Sensex, Nifty Slide For Second Day Dragged By I.T., New Age Stocks; FPIs Stay Net Sellers
India's stock benchmarks declined 1%, extending losses for the second day, after snapping longest winning streak in 2022 on Monday
KEY HIGHLIGHTS
Closing Bell
India's stock benchmarks declined 1%, extending losses for the second day, after snapping longest winning streak in 2022 on Monday, ahead of anticipated rate hike from U.S. Federal Reserve. Information technology shares tumbled while new age stocks, like Paytm and Zomato declined, in-line with similar fall in global prices.
The Sensex fell 500 points (0.90%) to 55,268.49, to close near day's low. The Nifty 50 also declined by similar magnitude to fall to 16,483.85. Today, 13 of the Nifty 50 stocks rose while 37 fell. Bajaj Finserv surged over 5.5% while JSW Steel gained 2.1%. Infosys led the losses in information technology stocks. It was also the top laggard in Nifty 50, followed by Hindustan Unilever and Axis Bank.
The broader indices underperformed their larger peers with both the MidCap and SmallCap gauges losing 1.2%. All the 19 sectoral indices compiled by BSE fell, with Information Technology shedding nearly 3%.
The market breadth is skewed in the favour of bears. About 1,159 stocks rose, 2,169 fell and 139 remained unchanged.
Foreign Investors Net Sellers
Foreign portfolio investors net sold equities worth Rs 1,548.3 crore on Tuesday, data from the National Stock Exchange showed. FPIs have been net sellers for three days in a row.
Domestic institutional investors, however, bought stocks worth Rs 999.4 crore on Tuesday.
Institutions have net bought Rs 419.9 crore worth of equities in July alone and net sold Rs 51,998.1 crore so far this year.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 3bps to 7.37% on Tuesday.
10-Year bond yield has fallen for four sessions in a row.
Source: Bloomberg
Rupee Closes Little Changed
Indian Currency fell 5 paise to 79.78 against the U.S. dollar, in a rangebound session.
Source: Bloomberg
Ramco Systems Falls Most In Over Five Weeks As Net Loss Widens In Q1
Shares of Ramco Systems Ltd. fell over 13%, the steepest intraday decline in over five weeks.
The downturn comes after the IT services provider reported widening of net loss for the quarter-ended June, during market hours on Tuesday.
June Quarter Earnings (Consolidated, YoY)
Net loss at Rs 50.69 crore Vs. net loss of Rs 8.93 crore
Revenue at Rs 119.92 crore Vs. Rs 140.45 crore
EBITDA loss at Rs 30.63 crore Vs. EBITDA at Rs 11.58 crore
Trading volume is twice the 30-day average. Both the analysts tracking the company maintain 'buy'. The relative strength index of the stock is 36%.
Source: Exchange filing, Bloomberg
All Constituents Of NSE Nifty IT Index Decline
Ujjivan SFB Gains Most In 10 Weeks On Q1 Beat
Shares of Ujjivan Small Finance Bank rose over 9%, best intraday gains in over 10 weeks since May 13. Trading volume is more than 10 times the 30-day average. Share price crossed above 200-day simple moving average, implying potential upward price momentum.
The relative strength index of the stock is 80, suggesting it may be overbought.
The sharp uptick comes after the company reported net income for quarter-ended June that beat the average analyst estimate. Asset quality stabilised with Gross NPA at 6.51% compared to 7.34% in the quarter-ended March.
June Quarter Results
Net profit at Rs 202.94 crore Vs. net loss of Rs 233.48 crore YoY (Bloomberg consensus estimate: Rs 107 crore)
Interest Income at Rs 905.37 crore Vs. Rs 641.66 crore YoY
Net interest margin at 9.6% Vs. 8% YoY
Gross NPA at 6.51% Vs. 7.34% QoQ
Net NPA at 0.11% Vs. 0.61% QoQ
Provisions at Rs 39 lakh Vs. Rs 43.79 crore QoQ
Source: Exchange filing, Bloomberg
RBI To Conduct Three Day Variable Rate Repo Auction
On a review of current liquidity conditions, RBI to conduct three day variable rate repo auction worth Rs 50,000 crore on Tuesday.
