KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Fourth Straight Day
Overseas investors in Indian equities remained net buyers for the fourth day in a row on Tuesday.
Foreign portfolio investors mopped up equities worth Rs 1,997.4 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned sellers, snapping two day buying streak and sold stocks worth Rs 394.05 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 42,848.48 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond closed 2 bps lower at 7.09% on Tuesday
It closed at 7.11% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated about 6 paise to close at 81.89 against the greenback on Tuesday.
It closed at 81.83 on Friday.
Source: Bloomberg
Sensex Gains For The Eight Session, Nifty Advances For Sixth
Indian equity benchmarks held on to steady gains through Tuesday as most sectors advanced in trade, except pharma and FMCG. I.T., metals and energy stocks led the advance in trade. Shares of Maruti Suzuki India Ltd. was the top most contributor to the change in the Nifty 50 Index, adding over 125 points.
The S&P BSE Sensex Index closed above 61,400, the highest level since Dec. 20, 2022. On the other hand, NSE Nifty 50 Index was above 18,100-level, the most since Jan. 18, 2023.
Most global markets wobbled and bond yields rose on Tuesday after Australia’s unexpected interest-rate increase showed central banks remain in inflation-fighting mode, cementing expectations for further policy-tightening in the US and Europe.
European shares opened flat with HSBC Holdings Plc the standout gainer after a profit beat and a $2 billion share buyback.
U.S. equity futures swung between losses and gains after Monday’s government-brokered deal for JPMorgan Chase & Co. to acquire the troubled First Republic Bank.
Starting later on Tuesday, the Federal Reserve’s two-day meeting will decide on a rate hike, while the European Central Bank will also mull the same on Thursday.
The S&P BSE Sensex Index closed up 242 points or 0.40% at 61,354.71 while the NSE Nifty 50 Index was higher by 83 points or 0.46% at 18,147.65.
Maruti Suzuki India Ltd., Oil & Natural Gas Corp Ltd., Axis Bank Ltd., Tech Mahindra Ltd., Tata Steel Ltd., and HDFC Life Insurance Co. were positively adding to the change.
Whereas, State Bank of India, Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., and IndusInd Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks ended mixed in trade, with NDTV Ltd., Ambuja Cements Ltd., Adani Transmission Ltd., and Adani Enterprises Ltd. fell, while all the other group stocks advancing in trade.
The broader market indices were ended higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.74%, whereas S&P BSE SmallCap Index was higher by 0.63%.
Out of the nineteen sectors compiled by BSE, 17 advanced, while only S&P BSE Telecommunication and S&P BSE Fast Moving Consumer Goods declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,119 stocks rose 1,513 declined, and 184 remained unchanged on the BSE.
Adani Total Gas Q4 FY23 (Consolidated, YoY)
Revenue up 10.15% at Rs 1,114.78 crore vs Rs 1,012.02 crore
EBITDA up 48.83% at Rs 195.17 crore vs Rs 131.14 crore
EBITDA margin at 17.51% vs 12.96%
Net profit up 20.74% at Rs 97.91 crore vs Rs 81.09 crore
Adani Total Gas announces dividend of Rs 0.25 per share for FY23, subject to shareholders' approval.
The date of AGM for the year ended March 31, 2023, and the payment date for the dividend will be announced in due course.
Source: Exchange filing
Source: Exchange filing
Rail Vikas Nigam Shares Hit All-Time High On Securing Project Worth Rs 2,248.95-Crore
Shares of Rail Vikas Nigam Ltd. rose to an all-time high of Rs 118.3 apiece intraday as the company emerged as the lowest bidder for an EPC order worth Rs 2,248.95 crore for a canal in Banswara, Rajasthan.
The project entails the planning, design and construction of the main canal and other structures including associated distribution system to provide irrigation facility for 41,903 hectare area.
Order secured on turnkey basis, includes operation and maintenance of the constructed structures. The order is expected to be executed in 42 months, as per the exchange filing.
Shares of Rail Vikas Nigam Ltd. rose 10% to Rs 118.3 apiece, as of 2:54 p.m., in trade on Tuesday compared to 0.46% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 10% intraday, the most in a week since April 25, 2023. The stock hit an all-time high to rise to Rs 118.3 apiece intraday.
Total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 89.6, implying that the stock maybe overbought.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
Source: Bloomberg, Exchange filing
ONGC Gains As Government Cuts Windfall Tax
Shares of ONGC Ltd. 3.37% to Rs 164.3 apiece, as of 2:19 p.m., in trade on Tuesday compared to 0.57% advance in the benchmark, NSE Nifty 50 Index.
