KEY HIGHLIGHTS
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 7.01% on Tuesday.
It closed at 7.03% on Monday.
Source: Bloomberg
Nifty Bank Ends At All-Time Closing High
Rupee Weakened Against The U.S. Dollar
The local currency depreciated by 9 paise to close at 82.72 against the greenback on Tuesday.
The local currency closed at 82.63 on Monday.
Source: Bloomberg
Sensex, Nifty Advance For The Fourth Day In A Row
Indian equity benchmarks advanced for the fourth day after after a tepid start to the day on Tuesday. The headline indices end at a five-month high as the S&P BSE Sensex Index inched closer to 63,000-level, whereas, the NSE Nifty 50 Index ended above 18,600-mark.
U.S. stock futures advanced on hopes that Congress will pass a debt accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal. Contracts on the S&P 500 and Nasdaq 100 rose 0.5% and 1% respectively. Nvidia Corp. advanced 3.1% in premarket trading after CEO Jensen Huang unveiled several AI-related products and services.
European stocks fluctuated. Nestle SA and Unilever Plc declined after both announced the appointment of new chief financial officers, underscoring a changing of the guard at consumer-goods companies as inflation pressures the industry.
The Hang Seng China Enterprises Index dropped as much as 1% on Tuesday, marking the fifth day of declines and taking its losses from a Jan. 27 peak to about 20%.
If Congress approves the U.S. debt ceiling deal, the treasury department may soon replenish its cash balance and sell more than $1 trillion of bills through the end of the third quarter, according to Bloomberg estimates.
The S&P BSE Sensex Index closed up 123 points or 0.20% at 62,969.13 while the NSE Nifty 50 Index was higher 35 points or 0.19% at 18,633.85.
Larsen and Toubro Ltd., Tata Steel Ltd., Adani Enterprises Ltd., Hindalco Industries Ltd., and Sun Pharmaceutical Industries Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Kotak Mahindra Bank Ltd., Axis Bank Ltd., Bajaj Finance Ltd., and HCL Technologies Ltd. were positively contributing to the change.
The broader markets indices ended higher; the S&P BSE MidCap Index was up 0.16%, whereas S&P BSE SmallCap Index was higher by 0.22%.
Eleven out of the 19 sectors compiled by BSE advanced, while eight sectors declined in trade with S&P BSE Metal declining the most.
The market breadth was split between the sellers and the buyers. About 1,706 stocks rose 1,791 declined, and 117 remained unchanged on the BSE.
Apollo Hospitals Q4 (YoY, Consolidated)
Revenue up 21% at Rs 4,302 crore Vs Rs 3,546 crore (BBG estimate : Rs 4,316 crore)
Net profit up 60% to Rs 145 crore Vs Rs 90 crore (BBG estimate : Rs 203 crore Profit)
EBITDA up 5% to Rs 488 crore from Rs 463 crore (BBG estimate : Rs 514 crore Profit)
Margins at 11.3% Vs 13.1% (BBG estimate : 11.9%)
Source: Exchange filing
Vedanta Declines As Unit Encumbers Shares For $250-Million Loan From Glencore
Shares of Vedanta Ltd. declined the most in over seven weeks since April 6, 2023 after the its unit, Finsider International pledged 4.4% of the company's equity to Glencore International AG for a facility worth $250 million.
Marksans Pharma Q4 FY23 (Consolidated, YoY)
Revenue up 16% at Rs 485.98 crore vs Rs 418.1 crore
Ebitda up 72% at Rs 109.6 crore vs Rs 63.64 crore
Ebita margin at 22.6% vs 15.2%
Net Profit up 179% to Rs 82.71 crore vs Rs 29.66 crore
The board has recommended a final dividend of Rs 0.5 per share for FY23.
Source: Exchange filing
European Markets Trade Mixed
Stocks At 52-Week High
Prestige Estates Buys Out DB Realty's Two 50:50 JVs For Rs 1,176 Crore
Prestige Falcon buys 50% in Prestige (BKC) Realtors from DB Realty for Rs 978.7 crore.
Prestige Estates, subsidiary buy 50% in Turf Estate from DB Realty for Rs 197.8 crore.
