Stock Market Today: Sensex, Nifty Rise For Second Day Led By ITC, Infosys, Realty Stocks
Sensex was up 318 points or 0.51% at 62,345.71 while Nifty was higher by 84 points or 0.46% at 18,398.85.
KEY HIGHLIGHTS
FPIs Stay Buyers For 13th Straight Day
Overseas investors remained net buyers of Indian equities for 13 days in a row on Monday, marking their longest buying spree so far in 2023.
Foreign portfolio investors mopped up equities worth Rs 1,685.2 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned buyers, snapping a three-day selling streak and bought stocks worth Rs 191.2 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 29,882.4 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Rise
The yield on 10-year bond closed higher at 7.01% on Monday.
It closed at 6.99% on Friday, the lowest in over 13 months since April 7, 2022.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by 13 paise to close at 82.30 against the greenback on Monday.
The local currency closed at 82.17 on Friday.
Source: Bloomberg
Broader Markets End Higher
The broader markets ended higher; the S&P BSE MidCap Index was up 0.47%, whereas S&P BSE SmallCap Index was higher by 0.49%.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Commodities, S&P BSE Utilities, S&P BSE Oil and Gas and S&P BSE Power declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,931 stocks rose 1,712 declined, and 178 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
ITC Ltd., Infosys Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., and Larsen and Toubro Ltd. were positively contributing to the change in the Nifty 50 Index.
Whereas, TCS Ltd., Adani Enterprises Ltd., Maruti Suzuki India Ltd., Cipla Ltd., and Grasim Industries Ltd. were negatively adding to the change.
Source: Cogencis
Sensex, Nifty Rise For The Second Consecutive Day
Indian equity benchmarks held on the gains through Monday to rise for the second consecutive session. Realty and media sectors were the top gainers in trade. The S&P BSE Sensex Index and the NSE Nifty 50 Index ended at its highest levels in five months since mid-December in 2022.
Asian markets were mixed, Europeans markets advanced, whereas the S&P 500 futures climbed 0.4%, signaling a rebound from Friday’s retreat. The Thai baht climbed as pro-democracy parties got the most votes in weekend elections, and the rand rallied after South Africa moved to ease tensions with the U.S.
The U.S. debt ceiling remains the biggest focus for investors this week and strategists are warning Bloomberg, about market turmoil and economic disaster if politicians don’t agree to raise the government’s $31.4 trillion borrowing limit.
The S&P BSE Sensex Index was up 318 points or 0.51% at 62,345.71 while the NSE Nifty 50 Index was higher by 84 points or 0.46% at 18,398.85.
Century Plyboards Q4FY23 (Consolidated, YoY)
Revenue up 7% at Rs 961.81 crore vs Rs 895.26 crore (Bloomberg estimate: Rs 891.93 crore).
Ebitda up 30% at Rs 162.71 crore vs Rs 158.20 (Bloomberg estimate: Rs 127.86 crore).
Ebitda margin at 16.9% vs. 17.7% (Bloomberg estimate: 14.3%)
Net profit up 24% at Rs 112.79 crore vs Rs 91.03 crore (Bloomberg estimate: Rs 93.89 crore).
The board of directors approved a dividend of Re 1 per share.
Source: Exchange filing
Most European Indices Trading Higher
Yield On The 10-Year Bond Slips Below 7%
The yield on the 10-year bond was trading at 6.98% intraday, the lowest in over a week since May 4, 2023.
Source: Bloomberg
Stocks At 52-Week High Intraday
Nifty 500 stocks trading at 52-week low, intraday.
Realty Stocks Advance
Shares of real estate companies were trading higher on Monday as the NSE Nifty Realty Index rose 5.26%, as compared to a 0.67% advance in the NSE Nifty 50.
All the 10 constituents compiled by the gauge advanced.
DLF Ltd., Mahindra Lifespace Developers Ltd., Sobha Ltd., Oberoi Realty Ltd., Godrej Properties Ltd., Prestige Estates Projects Ltd., Macrotech Developers Ltd., Indiabulls Real Estate Ltd., Brigade Enterprises Ltd. and Phoenix Mills Ltd., advanced over 1% in trade.
Source: NSE
DLF Shares Trade Over 13-Year High
Shares of DLF Ltd. traded at an over thirteen-year high on Monday after the company reported a jump in its fourth-quarter profit, prompting analysts to increase their target price for the stock.