This comes as, the government slashed windfall tax on crude output to Rs 4,100 per tonne from Rs 6,400 per tonne, staring Tuesday. It had raised the windfall gain tax on crude output from nil to Rs 6,400 per tonne on April 19, 2023.
The stock rose as much as 3.43% intraday, the most in over three weeks since April 10, 2023. The stock breached it's 40-year high to rise to Rs 278 apiece intraday, the most in over three years or 40 months since Jan 2020.
Total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 67.4.
Out of the 29 analysts tracking the company, 21 maintain a 'buy' rating, five recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 11%.
Source: Bloomberg
Stocks At 52-Week High Intraday
Nifty 500 stocks hitting 52-week low, intraday.
European Markets Trade Mixed
Ashoka Buildcon Says NHAI Withdrew An Order For EPC Project
Ashoka Buildcon says NHAI withdrew letter of award, dated Jan. 25, for an engineering, procurement and construction project in Bihar.
The reason was that the company was debarred by NHAI and couldn't sign the contract.
The debarment expired on April 15.
Company is now eligible to participate in all bids by various authorities including NHAI.
Source: Exchange filing
Coal India Output Rises 7.7% YoY In April
Production grew 7.7% to 57.6 MT from 53.5 MT last year.
Coal supplies increased 8.6% to 62.3 MT in April, compared to 57.4 MT last year.
Coal inventory rose 13% year-on-year to 64.6 MT.
Company noted 31% year-on-year growth in over burden removal.
Source: Exchange filing
Varun Beverages Q4 FY23 (Consolidated, YoY)
Revenue up 38% at Rs 3,952.59 crore vs Rs 2,867.48 crore.
Ebitda up 50% at Rs 798.04 crore vs Rs 531 crore.
Ebitda margin at 20.2% vs 18.5%.
Net profit up 62% at Rs 438.57 crore vs Rs 271.09 crore.
Source: Exchange filing
Sensex, Nifty Hold Steady Gains As Maruti Leads; I.T., Metals Gain: Midday Market Update
Indian equity benchmarks gained in early trade and continued drifting higher to hold gains through midday on Tuesday. While I.T., metals and energy stocks lead the advance pharma and telecommunication stocks were under pressure. Shares of Maruti Suzuki India Ltd. was the top most contributor to the change in the Nifty 50 Index, adding almost 115 points to the positive change.
The S&P BSE Sensex Index was trading above 61,400, the highest level since Feb. 16, intraday. On the other hand, NSE Nifty 50 Index was above 18,100-level, the most since Jan. 24, 2023.
Australia’s dollar jumped after the central bank unexpectedly raised interest rates to combat inflation. Asian stocks fluctuated as traders assessed China data and weighed risk before a Federal Reserve meeting this week.
U.S. stock futures were little changed while those for Europe gained. MSCI Inc.’s Asia Pacific Index of shares swung between gains and losses in a choppy trading. China saw a surprise contraction in manufacturing against upbeat holiday spending data. Chinese markets are shut Tuesday and will reopen Thursday after a five-day holiday.
As of 12:04 p.m., the S&P BSE Sensex Index was up 305 points or 0.50% at 61,417.36 while the NSE Nifty 50 Index was higher by 93 points or 0.51% at 18,157.80.
Reliance Industries Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., JSW Steel Ltd., and Axis Bank Ltd. were positively adding to the change.
Whereas, UltraTech Cement Ltd., Bajaj Finance Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks were mixed in trade, with NDTV Ltd., Ambuja Cements Ltd., Adani Ports and SEZ Ltd., ACC Ltd., and Adani Enterprises Ltd. fell, while all the other group stocks advancing in trade.
The broader market indices were trading higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.84%, whereas S&P BSE SmallCap Index was higher by 0.88%.
Out of the nineteen sectors compiled by BSE, 18 advanced, while only S&P BSE Telecommunication declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,158 stocks rose 1,291 declined, and 181 remained unchanged on the BSE.
NBCC Wins Rs 750-Crore Orders From Ministry Of Housing And Urban Affairs
NBCC India has secured a domestic project Rs 749.28 crore to redevelop and modernise Government of India Presses at Delhi, Nashik, and Kolkata.
Timeline for project completion is yet to be decided by the Ministry of Housing and Urban Affairs and the company.