Alert: Auction comes in the backdrop of the rise in interbank rates
Source: RBI statement
Paytm Falls Most In Nine Weeks
Shares of One 97 Communications Ltd. fell nearly 11%, the worst fall in nearly nine weeks.
Trading volume is similar to 30-day average.
The company will consider financial results for the quarter-ended June on August 5, according to an exchange filing, post market hours on Monday.
Shares of Paytm, which listed on November 18, 2021 at Rs 1,950 on NSE, a 9% discount to its issue price of Rs 2,150, has fallen 65% from listing price in little over eight months.
Of the 10 analysts tracking the company, five suggest 'buy', two recommend 'hold' and three maintain 'sell'. The return potential of the stock is 23%.
Source: Exchange filing, Bloomberg
(Note: updated the card to reflect that the stock fell most in nine weeks, instead of 11 weeks mentioned earlier).
Bajaj Auto Recovers On Q1 Beat
June quarter results (Standalone, YoY):
Net profit at Rs 1,173 crore Vs. Rs 1,061 crore (Bloomberg estimate: Rs 1,109 crore)
Revenue at Rs 8,005 crore Vs. Rs 7,386 crore (Bloomberg estimate: Rs 7762 crore)
EBITDA at Rs 1,328 crore Vs. Rs 1,153 crore (Bloomberg estimate: Rs 1,223 crore)
EBITDA margin at 16.6% Vs. 15.6%
Source: Exchange filing
Asian Paints Reverses Losses On Q1 Beat
June Quarter Results (Consolidated, YoY)
Net profit at Rs 1016.93 crore Vs. Rs 568.60 crore (Bloomberg estimate: Rs 868 crore)
Revenue at Rs 8,606.94 crore Vs. Rs 5,585.36 crore (Bloomberg estimate: Rs 7659 crore)
EBITDA at Rs 1,555.95 crore Vs. Rs 913.56 crore (Bloomberg estimate: Rs 1,312 crore)
EBITDA margin at 18.08% Vs. 16.36%
Source: Exchange filing
European Markets Decline
European markets open lower ahead of key earnings even as investors eye rate hike from U.S. Federal Reserve on Wednesday.
Source: Bloomberg
Tatva Chintan Tumbles As Analysts Flag Key Near-Term Concerns After Q1 Results
Shares of chemicals maker Tatva Chintan Pharma Chem Ltd. fell nearly 9%, the worst intraday decline in three months since April 26, 2022.
The decline comes after the company reported decline in net profit, revenue and EBITDA for the quarter-ended June post market hours on Monday.
June Quarter Results (Consolidated, YoY)
Net income at Rs 9.80 crore Vs. Rs 23.12 crore
Revenue at Rs 88.40 crore Vs. Rs 106.83 crore
EBITDA at Rs 15.22 crore Vs. Rs 26.28 crore
EBITDA margins at 17.22% Vs. 24.60%
Trading volume is 21 times the 30-day average. Share price crossed below 50-day simple moving average, indicating potential downward price momentum.
Of the five analysts tracking the company, four maintain 'buy' and one suggests 'hold'. The return potential of the stock is 18.6%. ICICI Securities and JM Financial lowered their price target while reiterating 'buy' and 'hold' respectively, post the earnings while Nirmal Bang reiterated 'accumulate' and kept target prices unchanged.
Analysts cited low revenue contribution from Structure Directing Agents (SDA) segment, (due to chip shortage, geopolitical concerns due to Russia's invasion of Ukraine and China's lockdown to arrest the surge in Covid-19 cases), risks due to aggressive diversification in low-margin segments as key near-term challenges. However, they expected SDA sales to improve by Q3 or Q4 of the current fiscal.
Source: Bloomberg, Exchange filing, Brokerage notes
SpiceJet Says Defects That Were Identified In 10 Planes Have Been Rectified
53 spot checks carried out by DGCA on 48 SpiceJet aircraft did not find any major significant finding or safety violation.
SpiceJet also rectified the malfunctions identified in 10 planes by the DGCA and all ten aircraft are back in operation.
