Stock Market Today: Sensex, Nifty Drop For Second Day As Infosys, Kotak Bank, RIL, TCS Drag
Sensex closed down 372 points or 0.60% at 61,560.64 while Nifty was lower by 105 points or 0.57% at 18,181.75.
KEY HIGHLIGHTS
FPIs Stay Buyers For The 15th Straight Day
Overseas investors remained net buyers of Indian equities for 15 days in a row on Wednesday, marking the longest buying spree so far in 2023.
Foreign portfolio investors mopped up equities worth Rs 149.3 crore, according to data from the National Stock Exchange.
Domestic institutional investors were sellers for the second straight day and offloaded stocks worth Rs 203.9 crore, the NSE data showed.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 6.97% on Wednesday.
It closed at 6.96% on Tuesday, the lowest in over 13 months.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by 18 paise to close at 82.40 against the greenback on Wednesday.
The local currency closed at 82.22 on Tuesday.
Source: Bloomberg
Sensex, Nifty Decline For The Second Consecutive Session
Indian equity benchmarks declined through Wednesday as heavyweights like Infosys, Kotak Mahindra Bank, and Reliance Industries dragged the benchmarks. ITC was the top leader on the NSE Nifty 50 Index, ahead of its Q4 earnings announcement on Thursday. Media and real estate sectors were the top losers, whereas, auto and FMCG stocks were little changed on the upside.
Global markets traded mixed with risk-taking tempered by disappointing data out of China, inflation numbers awaited in Europe and deadlocked talks in Washington. Japan equities extended their winning streak as better-than-expected economic growth fueled optimism over the market’s outlook.
U.S. stock futures rose as White House and congressional negotiators continued to try to breach an impasse to raise the debt ceiling. European stocks were little changed ahead of a read on Eurozone inflation that will help shape bets on the rate-hiking cycle.
The S&P BSE Sensex Index closed down 372 points or 0.60% at 61,560.64 while the NSE Nifty 50 Index was lower by 105 points or 0.57% at 18,181.75.
Infosys Ltd., Kotak Mahindra Bank Bank Ltd., TCS Ltd., Reliance Industries Ltd., and HDFC Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, ITC Ltd., Bharti Airtel Ltd., IndusInd Bank Ltd., Maruti Suzuki India Ltd., Hero MotoCorp Ltd., and BPCL Ltd. were positively adding to the change.
The broader markets indices ended mixed; the S&P BSE MidCap Index was down 0.16%, whereas S&P BSE SmallCap Index was higher by 0.25%.
Sixteen out of the 19 sectors compiled by BSE declined, while S&P BSE Fast Moving Consumer Goods, S&P BSE Industrials and S&P BSE Auto advanced.
The market breadth was split between the buyers and the sellers. About 1,717 stocks rose 1,773 declined, and 135 remained unchanged on the BSE.
Hester Biosciences Q4 FY23 (Consolidated, YoY)
Revenue up 19% at Rs 67 crore Vs Rs 56 crore
Net profit down 41% to Rs 4.5 crore Vs Rs 7.7 crore
Operating profit up 13% at Rs 12 crore Vs Rs 10 crore
Margins at 17.3% vs 18.3%
Source: Bloomberg, Exchange filing
Eris Lifesciences Q4 FY23 (Consolidated, YoY)
Revenue up 32% at Rs 403 crore Vs Rs 306 crore (BBG estimate : Rs 396 crore)
Net profit down 19% to Rs 65 crore Vs Rs 80 crore (BBG estimate : Rs 68 crore Profit)
EBITDA up 23% to Rs 119 crore from Rs 97 crore (BBG estimate : Rs 123 crore Profit)
Margins at 29.5% Vs 31.7% (BBG estimate : 31.2%)
Source: Bloomberg, Exchange filing
Dalal & Broacha’s Market & Sectoral Views: Talking Point
Stocks In Focus: Amber Ent, CreditAccess Grameen, LIC HFL
Stocks At 52-Week High Intraday
Nifty 500 stocks trading at 52-weel low, intraday.