Source: Exchange filing
Stocks In Focus: UltraTech, ONGC, Techno Electric, Aurobindo Pharma & More
Nifty Will Reach 20,000 In 12-Months: Goldman Sachs: Talking Point
Sensex, Nifty Marginally Higher As HDFC, L&T Lead; HCL, UltraTech Drag: Midday Market Update
Indian equity benchmarks swung between gains and losses since the market open on Tuesday and to trade marginally higher. While FMCG and media sectors advanced, PSU banks and metals declined.
U.S. stock futures advanced on hopes that Congress will pass a debt-accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal.
Contracts on the S&P 500 and Nasdaq 100 rose 0.3% and 0.4%, respectively, while European futures made small gains. An Asia equity benchmark fell as a key gauge of Hong Kong-listed Chinese shares headed for a bear market.
The Hang Seng China Enterprises Index was set to fall for a fifth day, taking its losses from a Jan. 27 peak to more than 20%. Shanghai’s benchmark index also slid.
If Congress approves the U.S. debt ceiling deal, the treasury department may soon replenish its cash balance and sell more than $1 trillion of bills through the end of the third quarter, according to Bloomberg estimates.
As of 12:16 p.m., the S&P BSE Sensex Index was up 48 points or 0.08% at 62,894.24 while the NSE Nifty 50 Index was higher 24 points or 0.13% at 18,622.75.
HDFC Ltd., Larsen and Toubro Ltd., Sun Pharmaceutical Industries Ltd., State Bank of India, and Tech Mahindra Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, HCL Technologies Ltd., UltraTech Cement Ltd., Bajaj Finance Ltd., Hindustan Unilever Ltd., Infosys Ltd., and were positively contributing to the change.
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.16%, whereas S&P BSE SmallCap Index was higher by 0.24%.
Eleven out of the 19 sectors compiled by BSE advanced, while eight sectors declined in trade with S&P BSE Metal declining the most.
The market breadth was split between the sellers and the buyers. About 1,682 stocks rose 1,625 declined, and 146 remained unchanged on the BSE.
Vedanta Unit Pledges 4.4% Shares To Glencore For $250 Million Facility
Finsider International, a unit of Vedanta Ltd., pledges 4.4% of the latter's equity to Glencore International AG for a facility worth $250 million.
The facility availed from Glencore will be operated by Vedanta Resources Ltd.
Source: Exchange filing
Sun Pharma, Philogen Enter Agreement To Commercialize Skin Cancer Drug
Sun Pharmaceutical Industries, Philogen signed licensing agreement to sell Philogen’s specialty product, Nidlegy in Europe, Australia and New Zealand.
The drug will be used to treat melanoma and non-melanoma skin cancers and is currently in Phase III clinical trials.
The two companies will share equal economics post commercialization.
Philogen will retain IP rights for Nidlegy for other territories and indications other than skin cancers.
Source: Exchange filing
NHPC Shares Rise Most In 4 Weeks After Q4 Results
Shares of NHPC Limited rose most in over a month after results for the results for the fourth quarter were announced in a filing on May 29, post market hours.
Net profit rose by 39.40% at Rs 719.18 crore against the previous year figure of Rs 515.9 crore, beating the Bloomberg estimate of Rs 585 crore.
NHPC Limited Q4 FY23 (Consolidated, YoY)
Revenues up 21.17% at Rs 2,028.77 crore vs Rs 1,674.31 crore (Bloomberg estimate: Rs 1,363.9 crore)
Ebitda up 72.70% at Rs 898.41 crore vs Rs 520.19 crore (Bloomberg estimate: Rs 349.1 crore)
Margins at 44.28% vs 31.06% (Bloomberg estimate: 25.6%)
Net profit up 39.40% at Rs 719.18 crore vs Rs 515.9 crore (Bloomberg estimate: Rs 585 crore)
Shares of NHPC Limited rose 2.8% to Rs 44.1 apiece, compared to a 0.17% gain in the NSE Nifty 50 as of 10:42 a.m. The stock rose 5.36% intraday, the most in over four weeks since April 27.
The average traded volume so far in the day stood at 3.7 times its monthly average.