The uptick in housing demand bodes well for DLF, and the company's launches and pre-sales trajectory, along with collections, would be key stock indicators, according to analysts.
DLF Q4 FY23 Highlights (YoY)
Net profit is up 40.7% to Rs 570 crore as compared with Rs 405 crore.
Revenue from operations fell nearly 6% to Rs 1,456 crore versus Rs 1,547 crore.
Ebitda rose 8% to Rs 398 crore as against Rs 367.5 crore.
Ebitda margin expanded to 27.3% versus 23.7%.
The real estate developer reported a 40.5% rise in consolidated net profit to Rs 570 crore for the quarter ended March 2023, as compared with Rs 405 crore over the same quarter last year, it said in an exchange filing on Friday. Analysts polled by Bloomberg had estimated a net profit of Rs 565.4 crore for the three-month period.
Shares of DLF Ltd. gained 6.16% to Rs 462.8 apiece, as of 12:54 p.m., in trade on Monday compared to 0.62% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 6.43% intraday, the most in five weeks since April 10, 2023. The script hit Rs 464 apiece intraday, it's highest level in over 13 years and six months since Oct. 26, 2009.
Total traded volume stood at 4.9 times its 30-day average. The relative strength index was at 79, implying that the stock maybe overbought.
Out of the 21 analysts tracking the company, 18 maintain a 'buy' rating, two recommend a 'hold' and one 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 4.8%.
Source: Bloomberg, Exchange filing
Dish TV India Q4 Results: Shares Decline After Revenue Drops
Shares of Dish TV India Ltd. were trading lower after the company posted a decline in Q4 revenue.
The company clocked 21.45% year-on-year decline in revenue to Rs 504.82 crore, according to a stock exchange filing. Meanwhile, net loss narrowed to Rs 1,720.62 crore from Rs 2,031.99 crore loss.
Dish TV India Q4 (YoY, Consolidated)
Revenue down 21.45% at Rs 504.82 crore
Ebitda down 95.73% at Rs 15.04 crore
Ebitda margin at 2.98% vs 54.85%
Net loss narrows to Rs 1,720.62 crore from Rs 2,031.99 crore loss.
The scrip was trading 2.8% lower at Rs 15.65, compared to 0.58% gain in benchmark Nifty 50. Total traded quantity so far in the day stood at 1.4 times the 30-day average volume.
The one analyst tracking the stock maintained a 'buy', according to Bloomberg data. The return potential implied an upside of 15% over the next 12 months.
SEBI Files Rejoinder In Adani Hindenburg Case
SEBI says the investigation into the issuance of GDR of 51 companies is completed.
No listed company of Adani group is part of the aforesaid companies.
SEBI has not been investigating the Adani Group since 2016.
Source: SEBI Affidavit Filed In SC
Karnataka Elections: Deven Choksey On BJP’s Loss & Its Impact On Markets: Trade Talks
Stocks In Focus: Tata Motors, Adani Enterprises, HPCL, DLF
WPI Inflation Falls To The Lowest Since June 2020
WPI inflation declines by 0.92% in April 2023 compared to a rise of 1.34% in March 2020.
Source: Office of Economic Advisor
Sensex, Nifty Rise As Realty Stocks Gain; Infosys, HDFC Bank, RIL Lead: Midday Market Update
Indian equity benchmarks opened higher and held on the gains amid mixed Asia trade on Monday. Realty and media sectors were the top gainers, whereas, pharma companies declined. The S&P BSE Sensex Index was trading above 62,400-level, while NSE Nifty 50 Index was upwards of 18,400-mark, the most in five months since mid-December in 2022.
U.S. and European stock futures were little changed and Asian equities were mixed as investors weighed signs of progress in talks to avert a U.S. debt default and persistent inflationary pressure.
Thai baht climbed as pro-democracy parties got the most votes in weekend elections, and the rand rallied after South Africa moved to ease tensions with the US.
Japanese shares gained, with the Topix index nearing the highest level since 1990. Benchmarks in mainland China and South Korea fell while Hong Kong’s main gauge edged up.
As of 12:03 p.m., the S&P BSE Sensex Index was up 366 points or 0.59% at 62,393.75 while the NSE Nifty 50 Index was higher by 99 points or 0.54% at 18,414.20.
Infosys Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Larsen and Toubro Ltd., and HDFC Ltd. were positively contributing to the change in the Nifty 50 Index.