European Markets Trade Lower
Kotak Mahindra Bank Shares Top Drag On Nifty 50 Index
Shares of Kotak Mahindra Bank Ltd. fell 2.30% to Rs 1,902.3 apiece, as of 1:59 p.m., in trade on Wednesday compared to 0.78% declined in the benchmark, NSE Nifty 50 Index.
The stock fell as much as 2.65% intraday, the most in over 18 weeks since Jan. 6, 2023. Total traded volume stood at 1.6 times its 30-day average. The relative strength index was at 51.
Out of the 42 analysts tracking the company, 24 maintain a 'buy' rating, 15 recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 12.5%.
Source: Bloomberg, Exchange filing
Sterlite Technologies Q4 FY23 (Consolidated, YoY)
Revenue up 8% at Rs 1,872 crore vs Rs 1,497 crore (Bloomberg estimate: Rs 1,848.4 crore)
Ebitda up 71% at Rs 280 crore vs Rs 164 crore (Bloomberg estimate: Rs 268 crore)
Ebitda margin at 15% vs 11% (Bloomberg estimate: 14.5%)
Net profit at Rs 63 crore vs loss Rs 25 crore (Bloomberg estimate: Rs 87.4 crore)
The board recommended a final dividend of Rs 1 per share.
Source: Exchange filing
Jubilant Foodworks Q4 FY23 (Consolidated, YoY)
Revenue up 8% at Rs 1269.85 crore vs Rs 1175.98 crore
Net profit down 71% at Rs 28.54 crore vs net profit of Rs 96.75 crore
Ebitda down 14% to Rs 249.11 crore vs Rs 289.79 crore
Margins at 19.6% vs 24.6%
Source: Exchange filing
Redington Q4 Results: Profits Falls Missing Estimates
Redington Ltd.’s fourth-quarter profit fell missing estimates as its expenses rose.
The technology services and products distributor’s net profit declined 11% over a year earlier to Rs 310.10 crore in the quarter ended March, according to the company’s exchange filing. The bottom line was dragged by a 27% jump in total expenses majorly driven by increase in purchase of traded goods.
Redington Ltd Q4 FY23 Highlights (YoY)
Revenue up 26.27% at Rs 21,848.59 crore.
Ebitda up at Rs 541.84 crore vs Rs 484.44 crore
Ebitda Margin at 2.48% vs 2.83%
Net Profit down 11% at Rs 310.10 crore vs Rs 347.97 crore
Shares of Redington fell 1.14% as compared with a 0.33% fall in the benchmark NSE Nifty 50. The stock fell 6.27% intraday, the most in over five months since Dec. 23, 2022.
The average traded volume so far in the day stood at 7.7 times its monthly average.
Of the eight analysts tracking the company, all eight maintain a 'buy' rating, according to Bloomberg data. The average 12-
Rail Vikas Nigam Led Consortium Secures Rs 81.23-crore Order From South Central Railway
Rail Vikas Nigam, along with Ganapathi Engineers Works, Hubli emerged as the lowest bidder for a Rs 81.22 crore order from the South Central Railway.
The project entails building an automatic block signalling system in Balharshah-Makudi section of Secunderabad Division of the railway.
Source: Exchange filing
Sensex, Nifty Drift Lower As Infosys, Kotak Bank, RIL Drag; Media, Realty Stocks Decline
Indian equity benchmarks opened volatile and declined through the day as HDFC twins were trading ex-dividend on Tuesday. While media, realty and I.T. sectors were the top losers, only automotive shares advanced. The S&P BSE Sensex Index slipped more than 400 points from the 62,000-mark, where as the NSE Nifty 50 Index was below 18,200-level.
Japan equities extended their winning streak as better-than-expected economic growth fueled optimism over the market’s outlook. The Topix index advanced for a fourth day after the gauge closed at the highest level since 1990 on Tuesday, while the Nikkei 225 index was in the fifth day of gains.Shares advanced in South Korea and fell in Australia.
U.S. stock futures edged higher in Asia after the Nasdaq 100 closed up just 0.1% and the broader S&P fell, following a rapid decline in the final minutes of the session. President Joe Biden and House Speaker Kevin McCarthy were hopeful when asked whether a deal on the debt-ceiling could be reached within days to end a stalemate ahead of a potential U.S. default.