Source: Press release
Mid-Day Market Update: Sensex, Nifty Decline; Infosys, HUL, Axis Bank Fall
India's stock benchmarks fell, dragged by losses in information technology, capital goods, FMCG stocks, ahead of the anticipated rate hike by U.S. Federal Reserve on Wednesday.
The Sensex fell over 220 points (0.40%) to 55,541.95. The 30-stock gauge fell nearly 500 points to an intraday low of 55,295.90 after a volatile start.
The Nifty 50 also declined by similar magnitude to 16,551.10. Today 12 of the Nifty 50 stocks rose, 37 fell and one remained unchanged. Bajaj Finserv surged most in 11 weeks while Bajaj Finance also gained, as did Tata Steel, ONGC and Tech Mahindra.
Dr. Reddy's Laboratories, Hero MotoCorp, Maruti Suzuki were among the top laggards on the 50-stock index.
The broader indices underperformed their larger peers with S&P BSE MidCap losing nearly 1% and S&P BSE SmallCap shedding 0.7%. Barring Energy, all the other 18 sectoral measures compiled by BSE declined with IT index shedding over 2%.
The market breadth is skewed in the favour of bears. About 1,233 stocks rose, 1,975 fell and 130 remained unchanged.
Axis Bank Falls As Analysts Flag Sequential Decline In Loan Growth After Q1 Results
Shares of Axis Bank fell 3.5%, most in 11 weeks. The decline comes after analysts flagged the sequential decline in loan and deposits growth after the lender reported Q1 beat on Monday. Analysts also cited higher operational expenditure as a key near-term concern.
The stock is on course to extend losses for the second day.
Axis Bank was among the top losers in Nifty 50, Sensex and Nifty Bank indices.
Trading volume is 2.5 times the 30-day average. The stock is testing 200-day moving average resistance at Rs 719.02.
Of the 50 analysts tracking the company, 45 maintain 'buy' and five suggest 'hold'. The return potential of the stock is 32.6%.
Source: Exchange filing, Bloomberg, Brokerage notes
June Crude Oil Imports Jump Most In 11 Months
Crude oil imports in June rose 20.8% YoY, most in 11 months since July 2021 to 19.2 million tonnes.
LPG imports fell 5.9% YoY while fuel oil imports rose 6.1% in June.
Source: Petroleum Planning & Analysis Cell
Rupee Reverses Early Gains
Rupee depreciates 7 paise to 79.81 against the U.S. dollar, during the session.
The Indian currency had opened little changed at 79.73 on Tuesday.
Source: Bloomberg
IEX Falls Most In Three Weeks On Q1 Miss
Shares of Indian Energy Exchange Ltd. fell nearly 3.5%, the most in three weeks. The decline comes after the company reported revenue, EBITDA and net profit below average analyst estimate, for the quarter-ended June, post market hours Monday.
IEX Q1 FY23 (Consolidated, QoQ)
Revenue fell 12% at Rs 98.35 crore Vs Rs 112.08 crore (Bloomberg estimate: Rs 100.23)
EBITDA fell 15% at Rs 81.01 crore Vs Rs 94.93 crore (Bloomberg estimate: 84.15 crore)
EBITDA margin 82.3% Vs 84.7%
Net profit fell 22% at Rs 69.12 crore Vs Rs 88.4 crore (Bloomberg estimate: Rs 71.85 crore)
Trading volume is thrice the 30-day average. Of the 15 analysts tracking the company, seven maintain 'buy', three suggest 'hold' and five recommend 'sell'. The return potential of the stock is 32.5%.
Source: Exchange filing, Bloomberg
Twitter’s Challenge To Blocking Orders: Karnataka High Court To Hear The Matter On August 25
Twitter tells Karnataka High Court
We have been asked to block around 1100 accounts without being given reasons.
Neither we nor the account holders have been told the reasons for blocking.
No information is given to account holders about objectionable tweets.
Sonata Software Recommends 1:3 Bonus Share; Stock Slides Most In Five Weeks
Shares of information technology firm Sonata Software fell over 5.5%, the steepest intraday decline in over five weeks. The stock in on course to snap a six day winning streak in which it gained over 13%.
