Stock Market Today: Sensex, Nifty Snap Three-Day Win Streak As Banks, Metals Drag
Sensex closed down 208 points or 0.34% at 61,773.78 while Nifty was lower by 63 points or 0.34% at 18,285.40.
KEY HIGHLIGHTS
FPIs Stay Buyers For The Third Straight Day
Overseas investors in Indian equities remained buyers for the third day in a row on Wednesday.
They snapped the longest buying spree of 16 days in 2023 on May. 19.
Foreign portfolio investors mopped up equities worth Rs 1,185.8 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the fourth straight day and bought Rs 300.9 crore worth of equities.
Institutions have bought Rs 33,307 crore worth of equities in May so far, and have been net buyers of Rs 18,728 crore worth of Indian equities till date in 2023.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond closed 2 bps lower at 6.99% on Wednesday.
It closed 7.01% on Tuesday
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 14 paise to close at 82.67 against the greenback on Wednesday.
The local currency closed at 82.81 on Tuesday.
Source: Bloomberg
Sensex, Nifty Snap Three-Day Winning Streak
Indian equity benchmarks snapped three days of winning run to end lower in trade on Wednesday. While consumer durables advanced the most, metals and banking sectors were the top loser. HDFC twins and Adani Enterprises dragged the market, whereas ITC and Sun Pharmaceutical Industries led.
European equities retreated as worries over China’s economy, sticky inflation and the impasse in U.S. debt-ceiling negotiations continued to weigh on sentiment. LVMH was among the biggest drags on the Stoxx Europe 600 index, which headed for its largest drop in more than two months.
The MSCI Asia Pacific Index was set for its lowest close in a week, with China’s benchmark stock index erasing all its gains for the year.
U.S. equity futures pointed to another down day on Wall Street following losses of more than 1% for both the S&P 500 and Nasdaq 100 on Tuesday. Progress was limited in US debt negotiations on Tuesday, bringing the world’s biggest economy one step closer to a potential default.
The S&P BSE Sensex Index closed down 208 points or 0.34% at 61,773.78 while the NSE Nifty 50 Index was lower by 63 points or 0.34% at 18,285.40.
ITC Ltd., Sun Pharmaceutical Industries Ltd., TCS Ltd., Titan Co., and Maruti Suzuki India Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., HDFC Ltd., Adani Enterprises Ltd., and Reliance Industries Ltd. were negatively contributing to the change.
The broader markets indices ended lower; the S&P BSE MidCap Index was up 0.13%, whereas S&P BSE SmallCap Index was higher by 0.10%.
Nine out of the 19 sectors compiled by BSE declined, while 10 sectors advanced with S&P BSE Consumer Durables gaining the most.
The market breadth was skewed in the favour of the sellers. About 1,678 stocks rose 1,798 declined, and 126 remained unchanged on the BSE.
Sensex, Nifty, Nifty Bank Trade Near Day's Low
Hindalco Industries Q4 FY23 (Consolidated, YoY)
Revenues up 0.2% at Rs 55,857 crore vs Rs 55,764 crore (Bloomberg estimate: Rs 47,506.5crore)
Ebitda down 27% at Rs 5,327 crore vs Rs 7,304 crore (Bloomberg estimate: Rs 4,987.2 crore)
Ebitda margin at 9.5% vs 13.1% (Bloomberg estimate: 10.5%)
Net profit down 37% Rs 2,411 crore vs Rs 3,851 crore (Bloomberg estimate: Rs 2,046.7 crore)
The board recommended a dividend of Rs 3 per share for FY23.
Source: Exchange filing
Mahindra CIE Automotive Shares Jump 9% As Promoter Sells Entire Stake
Shares of Mahindra CIE Automotive Ltd. hit a record high on Wednesday after its promoter, the Mahindra Group sold its remaining stake in the company.
Mahindra and Mahindra Ltd. sold as many as 12.1 million shares, or a 3.195% stake at Rs 447.65 apiece, in the automotive component supplier via block trades, as per its exchange filing.
Earlier in March, Mahindra & Mahindra sold over 6% of its stake in the automotive component supplier, lowering its shareholding from 9.25% to 3.19% as of March 31.
