KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Eight Straight Day
Overseas investors in Indian equities remained net buyers for the eighth day in a row on Wednesday.
Foreign portfolio investors mopped up equities worth Rs 3,405.9 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net sellers for two days in a row and offloaded Rs 2,528.5 crore worth of equities.
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 6.99% on Tuesday.
It closed at 7.01% on Tuesday.
Source: Bloomberg
Indian rupee closes flat against the U.S. dollar
The local currency closed flat at Rs 82.73 against the U.S. dollar on Wednesday.
Source: Bloomberg
Sensex, Nifty Fall The Most In Two Weeks: Closing Bell
Indian equity benchmarks declined through Wednesday amid weak global trade as banks and financials declined with HDFC twins, Axis Bank and SBI dragging the most. The headline indices snapped four days of gain and fell the most in two weeks
European and Asian stocks fell along with U.S. equity futures. The Stoxx Europe 600 index headed for its lowest close since March, with China-exposed luxury-goods makers LVMH and Richemont among the biggest laggards.
Swedish landlord SBB plunged as much as 11% to an all-time low after its CEO said his holding company had deferred interest payments on a loan. Hong Kong’s Hang Seng Index fell more than 2%, with a bear market on the horizon. The offshore yuan hit its weakest level versus the dollar in six months.
The S&P BSE Sensex Index closed down 347 points or 0.55% at 62,622.24 while the NSE Nifty 50 Index was lower 100 points or 0.53% at 18,534.40.
Reliance Industries Ltd., HDFC Bank Ltd., HDFC Ltd., Axis Bank Ltd., and State Bank of India were negatively adding to the change in the Nifty 50 Index.
Whereas, Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Asian Paints Ltd. and Sun Pharmaceutical Industries Ltd. were positively contributing to the change.
The broader markets ended higher; the S&P BSE MidCap Index was up 0.54%, whereas S&P BSE SmallCap Index was higher by 0.68%.
Eleven out of the 19 sectors compiled by BSE declined, while eight sectors advanced in trade with the S&P BSE Telecommunication Index gaining the most.
The market breadth was split between the buyers and the sellers. About 1,725 stocks rose 1,784 declined, and 136 remained unchanged on the BSE.
Stocks At 52-Week High
Oil India Confirms Fire At Numaligarh Refinery's Cold High-Pressure Separator
Fire broke out at Numaligarh Refinery's hydrocracker unit in vessel number VV-04 on the evening of Monday, May 29.
No injury was reported and an external investigation committee is set-up to probe the incident and it's impact.
Source: Exchange filing
European Markets Trade Lower
Vedanta Resources Reduces Gross Debt To $6.4 Billion Or Rs 5,291.3 Crore
Vedanta Resources pays off all its maturing loans and bonds due in May and June 2023.
Vedanta’s gross debt stands at $6.4 billion, as of today, down from $6.8bn at the end of April 2023.
Source: SGX filing
Sensex, Nifty Trade Near Day's Low As RIL, HDFC Twins, Axis Bank Drag: Midday Market Update
Indian equity benchmarks opened lower and declined through Wednesday amid weak global trade. The headline indices were trading near its day's low as banks and non-banking financial companies declined and Reliance Industries, HDFC twins drag.
Asian markets fell along with U.S. and European futures on Wednesday. Stocks were cautious after a rally fueled by the artificial-intelligence hype drove the market to its highest since August. Shares slipped in Japan and Australia, while contracts for Hong Kong fell more than 1%.
The S&P 500 closed little changed, while remaining slightly above 4,200. Energy companies weighed on the index as oil sank in trade. The Nasdaq 100 extended this year’s surge to 31%, with Nvidia Corp. hovering near $1 trillion in after announcing several AI-related products. A gauge of megacaps like Apple Inc. and Tesla Inc. climbed 1.5%.
As of 12:48 p.m., the S&P BSE Sensex Index was down 466 points or 0.74% at 62,503.28 while the NSE Nifty 50 Index was lower 127 points or 0.68% at 18,507.15.
Reliance Industries Ltd., HDFC Bank Ltd., HDFC Ltd., Axis Bank Ltd., and ITC Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Bharti Airtel Ltd., Asian Paints Ltd., Sun Pharmaceutical Industries Ltd., and Tata Motors Ltd. were positively contributing to the change.