Of the 10 analysts tracking the company, all 10 maintain a 'buy' rating, according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 14.1%.
Campus Activewear Shares Fall Most In Two Months After Q4 Results
Shares of Campus Activewear fell most in over a month after results for the fourth quarter were announced on May 29 post market hours. Net profit fell 0.04% at Rs 22.94 crore for the period compared to Rs 22.95 crore for the same quarter last year. The Bloomberg estimate stood at Rs 37 crore.
Campus Activewear Q4 FY23 (Consolidated, YoY)
Revenues down 1.3% at Rs 347.7 crore vs Rs 352.3 crore (Bloomberg estimate: Rs 380.7 crore)
Ebitda down 27.96% at Rs 56.4 crore vs Rs 78.3 crore (Bloomberg estimate: Rs 74.9 crore)
Ebitda margin at 16.22% vs 22.22% (Bloomberg estimate: 19.7%)
Net profit down 0.04% at Rs 22.94 crore vs Rs 22.95 crore (Bloomberg estimate: Rs 37 crore)
Shares of Campus Activewear were trading 4.63% lower at Rs 342.2 apiece, compared to a 0.19% gain in the NSE Nifty 50 as of 10:34 a.m. The stock fell 6.35% intraday, the most in over two months since March 24.
The average traded volume so far in the day stood at 5.3 times its monthly average.
Of the five analysts tracking the company, four maintain a 'buy' rating, and one suggest a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 34.3%.
NBCC Shares Gain After Q4 Profit Jumps Nearly Threefold
The shares of NBCC (India) Ltd. gained after its profit jumped more than threefold in the fourth quarter ended March.
Consolidated net profit in January-March surged 176.5% to Rs 113.6 crore, while revenue gained 14.3% to Rs 2,790 crore, according to an exchange filing.
NBCC (India) Q4 FY23 (Consolidated, YoY)
Revenue is up 14.3% at Rs 2,790 crore.
Ebitda up 43% at Rs 104.3 crore.
Ebitda margin at 3.7% vs. 3%
Net profit is up 176.5% at Rs 113.6 crore.
The company reported net exception expenses of Rs 4.77 crore during the March quarter, down from Rs 72.9 crore in the year-ago period.
Finance costs came down to Rs 95,000 from Rs 1.4 crore during the quarter under review.
The board recommended a final dividend of Rs 0.54 per share.
Shares of the company rose 2.61% to Rs 43.25 per share, compared to a 0.20% gain in the benchmark Nifty 50 as of 9:59 a.m. Intraday, it rose as much as 4.86%.
The total traded quantity so far in the day stood at 5.1 times the 30-day average volume.
Of the four analysts tracking the stock, one maintains a 'buy' rating, two recommend a 'hold', and one suggests a 'sell,' according to Bloomberg. The consensus price target implies a downside of 13.3% over the next 12 months.
Hikal Shares Gain Over 12% After Q4 Revenue Rise
Shares of Hikal Ltd. jumped over 12% on Tuesday, after the company reported a rise in its revenue for the fourth quarter of fiscal 2023.
The pharma company's profit surged 80% year-on-year to Rs 36 crore in the quarter ended March, according to an exchange filing. Revenue grew 9% to Rs 545.7 crore.
Hikal Q4 FY23 (Consolidated, YoY)
Revenue up 8.55% at Rs 545.3 crore
Ebitda up 44.3% at Rs 88 crore
Ebitda margin at 16.1% vs 12.1%
Net profit up 73.8% at Rs 36 crore
The board recommended a final dividend of Rs 0.3 per share for the fiscal 2023.
Shares of Hikal surged 12% to Rs 317.25 apiece, compared to a 0.22% advance in the Nifty.
The stock gained as much as 12.62% intraday, rising the most since March 16. Total traded volume stood at 67.7 times its 30-day average.
Out of the four analysts tracking the company, two maintain a 'buy' rating and two recommend a 'hold', as per Bloomberg data. The average 12-month consensus price target implies an upside of 20.8%.
ITC Shares Drag Market On Hotel Business Demerger Update
Shares of ITC rose the most in over a week and it was the top contributor to the change in the NSE Nifty 50 Index on Tuesday after the talks of the demerger of its hotel business came to fore.