Mahindra's stake in the automotive component supplier now stands at NIL after it completely relinquished voting rights in Mahindra CIE Automotive via stock exchanges.
Stocks At 52-Week High Intraday
European Markets Trade Lower
H.G. Infra Bags Rs 42.5 Crore Contruction Project From The Government
H.G. Infra Engineering Ltd., bagged a construction project worth Rs 42.5-crore from NTPC Ltd., a government of India enterprise.
The project is based on a service contract for road construction sites in Andhra Pradesh, scheduled to complete in one year.
Source: Exchange filing
Deepak Nitrite Shares Jump The Most In Over 26 Months On Rs 5,000 Crore Capex Plan
Shares of Deepak Nitrite Ltd. rose in trade on Wednesday as its subsidiary, Deepak Chem Tech Ltd. signed an agreement to invest around Rs 5,000 crore in Gujarat in the next 4 years.
The projects will be set up to manufacture specialty chemicals, phenol, acetone and bisphenol at Dahej and Nandesari in Gujarat. The proposed investment is expected to generate around 1,500 direct and indirect employment opportunities.
Products out of these projects have varied end use such as; specialty chemicals catering to demands in the agrochemical and pharmaceutical industries. Furthermore, phenol and acetone that are used in segments tike laminates, plywood, pharma, paint, adhesives etc. Bisphenol, on the other hand, caters to epoxy, adhesives and polycarbonate which has various applications across automotive, electronic and consumer goods, defense and medical equipment.
Shares of Deepak Nitrite Ltd. rose 8.48% to Rs 2,115.35 apiece, as of 01:08 p.m., in trade on Wednesday compared to 0.24% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 10% intraday, the most in over 26 months since March 1, 2021. Total traded volume stood at 11 times its 30-day average. The relative strength index was at 78, implying that the stock maybe overbought.
Out of the 17 analysts tracking the company, 11 maintain a 'buy' rating, three 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 downside of 1%.
Source: Bloomberg, Exchange filing
BQ Exclusive With GQG Partners CIO Rajiv Jain
Dixon Technologies Shares Rise Most In Nearly A Year After Q4 Results
Shares of Dixon Technologies Ltd. rose the most in almost a year on Wednesday, after the company reported a rise in its net profit for the fourth quarter of fiscal 2023.
Dixon Technologies Q4 FY23 (Consolidated, YoY)
Revenue up 3.82% at Rs 3,065.45 crore (Bloomberg estimate: Rs 2,923.87 crore)
Ebitda up 32.23% at Rs 156.29 crore (Bloomberg estimate: Rs 136.44 crore)
Ebitda margin at 5.1% vs 4% (Bloomberg estimate: 4.7%)
Net profit up 27.7% at Rs 80.62 crore (Bloomberg estimate: Rs 70.7 crore)
The board has recommended a final dividend of Rs 3 per share.
Shares of Dixon Technologies surged 6.9% to Rs 3,501.55 apiece, compared to a flat NSE Nifty 50 as of 12:13 p.m. The stock rose 9.38% intraday, the most in nearly a year since May 30, 2022.
The average traded volume so far in the day stood at 13 times its monthly average, while the relative strength index was at 84, indicating the stock may be overbought.
Of the 22 analysts tracking the company, 11 maintain a 'buy' rating, seven suggest a 'hold', and four suggest a 'sell', according to Bloomberg data.
Currently, the stock is trading at its average 12-month consensus price target.
ITC Ltd., Sun Pharmaceutical Industries Ltd., TCS Ltd., Maruti Suzuki India Ltd., and Kotak Mahindra Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Adani Enterprises Ltd., HDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., and Adani Ports and SEZ Ltd. were negatively contributing to the change
The broader markets indices were trading higher; the S&P BSE MidCap Index was up 0.31%, whereas S&P BSE SmallCap Index was higher by 0.30%.
Six out of the 20 sectors compiled by BSE declined, while 14 sectors advanced with S&P BSE Consumer Durables gaining the most.
The market breadth was skewed in the favour of the buyers. About 1,758 stocks rose 1,539 declined, and 153 remained unchanged on the BSE.
Polyplex Corporation Shares Decline Most In Over A Year After Q4 Results
Shares of Polyplex Corporation Ltd. fell the most in over a year after the company's profit and revenue declined in the fourth quarter ended March.