The broader markets were mixed; the S&P BSE MidCap Index was down 0.06%, whereas S&P BSE SmallCap Index was higher by 0.20%.
Thirteen out of the 20 sectors compiled by BSE declined, while seven sectors advanced in trade.
The market breadth was skewed in the favour of the sellers. About 1,539 stocks rose 1,867 declined, and 122 remained unchanged on the BSE.
Dixon Technologies To Partner With Xiaomi To Make Mobile Phones
Dixon Technologies and Xiaomi India plan to partner for manufacturing and exporting mobile phones from India, as a part of its 'Make In India' commitment.
Source: Exchange filing
HDFC Life Gains The Most In Over Five Weeks After Abdrn Sells 1.66% To HDFC Bank
Shares of HDFC Life Insurance Co. rose the most in over five weeks after Abrdn (Mauritius Holdings) sold about 35.7 million of its shares to HDFC Bank at an average price of Rs 579.6 each, according to a Bloomberg.
The proceeds of the share sale amount to around £198 million or approximately Rs 2,027.8 crore net of taxes and expenses. Company plans to return a significant proportion of capital generated from the stake sales by way of share buybacks to be announced in due course.
Shares of HDFC Life Insurance Ltd. rose 1.26% to Rs 592.5 apiece, as of 11:54 a.m., in trade on Wednesday compared to 0.73% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 3.17% intraday, the most in five weeks since April 24, 2023. Total traded volume stood at 23.4 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Out of the 31 analysts tracking the company, 24 maintain a 'buy' rating, three recommend a 'hold' and four 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 7.8%.
Source: Bloomberg, Exchange filing
KRBL Shares Fall Over 10% After Q4 Profit, Revenue Decline
Shares of KRBL Ltd. tumbled over 10%, the most in over eight months, on Wednesday after its profit and revenue declined sequentially in the fourth quarter ended March 31.
The rice miller and exporter's net profit declined 42.6% to Rs 118 crore quarter-on-quarter, according to an exchange filing. Its revenue also fell 16.7% sequentially to Rs 1,279.7 crore.
Shares of KRBL fell as much as 10.14% intraday before paring losses to 9.53% lower as of 10:55 a.m. This compares with a 0.49% decline in the benchmark Nifty 50. The stock has declined the most since Sept. 8, 2022.
The total traded quantity so far in the day stood at 5.4 times the 30-day average volume.
The one analyst tracking the stock recommends a 'buy', according to Bloomberg.
KRBL Q4 FY23 (Consolidated, QoQ)
Revenue fell 16.7% to 1,279.73 crore from Rs 1,535.99 crore.
Net profit fell 42.6% to Rs 117.98 crore from Rs 205.45 crore.
Ebitda stood at Rs 143.86 crore from Rs 278.79 crore.
Ebitda margin stood at 11.2% vs 18.2%.
The scrip was trading 9.53% lower at Rs 365 per share compared to a 0.49% decline in benchmark Nifty 50 as of 10:55 a.m. Intraday, it declined as much as 10.14%- the most since Sept. 8, 2022.
Total traded quantity so far in the day stood at 5.4 times the 30-day average volume. The one analyst tracking the stock recommended a 'buy'
Welspun Corp Shares Gain The Most In Nine Week After Q4 Profit, Revenue Beats Estimates
Shares of Welspun Corp Ltd. rose the most in nine weeks as its profit and revenue beat analyst estimates in the fourth quarter that ended on March 31, 2023.
The company guided for a 50% growth in its revenue over FY24 to approximately Rs 15,000 crore, as per the company's investor presentation. Welspun also targets to increase natural gas consumption from 6% to 15% in the energy mix by 2030. It also expects refining capacity to increase from 250 MTPA to 450 MTPA over the next few years.
Profit jumped to 8.91% year-on-year at Rs 240.1 crore, as compared to the consensus of the analyst estimates at Rs 116.1 crore, pooled by Bloomberg. Ebidta logged in a growth of 490.6% year-on-year to Rs 420.6 crore, this was aided by a rise in finance cost and depreciation in the quarter.
