Stock Market Today: Sensex, Nifty Hold Onto Slim Gains As Adani Stocks Extend Rally
Sensex was up 18 points or 0.03% at 61,981.79 while Nifty was higher by 34 points or 0.18% at 18,348.
KEY HIGHLIGHTS
FPIs Stay Buyers For The Second Straight Day
Overseas investors in Indian equities were buyers for the second day in a row on Tuesday.
They snapped the longest buying spree of 16 days in 2023 on Friday.
Foreign portfolio investors mopped up equities worth Rs 182.5 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the third straight day and bought Rs 397.3 crore worth of equities.
Institutions have bought Rs 32,988 crore worth of equities in May so far, and have been net buyers of Rs 18,409 crore worth of Indian equities till date in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 3 bps higher at 7.01% on Tuesday.
It closed at 6.98% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by about 3 paise to close at 82.81 against the greenback on Tuesday.
The local currency closed at 82.83 on Monday.
Source: Bloomberg
Sensex, Nifty Gains For The Third Consecutive Day: Closing Bell
Indian equity benchmarks shed gains to end marginally higher on Tuesday after private banks dragged and Adani stocks led the gains spurred by an Indian court panel’s report that found no conclusive evidence of stock-price manipulation as alleged by U.S. short seller Hindenburg Research. Adani Ports and SEZ Ltd. recouped all its losses from Jan. 23, 2023 intraday.
While metal and media sectors advanced, I.T. and realty shares declined. The headline indices closed over its one-week high after advancing for the third consecutive session in trade.
U.S. equity futures were unchanged, whereas Asian equities were mixed after President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. While Biden said that he and McCarthy had agreed default was off the table in ongoing talks, investors remain on tenterhooks.
Tokyo’s Topix index fell for the first time in eight days, with semiconductor-related stocks turning lower on news that Japan’s tighter export controls will take effect July 23.
In Europe, French stocks led declines after the economy grew at the slowest pace in four months. Christian Dior SE, Hermes International and other luxury shares dropped.
The S&P BSE Sensex Index was up 18 points or 0.03% at 61,981.79 while the NSE Nifty 50 Index was higher by 34 points or 0.18% at 18,348.
Adani Enterprises Ltd., ITC Ltd., Infosys Ltd., Divi's Laboratories Ltd., and Asian Paints Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Kotak Mahindra Bank Ltd., HDFC Bank Ltd., Larsen and Toubro Ltd., Reliance Industries Ltd., and HCL Technologies Ltd., and were negatively contributing to the change
All Adani Group stocks advanced in trade as Adani Ports and Special Economic Zone Ltd. climbed 7.7% intraday hitting its day's high at Rs 778.50 apiece, becoming the first of the group's 10 listed stocks to recoup all losses after the Hindenburg allegations. It closed at Rs 769.05 apiece on Jan. 23, ahead of the release of report.
The broader markets indices ended higher; the S&P BSE MidCap Index was up 0.43%, whereas S&P BSE SmallCap Index was higher by 0.11%.
Six out of the 19 sectors compiled by BSE advanced, while 13 sectors declined.
The market breadth was split between the buyers and sellers. About 1,780 stocks rose 1,728 declined, and 125 remained unchanged on the BSE.
Stocks At 52-Week High Intraday
Nifty 500 stocks trading at 52-week low intraday.
GQG Partners Raises Stake In Adani Group
GQG raised stake in Adani Group by 10%.
The firm will participate in Adani group's future fund raising.
Seeks to be largest investor in Adani Group within five years.
Alert: GQG’s Adani holdings was close to $3.5 billion.
Source: Bloomberg
SpiceJet Plans To Bring Back Four Of 25 Grounded Planes Into Service By June 15
SpiceJet Ltd. said it will bring back two Boeing 737s and two Q400s aircraft, by June 15.
It will bring more aircraft back to operations in the following weeks.
It will also start a slew of flights including two international UDAN flights by June end.
Source: Exchange filing
European Markets Trade Lower
Escorts Kubota To Hike Prices Of Tractors From June
Escorts Kubota Ltd.'s agri machinery business division will raise prices of its tractors from June 1, 2023.
It will hike prices to partially offset the impact of cost inflation.
The increase in prices would vary across models, geographies.