ITC Chairman, Sanjiv Puri, in an interview with Hindu BusinessLine said that the conglomerate was looking for an "alternative business structure" for its hotel business. ITC's plans to demerge its businesses have been shelved since the pandemic. Recovery in its hotel business after the pandemic was the primary reason for the demerger proposal to be "back on the table," according to Sanjiv Puri.
Shares of ITC Ltd. fell 0.56% to Rs 446.6 apiece, as of 10:15 a.m., in trade on Tuesday compared to 0.31% advance in the benchmark, NSE Nifty 50 Index.
The stock declined as much as 1.80% intraday, the most in over one week since May 19, 2023. Total traded volume stood at 1.6 times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.
Out of the 38 analysts tracking the company, 34 maintain a 'buy' rating and four recommend 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 4%.
Source: Bloomberg, Exchange filing
Sobha Shares Jump 10% After Q4 Profit Beats Estimate
Shares of Sobha Ltd. jumped the most in over two weeks after its fourth-quarter profit and revenue beat analyst estimates.
Its net profit rose 242.2% year-on-year to Rs 48.6 crore compared with Bloomberg's estimate at Rs 44.6 crore.
The company reduced its net debt by Rs 6,970 crore, the highest ever in a year, aided by operational cashflows and proceeds from land monetization. Sobha Ltd. also recorded best sales in FY23, across all parameters, as per its investor presentation.
Sobha Q4 FY23 (Consolidated, YoY)
Revenue up 70.3% at Rs 1,209.9 crore (Bloomberg estimate: Rs 831.9 crore)
Ebitda up 49% at Rs 115.6 crore (Bloomberg estimate: Rs 118.3 crore)
Ebitda margin at 9.5% vs 10.9% (Bloomberg estimate: 14.2%)
Net profit up 242.2% at Rs 48.6 crore (Bloomberg estimate: Rs 44.6 crore)
The board recommended a dividend of Rs 3 per share for the fiscal 2023.
Shares of Sobha Ltd. rose 4.92% to Rs 531.9 apiece, as of 10:05 a.m., in trade on Tuesday compared to 0.20% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 10.07% intraday, the most in over two weeks since May 15, 2023. Total traded volume stood at 12.7 times its 30-day average. The relative strength index was at 62.
Out of the 18 analysts tracking the company, 17 maintain a 'buy' rating, 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 38.6%.
Source: Bloomberg, Exchange filing
Broader Markets Open Higher
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.14%, whereas S&P BSE SmallCap Index was higher by 0.07%.
Fifteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Commodities, S&P BSE Telecommunication, S&P BSE Metal and S&P BSE Realty sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,482 stocks rose 957 declined, and 114 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
ITC Ltd., State Bank of India, TCS Ltd., HDFC Ltd. and Hindalco Industries Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Kotak Mahindra Bank Ltd., HCL Technologies Ltd. Reliance Industries Ltd., and Hindustan Unilever Ltd., and were positively contributing to the change.
Sensex, Nifty Open Lower: Opening Bell
Indian equity benchmarks opened lower following mixed trade in pre-open session on Tuesday. Indices closed higher three days in a row at a five-month high on Monday.
Treasuries and U.S. stock futures reflected hopes that Congress will pass a debt-accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal.
Contracts on the S&P 500 and Nasdaq 100 rose 0.3% and 0.4%, respectively. European futures made small gains and the picture across Asian equity markets was mixed.
Stocks in Japan fell, Australia’s benchmark was little changed and equities in South Korea advanced. Samsung Electronics Co. and SK Hynix Inc. surged to the highest in more than a year after Morgan Stanley raised price targets for the Korean chipmakers, with SK Hynix its top pick as a key beneficiary of Nvidia Corp.’s AI opportunity.
Shanghai’s benchmark index fell. A wobbling economic recovery, intensifying geopolitical tensions and a weaker yuan have been keeping global investors away from Chinese markets.
At pre-open, the S&P BSE Sensex Index was down 10 points or 0.02% at 62,836.44 while the NSE Nifty 50 Index was higher 8 points or 0.04% at 18,606.65.
