% decline in the benchmark NSE Nifty 50 by as of 10:33 a.m.
It advanced as much as 5.59% intraday. Total traded volume stood at 2.7 times its 30-day average.
Source: Bloomberg, Exchange filing
PI Industries Shares Rise Most In Three Weeks
Shares of PI Industries gained most in three weeks after its net profit and revenue in the fourth quarter increased, albeit missing estimates.
PI Industries Q4 FY23 (Consolidated, YoY)
Revenue up 12.21% at Rs 1,565.60 crore (Bloomberg estimate: Rs 1,632.46 crore)
Ebitda up 12.39% at Rs 342.8 crore (Bloomberg estimate: Rs 400.88 crore)
Ebitda margin at 21.9% vs 21.86% (Bloomberg estimate: 24.6%)
Net profit up 37.28% at Rs 280.60 crore (Bloomberg estimate: Rs 312.53 crore)
The board recommended final dividend of Rs 5.50 per share.
Shares of PI Industries Limited fell 0.76% to Rs 3,231.45 apiece, compared to a 0.36% fall in the NSE Nifty 50 as of 10:43 a.m.
The stock rose 4.7% intraday, the most in three weeks since April 28, and the average traded volume so far in the day stood at 3.1 times its monthly average.
Of the 28 analysts tracking the company, 22 maintain a 'buy' rating, four suggest a 'hold', and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 18.9%.
Source: Bloomberg, Exchange filing
Nazara Technologies Shares Rise After Unit Inks Pact For Raising Capital
Shares of Nazara Technologies Ltd. gained after the company's unit inked pact to raise Rs 232 crore from its investors.
Nodwin Gaming, a subsidiary of the company, signed definitive and binding agreements to raise $28 million (Rs 232 crore) from existing investors—Nazara, Krafton and JetSynthesys—and new ones.
The stock was trading 6.48% higher at Rs 618.6 per share compared to 0.225 decline in benchmark Nifty 50 as of 10:19 a.m.
Intraday, it climbed as much as 8.86%. Total traded quantity so far in the day stood at 15.1 times the 30-day average. Relative strength index stood at 72, indicating that the stock may be overbought.
Of the 12 analysts tracking the stock, nine maintained 'buy', two suggested 'hold', while one analyst recommended 'sell', according to Bloomberg data. The average of consensus price target implied and upside of 18.3% over the next 12 months.
Source: Bloomberg, Exchange filing
IT Stocks Advance
Gland Pharma Shares Plunge After Q4 Earnings Lags View
Shares of Gland Pharma Ltd. plunged the most in over a year after the drug maker reported weaker-than-expected results in the fourth quarter ended March.
Gland Pharma Q4 FY23 (Consolidated, YoY)
Revenue down 29% at Rs 785 crore (Bloomberg estimate: Rs 1,114 crore)
Ebitda down 52% to Rs 168 crore (Bloomberg estimate: Rs 351 crore)
Ebitda margin at 21.5% vs 31.6% (Bloomberg estimate: 31.5%)
Net profit down 72% to Rs 79 crore (Bloomberg estimate: Rs 269 crore)
The company recorded an exceptional cost of Rs 56.46 crore during the quarter under review.
Shares of the Hyderabad-based pharma company fell 19.82% to Rs 1068 apiece, compared to a 0.17% decline in benchmark NSE Nifty 50.
Intraday, the scrip fell as much as 20%.
Of the 19 analysts tracking the company, 10 maintain a ‘buy’ rating, one suggests a ‘hold’ and eight recommend a ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.8%.
Sensex, Nifty Pare Opening Gains
Indian benchmarks reversed their opening gains soon after the market opened.
Sensex was trading flat at 61,442.19, while Nifty traded flat at 18,118.80.
Opening Bell
Indian stock benchmarks advanced on Friday led by gains in banking, telecom and IT stocks.
S&P BSE Sensex opened 0.265 higher at 61,594.17, while Nifty 50 started the day at 18171, gaining 0.22%.
State Bank of India, HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services were the top Nifty 50 gainers in percentage terms, while Eicher Motors, UPL, ITC, Hero MotoCorp and Divi's were the top laggards.
State Bank of India and HCL Technologies was pulling the Nifty 50 index ahead in terms of point contribution.
The broader indices were trading mixed. BSE MidCap lost 0.19% while BSE SmallCap was trading 0.10% higher.