Sonata Software Q1 FY23 (Consolidated, QoQ)
Revenue up 22% at Rs 1,778.86 crore Vs Rs 1,463.63 crore
EBIT up 35.4% at Rs 128.67 crore Vs Rs 95.03 crore
EBIT margin 7.3% Vs 6.5%
Net profit up 7% at Rs 107.76 crore Vs Rs 101 crore
The company also gave in-principle approval for merger of its North America subsidiary Sopris Systems with Sonata Software North America. The company approved and recommended a bonus issue of one equity share for every three equity shares held by shareholders as on the record day. The bonus issue will be subject to shareholders' approval through a postal ballot
Trading volume is quadruple the 30-day average. The stock is testing 100-day moving average resistance at Rs 711.84. Of the six analysts tracking the company, five suggest 'buy' and one recommends 'hold'. The return potential of the stock is 19.5%.
The stock has lost 19% in 2022 so far compared to 29% decline in NSE Nifty 50 index
Source: Exchange Filing, Bloomberg
Craftsman Automation Climbs After Q1 Numbers
Shares of auto parts maker Craftsman Automation jumped 5%, most in over a week to Rs 2,774, just Rs 4 away from the 52-week high of Rs 2,778. Trading volume is more than five times the 30-day average. The relative strength index is at 77, suggesting the stock may be overbought. All seven analysts tracking the company maintain 'buy'. The return potential of the stock is 13.9%.
The uptick comes after the company reported growth in net income, revenue and EBITDA for the quarter-ended June, post market hours on Monday.
June Quarter Results (Consolidated, YoY)
Net income at Rs 56.64 crore Vs. Rs 24.07 crore
Revenue at Rs 676.96 crore Vs. Rs 435.19 crore
EBITDA at Rs 164.68 crore Vs. Rs 107.74 crore
EBITDA margins at 24.3% Vs. 24.80%
Source: Exchange filing, Bloomberg
Adani Enterprises AGM 2022
India’s projected GDP growth number of 8% over this current year is very achievable. We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions. The best evidence which showcased our confidence and belief in the future - is our investment of $70 billion in facilitating India’s green transition. We are already one of the world's largest developers of solar power. We have made also remarkable progress in several other industries over the past 12 months. In one stroke, we have become the largest airport operator in India. Around these airports that we operate today we are engaged in the adjacent businesses of developing aero-tro-polises and creating localised community based economic centres.
Following the acquisition of Holcim’s assets in India – ACC and Ambuja Cements – we are now the second largest cement manufacturer in India. This is a classic example of our adjacency based business model at work.
India’s projected GDP growth number of 8% over this current year is very achievable. Our combined Group market capitalization this year exceeded $ 200 billion.
We were able to raise billions of dollars from the international markets – a direct validation of confidence in the India and Adani growth story. Rising market capitalisation has been supported by a robust and sustained growth in our cash flows.
India's renewable energy capacity has increased 300% since 2015
Now over 75% of the surging incremental demand that India needs is expected to be met through renewable energy generation
Gautam Adani
Chairman, Adani Enterprises
Source: Adani Enterprises AGM
Tata Steel Shares' Volatile After Q1 Results
Shares of Tata Steel were volatile after the company reported new income for the quarter-ended June that beat average analyst estimate, post market hours on Monday.
Tata Steel Q1 FY23 (Consolidated, YoY)
Revenue up 19% at Rs 63,430.07 crore Vs Rs 53,465.43 crore (Bloomberg estimate: Rs 60,474.2 crore)
EBITDA fell 7% at Rs 14,972.80 crore Vs Rs 16,110.55 crore (Bloomberg estimate: Rs 12,478 crore)
EBITDA margin 23.6% Vs 30.1% (Bloomberg estimate: 21%)
Net profit fell 13% at Rs 7,764.96 crore Vs Rs 8,907 crore (Bloomberg estimate: Rs 7,275 crore)
Trading volume is 2.5 times the 30-day average. Of the 34 analysts tracking the company, 23 maintain 'buy', five suggest 'hold' and six recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 31.9%.
Source: Exchange filing, Bloomberg
Zomato Slides To New Low Even As Jefferies Reiterates 'High Conviction Buy'
Jefferies reiterated its ‘high-conviction buy’ rating on Zomato Ltd. even as it has underperformed global and domestic food tech peers so far this year.