Polyplex's profit plunged 93.34% to Rs 20.27 crore, while revenue fell 11.6% to Rs 1,667.07 crore, according to an exchange filing.
Polyplex Corporation Q4 FY23 (Consolidated. YoY)
Revenue down 11.6% at Rs 1,667.07 crore
Ebitda down 85.39% at Rs 55.37 crore
Ebitda margin at 3.32% vs 20.1%
Net profit down 93.34% at Rs 20.27 crore
The company will pay a final dividend of Rs 3 per share for fiscal 2023.
The scrip was trading 7.39% lower at Rs 1,407 compared to a 0.16% gain in benchmark Nifty 50.
Total traded quantity stood at 7.5 tomes the 30-day average volume. The one analyst tracking the stock maintained a 'hold' rating, according to Bloomberg.
Shares of Galaxy Surfacants Decline After Revenue, Profit Fall In Q4
Shares of Galaxy Surfacants Ltd. fell over 3% on Wednesday after the company reported its financial result for quarter ended March 2023.
Galaxy recorded 7.45% decline in revenue on year-on-year basis to Rs 974.47 crore. The total revenue for Q4 of FY23 was Rs 981.5 crore as compared to Rs 1,054.1 crore of the same quarter a year ago.
Galaxy Surfactants Q4 FY23 (Consolidated, YoY)
Revenue down 7.45% at Rs 974.47 crore (Bloomberg estimate: Rs 1,094.65 crore)
Ebitda down 7.21% at Rs 134.51 crore (Bloomberg estimate: Rs 150.42 crore)
Ebitda margin at 13.8% vs 13.77% (Bloomberg estimate: 13.7%)
Net profit down 7.99% at Rs 90.53 crore (Bloomberg estimate: Rs 111.03 crore)
The board recommended a final dividend of Rs 4 per share for fiscal 2023.
Shares of Galaxy Surfacants Ltd., as of 10:52 a.m., fell 2.88% to Rs 2,518.6 apiece in trade on Wednesday compared to the rise in the benchmark, NSE Nifty 50 Index by 0.16%.
The stock advanced as much as 6.66% intraday, rising the most in over eight months since Feb. 3, 2023. Total traded volume stood at 4.4 times its 30-day average.
Out of the 12 analysts tracking the company, 9 maintain a 'buy' rating and three recommend a 'hold', as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 13.6% over the next 12 months.
Bikaji Foods Shares Jump Over 4% As Q4 Profit Beats Estimates
Shares of Bikaji Foods International Ltd. rose the most in a week as the foruth quarter profit beat estimates, despite revenue miss.
The company's revenue rose by 15.49% year-on-year to Rs 462.26 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 400.25 crore, according to its exchange filing. The consensus of analyst estimates, pooled by Bloomberg expected revenue at Rs 511.60 crore.
It reported higher net profit, up 57.12% year-on-year to Rs 38.29 crore compared with Rs 24.37 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 33 crore.
The board has recommended a final dividend of Rs 0.75 per share for the financial year 2022-23 subject to the approval of the shareholders at the Annual General Meeting of the company. It represents 75% of face value of ₹ 1.00 per equity share for the financial year ended March 31, 2023.
Bikaji Foods International Q4 FY23 (Consolidated, YoY)
Revenue up 15.49% at Rs 462.26 crore vs Rs 400.25 crore (Bloomberg estimate: Rs 511.60 crore)
Ebitda up 52.39% at Rs 61.84 crore vs Rs 40.58 crore (Bloomberg estimate: Rs 55.80 crore)
Ebitda margin at 13.38% vs 10.14% (Bloomberg estimate: 10.9%)
Net profit up 57.12% at Rs 38.29 crore vs 24.37 crore (Bloomberg estimate: Rs 33 crore)
The board recommended a final dividend of Rs 0.75 per share.
Shares of Bikaji Foods International Ltd. rose 1.61% to Rs 390.8 apiece, as of 11:01 a.m., in trade on Wednesday compared to 0.21% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 4.78% intraday, the most in a week since May 17, 2023. Total traded volume stood at 3.8 times its 30-day average. The relative strength index was at 62.
Three 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 10%.