As of 11:57 a.m., the S&P BSE Sensex Index was down 441 points or 0.71% at 61,491.63 while the NSE Nifty 50 Index was lower by 128 points or 0.70% at 18,158.55.
Infosys Ltd., Kotak Mahindra Bank Bank Ltd., Reliance Industries Ltd., TCS Ltd., and HCL Technologies Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, Bharti Airtel Ltd., IndusInd Bank Ltd., Mahindra and Mahindra Ltd., Hero MotoCorp Ltd., and BPCL Ltd. were positively adding to the change.
The broader markets indices declined; the S&P BSE MidCap Index was down 0.61%, whereas S&P BSE SmallCap Index was lower by 0.20%.
All the 20 sectors compiled by BSE declined, with S&P BSE Realty and S&P BSE Information Technology being the top loser.
The market breadth was skewed in the favour of the sellers. About 1,466 stocks rose 1,845 declined, and 139 remained unchanged on the BSE.
Oberoi Realty Stock Falls Despite High Revenue In Q4
Shares of Oberoi Realty dropped over 5% on Wednesday despite recording evident jumps in revenue and profits in FY23 and the fourth quarter.
The real estate firm recorded a 15.29% year-on-year rise in consolidated revenue with Rs 995.11 crore for quarter ended march against Rs 842.94 crore for the same quarter a year ago.
On the other hand the consolidated revenue for FY23 was Rs 4,293.20 crore as compared to Rs 2,752.42 crore for FY22, attaining an escalation of 35.89%.
Oberoi Realty Q4 FY23 (Consolidated, YoY)
Revenue up 16.75% at Rs 961.43 crore (Bloomberg estimate: Rs 1,149.87 crore)
Ebitda up 4.81% at Rs 368.70 crore (Bloomberg estimate: Rs 600.60 crore)
Ebitda margin at 38.35% vs 42.72% (Bloomberg estimate: 52.2%)
Net profit up 106.71% at Rs 480.29 crore (Bloomberg estimate: Rs 411.69 crore)
The board approved a dividend of Rs 4 per share for the fiscal 2023. It also approved issue of non-convertible debentures worth Rs 1,500 crore on private placement basis.
Shares of Oberoi Realty Ltd. fell 5.65% to Rs 920.5 apiece in trade on Wednesday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.39%.
The stock declined as much as 6.48% at the time of opening while the total traded volume stood at 6.9 times its 30-day average.
Out of the 26 analysts tracking the company, 15 maintain a 'buy' rating, seven recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 12.9% over the next 12 months.
KPI Green Energy Shares Gain After Getting Commissions For 10.18MW Solar Plant
Shares of KPI Green Energy rose on Wednesday morning after the company received commissioning certificates from Gujarat Energy Development Agency, according to an exchange filing.
The company received commissions for solar power project with a capacity of 7.27 MW through KPI Green Energy, and 2.91 MW through KPIG Energia Private Limited, a wholly owned subsidiary of the company, according to the filing released post market hours on Tuesday.
Shares of KPI Green Energy gained 3% to Rs 546.35 apiece, compared to a 0.33% fall in the benchmark NSE Nifty 50 as of 10:51 a.m.
The stock rose 4.52% intraday, while the average traded volume so far in the day stood at 6.6 times its monthly average.
Amber Enterprises India Q4 Results: Shares Jump 18% On Earnings Beat
Shares of Amber Enterprises India Ltd. rose after the company's earnings in the fourth quarter ended March exceeded expectations.
The company reported an 82.29% increase in net profit to Rs 108.10 crore, according to its exchange filing. This is higher than the Bloomberg estimate of Rs 71.07 crore.
Revenue rose 55.04% to Rs 3,002.62 crore, compared to Bloomberg estimate of Rs 2,130.91 crore.
Amber Enterprises India Q4 FY23 (Consolidated, YoY)
Revenue up 55.04% at Rs 3,002.62 crore (Bloomberg estimate: Rs 2,130.91 crore)
Ebitda up 62.43% at Rs 203.51 crore (Bloomberg estimate: Rs 152.98 crore)
Ebitda margin at 6.78% vs 6.47% (Bloomberg estimate: 7.2%)
Net profit up 82.29% at Rs 108.10 crore (Bloomberg estimate: Rs 71.07 crore)
The scrip was trading 10.51% higher at Rs 2,079.95 per share, compared to a 0.21% gain in benchmark Nifty 50 as of 10:26 a.m.