Welspun Corp Q4 FY23 (Consolidated, YoY)
Revenue up 102.4% at Rs 4,070.15 crore (Bloomberg estimate: Rs 3,150.7 crore)
Ebitda up 490.6% at Rs 420.6 crore (Bloomberg estimate: Rs 260.1 crore)
Ebitda margin at 10.3% vs 3.5% (Bloomberg estimate: 8.3%)
Net profit down 8.91% at Rs 240.1 crore (Bloomberg estimate: Rs 116.1 crore)
The company reported 89% rise in total expenses at Rs 3,835.6 crore, with finance cost rising 216% to Rs 94.7 crore and depreciation growing 44% to Rs 91.2 crore.
Shares of Welspun Corp Ltd. rose 5.54% to Rs 256.4 apiece, as of 11:09 a.m., in trade on Tuesday compared to 0.45% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 6.01% intraday, the most in nine weeks since March 29, 2023. Total traded volume stood at 12.9 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Out of the seven analysts tracking the company, six maintain a 'buy' rating and one recommends a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 2%.
Source: Bloomberg, Exchange filing
Greenply Shares Fall The Most In Over Five Months After Q4 Miss
Shares of Greenply Industries Limited fell the most in over five months on Wednesday after its fourth-quarter profit declined and missed analysts' estimates.
The company's net profit fell 61.8% year-on-year to Rs Rs 11.1 crore in the quarter ended March, according to an exchange filing. This was below Bloomberg's estimate of Rs 18.1 crore.
Greenply Industries Q4 FY23 (Consolidated, YoY)
Revenue is up 4.59% at Rs 469.15 crore. (Bloomberg estimate: Rs 452.6 crore.)
Ebitda is up 6.85% at Rs 47.6 crore (Bloomberg estimate: Rs 38.2 crore).
Ebitda margin at 10.1% vs. 9.93% (Bloomberg estimate: 8.4%)
Net profit was down 61.8% at Rs 11.1 crore. (Bloomberg estimate: Rs 18.1 crore.)
The board recommended a dividend of Rs 0.50 per share.
Shares of Greenply Industries fell 3.12% to Rs 158.2 apiece, compared to a 0.38% fall in the Nifty 50 as of 10:01 a.m. The stock fell 5.05% intraday, the biggest single-day fall since Dec. 23, 2022.
The average traded volume so far in the day stood at 2.3 times its monthly average.
Of the 15 analysts tracking the company, 14 maintain a 'buy' rating, and one suggests a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 26.5%.
Torrent Pharmaceuticals Shares Hit Record High As Q4 Profit Turns Positive; Board Mulls Fundraise Via QIP
Shares of Torrent Pharmaceuticals Ltd. hit a record high after gaining the most in over a year as its net profit rose in Q4, as compared with a net loss in the same period of the previous fiscal.
Profit saw a jump in the said quarter as there were no costs incurred from exceptional items as compared to Rs 485 crore spent in the fourth quarter of FY22. However the Q4 profit of Rs 287 crore missed the analyst estimates compiled by Bloomberg at Rs 322.2 crore.
Torrent Pharmaceuticals Ltd.'s board recommended a fundraise through qualified institutional placement or depository receipts for an amount not exceeding Rs 5,000 crore.
Jefferies maintains a 'hold' rating with an unchanged price target of Rs 1,650 per share. The brokerage expects limited upside of 16.5 times its EV/Ebitda by FY25 at current valuations.
Also Read: Stock Market Live: Sensex, Nifty Open Lower As RIL, SBI, HDFC Drag; Metals, PSU Banks Decline
Torrent Pharmaceuticals Q4 FY23 (Consolidated, YoY)
Revenue up 16.9% at Rs 2,491 crore (Bloomberg estimate: Rs 2,474.3 crore)
Ebitda up 29.6% at Rs 727 crore (Bloomberg estimate: Rs 728.6 crore)
Ebitda margin at 29.2% vs 26.3% (Bloomberg estimate: 29.4%)
Net profit of Rs 287 crore vs net loss of Rs 118 crore (Bloomberg estimate: Rs 322.2 crore profit)
The board approved raising Rs 5,000 crore via debt. The company will pay a final dividend of Rs 8 per share for the fiscal 2023.