Source: Bloomberg, Exchange filing
Metro Brands Recovers After Biggest Drop In Over A Year After Q4 Results
Shares of Metro Brands Ltd. fell and recovered on Wednesday after falling most in over a year, following the announcement of the company's fourth quarter results.
Net profit for the company fell1.12% at Rs 68.74 crore, below the Bloomberg estimate of Rs 79.06 crore, while revenue went up 34.97% at Rs 544.13 crore beating the Bloomberg estimate of Rs 528.73 crore.
Metro Brands Q4 FY23 (Consolidated, YoY)
Revenue up 34.97% at Rs 544.13 crore (Bloomberg estimate: Rs 528.73 crore)
Ebitda up 10.57% at Rs 143.56 crore (Bloomberg estimate: Rs 163.13 crore)
Ebitda margin at 26.38% vs 32.21% (Bloomberg estimate: 30.9%)
Net profit down 1.12% at Rs 68.74 crore (Bloomberg estimate: Rs 79.06 crore)
Shares of Metro Brands gained 3.72% to Rs 913.2 apiece, compared to a 0.19% gain in the NSE Nifty 50 as of 10:50 a.m.
The stock fell as much as 5.96% intraday, the most in over 13 months since April 18, 2022, while the average traded volume so far in the day stood at 15.3 times its monthly average.
Of the 13 analysts tracking the company, 10 maintain a 'buy' rating, one suggests a 'hold', and two suggest a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 2.3%.
Shriram Properties Shares Gain Most In A Week After Bagging Rights For 3.2 Million Square Feet Project
Shares of Shriram Properties Ltd. rose the most in a week on Wednesday, after its unit won acquired a 3.2 million square feet project in Chennai.
The real estate developer acquired rights for the project through its wholly owned subsidiary Shrivision Elevations Pvt., according to a May 23 exchange filing.
The project has a return potential of Rs 1,200 crore within the next five years, with phase one, out of the total three, already completed.
Shares of Shriram Properties surged 1.88% to Rs 65 apiece, compared to a 0.12% gain in the NSE Nifty 50 as of 10:16 a.m. The stock rose 3.13% intraday, the most since May 15.
The average traded volume so far in the day stood at 7 times its monthly average.
Mahindra CIE Automotive Shares Hit Record High As Mahindra Plans To Sell Remaining Stake
Shares of Mahindra CIE Automotive Ltd. hit an all time high on Wednesday as Mahindra and Mahindra Ltd. announced its decision to sell its complete stake in the company.
As per a Bloomberg report, Mahindra and Mahindra Ltd. will sell as many as 12.1 million shares, or a 3.2% stake, in Mahindra CIE Automotive Ltd. via block trades, according to a term sheet. The offer price is set at Rs 430-452.85 apiece, in order to raise Rs 5.2 billion (approximately $63m million).
Earlier, Mahindra and Mahindra Ltd. sold over 6% stake in Mahindra CIE Automotive in mid-March. Following this sale, the shareholding of the company in Mahindra CIE Automotive Ltd. came down from 9.25% to 3.19% of its share capital, as of March 31, 2023.
Thus, after the recently proposed sale, Mahindra and Mahindra will offload its complete stake in Mahindra CIE Automotive Ltd.
Shares of Mahindra CIE Automotive Ltd. rose 5.28% to Rs 476.75 apiece, as of 10:30 a.m., in trade on Wednesday compared to 0.02% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 9.01% intraday, the most in four since April 26, 2023. The scrip hit an all-time high at Rs 493.65 apiece, intrday.
Total traded volume stood at 36.1 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.
Seven 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 2.9%.
Source: Bloomberg, Exchange filing
Suzlon Secures Major Order Of 300 MW From Torrent Power
Suzlon Group has bagged a significantly large order for its new 3 MW series of wind turbines to develop a 300 MW wind power project for Torrent Power Ltd.
Suzlon will install 100 wind turbine generators with a rated capacity of 3 MW each.
The project will be completed in phases by 2025 in Karnataka.
This is also the sixth and the largest order of the new Suzlon 3 MW series turbine so far.
Source: Exchange filing.
Biocon Shares Jump The Most In 17 Months After Q4 Revenue, Profit Beat Estimates
Shares of Biocon Ltd. rose the most in over 17 months after the net profit rose in the fourth quarter, beating analyst estimates.