Source: Exchange filing
Brokerages On Kotak Mahindra Bank
Jefferies on Kotak Mahindra Bank
Wider margins, high growth in unsecured loans & strong asset quality were positives
Decline in core savings deposit and weaker earnings for most subsidiaries was disappointing
Pick-up in savings and retail term deposit growth will be key to support healthier loan growth over next 12 months
Valuations are at reasonable levels now but still at premium to peer group and succession issues may have some overhang
Maintain 'buy' but lower target price from Rs 2,470 per share to Rs 2,400 per share
HSBC on Kotak Mahindra Bank
With KMB's low liability duration, the repricing in cost of deposits is likely to be rapid
NIM compression may be sharper than anticipated once RBI starts cutting the repo rate given 57% of KMB’s loans are repo-linked
Less-than-estimated NIM compression and reduction in cost ratios could be positives
The bank also said that it is open to acquisitions that gives them customers or segments that can add long-term sustainable
Maintain 'hold' and increase target price to Rs 2,010 per share from Rs 1,960 per share
RBL Bank Shares Fall Despite Highest Profits
Shares of RBL Bank fell despite reporting higher-than-expected profits for the fourth quarter of fiscal 2023.
The bank reported a net profit of Rs 271 crore, with a 30% quarter-on-quarter growth, according to an exchange filing, against an estimate of Rs 223 crore according to Bloomberg data.
It reported an annual net profit of Rs 883 crore, against a loss of Rs 75 crore in FY22.
Net interest income grew 7% year-on-year to Rs 4,451 in FY23 against Rs 4,027 last year.
RBL Bank Q4 FY23
Net Profit: Rs 271 crore vs Rs 198 crore (YoY)
NII: Rs 1,211 crore vs Rs 1,131 crore (YoY)
GNPA: 3.37% vs 3.61% (QoQ)
NNPA: 1.10% vs 1.18% (QoQ)
Mahindra & Mahindra April Sales (YoY):
Passenger vehicle sales rose 54% to 34,698 units.
Sales of three wheelers grew 85% to 5,552 units.
Tractor sales fell 11% to 36,405 units.
Source: Exchange filing
NCC Bags Orders Worth Rs 3,344-Crore In April
NCC Ltd. received six orders worth Rs 3,344 crore from state and central government agencies in April.
Of these, it secured three orders worth Rs 2,506 crore pertaining to buildings division.
It got two orders worth Rs 538 crore from electrical division and one Rs 300- crore order from water division.
Company needs to execute contracts within 15 to 27 months from date of award.
Source: Exchange filing
Mahindra Finance Shares Hit A 40-Month High As Q4 Profit, Disbursement Register Healthy Growth
Shares Mahindra & Mahindra Financial Services Ltd. shares hit a 40-month high intraday, after the company reported a nearly 14% year-on-year jump in fourth quarter profit.
Mahindra Finance on Friday reported a 13.87% growth in its net profit at Rs 684 crore for the March quarter on a standalone basis, buoyed by healthy loan sales and the resultant increase in net interest income.
The company said during the quarter, its disbursement grew 50% to Rs 13,778 crore, taking the loan book to Rs 82,770 crore, which clipped at 27% across 1 million new loan contracts. For the full year FY23, disbursements rose 80% to Rs 49,541 crore.
Mahindra & Mahindra Financial Services Q4
Net profit up 13.87% at Rs 684.12 crore
GNPA ratio at 4.49% vs 5.93%
NNPA ratio at 1.87% vs 2.52%
The company recommended a dividend of Rs 6 for the financial year ended March 31, 2023. The board has approved increase in aggregate borrowing limits from Rs 90,000 crore to Rs 1.10 lakh crore.
Shares of Mahindra & Mahindra Financial Services Ltd. gained 5.29% to Rs 272.7 apiece, as of 10:16 a.m., in trade on Tuesday compared to 0.57% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 7.34% intraday, the most in over 12 weeks since Feb. 6, 2023. The stock breached it's 40-year high to rise to Rs 278 apiece intraday, the most in over three years or 40 months since Jan 2020.
Total traded volume stood at 10.4 times its 30-day average. The relative strength index was at 70.5, implying that the stock maybe overbought.
Out of the 36 analysts tracking the company, 24 maintain a 'buy' rating, 10 recommend a 'hold' and two suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 5.8%.