Whereas, Adani Ports and SEZ Ltd., Sun Pharmaceutical Industries Ltd., Divi's Laboratories Ltd., Cipla Ltd., and Adani Enterprises Ltd. were negatively adding to the change.
The broader markets were trading higher; the S&P BSE MidCap Index was up 0.58%, whereas S&P BSE SmallCap Index was higher by 0.44%.
Eighteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Utilities and S&P BSE Power declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,913 stocks rose 1,516 declined, and 188 remained unchanged on the BSE.
Navin Fluorine Q4 Results: Jefferies Predicts Gradual Margin Recovery On Rising Revenue
Navin Fluorine International Ltd.'s margins should improve gradually led by an increase in revenue contribution from new and higher margin projects, according to Jefferies.
The brokerage upgraded its rating to 'buy', from 'hold', and raised price target to Rs 5,610 from Rs 4,235, implying an upside of 18%.
Jefferies said that the management expects fiscal 2024 margins to be marginally better than that of fiscal 2023, which was 11-yr high of 26.5%.
"We forecast 33% profit after tax CAGR over FY23-25 - the strongest under our chemicals coverage," the brokerage said.
Navin Fluorine International Q4 ( Consolidated, YoY)
Revenue from operations gained 70% to Rs 697.1 crore vs Rs 408.94 crore. (BBG Estimate: Rs 651.93 crore)
Ebitda rose to Rs 201.77 crore vs Rs 94.26 crore. (BBG Estimate: 183.2 crore)
Ebitda margin stood at 28.9% vs 23% (BBG Estimate: 28.52%)
Net profit rose 81% to Rs 136.36 crore vs Rs 75.15 crore. ( BBG Estimate: Rs 124.07 crore)
As of 10:50 a.m., the scrip was trading 0.16% higher at Rs 4,755.50, compared to a 0.37% gain in benchmark Nifty 50.
Of 18 analysts tracking the stock, eight maintained 'buy', four remained neutral between 'buy' and 'hold', four suggested 'hold' and two analyst maintained a neutral stance between 'hold' and 'sell', according to Cogencis data.
Hindustan Petroleum Shares Rise As Profit Jumps To A Nine-Year High In Q4
Shares of Hindustan Petroleum Corporation Ltd. rose the most in over a week after the company reported the highest quarterly profit in nine years for the quarter ended March 31, 2023.
The company also announced that it will incorporate a wholly owned subsidiary to consolidate all green and emerging business opportunities under one umbrella. The company is also exploring options to unlock value in the lubricant business, including carving it out as a separate business.
The company's revenue rose by 10.67% year-on-year to Rs 1.08 lakh crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 1.05 lakh crore, according to its exchange filing.
It reported a total revenue from operations of Rs 1.14 lakh crore, however, it includes Rs 5,617 crore worth on-time grant from the government of India. This amount was disbursed by the government for the under-recoveries incurred by the company on the sale of domestic LPG in the financial year 2021-2022 and 2022-2023.
Company's March quarter net profit was at a nine-year high, up 78.77% to Rs 3,608.32 crore compared with Rs 2,018.45 crore, in the same period a year back.
Additionally, Hindustan Petroleum Corporation Ltd.'s refineries at Mumbai and Visakhapatnam operated at 113% capacity and processed highest ever quarterly crude thru-put of 4.96 million metric tonnes during January to March in 2023.
Hindustan Petroleum Corp Q4 FY23 (Consolidated, YoY)
Revenue 10.67% at Rs 1.08 lakh crore vs Rs 1.05 lakh crore (Bloomberg estimate: Rs 1.01 lakh crore)
EBITDA up 82.83% at Rs 5129.73 crore vs Rs 2805.67 crore
Ebitda margin at 4.75% vs 2.87% (Bloomberg estimate: 4%)
Net profit up 78.77% at Rs 3,608.32 crore vs Rs 2,018.45 (Bloomberg estimate: Rs 162.40 crore)
Shares of Hindustan Petroleum Corporation Ltd. gained 0.15% to Rs 261.15 apiece, as of 11:16 a.m., in trade on Monday compared to 0.46% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 3.16% intraday, the most in over a week since May 4, 2023. Total traded volume stood at 2.1 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Out of the 35 analysts tracking the company, 22 maintain a 'buy' rating, five recommend a 'hold' and seven 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 5.5%.