Sensex, Nifty Mixed In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was down 10 points or 0.02% at 62,836.44 while the NSE Nifty 50 Index was higher 8 points or 0.04% at 18,606.65.
Source: Bloomberg
RateGain's International Flight Bookings At Highest Since Pandemic
RateGain says international leisure flight bookings from India jumped to its highest post pandemic in June-August.
RateGain Travel Technologies' latest report shows international leisure flight bookings from India rose by 40% YoY in June-August 2023- its highest after pandemic.
Demand remains 15-20% lower than pre-pandemic high of 2019.
Source: Exchange filing
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.02% on Tuesday.
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at 82.64 against the greenback on Tuesday.
The local currency closed at 82.63 on Monday.
Source: Bloomberg
RattanIndia Enterprises Doubles Cargo Drone Capacity To 40 Kgs
RattanIndia Enterprises Ltd., launched a new cargo drone ‘L-40’ by its company, Throttle Aerospace Systems
The new L-40 drone has a higher payload capacity of 40 kgs as compared to the 20 kgs capacity L-20 drones
Source: Exchange filing
Inox Wind Bags 150 MW Order From NTPC Renewable Energy
Inox Wind bagged an order for a 150MW wind project from NTPC Green Energy's renewable arm.
The project shall be executed in Gujarat.
Inox Wind has recieved a total order of 550 MW from NTPC till date.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 104.1
U.S. 10-year bond yield at 3.76%
Brent crude up 0.43% at $77.40 per barrel
Nymex crude down 0.70% at $73.18 per barrel
SGX Nifty up 0.08% at 18,705.5 as of 8:10 a.m.
Bitcoin up 0.23% at $27,758.02
Insider Trading
Bajaj Finserv: Promoter group Sheetal Bajaj sold 21,000 shares and promoter group Nirav Trust Nivraj Bajaj bought 21,000 shares on May 24.
Trading Tweaks
Price Band Revised From 20% to 10%: Nucleus Software Exports
Ex-Date Special Dividend: ITC
Record Date Special Dividend: ITC
Ex-Date Interim Dividend: Vedanta
Record-Date Interim Dividend: Vedanta
Ex-Date Final Dividend: Rallis India
Record-Date Final Dividend: Rallis India
Move Into Short-Term ASM Framework: NDTV
Move Out of Short-Term ASM Framework: The Anup Engineering
Bulk Deals
Clean Science and Technology: Think India Opportunities Master Fund bought 8.82 lakh shares (0.83%), Nilima Krishnakumar B sold 8.78 lakh shares (0.82%), Asha Ashok B sold 18.65 lakh shares (1.75%) and Asha Ashok S sold 9.84 lakh shares (0.92%) at Rs 1406 apiece.
Block Deals
The Ramco Cements: Sharadha Deepa bought 2.83 lakh shares (0.11%) and Rajapalayam Mills sold 2.83 lakh shares (0.11%) at Rs 880 apiece.
Gravita India: Nomura Funds Ireland bought 4 lakh shares (0.57%), Employee Provident Fund 5.5 lakh shares (0.79%), the Nomura Trust bought 7.50 lakh shares (1.08%), the MTBJ account Nomura India bought 15 lakh shares (2.17%) and Rajat Agrawal sold 32 lakh shares (4.6%) at Rs 565 apiece.