The stock rose as much as 18% to Rs 2,222 intraday.
Of the 17 analysts tracking the stock, eight maintained 'buy' and three remained neutral between 'buy' and 'hold'. While five suggested 'hold' and one analyst recommended 'sell'.
CreditAccess Grameen Shares Hit All-Time High After Reporting Record Q4, FY23 Profit
Shares of CreditAccess Grameen Ltd. hit an all-time high after the company reported stellar set of Q4 earnings. The company registered record quarterly and annual profit, return on assets and gross load portfolio in the quarter ended March 31, 2023.
The company also announced that it became the first-ever pure-play microfinance institution to cross Rs 20,000 crore portfolio mark.
The company's net interest income rose by 32.7% year-on-year to Rs 689.90 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 519.6 crore, according to its exchange filing.
It reported the highest ever quarterly net profit up 86.4% year-on-year to Rs 296.60 crore compared with Rs 159.13 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 244.95 crore. The record profit for FY23 rose 134% year-on-year to Rs 826 crore.
Additionally, CreditAccess Grameen Ltd.'s gross load portfolio was also at a record as it grew by 26.7% year-on-year to Rs 21,031 crore as compared to Rs 16,599 crore, in FY22.
Stock Market Live: Sensex, Nifty Open Lower As Infosys, HCL Tech, HUL Drag, Realty Stocks Decline
CreditAccess Grameen Q4 (Consolidated)
Net interest income up 32.7% YoY at Rs 689.90 crore vs Rs 519.6 crore
Net profit up 86.4% YoY at Rs 296.60 crore vs Rs 159.13 crore (Bloomberg estimate: Rs 244.95 crore)
GNPA ratio at 1.21% vs 1.71% (QoQ)
NNPA ratio at 0.42% vs 0.59% (QoQ)
Shares of CreditAccess Grameen Ltd. gained 6.28% to Rs 1.154.05 apiece, as of 10:45 a.m., in trade on Wednesday compared to 0.31% decline in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 9.97% intraday, the most in over five weeks since April 10, 2021. Total traded volume stood at 21.8 times its 30-day average. The relative strength index was at 82, implying that the stock maybe overbought.
Out of the 16 analysts tracking the company, 15 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 12.8%.
Source: Bloomberg, Exchange filing
Suzlon Secures A New Order Of 99 MW From Vibrant Energy
Suzlon Energy Ltd., received an order from Vibrant Energy to supply 33 wind turbines with a rated capacity of 3 MW each for a 99 MW wind power project.
The project is expected to be commissioned by FY25.
A project of this size can provide electricity to 307 thousand households and curb 2.92 lakh tonnes of carbon dioxide emissions every year.
Source: Exchange filing
Bharti Airtel Shares Rise As Q4 Profit Beats Estimates
Shares of Bharti Airtel Ltd. rose after it reported higher-than-expected profit in the March quarter, even as earnings from each user stagnated.
Net profit of India's second-largest telecom operator rose 61.68% over the previous three months to Rs 4,226 crore in the quarter ended March 31, according to an exchange filing on Tuesday. That came on the back of revenue that increased 0.47% sequentially to Rs 36,009 crore. Analysts tracked by Bloomberg had pegged the top line at Rs 36,743.82 crore and the bottom line at Rs 2,881.46 crore.
Bharti Airtel Q4 Results: Key Highlights (QoQ)
Revenue up 0.47% at Rs 36,009 crore (Bloomberg estimate: Rs 36,743.82 crore)
Ebitda up 1.42% at Rs 18,982 crore (Bloomberg estimate: Rs 18,887.35 crore)
Ebitda margin at 52.17% vs 47.74% (Bloomberg estimate: 51.4%)
Net profit up 61.68% at Rs 4,226 crore (Bloomberg estimate: Rs 2,881.46 crore)
The company announced a final dividend of Rs 4 per share for the fiscal 2022-23.