Jefferies On Torrent Pharmaceuticals
Maintains a 'hold' with a price target of Rs 1,650 per share
Expects limited upside of 16.5 times its EV/Ebitda by FY25 at current valuations
U.S. FDA approval challenges to keep U.S. business in check with low margins.
Large megers and acquisitions to delay de-leveraging of the balance sheet.
Expect revenue growth at 12% compound annual growth rate over FY23-25E, in a base case scenario.
Expect 14% CAGR with a price target of Rs 1,910 apiece and 10% CAGR with a price target of Rs 1,480 apiece for an upside and downside scenario respectively.
Shares of Torrent Pharmaceuticals Ltd. rose 4.87% to Rs 1,796.95 apiece, as of 10:26 a.m., in trade on Tuesday compared to 0.50% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 7.96% intraday, the most in over a year since May 26, 2022. Total traded volume stood at 20.6 times its 30-day average. The relative strength index was at 80, implying that the stock may be overbought.
Out of the 33 analysts tracking the company, 23 maintain a 'buy' rating, six recommend a 'hold' and four 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 1.9%.
Source: Bloomberg, Exchange filing
Top Movers On The Nifty 50 Index
Reliance Industries Ltd., State Bank of India, HDFC Ltd., ITC Ltd., and HDFC Bank Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Asian Paints Ltd., Bharti Airtel Ltd., Infosys Ltd., HCL Technologies Ltd., and TCS Ltd. were positively contributing to the change.
Broader Markets Open Mixed
The broader markets opened mixed; the S&P BSE MidCap Index was down 0.10%, whereas S&P BSE SmallCap Index was higher by 0.06%.
Thirteen out of the 20 sectors compiled by BSE declined, while seven sectors advanced in trade.
The market breadth was split between the sellers and the buyers. About 1,274 stocks rose 1,167 declined, and 100 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Decline At Opening Bell
Indian equity benchmarks opened lower on Wednesday after closing a five-month high for the fourth consecutive day on Tuesday.
Stocks were cautious after a rally fueled by the artificial-intelligence hype drove the market to its highest since August.
The S&P 500 closed little changed, while remaining slightly above 4,200. Energy companies weighed on the index as oil sank below $70 a barrel. The Nasdaq 100 extended this year’s surge to 31%, with Nvidia Corp. hovering near $1 trillion in after announcing several AI-related products. A gauge of megacaps like Apple Inc. and Tesla Inc. climbed 1.5%.
Shares slipped in Japan and Australia, while contracts for Hong Kong earlier fell more than 1%. Purchasing manager index data for China will be watched for any signs of change in the economy’s wobbly recovery, which has weighed on its share markets and currency.
South Korea’s Kospi benchmark bucked the downbeat sentiment as it headed for a bull market, boosted by purchases by foreign investors in chipmakers and the electric-vehicle supply chain.
Futures on the S&P 500 and the Nasdaq 100 were little changed. Energy companies on Tuesday dragged on the S&P 500 as oil sank below $70 a barrel. Oil remained below the $70 level in early Asian hours.
At pre-open, the S&P BSE Sensex Index was down 130 points or 0.21% at 62,838.99 while the NSE Nifty 50 Index was lower 40 points or 0.21% at 18,594.20.
Sensex, Nifty Decline In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was down 130 points or 0.21% at 62,838.99 while the NSE Nifty 50 Index was lower 40 points or 0.21% at 18,594.20.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7% on Wednesday.
Source: Bloomberg
Indian Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at 82.72 against the greenback on Wednesday
Source: Bloomberg
Himadri Speciality Chemical Invests AU$ 10.32 Million In Sicona Battery Technologies
Himadri Speciality Chemical invests AU$ 10.32 million or Rs 55.43 crore in Sicona Battery Technologies
Sicona is an Australian startup specializing in silicon anode technology for lithium-ion batteries
Source: Exchange filing
Spotlight On Liquor Stocks As Delivery Volumes Rise: Trade Setup
Coal India Board Approves 8% Hike On G2 To G10 Grade Coal
Coal India board has approved an 8% hike from the existing prices for high-grade G2 to G10 coal.
The company expects an incremental revenue of Rs 2,703 crore for the balance period of FY24.