Q4 Results Today
Patanjali Foods, Adani Ports and Special Economic Zone, Apollo Hospitals Enterprise, Welspun Corp, Torrent Pharmaceuticals, Aegis Logistics, Prestige Estates Projects, Mazagon Dock Shipbuilders, V-Guard Industries, Rhi Magnesita India, Graphite India, Action Construction Equipment, FIEM Industries, Greenply Industries, Lemon Tree Hotels, 3M India, Authum Investment & Infrastructure, Arvind Fashions, Astrazeneca Pharma India, Black Box, Brightcom Group, DB Realty, Dollar Industries, EID-Parry (India), Gujarat Mineral Development Corporation, Indiabulls Real Estate, Indo Count Industries, India Pesticides, Jindal Worldwide, KIOCL, KRBL, Landmark Cars, Lux Industries, Mankind Pharma, Marksans Pharma, Mkventures Capital, MMTC, PC Jeweller, Prime Focus, PTC Industries, Rajesh Exports, Ramky Infrastructure, Rashtriya Chemicals & Fertilizers, Reliance Infrastructure, Suzlon Energy, Uflex
Earnings Fineprint
Torrent Power Q4 FY23 (Consolidated, YoY)
Revenue up 61.3% at Rs 6,037.9 crore (Bloomberg estimate: Rs 6,721.8 crore)
Ebitda up 10.1% at Rs 1,090.4 crore (Bloomberg estimate: Rs 1,306.3 crore)
Ebitda margin at 18.1% vs 26.5% (Bloomberg estimate: 19.4%)
Net profit of Rs 483.9 crore vs net loss of Rs 487.37 crore (Bloomberg estimate: Rs 568.1 crore)
The consolidated revenue for the quarter under review includes sale of regassified liquified natural gas of Rs 506.1 crore. The company will pay a final dividend of Rs 4 per share for the fiscal 2023, with a total outgo of Rs 192.3 crore.
Adani Transmission Q4 FY23 (Consolidated, YoY)
Revenue up 12.9% at Rs 3,357.7 crore (Bloomberg estimate: Rs 3,185.6 crore)
Ebitda up 27.3% at Rs 1,203.2 crore (Bloomberg estimate: Rs 1,715.1 crore)
Ebitda margin at 35.8% vs 31.8% (Bloomberg estimate: 53.8%)
Net profit up 85.5% at Rs 439.6 crore (Bloomberg estimate: Rs 717.5 crore)
KNR Constructions Q4 FY23 (Consolidated, YoY)
Revenue up 13% at Rs 1,245.3 crore (Bloomberg estimate: Rs 1,068 crore)
Ebitda down 11.8% at Rs 245.97 crore (Bloomberg estimate: Rs 349.2 crore)
Ebitda margin at 19.8% vs 25.3% (Bloomberg estimate: 25.6%)
Net profit up 5.8% at Rs 147.27 crore (Bloomberg estimate: Rs 585 crore)
The company announced a final dividend of Rs 0.25 per share for the fiscal 2023.
Sobha Q4 FY23 (Consolidated, YoY)
Revenues up 70.3% at Rs 1,209.9 crore (Bloomberg estimate: Rs 831.9 crore)
Ebitda up 49% at Rs 115.6 crore (Bloomberg estimate: Rs 118.3 crore)
Ebitda margin at 9.5% vs 10.9% (Bloomberg estimate: 14.2%)
Net profit up 242.2% at Rs 48.6 crore (Bloomberg estimate: Rs 44.6 crore)
The board recommended a dividend of Rs 3 per share for the fiscal 2023.
Indian Railways Catering and Tourism Corporation Q4 (Standalone, YoY)
Revenue rose 39.7% to Rs 965 crore (Bloomberg estimate: Rs 891.7 crore)
Ebitda rose 16.5% to Rs 324.6 crore (Bloomberg estimate: Rs 326.6 crore)
Ebitda margin stood at 33.6% vs 40.3% (Bloomberg estimate: 36.6%)
Net Profit rose 30% to Rs 278.8 crore (Bloomberg estimate: Rs 248.2 crore)
The company reported exceptional gain to the tune of Rs 25.9 crore for the quarter under review, compared to exceptional loss of Rs 4 crore in the year-ago period. The company will pay a final dividend of Rs 2 per share for the fiscal 2023.
Rail Vikas Nigam Q4 FY23 (Consolidated, YoY)
Revenue down 11.1% at Rs 5,719.8 crore
Ebitda down 8.3% at Rs 374.37 crore
Ebitda margin at 6.5% vs 6.3%
Net profit down 5% at Rs 359.2 crore
The board recommended a final dividend of Rs 0.36 per share.
NBCC (India) Q4 FY23 (Consolidated, YoY)
Revenue up 14.3% at Rs 2,790 crore
Ebitda up 43% at Rs 104.3 crore
Ebitda margin at 3.7% vs 3%
Net profit up 176.5% at Rs 113.6 crore
The company reported net exception expenses of Rs 4.77 crore during the March quarter, down from 72.9 crore in the year-ago period. Finance costs came down to Rs 95,000 from Rs 1.4 crore crore during the quarter under review. The board recommended a final dividend of Rs 0.54 per share.