Shares of Bharti Airtel Ltd. gained 0.98% to Rs 795.1 apiece, as of 9:55 a.m., in trade on Wednesday compared to 0.11% decline in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 1.31% intraday, the most since May 15, 2021. Total traded volume stood at 2.5 times its 30-day average. The relative strength index was at 57.6.
Out of the 32 analysts tracking the company, 28 maintain a 'buy' rating, one recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 14.2%.
Source: Bloomberg, Exchange filing
Adani Ports & SEZ Handles Highest-Ever Rail Cargo In FY23
Adani Ports & SEZ handled the highest-ever rail cargo of 120.51 MMT in fiscal 2022-2023.
It surpassed its previous best of 98.61 MMT in fiscal 2022.
It generated around Rs 14,000 crore in revenue from rail cargo for Indian railways in FY23.
Source: Press Release
Broader Markets Outperform
The broader markets outperformed the larger peers; the S&P BSE MidCap Index was up 0.11%, whereas S&P BSE SmallCap Index was higher by 0.58%.
Seven out of the 19 sectors compiled by BSE declined while, 12 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,765 stocks rose 808 declined, and 108 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
BPCL Ltd., Bharti Airtel Ltd., Bajaj Auto Ltd., Coal India Ltd., and Cipla Ltd. were the top gainers in the NSE Nifty 50 gauge.
Eicher Motors Ltd., JSW Steel Ltd., Tech Mahindra Ltd., Hindustan Unilever Ltd., and Infosys Ltd.,were the top losers in the NSE Nifty 50 gauge.
Sensex, Nifty Open Lower Amid Volatility
Indian equity benchmarks opened volatile after a mixed pre-open session.
Japanese markets extended gains following better-than-expected economic growth that fueled further optimism about the outlook for the nation’s stocks. Stock indexes elsewhere in the region were mixed.
Japan’s benchmark indexes rose at the open after the Topix Index closed at the highest level in 33 years on Tuesday. Wall Street strategists pointed to the country’s corporate reforms and loose monetary policy as reasons for further optimism.
Shares climbed in South Korea and fell in Australia, where investors awaited wage data that may provide clues on further tightening by the Reserve Bank of Australia.
U.S. stock futures edged higher in Asia after the Nasdaq 100 closed up just 0.1% and the broader S&P fell, following a rapid decline in the final minutes of the session.
At pre-open, the S&P BSE Sensex Index was down 413 points or 0.66% at 61,932.47 while the NSE Nifty 50 Index was lower by 112 points or 0.61% at 18,286.50.
Sensex, Nifty Mixed In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was unchanged, down 0.15 point or 0% at 61,932.32 while the NSE Nifty 50 Index was higher by 14 points or 0.08% at 18,300.45.
Source: Bloomberg
IndiGo Procures Its Second Wide-Body Boeing 777 For The Mumbai-Istanbul Route
IndiGo has inducted the Boeing 777 aircraft, on damp lease, effective today, May 17, 2023.
The aircraft can accommodate 400 passengers in a dual-class configuration with 24 business and 376 economy class seats.
Airline operates its first wide-body Boeing 777 aircraft on the Delhi-Istanbul route, which started on Feb. 01, 2023.
Source: Press release
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97% on Wednesday.
It closed at 6.96% on Tuesday, the lowest in over 13 months.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by 7 paise to open at 82.29 against the greenback on Wednesday.
The local currency closed at 82.22 on Tuesday.
Source: Bloomberg
Midcaps Touch New Highs; Internet Stocks Trade Strong: Trade Setup
Global Cues
U.S. Dollar Index at 102.6
U.S. 10-year bond yield at 3.52%
Brent crude down 0.41% at $74.60 per barrel
Nasdaq Futures down 0.13% at 13,301
SGX Nifty down 0.24% at 18,286 as of 8:10 a.m.
Bitcoin up 0.78% at $27,166.25
Insider Trading
Ethos: Promoter Yashovardhan Saboo sold 1.50 lakh shares, promoter group Anuradha Saboo sold 50,000 shares on May 15.