Source: Exchange filing
Poonawalla Fincorp To Offload Stake In Its Housing Finance Arm
Poonawalla Fincorp will sell 24.98 crore shares in its unit Poonawalla Housing Finance to Perseus SG Pte., a TPG Global LLC entity
RBI has approved the proposed divestment
Source: Exchange filing
Global Cues
U.S. Dollar Index at 104.2
U.S. 10-year bond yield at 3.68%
Brent crude down 0.12% at $73.45 per barrel
Nymex crude down 0.17% at $69.34 per barrel
SGX Nifty down 0.37% at 18,660 as of 8:10 a.m.
Bitcoin down 0.45% at $27,647.48
Pledge Share Details
Jindal Steel & Power: Promoter group Siddeshwari Tradex created a pledge of 11 lakh shares on May 29.
Sun Pharmaceutical Industries: Promoter group released a pledge of 1.19 lakh shares on May 06.
Emami: Promoter group Suraj Finvest created a pledge 81 lakh shares on May 25.
WPIL: Promoter group VN Enterprises released a pledge of 1.25 lakh shares on May 29.
Insider Trading
Kirloskar Oil Engines: Promoter group Ambar Gautam Kulkarni sold 64.92 lakh shares, promoter Jyotsna Gautam Kulkarni sold 12.98 crore shares, promoter group Nihal Gautam Kulkarni sold 66.52 lakh shares, promoter group Alpana Rahul Kirloskar bought 77,817 shares promoter group Mrinalini Shreekant Kirloskar sold 1.34 lakh shares, promoter group Navsai Investments bought 77,818 shares and promoter group Suman Chandrakant Kirloskar sold 21,427 shares between March 9-May 26.
Mukand: Promoter group Baroda Industries bought 50,148 shares on May 26.
Som Distilleries & Breweries: Promoter Arora bought 10,000 shares on May 29.
Gati: Promoter group TCI Finance sold 25,000 shares on May 25.
Gravita India: Promoter and director Rajat Agrawal sold 32 lakh shares on May 29.
PSP Projects: Promoter and director Prahaladbhai S Patel bought 25,000 shares on May 26.
Star Cements: Promoter group Rahul Chamaria sold 82,691 shares, promoter group Sachin Chamaria sold 1.08 lakh shares and promoter group Laxmi Chamaria sold one lakh shares on May 25.
Trading Tweaks
Ex-Date Bonus Issue: Macrotech Developers
Record Date Bonus Issue: Macrotech Developers
Ex-Date Interim Dividend: DB Corp
Record Date Interim Dividend: DB Corp
Ex-Date Dividend: State Bank of India
Record Date Dividend: State Bank of India
Ex-Date Income Distribution: Powergrid Infrastructure Investment Trust
Record Date Income Distribution: Powergrid Infrastructure Investment Trust
Move Into Short-Term ASM Framework: Schneider Electric Infrastructure, Nucleus Software Exports
Bulk Deals
Welspun Enterprises: Welspun Enterprises bought 10 lakh shares (0.72%) at Rs 151 apiece.
Krishna Institute of Medical Sciences: General Atlantic Singapore sold 23.2 lakh shares (2.89%) at Rs 1,600 apiece.
Kalpataru Power Transmission: Kalpataru construction sold 10 lakh shares (0.61%), Paraj Mofatraj Munot sold 73.24 lakh shares (4.50%), Kalpataru Viniyog LLP sold 13.1 lakh shares (0.80%) and ICICI Prudential Mutual Fund bought 14.95 lakh shares (0.92%) at Rs 485 apiece.
Stocks To Watch: Adani Ports, Welspun Corp, Patanjali Foods, Coal India, Axis Bank, HDFC AMC, Lupin In Focus
HDFC Asset Management Company: Keki Mistry has expressed the desire not to be re-appointed as a non-executive director of the company and will retire after the upcoming AGM on June 26.
Coal India: The company will increase prices of high-grade coal by 8%, applicable across subsidiaries, leading to revenue rising by an additional Rs 2,703 crore during the current fiscal.
Mahindra & Mahindra: The company incorporated subsidiary Mahindra Last Mile Mobility to manage its three-wheeler and small commercial vehicle businesses. The auto major also incorporated a step-down subsidiary, Icarus Hybren, to run the renewable energy production and distribution business.
Axis Bank: The board appointed former RBI deputy governor NS Vishwanathan as an additional director for a period of four years, up to May 29, 2027.