Source: Bloomberg, Exchange filing
Rail Vikas Nigam Shares Rise After Bagging Order Worth Rs 2,249 Crore
Shares of Rail Vikas Nigam Limited rose on Monday morning after the company, in a joint venture with SCC Infrastructure Pvt. Ltd received a letter of award worth Rs 2,248.9 crore, according to an exchange filing.
The project involves “planning, design and construction of main canal and structures" for upper high-level canal of Mahi Bajaj Sagar project in Banswara district of southern Rajasthan, according the filing released post market hours on Friday, May 12.
It includes the distribution system to provide irrigation facility to 41,903 hectare area through piped irrigation network.
The cost of project is Rs 2,248.94 crore of which, Rail Vikas Nigam's share is 51% and SCC Infrastructure's share is 49%, according to the filing
Shares of Rail Vikas Nigam rose 1.66% to Rs 122.4 apiece, compared to a 0.36% gain in the benchmark NSE Nifty 50 as of 10:28 a.m. The price of the stock rose 3.78% intraday.
The stock gained 290.88% in 52 weeks and 78.68% year-to-date.
The two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg.
Westlife Foodworld Names Amit Jatia As Chairperson, Smita Jatia As Vice Chairperson
Westlife Foodworld, the owner of India's McDonald's frachise, named Vice Chairman Amit Jatia as chairperson and Smita Jatia as vice chairperson effective today.
Source: Exchange filing
SpiceJet's Unit Inks $100-Million Investment Deal With U.K.'s SRAM & MRAM Group
U.K.'s SRAM & MRAM Group, SpiceXpress and Logistics Pvt. Ltd. signed MoU to invest $100 million in SpiceXpress.
This investment should help SpiceXpress to further grow and expand and provide a more streamlined and efficient service to its customers.
MoU follows a restructuring agreement with aircraft lessor Carlyle Aviation Partner wherein the latter picked up a stake in SpiceXpress at a future valuation of $1.5 billion or Rs 12,422 crore.
Source: Exchange filing
Great Eastern Shipping Shares Jump The Most In 10 Weeks On Record Profit In FY23
Shares of Great Eastern Shipping Co. rose the most in over 10 weeks after the company reported highest-ever net profit and dividend in the year ended March 21, 2023.
The company's revenue rose by 58.92% year-on-year to Rs 1,455.98 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 916.17 crore, according to its exchange filing.
Company's March quarter net profit up 282.04% to Rs 721.94 crore compared with Rs 188.97 crore, in the same period a year back.
The company also said in its investor presentation that it earned the highest-ever net profit of Rs 2,575 crore on a consolidated basis in FY23. The net asset value moved by 68% in FY23 to Rs 1,164 per share. Great Eastern Shipping Co. also announced its highest-ever dividend for the year at Rs 28.80 apiece.
Great Eastern Shipping Co. Q4 FY23 (Consolidated, YoY)
Revenue up 58.92% at Rs 1,455.98 crore vs Rs 916.17 crore
Ebitda up 119.39% at Rs 847.04 crore vs Rs Rs 386.09 crore
Ebitda margin at 58.18% vs 42.14%
Net profit up 282.04% at Rs 721.94 crore Rs 188.97 crore
The board declared a fourth interim dividend of Rs 9 per share for Q4, with a total of Rs 28.80 apiece for FY23, implying an aggregate outgo of Rs 128.49 crore in FY23.
Shares of Great Eastern Shipping Co. gained 7.23% to Rs 725.65 apiece, as of 10:08 a.m., in trade on Monday compared to 0.34% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 7.85% intraday, the most in over 10 weeks since March 2, 2023. Total traded volume stood at 19.9 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.
Two analysts tracking the company maintain a 'buy' rating 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 24.1%.
Source: Bloomberg, Exchange filing
Rupee Weakens Against The Greenback
Broader Markets Underperform
The broader market declined and underperformed the larger peers; the S&P BSE MidCap Index was down 0.03%, whereas S&P BSE SmallCap Index was lower by 0.11%.
Eight out of the 19 sectors compiled by BSE declined, while 11 advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,435 stocks rose 1,272 declined, and 171 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Tata Motors Ltd., Eicher Motors Ltd., Bajaj Auto Ltd., Asian Paints Ltd., and Infosys Ltd. were the top gainers in the NSE Nifty 50 gauge.
Cipla Ltd., Adani Enterprises Ltd., Adani Ports and SEZ Ltd., IndusInd Bank Ltd., Sun Pharmaceutical Industries Ltd. were the top losers in the NSE Nifty 50 gauge.