The Bengaluru-based drugmaker's profit attributable to shareholders rose 31% year-on-year to Rs 313 crore in the March quarter, according to an exchange filing. That compares with the Rs 270 crore consensus estimate of analysts tracked by Bloomberg.
The company's revenue rose by 57% year-on-year to Rs 3,773 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 2,408.8 crore, according to its exchange filing. The consensus of analyst estimates, pooled by Bloomberg expected revenue at Rs 3,615 crore.
The consolidated revenue for FY23 increased 38% year-on-year to Rs 11,550 crore. The revenue for the year includes Rs 217 crore of stake dilution gain in Bicara, pursuant to its fund raise during the year.
Biocon Ltd. is also in the process of raising Rs 800 crore (approximately $98 million) from Edelweiss Alternate Asset Advisors Ltd. through the issuance of NCDs worth Rs 500 crore and CCDs worth Rs 300 crore by Biocon Biologics Ltd.
"FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon’s robust consolidated financials," said Kiran Mazumdar-Shaw, executive chairperson at Biocon.
Biocon Q4 FY23 (Consolidated, YoY)
Revenue up 57% at Rs 3,773 crore vs Rs 2,408.8 crore (Bloomberg estimate: Rs 3,615 crore)
Ebitda up 69% to Rs 997 crore vs Rs 591.9 crore (Bloomberg estimate: Rs 862 crore)
Ebitda margin at 26.4% vs 24.6% (Bloomberg estimate: 23.9%)
Net profit up 31% to Rs 313 crore vs Rs 238.6 crore (Bloomberg estimate: Rs 270 crore)
The board declared a final dividend of Rs 1.50 per share for the fiscal ended 2023.
Shares of Biocon Ltd. rose 3.94% to Rs 251.7 apiece, as of 10:02 a.m., in trade on Wednesday compared to 0.01% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 7.62% intraday, the most in 17 months since Dec. 8, 2021. Total traded volume stood at 8.7 times its 30-day average. The relative strength index was at 70, implying that the stock maybe overbought.
Out of the 21 analysts tracking the company, 14 maintain a 'buy' rating, four 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 8.6%.
Source: Bloomberg, Exchange filing
Top Movers On The Nifty 50 Index
Kotak Mahindra Bank Ltd., ITC Ltd., Larsen and Toubro Ltd., Power Grid Corp of India Ltd., and Maruti Suzuki India Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., HDFC Bank Ltd., HDFC Ltd., Adani Enterprises Ltd., and Reliance Industries Ltd. were negatively contributing to the change
Broader Markets Open Mixed
The broader markets indices were mixed; the S&P BSE MidCap Index was down 0.02%, whereas S&P BSE SmallCap Index was higher by 0.03%.
Eleven out of the 20 sectors compiled by BSE declined, while nine sectors advanced.
The market breadth was skewed in the favour of the buyers. About 1,352 stocks rose 1,071 declined, and 101 remained unchanged on the BSE.
Source: BSE
Adani Group Company Stocks Mixed In Early Trade
Adani Group company stocks were mixed in trade on early Wednesday.
Sensex, Nifty Open Lower: Opening Bell
Indian equity benchmarks declined on Wednesday after gaining for the third straight day on Tuesday. Asian stocks fell for a second day as negotiations over raising the U.S. debt ceiling remained at an impasse, sapping risk sentiment.
The MSCI Asia Pacific Index headed for its lowest close in a week, following losses of more than 1% for both the S&P 500 and Nasdaq 100 on Tuesday. Toyota Motor Corp. shares bucked the trend in Tokyo, rising as much as 5.5% after sliding in the final minute of trading Tuesday. Japanese travel-related and retail companies fell, tracking a slump in European luxury stocks that wiped out more than $30 billion from the sector.
The S&P 500’s drop on Tuesday was led by industrials and communication stocks. Lowe’s Cos. cut its sales outlook, citing a slowdown in consumer spending.
In the U.S., debt negotiations continued but progress appeared limited, with some House Republicans questioning the urgency of a deadline imposed by Treasury Secretary Janet Yellen for when the government will start missing debt payments.