Source: Exchange filing
Sensex, Nifty Gain As Adani Stocks Lead; Private Banks Drag: Midday Market Update
Indian equity benchmarks opened higher and held on to steady gains through midday on Tuesday as metal and energy stocks advanced boosted by the gains in Adani Group stocks. The conglomerate's shares surged, extending gains spurred by an Indian court panel’s report that found no conclusive evidence of stock-price manipulation as alleged by U.S. short seller Hindenburg Research.
U.S. equity futures ticked higher along with oil on slightly improved risk appetite after President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. While Biden said that he and McCarthy had agreed default was off the table in ongoing talks, investors remain on tenterhooks.
Jitters struck stock indices in Asia, with benchmarks in Hong Kong and Tokyo erasing earlier gains. Contracts for the S&P 500 and the Nasdaq 100 increased about 0.1% and 0.2%, respectively, while Euro Stoxx 50 futures fluctuated in a narrow band.
This followed fluctuating fortunes in U.S. markets on Monday, with the S&P 500 drifting between gains and losses before closing flat. The tech-heavy Nasdaq 100 advanced 0.3%, though chipmakers were under pressure after China said products by Micron Technology Inc. failed a cybersecurity review.
As of 12:22 p.m., the S&P BSE Sensex Index was up 243 points or 0.39% at 62,206.24 while the NSE Nifty 50 Index was higher 95 points or 0.52% at 18,409.25.
Adani Enterprises Ltd., Infosys Ltd., ITC Ltd., Divi's Laboratories Ltd., and Adani Ports and SEZ Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Kotak Mahindra Bank Ltd., HDFC Bank Ltd., Larsen and Toubro Ltd., HDFC Ltd., and Hindustan Unilever Ltd., and were negatively contributing to the change
All Adani Group stocks advanced in trade as Adani Ports and Special Economic Zone Ltd. climbed 7.7% as of 9:23 a.m. hitting Rs 778.50 apiece, becoming the first of the group's 10 listed stocks to recoup all losses after the Hindenburg allegations. It declined to Rs 778.35 apiece on Jan. 23, ahead of the release of report.
The broader markets indices were trading higher; the S&P BSE MidCap Index was up 0.55%, whereas S&P BSE SmallCap Index was higher by 0.47%.
All the 19 sectors compiled by BSE advanced, with S&P BSE Utilities, and S&P BSE Power gaining the most.
The market breadth was skewed in the favour of the buyers. About 1,910 stocks rose 1,436 declined, and 125 remained unchanged on the BSE.
HEG Shares Fall Most In Over 14 Months After Q4 Results Decline
Shares of HEG Ltd. fell on Tuesday, after the company reported a decline in its net profit for the fourth quarter of fiscal 2023.
HEG Q4 FY23 (Consolidated, Year-on-Year)
Revenue down 8.34% at Rs 616.9 crore versus Rs 673.1 crore.
Ebitda down 0.09% at Rs 543.02 crore versus Rs 543.6 crore.
Margins at 88.02% versus 80.75%.
Net profit down 22.85% at Rs 99.7 crore versus Rs 129.3 crore.
The board has recommended a final dividend of Rs 42.50 per share.
Shares of HEG Limited fell 7.34% to Rs 1,168.35 apiece, compared to a 0.47% gain in the NSE Nifty 50 as of 11:22 a.m. The stock fell 7.34% intraday, the most in over 14 months since Feb. 24, 2022.
The average traded volume so far in the day stood at 2.7 times its monthly average.
Of the three analysts tracking the company, all three maintain a 'buy' rating, according to Bloomberg data.
Nifty Metal Emerges As The Top Sectoral Gainer
NSE Nifty 50 Index trades above the 18,400-level as Adani Group stocks rally, also leading the NSE Nifty Metal Index as the top sectoral gainer.
NSE Nifty 50 Index trades HDFC AMC Shares Fall As JP Morgan Flags Uncertainty On Future Profitability
HDFC Asset Management Co. shares were trading lower after JPMorgan flagged uncertainty on the company's future profitability.
The brokerage downgraded the stock to 'underweight' from 'neutral' and cut the target price to Rs 1,580 from Rs 1,890, implying potential downside of 11.6%.
"We downgrade HDFC AMC to underweight with the build up in uncertainty on the future profitability profile post SEBI’s draft paper on the expense ratios and fee structure of the asset management industry," it said in a May 23 investor note.
The scrip was trading 0.97% lower at Rs 1,804.6 per share, compared with a 0.49% gain in benchmark Nifty 50 as of 10:42 am. Total traded quantity so far in the day stood at 1.8 times the 30-day average volume.