Sensex, Nifty Off To A Volatile Start
Indian equity benchmarks opened volatile amid mixed Asia trade on Monday after the S&P BSE Sensex Index closed above 62,000-level, a five-month high on Friday.
U.S. stock futures declined whereas, the picture for Asian stocks was mixed. Japanese shares gained, while benchmarks in Australia, South Korea, and mainland China all dropped and Hong Kong’s markets fluctuated. The dollar weakened versus most of its Group-of-10 peers, while Australian and New Zealand bonds declined. The S&P 500 ended the last week down 0.3%, while the Nasdaq 100 eked out a 0.6% advance.
Inflation concerns persist, with a preliminary University of Michigan sentiment survey showing consumers expect prices to rise at a 3.2% annual rate over the next five to 10 years, a 12-year high. In China inflationary pressure has been in retreat, raising speculation that the central bank may ease monetary policy.
At pre-open, the S&P BSE Sensex Index opened up 133 points or 0.21% at 62,161.23 while the NSE Nifty 50 Index was higher by 25 points or 0.13% at 18,229.30.
Sensex, Nifty Gain In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index opened up 133 points or 0.21% at 62,161.23 while the NSE Nifty 50 Index was higher by 25 points or 0.13% at 18,229.30.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on 10-year bond opened flat at 7% on Monday.
It closed at 6.99% on Friday, the lowest in over 13 months since April 7, 2022.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 5 paise to open at 82.22 against the greenback on Monday.
The local currency closed at 81.17 on Friday.
Source: Bloomberg
Karnataka Poll Result: Impact On Markets
Bank Nifty Likely Antidote To A Week Of Weak Bias :Trade Setup
Global Cues
U.S. Dollar Index at 102.6
U.S. 10-year bond yield at 3.44%
Brent crude down 0.53% at $73.78 per barrel
Nymex crude down 0.47% at $69.71 per barrel
SGX Nifty down 0.25% at 18,276.5 as of 8:18 a.m.
Bitcoin up 0.95% at $27,207.88
Bulk Deals
Zee Entertainment Enterprises: Plutus Wealth Management bought 65 lakh shares (0.67%) at Rs 184.63 apiece.
Block Deals
Nazara Technologies: Societe Generale bought 5.93 lakh shares (0.89%), Anupam Dhanuka sold 2.93 lakh (0.44%) and Anshu Dhanuka sold 3 lakh shares (0.45%) at Rs 570 apiece.
Pledge Share Details
Gati: Promoter group Manish Agarwal Benefit Trust revoked a pledge of 95,000 shares on May 8.
Trading Tweaks
Ex-Date Final Dividend: Sula Vineyard, Tata Coffee
Record Date Final Dividend: Sula Vineyard
Ex-Date Interim Dividend: Anupam Rasayan India
Record Date Interim Dividend: Anupam Rasayan India
Stocks To Watch: Adani, Tata Motors, Pfizer, PVR Inox, Hindustan Petroleum, Indraprastha Gas, DLF
Adani Transmission: The board approves Rs 8,500 crore of qualified institutional placement. The fundraise is subject to the receipt of the necessary approvals, including the approval of the members of the company and other regulatory and statutory approvals, as may be required. The board will also seek shareholder approval for the fundraiser.
Adani Enterprises: The board approves a fundraise of Rs 12,500 crore via QIP. It will seek the approval of shareholders for the aforesaid issuance.
Birla Corporation: Wholly owned subsidiary, RCCPL Pvt. Ltd., acquired limestone mining rights over 889.76 hectares in Katni, Madhya Pradesh, in a tripartite agreement with the Madhya Pradesh government and Sanghi Infrastructure for a consideration of Rs 5,155.49 crore.
Hindustan Petroleum: The company will incorporate a wholly owned subsidiary to consolidate all green and emerging business opportunities under one umbrella. The company is also exploring options to unlock value in the lubricant business, including carving it out.
Rail Vikas Nigam: A Rail Vikas Nigam-SCC Infrastructure joint venture received the letter of award for a project worth Rs 2,248.94 crore to plan, design, and construct the main canal and structures to provide irrigation facilities to 41,903 hectares for the Upper High-Level Canal of the Mahi Bajaj Sagar Project in Banswara, Rajasthan. RVNL has a 51% share in the joint venture.