Fifteen out of the 19 sectoral indices declined with BSE power declining over 1%.
The market breadth was skewed in the favour of the bulls. About 1,464 stocks advanced, 1,175 declined and 118 remained unchanged.
Sensex, Nifty Advance At Pre-Open
Indian stock benchmarks were trading higher at pre-open.
Sensex rose 0.20% to 61,556.25, while the Nifty 50 gained 0.31% at 18,186.15.
10-Year Bond Yield Flat
Yield on the 10-year bond opened flat at 6.99% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
-The local currency depreciated by 13 paise to open at 82.72 against the greenback on Friday.
-The local currency closed at 82.59 on Thursday.
Source: Bloomberg
Trade Setup: Realty, Power, Oil & Gas Stocks Under Pressure
Global Cues
U.S. Dollar Index at 103.46
U.S. 10-year bond yield at 3.64%
Brent crude up 0.14% to $75.97 per barrel
Nymex crude up 0.01% to $71.87 per barrel
Dow Jones Futures up 0.07% at 33,641
S&P 500 Futures up 0.15% at 4,218.25
Nasdaq Futures up 0.27% at 13,931.25
SGX Nifty up 0.18% at 18,211 as of 8:18 a.m.
Bitcoin up 0.5% at $26,858.91
Trading Tweaks
Price Band Revised From 20% to 10%: GE T&D India
Ex-Date Interim Dividend: Man Infraconstruction, Colgate-Palmolive, Home First Finance Company India, JM Financial, Advanced Enzyme Technologies, Alicon Castalloy, Rain Industries
Record Date Interim Dividend: Man Infraconstruction, Alicon Castalloy, Rain Industries
Ex-Date Final Dividend: Tata Consumer Products
Move Into Short-Term ASM Framework: Shakti Pumps (India), Kirloskar Brothers
Bulk Deals
Apollo Pipes: Homedge Infracon bought 4.84 lakh shares (1.23%) and Sanjay Gupta sold 4.84 lakh shares (1.23%) at Rs 625 apiece.
Urgo Capital: Surya Vanshi Commotrade bought 8.19 lakh shares (1.06%) at Rs 187 apiece.
JK Tyre & Industries: Navodya Enterprises sold 16.22 lakh shares (0.65%) at Rs 186.8 apiece.
Stocks To Watch: Pfizer, Rail Vikas, Wipro, Nazara In Focus
Pfizer: The company initiated a voluntary recall of all batches of Magnex, Magnex Forte, Zosyn, and Magnamycin after an out-of-specification was observed at the manufacturing facility of its contract manufacturer for the recalled products, Astral SteriTech. The recall will have an impact on the company’s revenue and profitability.
Nazara Technologies: Nodwin Gaming, a subsidiary of the company, signed definitive and binding agreements to raise $28 million (Rs 232 crore) from existing investors—Nazara, Krafton, and JetSynthesys—and new ones.
Vedant Fashions: Promoter Ravi Modi Family Trust will exercise the oversubscription option in the ongoing offer for sale after the non-retail investors placed bids for 223.80% of the portion reserved for them on the first day. The promoter will offload 2.88% of the additional stake under the greenshoe option.
Rail Vikas Nigam: The company has formed a joint venture, Indore MMLP Pvt., with National Highways Logistics Management and the Madhya Pradesh Industrial Development Corporation to build multi-modal logistics parks under the Bharatmala Project. RVNL is receiving Rs 77.62 crore for rail connectivity, NHLML is receiving Rs 186.97 crore towards MMLP land, road connectivity, and other works, and MPIDC is receiving Rs 88.68 crore for MMLP land.
Wipro: The company entered a five-year business partnership with ServiceNow to invest in and introduce new offerings to the market to drive business transformation for clients.
South Indian Bank: The bank hiked the marginal cost of funds-based lending rates across tenures in the range of 5-10 basis points, effective May 20.
Rattanindia Enterprises: The company appointed Vinu Balwant Saini as chief financial officer effective May 20.
Upcoming Results In Focus
JSW Steel
NTPC
Punjab National Bank
Power Grid Corporation of India
Glenmark Pharmaceuticals
Muthoot Finance
Bandhan Bank
Alkem Laboratories
Zomato
Delhivery
JK Lakshmi Cement
Crompton Greaves Consumer Electricals
Find the whole list here.