Of the 21 analysts tracking the stock, 13 maintained 'buy', six suggested 'hold', while two analysts recommended 'sell'. The average of consensus price target implies an upside of 11.8% over the next 12 months.
ITI Shares Gain After Securing Advance Purchase Order From BSNL Bengaluru
ITI Ltd. shares gain the most in two weeks after the company bagged Rs 3,889 crore advance purchase order from BSNL Bengaluru for 4G rollout.
The project entails planning, engineering, supply, installation, commissioning, and AMC of the 4G network for 23,633 sites in the west zone of the BSNL network for nine years. ITI Ltd. will manufacture the Radio Access Network, with a supply period is 18-24 months.
Shares of ITI Ltd. rose 4.38% to Rs 110.7 apiece, as of 10:55 a.m., in trade on Monday compared to 0.47% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 7.21% intraday, the most in two weeks since May 9, 2023. Total traded volume stood at 4.8 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.
Finolex Industries Shares Drop The Most In Five Months As Q4 Revenue Misses Estimates
Shares of Finolex Industries Ltd. dropped the most in five months after the company's fourth-quarter revenue missed estimates despite profit beat.
Ajit Venkataraman was appointed as the chief executive officer of the company for a period of five years with effect from June 1, 2023, which is subject to the approval of board at the Annual General Meeting.
The company's revenue declined by 28.44% year-on-year to Rs 1,141.06 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 1,594.57 crore, according to its exchange filing. It missed the consensus analyst estimates pooled by Bloomberg, which stood at Rs 1,321.1 crore.
The reported net profit was down 66.37% year-on-year to Rs 166.5 crore compared with Rs 495.72 crore, in the same period a year back. The consensus of analyst estimates, pooled by Bloomberg expected profit at Rs 137.83 crore.
Finolex Industries Ltd. said in its investor presentation that it has seen a strong profit improvement during the quarter in both the PVC pipes and fittings and PVC resin segments. PVC pipes and fittings volume registered a growth of 4% year-on-year to 81,452 MT and PVC resin volume decreased 27% year-on-year to 58,132 MT.
Finolex Industries Q4 FY23 (Consolidated, YoY)
Revenue down 28.44% at Rs 1,141.06 crore vs Rs 1,594.57 crore (Bloomberg estimate: Rs 1,321.1 crore).
Ebitda down 17.85% at Rs 217.43 crore vs 263.66 crore (Bloomberg estimate: Rs 177.06 crore).
Ebitda margin at 19.06% vs. 16.6% (Bloomberg estimate: 13.4%)
Net profit down 66.37% at Rs 166.5 crore vs Rs 495.72 crore (Bloomberg estimate: Rs 137.83 crore).
The company had benefited from exceptional gains to the tune of Rs 376.06 crore in the year-ago period. The board declared a final dividend of Rs 1.50 per share for fiscal 2023.
Shares of Finolex Industries Ltd. fell 2.83% to Rs 185.5 apiece, as of 10:12 a.m., in trade on Tuesday compared to 0.43% advance in the benchmark, NSE Nifty 50 Index.
The stock declined as much as 5.68% intraday, falling the most in five months since Dec. 23, 2022.
Total traded volume stood at 5.5 times its 30-day average. The relative strength index was at 58.6.
Out of the 18 analysts tracking the company, 12 maintain a 'buy' rating, four recommend a 'hold' and two 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 6.9%.
Source: Bloomberg, Exchange filing
Broader Markets Open Higher
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.24%, whereas S&P BSE SmallCap Index was higher by 0.14%.
Eighteen out of 20 19 sectors compiled by BSE advanced, while S&P BSE Realty, and S&P BSE Bankex declined.
The market breadth was skewed in the favour of the sellers. About 1,555 stocks rose 907 declined, and 83 remained unchanged on the BSE.
Source: BSE
Top Movers On Nifty 50 Index
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Infosys Ltd., Bajaj Finance Ltd., and Asian Paints Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., ITC Ltd., and TCS Ltd., and were negatively contributing to the change
Adani Group Company Stocks Advance
All Adani Group company stocks advanced in trade with Adani Enterprises Ltd. and Adani Wilmar Ltd. gaining over 9% in trade.
Sensex, Nifty Open Higher: Opening Bell
Indian equity benchmarks opened higher amid mixed Asia trade on Tuesday after closing at a one-week high on Monday.