Vedanta: The company approved capex of $296 million in Cairn Oil and Gas operations. It appointed Sonal Shrivastava as the chief financial officer, effective June 1, 2023. It also reappointed Navin Agarwal as whole-time director from Aug. 1, 2023, to July 31, 2028, and Priya Agarwal as non-executive director from May 17 to May 16, 2028.
Mahindra CIE Automotive: The company invested Rs 4.16 crore in associate Clean Max Deneb Power LLP to source green energy on a captive basis. The company has invested 8.36 crore in Clean Max Deneb, representing 26% of the latter’s total capital.
Canara Bank: The Reserve Bank of India imposed a penalty of Rs 2.92 crore on Canara Bank for regulatory violations.
Adani Green Energy: The board meeting to consider a proposal for raising funds, scheduled for May 13, has been postponed to May 24.
Sun Pharmaceuticals: The company received tentative approval from the U.S. FDA for its linagliptin tablets.
Indian Railways Finance Corporation: The company will consider and approve the market borrowing programme for the financial year 2022–23 on May 24.
Punjab National Bank: The lender will consider raising equity capital on May 19 through the issue of equity shares to eligible employees under the employee stock purchase scheme.
Q4 Results Today
Pfizer, PVR Inox, Kalyan Jewellers India, Suryoday Small Finance Bank, Tube Investments of India, Asahi India Glass, Century Plyboards (I), Astral, Cantabil Retail India, Coromandel International, Goodluck India, HIL, Patel Engineering, PCBL, Procter & Gamble Health, SJS Enterprises, Skipper, Subex, Ugro Capital, Uttam Sugar Mills, Vesuvius India.
Earnings Fineprint
Avenue Supermarts Q4 FY23 (Consolidated figures, YoY)
Revenue up 21% at Rs 10594.11 crore. (Bloomberg estimate: Rs 10469.41 crore)
Net profit up 8% at Rs 460.13 crore. (Bloomberg estimate: Rs 438.81 crore)
Ebitda up 4% to Rs 771.51 crore. (Bloomberg estimate: Rs 703.74 crore)
Margins at 7.3% versus 8.4%. (Bloomberg estimate: 6.7%)
Tata Motors Q4 FY23 (Consolidated, YoY)
Revenue rose 35% to Rs 1.06 lakh crore (Bloomberg estimate: Rs 1.02 lakh crore)
Ebitda rose 58% to Rs 13,114 crore (Bloomberg estimate: Rs 12,352.71 crore)
Ebitda margin stood at 12.4% vs 10.6% (Bloomberg estimate: 12.08%)
Net Profit at Rs 5,408 crore vs Rs 1,033 crore loss (Bloomberg estimate: Rs 3,558.46 crore)
The board recommended a final dividend of Rs 2 per share for the fiscal ended March 2023.
Hindustan Petroleum Q4 FY23 (Consolidated, YoY)
Revenue 10.67% at Rs 1.08 lakh crore (Bloomberg estimate: Rs 1.01 lakh crore)
Ebitda up 82.83% at Rs 5,129.74 crore (Bloomberg estimate: Rs 4072.60 crore)
Ebitda margin at 4.75% vs 2.87% (Bloomberg estimate: 4%)
Net profit up 78.77% at Rs 3,608.32 crore (Bloomberg estimate: Rs 162.40 crore)
Colgate-Palmolive (India) Q4 FY23 (Consolidated, YoY)
Revenue up 3.79% at Rs 1,350.63 crore (Bloomberg estimate: Rs 1,343.15 crore)
Ebitda up 5.23% at Rs 451.9 crore (Bloomberg estimate: Rs 408.06 crore)
EBitda margin at 33.46% vs 33% (Bloomberg estimate: 30.4%)
Net profit down 2.27% at Rs 316.22 crore (Bloomberg estimate: Rs 280.10 crore)
The board declared the second interim dividend of Rs 21 per share for fiscal 2023. The record date for the dividend has been fixed as May 20, and it will be paid on and from June 8.
DLF Q4 FY23 (Consolidated, YoY)
Revenue down 5.89% at Rs 1,456.06 crore (Bloomberg estimate: Rs 1,583.93 crore)
Ebitda up 8.38% at Rs 398.35 crore (Bloomberg estimate: Rs 504.48 crore)
Ebitda margin at 27.36% vs 23.75% (Bloomberg estimate: 31.8%)
Net profit up 40.45% at Rs 569.6 crore (Bloomberg estimate: Rs 565.42 crore)
The board recommended a dividend of Rs 4 per share for the financial year 2022-23.