Source: Bloomberg, Exchange filing
Adani Green Shares Advance After Q4 Profit Jumps Four Times Over Last Year
Shares of Adani Green Energy Ltd. were trading higher after the company clocked a fourfold jump in January-March net profit.
Adani Green Energy Q4 FY23 (Consolidated, YoY)
Revenue up 78% at Rs 2,598 crore vs Rs 1,461 crore.
Ebitda up 132.9% at Rs 2,264 crore vs Rs 972 crore.
Ebitda margin at 87.1 vs 66.5%.
Net profit up 319% at Rs 507 crore vs Rs 121 crore.
The scrip was trading 5% higher at Rs 998.55 compared to 0.53% gain in benchmark Nifty 50 as of 9:44 a.m. Total traded quantity so far in the day stood at 0.5 times the 30-day average volume.
The one analyst tracking the stock maintained a 'sell', according to Bloomberg data. The 12-month consensus price target implies potential downside of 63.9%.
IDFC First Bank Shares Hit 2-Year High After Delivering Highest-Ever Profit In Q4 And FY23
Shares IDFC First Bank Ltd. hit a two-year high intraday, after it reported the highest-ever quarterly and yearly profit for the period that ended March 31, 2023.
Private sector lender IDFC First Bank Ltd. on Saturday reported a 134% jump in profit after tax to Rs 803 crore for the March 2023 quarter, driven by strong growth in core operating income. The bank's net profit was Rs 343 crore in the year-ago period.
IDFC First Bank has registered its highest-ever quarterly profit in Q4 FY23 and highest-ever yearly profit in 2022-23. On a quarterly basis, NII grew 35% to Rs 3,597 crore in the January-March period of 2022-23 from Rs 2,669 crore in the fourth quarter of FY22.
Gross non-performing advances improved to 2.51% in the fourth quarter from 3.7% in the year-ago period, as per the bank's filing on BSE. Similarly, net non-performing assets came down to 0.86% compared to 1.53% in the fourth quarter of 2021-22.
We have registered our highest-ever quarterly profit of Rs 803 crore in Q4 FY23 and highest-ever yearly profit of Rs 2,437 crores in FY23V Vaidyanathan , CEO And MD, IDFC First Bank
Shares of IDFC First Bank Ltd. gained 3.66% to Rs 63.7 apiece, as of 9:53 a.m., in trade on Tuesday compared to 0.46% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 6.18% intraday, the most in nearly seven months since Oct. 4, 2022. The stock breached it's two-year high to rise to Rs 65.25 apiece intraday, the most in over two years since March 2021.
Total traded volume stood at 10.6 times its 30-day average. The relative strength index was at 81, implying that the stock maybe overbought.
Out of the 14 analysts tracking the company, 10 maintain a 'buy' rating, two recommend a 'hold' and two suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 9.9%.
Source: Bloomberg, Exchange filing
Adani Group Company Stocks Open Mixed
Adani Group company stocks opened mixed in trade, with NDTV Ltd., Ambuja Cements Ltd., Adani Ports and SEZ Ltd. fell, while all the other group stocks advancing in trade.
Source: Bloomberg
Broader Markets Outperform Larger Peers
The broader market indices opened higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.67%, whereas S&P BSE SmallCap Index was higher by 0.71%.
Out of the nineteen sectors compiled by BSE 18 advanced, while only S&P BSE Auto declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,910 stocks rose 757 declined, and 167 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
JSW Steel Ltd., Nestle India Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., Maruti Suzuki India Ltd., and Hindustan Unilever Ltd. were positively adding to the change.
Whereas, ITC Ltd., Sun Pharmaceutical Industries Ltd., Tata Motors Ltd., Hero MotoCorp Ltd., and Kotak Mahindra Bank Ltd., were negatively contributing to the change in the Nifty 50 Index.
Sensex, Nifty Open Higher
Indian equity benchmarks advanced in early trade continuing gains from the pre-open session on Tuesday after the labour day holiday. The headlines indices had risen on a weekly basis on Friday as the Nifty 50 Index logged its best weekly performance in nine months.
Asian stocks slipped as traders pared risk ahead of a Federal Reserve meeting this week that will most likely see the U.S. central bank deliver another interest-rate hike.
MSCI Inc.’s Asia Pacific Index fell after an earlier advance, with Japan and Australia leading the losses. Shares in Hong Kong declined even as initial data showed tourism and consumer activities in China rose sharply on the first day of the five-day Labor Day holiday. Chinese markets will reopen Thursday.