U.S. equity futures rose and contracts for Asian benchmarks gained on Tuesday after Republican House Speaker Kevin McCarthy said he’d had productive talks with President Joe Biden on the debt ceiling.
Mildly positive and cautious tone flowed through Asian stocks, with benchmark indices trading higher in Hong Kong, Japan, South Korea and Australia. While Biden said that he and McCarthy had agreed default was off the table in ongoing talks, investors remain on tenterhooks.
Contracts for the S&P 500 and the Nasdaq 100 increased about 0.3%, an index of Asian shares also rose 0.3% and Euro Stoxx 50 futures climbed 0.2%.
This followed fluctuating fortunes in U.S. markets on Monday, with the S&P 500 drifting between gains and losses before closing flat. The tech-heavy Nasdaq 100 advanced 0.3%, though chipmakers were under pressure after China said products by Micron Technology Inc. failed a cybersecurity review.
At pre-open, the S&P BSE Sensex Index was up 136 points or 0.22% at 62,098.29 while the NSE Nifty 50 Index was higher by 49 points or 0.26% at 18,362.90.
Sensex, Nifty Rise In Pre-Open
At pre-open, the S&P BSE Sensex Index was up 136 points or 0.22% at 62,098.29 while the NSE Nifty 50 Index was higher by 49 points or 0.26% at 18,362.90.
Source: Bloomberg
Rupee Flat Against The U.S. Dollar
The local currency opened flat at 82.84 against the greenback on Tuesday.
The local currency closed at 82.83 on Monday.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.99% on Tuesday.
Source: Bloomberg
I.T. Lifts Market Sentiments, Banks Face Pressure: Trade Setup
Global Cues
U.S. Dollar Index at 103.3
U.S. 10-year bond yield at 3.72%
Brent crude up 0.67% at $76.50 per barrel
Nymex crude up 0.62% at $71.99 per barrel
SGX Nifty up 0.16% at 18,364 as of 7:39 a.m.
Bitcoin up 0.53% at $27,041.93
Insider Trade
Vedant Fashions: Promoter Ravi Modi Family Trust sold 2.4 crore shares between May 18 and 19.
Mukand: Promoter group Baroda Industries bought 55,000 shares between May 18 and 19.
Trading Tweaks
Ex-Date Final Dividend: Bank of Maharashtra
Record Date Final Dividend: Bank of Maharashtra
Move Into Short-Term ASM Framework: Shriram Pistons & Rings
Move Out of Short-Term ASM Framework: Indiabulls Real Estate
Bulk Deals
Max Healthcare: GQG Partners bought 75.5 lakh shares (0.78%) at Rs 549.70 apiece.
Aurionpro Solutions: Naresh Nagpal sold 2 lakh shares (0.88%) at Rs 718.35 apiece.
Gland Pharma: Morgan Stanley Investment Funds sold 9.6 lakh shares (0.58%) at Rs 930.69 apiece.
Kokuyo Camlin: Equity Intelligence India bought 5.4 lakh shares (0.54%) at Rs 105.79 apiece.
Matrimony.com: Carnelian Asset Advisors bought 1.35 lakh shares (0.61%) at Rs 560 apiece.
Stocks To Watch: Vedanta, Biocon, NMDC, BPCL, Max Healthcare, ITI, JSW Energy In Focus
Vedanta: The company announced the first interim dividend of Rs 18.50 per share for the financial year 2023–24, with a total outgo of Rs 6,877 crore.
JSW Steel: The resolution plan of the company’s subsidiary, JSW Steel Coated Products for National Steel and Agro Industries, has been approved by the NCLT. The company has also signed an MoU with JFE Steel, Japan, to set up a cold-rolled grain-oriented electrical steel manufacturing joint venture in India.
Coal India: The Joint Bipartite Committee for the Coal Industry signed the National Coal Wage Agreement for the period of five years, effective July 1, 2021. The company has made provisions to the tune of Rs 9,252.24 crore for this effect for 21 months, from July 1, 2021, to March 31, 2023. The final impact of this is not likely to be significant.
ITI: The company has received an advance purchase order worth Rs 3,889 crore from BSNL for planning, engineering, supply, installation, commissioning, and AMC of the 4G network for 23,633 sites in the west zone of the BSNL Network.
Torrent Power: The board of the company will consider raising Rs 3,000 crore via private placement of non-convertible debentures, along with the financial results for the March quarter and a final dividend for the financial year 2022–23.
Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio gained 3.05 million subscribers, whereas Bharti Airtel added 1.03 million users in March, as per TRAI data. Vodafone Idea lost 1.21 million users during the month.
Q4 Results Today
NMDC, Biocon, Dixon Technologies (India), Amara Raja Batteries, JSW Energy, Fortis Healthcare, Varroc Engineering, Bajaj Electricals, Galaxy Surfactants, GE T&D India, Gabriel India, Johnson Controls-Hitachi Air Conditioning India, Somany Ceramics, Dishman Carbogen Amcis, Sudarshan Chemical Industries, Metro Brands, Bikaji Foods International, CMS Info Systems, Indoco Remedies, Sequent Scientific, Thyrocare Technologies, Kaveri Seed Company, Agarwal Industrial Corporation, Akzo Nobel India, Ashok Leyland, Dreamfolks Services, Genus Power Infrastructures, GMR Power and Urban Infra, Jayaswal NECO Industries, J Kumar Infraprojects, Kirloskar Industries, Maithan Alloys, MSTC, Nirlon, NMDC Steel, Polyplex Corporation, Roto Pumps, Schneider Electric Infrastructure, Steelcast, Timex Group India, TTK Healthcare, TVS Srichakra, Unichem Laboratories
Earnings Fineprint
Bharat Petroleum Corporation Q4 FY23 (Consolidated, YoY)
Revenues up 8% at Rs 1,33,419.56 crore (Bloomberg estimate: Rs 1,28,782.43 crore).
Ebitda up 85.42% at Rs 11,084.79 crore (Bloomberg estimate: Rs 5,611.35 crore).
Ebitda margin at 9.38% vs. 5.73% (Bloomberg estimate: 4.4%)
Net profit up 168.46% at Rs 6,870.47 crore (Bloomberg estimate: Rs 3,242.93 crore).
The company will pay a dividend of Rs 4 per share for fiscal 2022–23, subject to shareholders’ approval.
Shree Cement Q4 FY23 (Consolidated, YoY)
Revenue up 16.86% at Rs 5,100.19 crore (Bloomberg estimate: Rs 4,763.90 crore).
Ebitda down 3.22% at Rs 889.20 crore (Bloomberg estimate: Rs 959.54 crore).
Ebitda margin at 17.43% vs. 21.05% (Bloomberg estimate: 20.1%)
Net profit down 20% at Rs 525.77 crore (Bloomberg estimate: Rs 438.50 crore).
The board declared an interim dividend of Rs 55 per share for fiscal 2023. The record date for the dividend is June 1, and it will be paid on June 13.
Finolex Industries Q4 FY23 (Consolidated, YoY)
Revenues down 28.44% at Rs 1,141.06 crore (Bloomberg estimate: Rs 1,321.1 crore).
Ebitda down 17.85% at Rs 217.43 crore (Bloomberg estimate: Rs 177.06 crore).
Ebitda margin at 19.06% vs. 16.6% (Bloomberg estimate: 13.4%)
Net profit down 66.37% at Rs 166.5 crore (Bloomberg estimate: Rs 137.83 crore).
The company had benefited from exceptional gains to the tune of Rs 376.06 crore in the year-ago period. The board declared a final dividend of Rs 1.50 per share for fiscal 2023.
PB Fintech Q4 FY23 (Consolidated, QoQ)
Revenues up 42.45% at Rs 869.09 crore.
Ebitda loss of Rs 85.55 crore vs. Rs 150.73 crore Ebitda loss
Net loss narrows to Rs 9.34 crore vs. Rs 87.62 crore loss.
SJVN Q4 FY23 (Consolidated, YoY)
Revenue up 55.93% at Rs 503.77 crore vs. Rs 323.08 crore (Bloomberg estimate: Rs 339.2 crore).
Ebitda up 116.71% at Rs 308.94 crore vs. Rs 142.56 crore (Bloomberg estimate: Rs 149.70 crore).
Ebitda margin at 61.33% vs. 44.13% (Bloomberg estimate: 44.1%)
Net profit up 129.77% at Rs 17.21 crore vs. Rs 7.49 crore (Bloomberg estimate: Rs 186.8 crore).
The company declared a final dividend of Rs 0.62 per share for fiscal 2023.
Gujarat Alkalies and Chemicals Q4 FY23 (Consolidated, YoY)
Revenue down 0.29% at Rs 1,138.12 crore.
Ebitda down 30.76% at Rs 242.58 crore.