Indian Overseas Bank Q4 FY23 (Standalone)
Net interest income up 41.41% at Rs 2,276.11 crore
Net profit up 17.69% at Rs 650.07 crore
GNPA ratio at 7.44% vs 8.19%
NNPA ratio at 1.83% vs 2.43%
The board approved raising Rs 2,000 crore during financial year 2023-24—Rs 1,000 crore e through issue of equity shares, and another Rs 1,000 crore through Basel III compliant Tier II bonds.
Indraprastha Gas Q4 FY23 (Consolidated, YoY)
Revenue up 53.28% at Rs 4,061.63 crore (Bloomberg estimate: Rs 3,720.80 crore)
Ebitda down 6.83% at Rs 466.28 crore (Bloomberg estimate: Rs 482.80 crore)
Ebitda margin at 11.48% vs 18.89% (Bloomberg estimate: 13%)
Net profit down 7.76% at Rs 397.51 crore (Bloomberg estimate: Rs 372.90 crore)
Great Eastern Shipping Co. Q4 FY23 (Consolidated, YoY)
Revenue up 58.92% at Rs 1,455.98 crore
Ebitda up 119.39% at Rs 847.04 crore
Ebitda margin at 58.18% vs 42.14%
Net profit up 282.04% at Rs 721.94 crore
The board declared a fourth interim dividend of Rs 9 per share, with a total outgo of Rs 128.49 crore for the year ended March 2023.
APL Apollo Tubes Q4 FY23 (Consolidated, YoY)
Revenue up 5.13% at Rs 4,431.09 crore (Bloomberg estimate: Rs 4,621.62 crore)
Ebitda up 21.34% at Rs 322.90 crore (Bloomberg estimate: Rs 317 crore)
Ebitda margin at 7.29% vs 6.31% (Bloomberg estimate: 6.86%)
Net profit up 14.27% at Rs 201.82 crore (Bloomberg estimate: Rs 210.17 crore)
The board recommended a final dividend of Rs 5 per share for the financial year 2022-23.
Kennametal India Q4 FY23 (YoY)
Revenue up 4.07% at Rs 255.7 crore
Ebitda down 28.4% at Rs 30.5 crore
Ebitda margin at 11.93% vs 17.34%
Net profit down 42.01% at Rs 15.6 crore
The board declared an interim dividend of Rs 20 per share for the fiscal 2023, with record date fixed as May 25.
Dish TV India Q4 FY23 (Consolidated, YoY)
Revenue down 21.45% at Rs 504.82 crore
Ebitda down 95.73% at Rs 15.04 crore
Ebitda margin at 2.98% vs 54.85%
Net loss narrows to Rs 1,720.62 crore from Rs 2,031.99 crore loss.
SGX Nifty Signals Lower Open For The Benchmarks
U.S. stock futures declined, whereas the picture for Asian stocks was mixed. Japanese shares opened higher, while benchmarks in Australia and South Korea dropped along with futures for Hong Kong.
Stocks and bonds slipped in the U.S. on Friday as investors boosted bets on the Federal Reserve’s interest-rate hikes. The S&P 500 ended the week down 0.3%, while the Nasdaq 100 eked out a 0.6% advance.
Early trading hours on Monday saw much of the action in emerging-market currencies. The baht climbed as pro-democracy parties won a resounding victory in Thai elections, and the rand rallied after South Africa moved to ease tensions with the U.S.
Inflation concerns persist, with a preliminary University of Michigan sentiment survey showing consumers expect prices to rise at a 3.2% annual rate over the next five to 10 years, a 12-year high. In China, inflationary pressure has been in retreat, raising speculation that the central bank may ease monetary policy.
The yield on the 10-year Treasury note in the U.S. was trading at 3.44%. Crude oil prices fell below the $74 mark, while Bitcoin advanced above $27,000 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.25% at 18,276.5.
Domestic benchmark indices reversed early losses to close with gains, supported by advances in banking and auto stocks.
The Indian rupee continued its downward trend against the U.S. dollar as a stronger greenback attracted investor attention.
Foreign investors were net buyers for the twelfth straight day and bought equities worth Rs 1,014.06 crore. On the other hand, domestic institutional investors remained sellers for a third day, and sold stocks worth Rs 922.19 crore, the NSE data showed.