“From an exuberance at the time of listing last year, Zomato is now unloved,” the research house said in a July 25 note. “Blinkit acquisition elongates path to profitability and despite management guidance on a break-even in food delivery, investors are not giving much benefit of doubt.”
Shares of the food ordering platform slumped over 7% to a record low Rs 44.1 apiece. This is the second day that the stock plumbed new depths after falling 14% in intraday trade on Monday. The steep declines comes after the lock-in period for investors who owned stakes before its initial public offer ended.
The stock has fallen over 40% since its debut on July 23, 2021.
Source: Bloomberg, Brokerage notes
Tanla Platforms Slides Most In Over Five Years
Shares of Tanla Platforms fell 20%, most in over five years since May 2017. The steep decline comes after the company reported 29% YoY decline in net profit while EBIT fell 30% in the quarter-ended June, post market hours on Monday.
Tanla Platforms Q1 FY23 (Consolidated, YoY)
Revenue fell 6% at Rs 800.14 crore Vs Rs 853.05 crore
EBIT fell 30% at Rs 121.41 crore Vs Rs 173.92 crore
EBIT margin 15% Vs 20%
Net profit fell 29% at Rs 100.41 crore Vs Rs 141 crore
Trading volume is more than 39 times the 30-day average. The relative strength index is at 23, suggesting the stock may be oversold. All three analysts tracking the company maintain 'buy'. The return potential of the stock is 104.1%
Source: Exchange filing, Bloomberg
Sensex, Nifty Fall; Infosys Leads Decline
Bajaj Finserv Gains After Share Split, Free Share Plan Ahead Of Q1 Results
Shares of Bajaj Finserv gained 3.72% in intraday trade, the most in over a week after the company said that it will consider a proposal for sub-division of equity shares of company of face value of Rs 5 each and a proposal to issue fully-paid bonus equity shares of the company, in its board meeting on Thursday.
The company will also approve unaudited financial results for the quarter-ended June on Thursday, according to an exchange notification post market hours on Monday.
Trading volume is more than five times the 30-day average. Of the 10 analysts tracking the company, eight maintain 'buy' and two recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 21.7%.
The stock has mirrored the Nifty, shedding nearly 4.5% in 2022 so far compared to Nifty's 4.63% losses.
Source: Exchange filing, Bloomberg
Opening Bell: Sensex, Nifty Off To A Volatile Start; Bajaj Finserv Climbs Nearly 4%
India's stock benchmarks are off to a volatile start, swinging between gains and losses in the opening minutes, as gains in energy and oil and gas stocks were offset by losses in metal and realty firms.
The S&P BSE Sensex fell 180 points (0.3%) to 55,585.90. The NSE Nifty 50 also declined by similar magnitude to 16,567.25. Today, 10 of the Nifty 50 stocks rose, while 40 fell.
The broader indices almost mirrored their larger peers. Barring S&P BSE Energy, all the other 18 sectoral gauge declined with Auto measure losing 1%.
The market breadth is skewed in the favour of bears. About 1,025 stocks rose, 1,125 fell and 102 remained unchanged.
10-Year Bond Yield Rises To 7.41%
Yield on the 10-year bond rose 2bps, at the open.
Source: Bloomberg
Rupee Opens Little Changed
Indian currency added 1 paise to 79.73, against the U.S. dollar at the open.
Source: Bloomberg
Here's How India's Top I.T. Firms Stand On Attrition, Wages Front
Adani Enterprises AGM 2022
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
RBI Allows IDBI Bank Bidders To Buy Over 40% Stake, Reports Business Standard
RBI has accepted government's request to allow non-financial institutions and non-regulated entities to own over 40% of IDBI Bank, Business Standard reports, citing an unidentified person.
As of now, non-financial institutions can own 10% stakes while non-regulated entities can purchase 15% holdings of banks.
RBI did not respond to Business Standard's request for comments.
Source: Business Standard, Bloomberg
Trade Setup For Tuesday
Key Monitorables
Net Institutional Flows Turn Negative After Five Days
Net institutional flows turned negative after five sessions on Monday. Net institutional outflow of Rs 916 crore is the most since July 13 (Rs 1,041 crore).