Ebitda margin at 21.31% vs. 30.69%
Net profit down 67.81% at Rs 71.04 crore.
The board recommended a dividend of Rs 23.55 per share for fiscal 2023.
Xpro India Q4 FY23 (Consolidated, YoY)
Revenue down 12.98% at Rs 124.27 crore.
Ebitda up 11.79% at Rs 19.25 crore.
Ebitda margin at 15.49% vs. 12.06%
Net profit down 75.54% at Rs 4.27 crore.
The board recommended a dividend of Rs 2 per share for the fiscal year ended March 2023.
HEG Q4 FY23 (Consolidated, YoY)
Revenue down 8.35% at Rs 616.88 crore.
Ebitda down 21.1% at Rs 123.78 crore.
Ebitda margin at 20.07% vs. 23.31%
Net profit down 21.21% at Rs 89.23 crore.
The board has recommended a final dividend of Rs 42.50 per share.
Sansera Engineering Q4 FY23 (Consolidated, YoY)
Revenue up 7.36% at Rs 616.57 crore (Bloomberg estimate: Rs 619.70 crore).
Ebitda up 0.7% at Rs 94.16 crore (Bloomberg estimate: Rs 106.10 crore).
Ebitda margin at 15.27% vs. 16.28% (Bloomberg estimate: 17.1%)
Net profit down 5.87% to Rs 35.42 crore (Bloomberg estimate: Rs 46.5 crore).
The company will pay a dividend of Rs 2.50 per share for fiscal 2022–23.
Garware Technical Fibres Q4 FY23 (Consolidated, YoY)
Revenue up 3.98% at Rs 370.49 crore (Bloomberg estimate: Rs 351.70 crore).
Ebitda up 8.63% at Rs 79.70 crore (Bloomberg estimate: Rs 66.80 crore).
Ebitda margin at 21.51% vs. 20.59% (Bloomberg estimate: 19%)
Net profit up 10.73% at Rs 59.67 crore (Bloomberg estimate: Rs 49 crore).
The company announced a dividend of Rs 3.50 per share.
Thangamayil Jewellery Q4 FY23 (YoY)
Revenue up 26.68% at Rs 771.54 crore.
Ebitda up 179.75% at Rs 58.72 crore.
Ebitda margin at 7.61% vs. 3.45%
Net profit up 288.85% at Rs 31.03 crore.
The board recommended a final dividend of Rs 6 per share.
Indiabulls Housing Finance Q4 FY23 (Consolidated)
Interest income is down 11.43% at Rs 1,692.55 crore (YoY).
Net profit down 14.39% at Rs 262.61 crore (YoY).
GNPA ratio at 3.71% vs. 4.49% (QoQ)
NNPA ratio at 2.48% vs. 2.97% (QoQ)
SGX Nifty Signals Higher Open
U.S. equity futures rose and contracts for Asian benchmarks gained on Tuesday after Republican House Speaker Kevin McCarthy said he’d had productive talks with President Joe Biden on the debt ceiling.
A mildly positive and cautious tone flowed through Asian stocks, with benchmark indices trading higher in Hong Kong, Japan, South Korea, and Australia. While Biden said that he and McCarthy had agreed that default was off the table in ongoing talks, investors remain on tenterhooks.
Contracts for the S&P 500 and the Nasdaq 100 increased about 0.3%; an index of Asian shares also rose 0.3%; and Euro Stoxx 50 futures climbed 0.2%.
This followed fluctuating fortunes in U.S. markets on Monday, with the S&P 500 drifting between gains and losses before closing flat. The tech-heavy Nasdaq 100 advanced 0.3%, though chipmakers were under pressure after China said products by Micron Technology Inc. failed a cybersecurity review.
Meanwhile, the yield on 10-year treasuries in the U.S. was trading at 3.72%. Crude was trading above the $76 mark, while Bitcoin advanced above the $27,000 level.
At 7:39 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.16% at 18,364.
Domestic benchmarks extended gains to close in the green, with Adani Group stocks leading the rally along with Infosys Ltd. and Tata Consultancy Services Ltd.
The Indian rupee closed lower against the U.S. dollar for the fourth day as the greenback grew stronger in the overseas market.
Foreign portfolio investors turned buyers after a day, raking in shares worth Rs 922.89 crore. Meanwhile, domestic institutional investors remained buyers for the second day in a row and bought stocks worth Rs 604.57 crore, the NSE data showed.