At pre-open, the S&P BSE Sensex Index was up 189 points or 0.31% at 61,301.61 while the NSE Nifty 50 Index was higher by 60 points or 0.33% at 18,124.80.
Sensex, Nifty Rise At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 189 points or 0.31% at 61,301.61 while the NSE Nifty 50 Index was higher by 60 points or 0.33% at 18,124.80.
Source: Bloomberg
Yield On The 10-Year Bond Rises
The yield on the 10-year bond rose 2 bps to open at 7.14% on Tuesday.
It closed at 7.12% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened about 8 paise to open at 81.75 against the greenback on Tuesday.
It closed at 81.83 on Friday.
Source: Bloomberg
April Auto Sales Subdued, Stocks To See Traction: Trade Setup
Government Cuts Windfall Tax On Crude Output
Ministry of Finance has cut the windfall tax on crude production to Rs 4,100 per tonne.
It raised the windfall gain tax on crude output from nil to Rs 6,400 per tonne on April 19, 2023.
Source: Gazette notification
Global Cues
U.S. Dollar Index at 102
U.S. 10-year bond yield at 3.55%
Brent crude up 0.01% to $79.32 per barrel
Nymex crude unchanged at $75.66 per barrel
SGX Nifty down 0.21% at 18,235 as of 7:40 a.m.
Bitcoin up 1.12% at $27,994.35
Trading Tweaks
Ex-Date Dividend: Elantas Beck India
Move In Short-Term ASM Framework: Raymond
Stocks To Watch: Tata Steel, Adani Total Gas, Ambuja Cements, SBI Cards, Ultratech Cement, Jet Airways, LIC In Focus
Jet Airways: Sanjiv Kapoor, the CEO-designate of the grounded airline resigned, confirmed owner Jalan-Kalrock Consortium said in a statement.
Ultratech Cements: The board approved merger three subsidiaries—Ultratech Nathdwara Cement, Swiss Merchandise Infrastructure, and Merit Plaza—with the company. The appointed date of the scheme of amalgamation is April 1, 2023.
Life Insurance Corporation of India: The finance ministry has approved the appointment of managing director Siddhartha Mohanty as chairperson till June 29, 2024, and thereafter as chief executive officer and managing director till June 07, 2025.
Biocon: Biocon Biologics’ monoclonal antibodies drug substance manufacturing facility in Bengaluru has received a Certificate of GMP Compliance for biosimilar Bevacizumab from Health Products Regulatory Authority, Ireland.
Gujarat Alkalies and Chemicals: GACL-NALCO Alkalies & Chemicals, a joint venture between the company and National Aluminium Company, has commissioned the second unit of 130MW captive power plant at Dahej.
Coromandel International: Dare Ventures, a wholly owned subsidiary of the company acquired 7.4% in Dhaksha Unmanned System for Rs 15.99 crore, increasing its overall stake to 16.82%.
Dalmia Bharat: The company’s subsidiary Dalmia Cement (Bharat) will sell its entire investment of 1.87 crore shares, representing 42.36% of the share capital, of associate company Dalmia Bharat Refractories for Rs 800 crore to promoter group company Sarvapriya Healthcare Solutions.
Axis Bank: The board of the bank has approved the proposal to reclassify Specified Undertaking of the Unit Trust of India from promoter to public category. The board also approved the appointment of Subrat Mohanty as executive director.
Avanti Feeds: The company has dissolved its Delaware-based step-down subsidiary Avanti Frozen Foods due to the impact of Covid-19 and recession in the U.S.
Trident: The company’s paper division will be shut from April 28 till the end of May due to preventive maintenance, de-bottlenecking and upgradation of the production facilities.
Q4 Results Today
Tata Steel, Adani Total Gas, Ambuja Cements, Varun Beverages, KEI Industries, Spandana Sphoorty Financial, Newgen Software Technologies, Astec Lifesciences, Home First Finance Company India, UCO Bank, Punjab & Sind Bank, Cigniti Technologies, DCM Shriram, Fino Payments Bank, Sasken Technologies
Earnings Fineprint
Adani Green Energy Q4 FY23 (Consolidated, YoY)
Revenue up 78% at Rs 2,598 crore vs Rs 1,461 crore.
Ebitda up 132.9% at Rs 2,264 crore vs Rs 972 crore.
Ebitda margin at 87.1 vs 66.5%.
Net profit up 319% at Rs 507 crore vs Rs 121 crore.
Net Profit: Rs 3,495 crore vs Rs 2,767 crore (YoY).