Aurobindo Pharma: The company received tentative new drug application approval from the U.S. FDA for HIV drugs Dolutegravir, Entricitabine, and Tenofovir Alafenamide tablets.
Sun Pharmaceuticals Industries: The company received approval from China’s National Medical Products Administration for its new drug application of tildrakizumab injection, used to treat moderate-to-severe plaque psoriasis.
Lupin: The company entered a strategic collaboration with Enzene Biosciences to launch Cetuximab in India, used in treatment of head and neck cancer.
Earnings Fineprint
Adani Ports and Special Economic Zone Q4 FY23 (Consolidated, YoY)
Revenue up 40% at Rs 5,797 crore (Bloomberg estimate: Rs 5,067.4 crore)
Ebitda up 59% at Rs 3,270.7 crore (Bloomberg estimate: Rs 3,107.2 crore)
Ebitda margin at 56.4% vs 49.7% (Bloomberg estimate: 61.3%)
Net profit up 5% at Rs 1,159 crore (Bloomberg estimate: Rs 1,557 crore)
The company reported an impairment of Rs 1,273.38 crore during the March quarter on account of urgent sale of Myanmar assets, declared as exceptional items. The board recommended a dividend of Rs 5 per share for the fiscal 2023.
Aegis Logistics Q4 FY23 (Consolidated, YoY)
Revenues up 2.42% at Rs 2,154.47 crore (Bloomberg estimate: Rs 2,238 crore)
Ebitda up 41.6% at Rs 202.6 crore (Bloomberg estimate: Rs 223.1 crore)
Ebitda margin at 9.4% vs 6.8% (Bloomberg estimate: 10%)
Net profit up 56% at Rs 159.32 crore (Bloomberg estimate: Rs 132.6 crore)
The board approved a final dividend of Rs 1.25 per share for the fiscal 2023.
Prestige Estate Projects Q4 FY23 (Consolidated, YoY)
Revenue 9.64% at Rs 2,631.8 crore (Bloomberg estimate: Rs 1,923.5 crore)
Ebitda up 36.5% at Rs 681.8 crore (Bloomberg estimate: Rs 431.4 crore)
Ebitda margin at 25.9% vs 20.8% (Bloomberg estimate: 22.4%)
Net profit down 46.5% at Rs 505.4 crore (Bloomberg estimate: Rs 132.32 crore)
The group recorded one-time gains of Rs 11.9 crore during the quarter under review, against Rs 807.9 crore exceptional gain in the year-ago period. The board approved a final dividend of Rs 1.50 per share for the fiscal 2023. It also approved raising Rs 2,000 crore via non-convertible debentures.
Welspun Corp Q4 FY23 (Consolidated, YoY)
Revenue up 102.4% at Rs 4,070.15 crore (Bloomberg estimate: Rs 3,150.7 crore)
Ebitda up 490.6% at Rs 420.6 crore (Bloomberg estimate: Rs 260.1 crore)
Ebitda margin at 10.3% vs 3.5% (Bloomberg estimate: 8.3%)
Net profit down 8.91% at Rs 240.1 crore (Bloomberg estimate: Rs 116.1 crore)
The company reported 89% rise in total expenses at Rs 3,835.6 crore, with finance cost rising 216% to Rs 94.7 crore and depreciation growing 44% to Rs 91.2 crore.
Torrent Pharmaceuticals Q4 FY23 (Consolidated, YoY)
Revenue up 16.9% at Rs 2,491 crore (Bloomberg estimate: Rs 2,474.3 crore)
Ebitda up 29.6% at Rs 727 crore (Bloomberg estimate: Rs 728.6 crore)
Ebitda margin at 29.2% vs 26.3% (Bloomberg estimate: 29.4%)
Net profit of Rs 287 crore vs net loss of Rs 118 crore (Bloomberg estimate: Rs 322.2 crore profit)
The board approved raising Rs 5,000 crore via debt. The company will pay a final dividend of Rs 8 per share for the fiscal 2023.
Patanjali Foods Q4 FY23 (Standalone, YoY)
Revenue up 18.1% at Rs 7,872.92 crore
Ebitda down 19.6% at Rs 326.3 crore
Ebitda margin at 4.14% vs 6.09%
Net profit up 12.4% at Rs 263.71 crore
The board announced a dividend of Rs 6 per share for the fiscal 2023.