Pledge Share Details
Steel Exchange India: Promoter group Umashiv Garments revoked a pledge of 1 crore shares, promoter group Vizag Profiles revoked a pledge of 1 crore, promoter group Umashiv Garments created a pledge of 1 crore between May 10-11.
Trading Tweaks
Ex-Date Final Dividend: Foseco India
Ex-Date Special Dividend: Foseco India
Move Into Short-Term ASM Framework: Zensar Technologies
Move Out of Short-Term ASM Framework: Vadilal Industries, Black Box, SML Isuzu.
Stocks To Watch: Airtel, Paytm, JSPL, Metropolis Healthcare, Jindal Stainless, Zydus In Focus
Bharat Petroleum Corporation: The company will set up an ethylene cracker project at Bina Refinery in Madhya Pradesh with a capex outlay of Rs 49,000 crore. It will set up a 50 MW wind power plant for captive consumption at Bina Refinery and Mumbai Refinery in Maharashtra, with a total project cost of Rs 978 crore. It will also build petroleum oil lubricants and lube oil base stock storage installations worth Rs 1,903 crore, with receipt pipelines at Rasayani in Maharashtra.
MRF: The company has signed a purchase agreement with First Energy 4 for the acquisition of a 19.1% stake and the purchase of solar power. The acquisition will be done for a cash consideration of Rs 13.09 crore.
Aurobindo Pharma: The company received tentative approval from the U.S. FDA for its Abacavir tablets, used in the treatment of HIV infection.
KPI Green Energy: The company and its subsidiary KPIG Energia received commissioning certificates from the Gujarat Energy Development Agency for solar power projects with a cumulative capacity of 10.18 MW to be set up for five clients.
One 97 Communications: The parent company of Paytm, appointed Bhavesh Gupta as president and chief operating officer.
Reliance Industries: Jio-bp, the fuel vending joint venture between Reliance Industries and bp, launched premium diesel fuel at a price below that charged by state-run oil companies.
Q4 Results Today
Jindal Stainless, Jindal Saw, Quess Corp, JK Tyre & Industries, Thermax, Deepak Fertilisers & Petrochemicals Corporation, Endurance Technologies, Teamlease Services, Sterlite Technologies, Jubilant Foodworks, SKF India, Honeywell Automation India, Sheela Foam, Glaxosmithkline Pharmaceuticals, Timken India, Devyani International, Zydus Wellness, Railtel Corporation Of India, Restaurant Brands Asia, Eris Lifesciences, Sanghi Industries, MTAR Technologies, Anup Engineering, Electrosteel Castings, Hester Biosciences, JSW Ispat Special Products, Jyoti Resins & Adhesives, MM Forgings, Paradeep Phosphates, Permanent Magnets, REC, Sandur Manganese & Iron Ores, Shivalik Bimetal Controls, Thirumalai Chemicals, Vaibhav Global, Whirlpool Of India
Earnings Fineprint
Bharti Airtel Q4 Results: Key Highlights (QoQ)
Revenue up 0.47% at Rs 36,009 crore (Bloomberg estimate: Rs 36,743.82 crore)
Ebitda up 1.42% at Rs 18,982 crore (Bloomberg estimate: Rs 18,887.35 crore)
Ebitda margin at 52.17% vs 47.74% (Bloomberg estimate: 51.4%)
Net profit up 61.68% at Rs 4,226 crore (Bloomberg estimate: Rs 2,881.46 crore)
The company announced a final dividend of Rs 4 per share for the fiscal 2022-23.
Jindal Steel & Power Q4 FY23 (Consolidated, YoY)
Revenues down 4.52% at Rs 13,691.93 crore (Bloomberg estimate: Rs 13,431.82 crore)
Ebitda down 28.76% at Rs 2,187.28 crore (Bloomberg estimate: Rs 2,520.76 crore)
Ebitda margin at 15.97% vs 21.41% (Bloomberg estimate: 18.8%)
Net profit down 78.9% at Rs 465.66 crore (Bloomberg estimate: Rs 1,160.56 crore)
The company declared a final dividend of Rs 2 for the fiscal 2023.