Earnings Reaction To Watch Out For
InterGlobe Aviation Q4 FY23 Highlights (YoY):
Revenue rose 77% to Rs 14,160.60 crore (Bloomberg estimate: Rs 13,757.43 crore)
Ebitdar rose 1,627% to Rs 2,966.50 crore (Bloomberg estimate: Rs 2,635.26 crore)
Ebitdar margin stood at 20.9% vs 2.1% (Bloomberg estimate: 19.2%)
Net profit of Rs 919.20 crore vs Rs 1,681.80 crore loss (Bloomberg estimate: Rs 898.40 crore profit)
Tata Elxsi Q4 FY23 (QoQ)
Revenue up 2.47% at Rs 837.92 crore (Bloomberg estimate: Rs 868.02 crore)
EBIT up 1.43% at Rs 228.65 crore (Bloomberg estimate: Rs 237.03 crore)
EBIT margin at 27.29% vs 27.57% (Bloomberg estimate: 27.3%)
Net profit up 3.51% at Rs 201.52 crore (Bloomberg estimate: Rs 193.75 crore)
The board approved final dividend of Rs 60.60 per share for the financial year 2022-23.
UNO Minda Q4 FY23 (Consolidated, YoY)
Revenues up 19.62% at Rs 2,888.97 crore (Bloomberg estimate: Rs 3,022.15 crore)
Ebitda up 15.89% at Rs 319.28 crore (Bloomberg estimate: Rs 353.77 crore)
Ebitda margin at 11.05% vs 11.41% (Bloomberg estimate: 11.7%)
Net profit up 24.25% at Rs 194.06 crore (Bloomberg estimate: Rs 179.36 crore)
The board has recommended a final dividend of Rs 1 per share for the fiscal 2022-23. It also approved raising up to Rs 1,500 crore through issue of debt securities via public or private placement.
The board also approved investing additional €1.1 million, or over Rs 9.80 crore, in wholly owned subsidiary Global Mazinkert.
PI Industries Q4 FY23 (Consolidated, YoY)
Revenue up 12.21% at Rs 1,565.60 crore (Bloomberg estimate: Rs 1,632.46 crore)
Ebitda up 12.39% at Rs 342.8 crore (Bloomberg estimate: Rs 400.88 crore)
Ebitda margin at 21.9% vs 21.86% (Bloomberg estimate: 24.6%)
Net profit up 37.28% at Rs 280.60 crore (Bloomberg estimate: Rs 312.53 crore)
The board recommended final dividend of Rs 5.50 per share.
United Spirits Q4 FY23 (Standalone, YoY)
Revenues down 0.27% at Rs 2,494 crore
Ebitda down 21% at Rs 338 crore.
Ebitda margin at 13.6% vs 17.1%
Net profit down 7.4% at Rs 204 crore
Container Corporation of India Q4 FY23 (Consolidated, YoY)
Revenue rose 6% to Rs 2,184.33 crore
Ebitda rose 8% to Rs 451 crore
Ebitda margin at 20.7% vs 20.3%
Net Profit rose 8% to Rs 279.40 crore
The company declared a final dividend of Rs 2 per share for the fiscal 2023.
Bata India Q4 FY23 (Consolidated, YoY)
Revenues up 17.04% at Rs 778.59 crore
Ebitda up 12.29% at Rs 182.07 crore
Ebitda margin at 23.38% vs 24.37%
Net profit up 4.22% at Rs 65.62 crore
The board declared a final dividend of Rs 13.50 per share.
Gland Pharma Q4 FY23 (Consolidated, YoY)
Revenue down 29% at Rs 785 crore (Bloomberg estimate: Rs 1,114 crore)
Ebitda down 52% to Rs 168 crore (Bloomberg estimate: Rs 351 crore)
Ebitda margin at 21.5% vs 31.6% (Bloomberg estimate: 31.5%)
Net profit down 72% to Rs 79 crore (Bloomberg estimate: Rs 269 crore)
The company recorded an exceptional cost of Rs 56.46 crore during the quarter under review.