Hikal Q4 FY23 (Consolidated, YoY)
Revenue up 8.55% at Rs 545.3 crore
Ebitda up 44.3% at Rs 88 crore
Ebitda margin at 16.1% vs 12.1%
Net profit up 73.8% at Rs 36 crore
The board recommended a final dividend of Rs 0.3 per share for the fiscal 2023.
Jamna Auto Industries Q4 FY23 (Consolidated, YoY)
Revenue down 1.3% at Rs 347.75 crore (Bloomberg estimate: Rs 623 crore)
Ebitda down 7% at Rs 82 crore (Bloomberg estimate: Rs 70.2 crore)
Ebitda margin at 12.9% vs 14.1% (Bloomberg estimate: 11.2%)
Net profit down 7.7% at Rs 52.5 crore (Bloomberg estimate: Rs 44.5 crore)
The board recommended a final dividend of Rs 1.10 per share.
NOCIL Q4 FY23 (Consolidated, YoY)
Revenue down 15.1% at Rs 392.72 crore (Bloomberg estimate: Rs 376.2 crore)
Ebitda down 55.7% at Rs 49 crore (Bloomberg estimate: Rs 44.9 crore)
Ebitda margin at 12.5% vs 23.9% (Bloomberg estimate: 11.9%)
Net profit down 58.6% at Rs 28.38 crore (Bloomberg estimate: Rs 27 crore)
The company will pay a final dividend of Rs 3 per share.
Campus Activewear Q4 FY23 (Consolidated, YoY)
Revenue down 1.3% at Rs 347.75 crore
Ebitda down 27.9% at Rs 56.5 crore
Ebitda margin at 16.3% vs 22.3%
Net profit down 0.09% at Rs 22.9 crore
Tax expenses went down as the company received deferred tax credit of Rs 5.89 crore. Sanjay Chabra has been appointed as the chief financial officer of the company, effective June 1, while Piyush Singh has been elevated to the position of chief operating officer.
ISGEC Heavy Engineering Q4 FY23 (Consolidated, YoY)
Revenue up 28% at Rs 2,042.7 crore
Ebitda up 54.3% at Rs 164.39 crore
Ebitda margin at 8.04% vs 6.67%
Net profit up 137.7% at Rs 93.16 crore
The board recommended a dividend of Rs 3 per share.
Speciality Restaurants Q4 FY23 (Consolidated, YoY)
Revenues up 21.9% at Rs 87.5 crore
Ebitda up 64.1% at Rs 13.7 crore
Ebitda margin at 15.6% vs 11.6%
Net profit up 1794.1% at Rs 55.31 crore
The company received tax credit of Rs 35.04 crore during the quarter under review. It also reported reversal of impairment charge of Rs 8.39 crore taken on account of Covid-19 pandemic, marked as exceptional item. The board approved a dividend of Rs 2.50 per share.
SGX Nifty Signals Cautious Start To Benchmark
U.S. Treasuries and stock futures reflected hopes that Congress will pass a debt accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal.
Contracts on the S&P 500 and Nasdaq 100 rose 0.3% and 0.4%, respectively. European futures made small gains, and the picture across Asian equity markets was mixed.
Stocks in Japan fell, Australia’s benchmark was little changed, and equities in South Korea advanced. Shanghai’s benchmark index fell. A wobbling economic recovery, intensifying geopolitical tensions, and a weaker yuan have been keeping global investors away from Chinese markets.
The yield on the 10-year Treasury note in the U.S. was trading at 3.76%. Crude oil price was trading above the $77 mark, while Bitcoin traded around $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, up 0.08% at 18,705.5.
Domestic benchmarks held on to steady gains to end higher as U.S. lawmakers reached a debt ceiling limit settlement, with NBFCs and consumer durable stocks leading the advance. The Indian rupee closed lower against the U.S. dollar as it faced a stronger greenback in overseas markets.
Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,758.2 crore. On the other hand, domestic institutional investors were buyers for the seventh straight day and bought Rs 853.57 crore worth of equities, the NSE data showed.
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