NII: Rs 6,103 crore vs Rs 4,521 crore (YoY).
GNPA: 1.78% vs 1.90% (QoQ).
NNPA: 0.37% vs 0.43% (QoQ).
RBL Bank Q4 FY23
Net Profit: Rs 271 crore vs Rs 198 crore (YoY).
NII: Rs 1,211 crore vs Rs 1,131 crore (YoY).
GNPA: 3.37% vs 3.61% (QoQ).
NNPA: 1.10% vs 1.18% (QoQ).
Ultratech Cement Q4 FY23 (Consolidated, YoY)
Revenue up 18.36% at Rs 18,662.38 crore (Bloomberg estimate: Rs 18,498.85 crore)
Ebitda up 8.13% at Rs 3,322.49 crore (Bloomberg estimate: Rs 3,368.67 crore)
Ebitda margin at 17.8% vs 19.49% (Bloomberg estimate: 18.2%)
Net profit down 32.29% at Rs 1,665.95 crore (Bloomberg estimate: Rs 1792.19 crore)
The board approved a final dividend of Rs 38 per share for the fiscal 2023.
SBI Cards Q4 FY23
Net profit rises 17.09% to Rs 596 crore (YoY)
GNPA at 2.35% vs 2.22% (QoQ)
NNPA at 0.87% vs 0.80% (QoQ)
Star Health and Allied Insurance Q4 FY23 (YoY)
Revenue up 11% at Rs 3,053 crore
Operating profit at Rs 75 crore vs operating loss of Rs 98 crore
Operating margin at 2.46%
Net profit of Rs 102 crore vs net loss of Rs 82 crore
Mahindra & Mahindra Financial Services Q4 (Consolidated)
Net profit up 13.87% at Rs 684.12 crore (Bloomberg estimate: Rs 607.75 crore)
GNPA ratio at 4.49% vs 5.93%
NNPA ratio at 1.87% vs 2.52%
The company recommended a dividend of Rs 6 for the financial year ended March 31, 2023. The board has approved increase in aggregate borrowing limits from Rs 90,000 crore to Rs 1.10 lakh crore.
Sangam India Q4 FY23 (Consolidated, YoY)
Revenues down 7.24% at Rs 684.7 crore
Ebitda down 34.14% at Rs 70.89 crore
Ebitda margin at 10.35% vs 14.58%
Net profit down 43.62% at Rs 30.13 crore
The company recommended a dividend of Rs 2 per share for the fiscal, subject to shareholders’ approval at the upcoming AGM.
RPG Life Sciences Q4 FY23 (YoY)
Revenues up 14.15% at Rs 118.49 crore
Ebitda up 17.76% at Rs 15.91 crore
Ebitda margin at 13.43% vs 13.02%
Net profit up 37.63% at Rs 10.35 crore
The board approved a dividend of Rs 12 per share for the fiscal ended March 2023.
Vedant Fashions Q4 FY23 (Consolidated, YoY)
Revenues up 15.32% at Rs 341.63 crore
Ebitda up 16.59% at Rs 167.90 crore
Ebitda margin at 49.15% vs 48.61%
Net profit up 22.74% at Rs 108.87 crore
The board recommended a dividend of Rs 9 per share fiscal ended March 2023.
SGX Nifty Signals A Muted Start
Asian stocks rose as trading resumed in most of the region’s markets following a holiday on Monday. Investors are weighing JPMorgan Chase & Co.’s purchase of First Republic Bank along with expectations the Federal Reserve will hike interest rates once again this week.
MSCI Inc.’s Asia Pacific Index climbed 0.3%, supported by shares in Hong Kong that gained at the open.
Initial data showed tourism and consumer activities in China rose sharply on the first day of the five-day Labor Day holiday. Chinese markets will reopen Thursday.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.55%. Crude prices traded below $80-mark, while Bitcoin was trading below 28,000-level.
At 7:50 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.21% at 18,235.
After a week of last-hour rallies, S&P BSE Sensex closed above 61,000 and NSE Nifty 50 closed above 18,000 on Friday, with IT, public sector banks and media stocks leading the advance.
Indian rupee erased early gains to close lower against the U.S. dollar for the second day in a row.
Foreign investors were net buyers for the third straight day and bought equities worth Rs 3,304.32 crore. On the other hand, domestic institutional investors were buyers for the second straight day and bought stocks worth Rs 264.27 crore, the NSE data showed.
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