Source: NSE
Earnings Today
Larsen & Toubro
Bajaj Auto
Asian Paints
Tata Power
Relaxo Footwears
Tata Investment Corporation
United Spirits
Union Bank of India
Ujjivan Small Finance Bank
Sanofi
Ken Industries
India Grid Trust
Greenlam Industries
Ethos
EPL
Apollo Pipes
Aditya Birla Sun Life AMC
UTI Asset Management
Symphony
SIS
Shopper’s Stop
Stocks To Watch
Tata Motors: The company signed a memorandum of understanding with EC Wheels India, an app based urban transportation service in Kolkata to deploy 1,000 XPRES T Electric sedans for cab transportation.
Bajaj Finserv: The company will consider proposals for bonus issue and sub-division of shares on July 28.
Larsen & Toubro: The company issued a clarification of media reports suggesting sale of block of roads and transmission project to Edelweiss fund for Rs 7,000 crore. It said that it has not signed any such agreement for sale.
Sonata Software: The company approved issue of one bonus share for every three shares.
Lupin: The company received approval from the U.S. FDA for Abbreviated New Drug Application, Azilsartan Medoxomil tablets, 40 mg and 80 mg, to market a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals, Inc. The product will be manufactured at the company’s facility in Nagpur.
PSP Projects: The company received orders worth Rs 257.27 crore including two work orders from repeat clients i.e. Development of Ahmedabad Airport in Institutional segment and one Pharmaceutical Project in Industrial segments worth Rs 128.01 crores and Rs 98.99 crores respectively and remaining orders worth Rs 30.26 crores are from the Precast segment.
Earnings Post Market Hours
Tech Mahindra Q1 FY23 (Consolidated, QoQ)
Revenue up 5% at Rs 12,707.9 crore Vs Rs 12,116.3 crore (Bloomberg estimate: Rs 12,524.4 crore)
EBIT fell 12.5% at Rs 1,403.40 crore Vs Rs 1604.2 crore (Bloomberg estimate: Rs 1,514.5 crore)
EBIT margin 11% Vs 13% (Bloomberg estimate: 12%)
Net profit fell 25% at Rs 1131.6 crore Vs Rs 1505.7 crore (Bloomberg estimate: Rs 1215.7 crore)
Axis Bank Q1FY23
Net interest income: Rs 9,384 crore vs Rs 7,760 crore (YoY)
Net Profit: Rs 4,125 crore vs Rs 2,160 crore (YoY) (Bloomberg estimate: Rs 3,658 crore)
GNPA: 2.76% vs 2.82% (QoQ)
NNPA: 0.64% vs 0.73% (QoQ)
Tata Steel Q1 FY23 (Consolidated, YoY)
Revenue up 19% at Rs 63,430.07 crore Vs Rs 53,465.43 crore (Bloomberg estimate: Rs 60,474.2 crore)
EBITDA fell 7% at Rs 14,972.80 crore Vs Rs 16,110.55 crore (Bloomberg estimate: Rs 12,478 crore)
EBITDA margin 23.6% Vs 30.1% (Bloomberg estimate: 21%)
Net profit fell 13% at Rs 7,764.96 crore Vs Rs 8,907 crore (Bloomberg estimate: Rs 7,275 crore)
Macrotech Developers Q1 FY23 (Consolidated, YoY)
Revenue up 67% at Rs 2,675.75 crore Vs Rs 1,605.37 crore (Bloomberg estimate: Rs 2,243.76 crore)
EBITDA up 38% at Rs 466.69 crore Vs Rs 338.31 crore (Bloomberg estimate: Rs 501.45 crore)
EBITDA margin 17.4% Vs 21%
Net profit up 68% at Rs 270.8 crore Vs Rs 161 crore (Bloomberg estimate: Rs 346.2 crore)
IIFL Wealth Q1 FY23 (Consolidated, YoY)
Revenue up 21% at Rs 460.51 crore Vs Rs 381.5 crore (Bloomberg estimate: Rs 378 crore)
EBIT up 36% at Rs 270.09 crore Vs Rs 198.39 crore (Bloomberg estimate:176.7 crore)
EBIT margin 59% Vs 52% (Bloomberg estimate: 47%)
Net profit up 34% at Rs 156.58 crore Vs Rs 117 crore (Bloomberg estimate: Rs 152.1 crore)
Approved interim dividend of Rs 15 per share of face value of Rs 2 each
Executed share purchase agreement to acquire 91% stake in MAVM Angels Network for Rs 42 crore.