Krishna Institute of Medical Sciences Q4 FY23 (Consolidated, YoY)
Revenue up 54.68% at Rs 575.93 crore (Bloomberg estimate: Rs 531.20 crore)
Ebitda up 43.7% at Rs 163.23 crore (Bloomberg estimate: Rs 158.50 crore)
Ebitda margin at 28.34% vs 30.51% (Bloomberg estimate: Rs 29.8%)
Net profit up 15.59% at Rs 93.27 crore (Bloomberg estimate: Rs 83.83 crore)
Vikas Maheshwari has resigned from the position of chief financial officer of the company, effective close of business hours on May 31. A Rajender, finance controller will discharge the functions of CFO in the interim.
PTC India Financial Services Q4 FY23 (Consolidated)
Interest income down 16.19% at Rs 186.27 crore (YoY)
Net profit up 45.75% at Rs 36.41 crore (YoY)
Gross stage 3 ratio at 13.59% vs 11.99% (QoQ)
Net stage 3 ratio at 8% vs 6.93% (QoQ)
The board recommended a dividend of Rs 1 per share for the fiscal 2023.
Universal Cables Q4 FY23 (Consolidated, YoY)
Revenues down 1.91% at Rs 582.87 crore
Ebitda up 8.33% at Rs 51.77 crore
Ebitda margin at 8.88% vs 8.04%
Net profit up 31.94% at Rs 41.06 crore
The company announced a dividend of Rs 3 per share for the financial year 2022-23.
Gulf Oil Lubricants India Q4 FY23 (Consolidated, YoY)
Revenue up 23.97% at Rs 792.05 crore (Bloomberg estimate: Rs 824.65 crore)
Ebitda down 1.74% at Rs 87.54 crore (Bloomberg estimate: Rs 95.95 crore)
Ebitda margin at 11.05% vs 13.94% (Bloomberg estimate: 11.6%)
Net profit down 1.91% at Rs 62.16 crore (Bloomberg estimate: Rs 69.35 crore)
The board approved a final dividend of Rs 25 per share for the fiscal 2023.
PNB Housing Finance Q4 FY23 (Consolidated)
Interest income up 22.3% at Rs 1,589.23 crore (YoY)
Net profit up 64.73% at Rs 279.28 crore (YoY)
GNPA ratio at 3.83% vs 4.86% (QoQ)
NNPA ratio at 2.76% vs 3.22% (QoQ)
SGX Nifty Signals Marginally Higher Open For Benchmarks
Nifty futures on the Singapore stock exchange indicate a slightly higher opening for the Indian benchmarks, the S&P BSE Sensex and NSE Nifty 50, on Friday.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.18% at 18,211.
Asian stocks advanced alongside US equity futures on rising hopes that lawmakers in Washington would avert a first-ever US default.
Shares in Japan, Australia, and South Korea all edged higher. The advance for the Topix Index placed the gauge of Japanese blue chips on course for its best week since November and a fresh 33-year high. Hong Kong futures fell after Alibaba Group Holding Ltd.’s sales disappointed, adding to signs that China’s post-Covid recovery is faltering.
Contracts for the S&P 500 climbed after the index ended Thursday at the highest level in nine months. Nasdaq 100 futures also rose after the tech-heavy gauge rose nearly 2% in a rally that pushed down Wall Street’s fear gauge, the Cboe Volatility Index.
The yield on 10-year Treasury note advanced seven basis points to 3.64%. The price of crude oil dipped 1.6%, while the gold price fell 1.2%. Meanwhile, Bitcoin fell 2.8% to trade around $26,600 level.
Domestic benchmarks fared poorly for the third straight day, with realty, services, power, oil and gas stocks leading the decline.
The Indian rupee closed lower against the U.S. dollar for the second day as it faced a strong greenback in the overseas market and tepid domestic equities back home.
Foreign investors were net buyers for the sixteenth straight day and bought equities worth Rs 970.18 crore. On the other hand, domestic institutional investors were sellers for the third straight day and offloaded stocks worth Rs 849.96 crore, the NSE data showed.
RECOMMENDED FOR YOU
Stock Market Today: All You Need To Know Going Into Trade On April 26
Apr 26, 2024
Stocks To Watch: Maruti Suzuki, HCLTech, Tech Mahindra, IndusInd Bank
Apr 26, 2024
Reliance Industries Q4 Results Preview: Profit, Revenue To Rise; Ebitda To Be Muted
Apr 20, 2024
Voltas Target Price Raised By HSBC Citing Better Earnings Expectations
Apr 05, 2024
POPULAR