Graphite India Q4 FY23 (Consolidated, YoY)
Revenue down 3.43% at Rs 815 crore (Bloomberg estimate: Rs 722.3 crore)
Ebitda down 29.5% at Rs 62 crore (Bloomberg estimate: Rs 82 crore)
Ebitda margin at 7.61% vs 10.4% (Bloomberg estimate: 11.4%
Net profit down 69.5% at Rs 29 crore (Bloomberg estimate: Rs 71.7 crore)
The board recommended a dividend of Rs 8.50 per share for the fiscal 2023.
Action Construction Equipment Q4 FY23 (Consolidated, YoY)
Revenue 20.2% at Rs 613.8 crore (Bloomberg estimate: Rs 561.9 crore)
Ebitda up 55.2% at Rs 73.3 crore
Ebita margin at 11.9% vs 9.25%
Net profit up 33.1% at Rs 47.2 crore (Bloomberg estimate: Rs 47.2 crore)
The company will pay a dividend of Rs 1 per share
Greenply Industries Q4 FY23 (Consolidated, YoY)
Revenue up 4.59% at Rs 469.15 crore (Bloomberg estimate: Rs 452.6 crore)
Ebitda up 6.85% at Rs 47.6 crore (Bloomberg estimate: Rs 38.2 crore)
Ebitda margin at 10.1% vs 9.93% (Bloomberg estimate: 8.4%)
Net profit down 61.8% at Rs 11.1 crore (Bloomberg estimate: Rs 18.1 crore)
The company reported a loss of Rs 16.6 crore due to disposal of assets by Greenply Industries (Myanmar). The board recommended a dividend of Rs 0.50 per share.
Lemon Tree Hotels Q4 FY23 (Consolidated, YoY)
Revenue up 111.4% at Rs 252.7 crore (Bloomberg estimate: Rs 250.3 crore)
Ebitda up 385.9% at Rs 141.9 crore (Bloomberg estimate: Rs 136.5 crore)
Ebitda margin at 56.2% vs 24.4% (Bloomberg estimate: 54.5%)
Net profit of Rs 59 crore vs net loss of Rs 39.16 crore (Bloomberg estimate: Rs 47.6 crore)
KRBL Q4 FY23 (Consolidated, YoY)
Revenue up 29.6% at Rs 1,279.7 crore
Ebitda down 11.5% at Rs 143.9 crore
Ebitda margin at 11.2% vs 16.5%
Net profit up 8.18% at Rs 118 crore
Mankind Pharma Q4 FY23 (Consolidated, YoY)
Revenue up 18.9% at Rs 2,052.7 crore
Ebitda up 46.3% at Rs 416.7 crore
Ebitda margin at 20.3% vs 16.5%
Net profit up 52.4% at Rs 293.7 crore
SGX Nifty Signals A Cautious Start
Shares slipped in Japan and Australia, while contracts for Hong Kong earlier fell more than 1%. Purchasing manager index data for China will be watched for any signs of change in the economy’s wobbly recovery, which has weighed on its share markets and currency.
South Korea’s Kospi benchmark bucked the downbeat sentiment as it headed for a bull market, boosted by purchases by foreign investors in chipmakers and the electric-vehicle supply chain.
Futures on the S&P 500 and the Nasdaq 100 were little changed. Energy companies on Tuesday dragged on the S&P 500 as oil sank below $70 a barrel. Oil remained below the $70 level in early Asian hours.
The yield on the 10-year Treasury note in the U.S. was trading at 3.68%. Crude oil price declined below the $74 mark, while Bitcoin was below the $28,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.37% at 18,660.
Domestic benchmark indices closed in green for the fourth straight day, supported by advances in Kotak Mahindra Bank Ltd., Infosys Ltd., and Axis Bank Ltd. The Indian rupee closed lower against the U.S. dollar for the second day in a row as it faced a stronger greenback.
Foreign investors were net buyers for the seventh straight day and bought equities worth Rs 2,085.6 crore. On the other hand, domestic institutional investors turned sellers, snapping a seven-day buying streak and sold Rs 438.9 crore worth of equities.
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