Redington Q4 FY23 (Consolidated, YoY)
Revenues up 26.28% at Rs 21,848.59 crore (Bloomberg estimate: Rs 20,886.67 crore)
Ebitda up 10.73% at Rs 543.15 crore (Bloomberg estimate: Rs 556 crore)
Ebitda margin at 2.49% vs 2.84% (Bloomberg estimate: 2.7%)
Net profit down 7.64% at Rs 328.39 crore (Bloomberg estimate: Rs 352.68 crore)
The board approved a dividend of Rs 7.20 per share for the financial year 2022-23.
Oberoi Realty Q4 FY23 (Consolidated, YoY)
Revenue up 16.75% at Rs 961.43 crore (Bloomberg estimate: Rs 1,149.87 crore)
Ebitda up 4.81% at Rs 368.70 crore (Bloomberg estimate: Rs 600.60 crore)
Ebitda margin at 38.35% vs 42.72% (Bloomberg estimate: 52.2%)
Net profit up 106.71% at Rs 480.29 crore (Bloomberg estimate: Rs 411.69 crore)
The board approved a dividend of Rs 4 per share for the fiscal 2023. It also approved issue of non-convertible debentures worth Rs 1,500 crore on private placement basis.
Siyaram Silk Mills Q4 FY23 (Consolidated, YoY)
Revenue up 10.69% at Rs 695.43 crore
Ebitda up 3.36% at Rs 121.35 crore
Ebitda margin at 17.45% vs 18.69%
Net profit up 7.27% at Rs 88.14 crore
The board recommended a final dividend of Rs 4 per share for the fiscal ended 2023.
Amber Enterprises India Q4 FY23 (Consolidated, YoY)
Revenue up 55.04% at Rs 3,002.62 crore (Bloomberg estimate: Rs 2,130.91 crore)
Ebitda up 62.43% at Rs 203.51 crore (Bloomberg estimate: Rs 152.98 crore)
Ebitda margin at 6.78% vs 6.47% (Bloomberg estimate: 7.2%)
Net profit up 82.29% at Rs 108.10 crore (Bloomberg estimate: Rs 71.07 crore)
Metropolis Healthcare Q4 FY23 (Consolidated, YoY)
Revenue down 8% at Rs 283 crore (Bloomberg estimate: Rs 298 crore)
Ebitda down 6% to Rs 70 crore (Bloomberg estimate: Rs 75 crore)
Ebitda margin at 24.9% vs 24.5% (Bloomberg estimate: 25.2%)
Net profit down 17% to Rs 33 crore (Bloomberg estimate: Rs 38 crore)
Creditaccess Grameen (Consolidated)
Net interest income up 32.7% at Rs 689.90 crore (YoY)
Net profit up 86.4% at Rs 296.60 crore (YoY) (Bloomberg estimate: Rs 244.95 crore)
GNPA ratio at 1.21% vs 1.71% (QoQ)
NNPA ratio at 0.42% vs 0.59% (QoQ)
SGX Nifty Signals Lower Open For The Benchmarks
Japanese markets extended gains following better-than-expected economic growth that fueled further optimism about the outlook for the nation’s stocks. Stock indices elsewhere in the region were mixed.
Japan’s benchmark index rose at the open after the Topix closed at the highest level in 33 years on Tuesday. Wall Street strategists pointed to the country’s corporate reforms and loose monetary policy as reasons for further optimism. Shares climbed in South Korea and fell in Australia, where investors awaited wage data that may provide clues on further tightening by the Reserve Bank of Australia.
U.S. stock futures edged higher in Asia after the Nasdaq 100 closed up just 0.1% and the broader S&P fell, following a rapid decline in the final minutes of the session.
The yield on the 10-year Treasury note in the U.S. was trading at 3.52%. The crude oil price was below the $75 mark, while Bitcoin advanced above the $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 0.24% at 18,286.
Domestic benchmarks ended their two-day rally as a decline in HDFC twins weighed on the indices.
The Indian rupee gained against the U.S. dollar on the back of forex inflows and softening crude prices.
Foreign investors were net buyers for the fourteenth straight day and bought equities worth Rs 1,406.9 crore. On the other hand, domestic institutional investors turned sellers after a day and sold stocks worth Rs 886.2 crore, NSE data showed.