IEX Q1 FY23 (Consolidated, QoQ)
Revenue fell 12% at Rs 98.35 crore Vs Rs 112.08 crore (Bloomberg estimate: Rs 100.23)
EBITDA fell 15% at Rs 81.01 crore Vs Rs 94.93 crore (Bloomberg estimate: 84.15 crore)
EBITDA margin 82.3% Vs 84.7%
Net profit fell 22% at Rs 69.12 crore Vs Rs 88.4 crore (Bloomberg estimate: Rs 71.85 crore)
Apollo Tricoat Tubes Q1 FY23 (Consolidated, QoQ)
Revenue fell 4.5% at Rs 793.57 crore Vs Rs 830.5 crore
EBITDA fell 2.5% at Rs 45.15 crore Vs Rs 46.29 crore
EBITDA margin 5.7% Vs 5.6%
Net profit fell 0.32% at Rs 30.7 crore Vs Rs 31 crore
Chennai Petroleum Q1 FY23 (Consolidated, YoY)
Revenue up 11.4x at Rs 27449.52 crore Vs Rs 12797.39 crore
EBITDA up 106x at Rs 3,404.35 crore Vs Rs 291.27 crore
EBITDA margin 12% Vs 2%
Net profit up 407x at Rs 2357.62 crore Vs Rs 57 crore
Tejas Networks Q1 FY23 (Consolidated, QoQ)
Revenue fell 0.6% at Rs 125.76 crore Vs Rs 126.5 crore
Operating loss narrowed 92% at Rs 7.32 crore Vs Rs 88.11 crore
EBITDA margin -6% Vs -70%
Net loss narrowed 87% at Rs 6.64 crore Vs Rs 50 crore
Jindal Stainless Q1 FY23 (Consolidated, YoY)
Revenue up 36% at Rs 5474.12 crore Vs Rs 4032.72 crore
EBITDA fell 9% at Rs 548.65 crore Vs Rs 601.03 crore
EBITDA margin 10% Vs 15%
Net profit up 6% at Rs 321.32 crore Vs Rs 303 crore
Sonata Software Q1 FY23 (Consolidated, QoQ)
Revenue up 22% at Rs 1,778.86 crore Vs Rs 1,463.63 crore
EBIT up 35.4% at Rs 128.67 crore Vs Rs 95.03 crore
EBIT margin 7.3% Vs 6.5%
Net profit up 7% at Rs 107.76 crore Vs Rs 101 crore
GSK Pharmaceuticals Q1 FY23 (Consolidated, YoY)
Revenue up 4% at Rs 729.46 crore Vs Rs 701.84 crore
EBITDA up 12% at Rs 147.93 crore Vs Rs 131.74 crore
EBITDA margin 20% Vs 19%
Net profit fell 1% at Rs 118.68 crore Vs Rs 120 crore
Tanla Platforms Q1 FY23 (Consolidated, YoY)
Revenue fell 6% at Rs 800.14 crore Vs Rs 853.05 crore
EBIT fell 30% at Rs 121.41 crore Vs Rs 173.92 crore
EBIT margin 15% Vs 20%
Net profit fell 29% at Rs 100.41 crore Vs Rs 141 crore
Sensex, Nifty Set To Fall; Axis Bank, Tech Mahindra, Tata Steel, Asian Paints, L&T In Focus
Asian equities were muted at the open on Tuesday ahead of the looming Federal Reserve interest-rate hike on Wednesday, amid moderation in crude oil prices to $96 per barrel and key corporate earnings. Futures rose in Japan, Australia and Hong Kong, while US futures declined after a choppy Wall Street session.
At 7:10 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.17% to 16,590.50. Elsewhere, Bitcoin dropped 5% to hover around $21,000.