At pre-open, the S&P BSE Sensex Index was down 148 points or 0.24% at 61,834.33 while the NSE Nifty 50 Index was lower by 53 points or 0.29% at 18,294.80.
Sensex, Nifty Decline In Pre-Open
At pre-open, the S&P BSE Sensex Index was down 148 points or 0.24% at 61,834.33 while the NSE Nifty 50 Index was lower by 53 points or 0.29% at 18,294.80.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7% on Wednesday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated about 3 paise to open at 82.83 against the greenback on Wednesday.
The local currency closed at 82.81 on Tuesday.
Source: Bloomberg
Spotlight on Adani Group Stocks; Metals Gain: Trade Setup
Delhivery Refutes Media Report On Acquiring Logistics Firm Gati
The company clarified that the news is factually incorrect and baseless.
It said there have been no such discussions whatsoever.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 103.5
U.S. 10-year bond yield at 3.68%
Brent crude up 1.12% at $77.70 per barrel
Nymex crude up 1.22% at $73.80 per barrel
SGX Nifty down 0.43% at 18,283 as of 8:15 a.m.
Bitcoin down 0.24% at $27,157.11
Trading Tweaks
Price Band Revised From 10% to 5%: Adani Wilmar
Price Band Revised From 20% to 10%: Refex Industries
Ex-Date Interim Dividend: Great Eastern Shipping Company, Manappuram Finance
Record Date Interim Dividend: Great Eastern Shipping Company, Manappuram Finance
Ex-Date Income Distribution: National Highways Infra Trust
Record Date Income Distribution: National Highways Infra Trust
Ex-Date Final Dividend: Rossari Biotech
Record Date Final Dividend: Rossari Biotech
Move Into Short-Term ASM Framework: Gland Pharma, Kaynes Technology India and Kokuyo Camlin
Move Out of Short-Term ASM Framework: Manorama Industries and Raymond
Bulk Deals
SpiceJet: Nuvama Wealth Finance sold 68.4 lakh shares (1.14%) at Rs 24.88 apiece.
CARE Ratings: Jyotsna Gautam Kulkarni sold 1.67 lakh shares (0.56%) at Rs 668.91 apiece.
Block Deals
Eicher Motors: Siddhartha Lal Trust bought 28,470 shares (0.01%), Siddhartha Vikram Lal sold 28,470 shares (0.01%) at Rs 3,597 apiece.
Syrma SGS Technology: Norges Bank on account of the Government Pension Fund Global bought 38 lakh shares (2.15%), Union Mutual Fund bought 5.24 lakh shares (0.3%), Neuberger Berman Emerging Markets Equity Master Fund LP bought 25 lakh shares (1.41%), Sanjiv Narayan sold 15 lakh shares (0.85%), South Asia Growth Fund II Holdings, LLC sold 53.24 lakh shares (3.01%) at Rs 351.9 apiece.
Dish TV India: The company recommended appointment of COO Manoj Dobhal as CEO-designate in place of Anil Kumar Dua and advised management to seek prior approval of Ministry of Information and Broadcasting for his appointment as CEO.
Stocks To Watch: Biocon, JSW Energy, Ashok Leyland, Nykaa, Ipca Labs, Adani Green, Cummins India In Focus
Ipca Laboratories/Lyka Labs: Ipca Laboratories has increased its shareholding in Lyka Labs by 9.76% in two tranches. It bought 44 lakh shares at Rs 139.50 apiece on March 15 and April 18. Ipca now holds 1.20 crore shares of Lyka, or 36.34% of latter’s overall shareholding.
Wipro: The company will integrate Google Cloud’s full suite of generative AI products and services with its own AI intellectual property to bring the same to its clients.
NTPC: The power company aims to add 16 GW of renewable capacity by the fiscal ended 2026, the management said during its recent earnings call.
Shriram Properties: The company has acquired 100% development rights for an ongoing project in Chennai through its wholly owned subsidiary Shrivision Elevations. The project has a revenue potential of Rs 1,200 crore over the next five years.
Century Textiles: The company will raise Rs 400 crore via non-convertible debentures on a private placement basis.
Adani Green Energy: The board meeting scheduled for May 24 to consider raising funds was cancelled due to the non-availability of directors. The next date of the meeting will be announced later.
Punjab National Bank: The bank appointed Amit Srivastava as its group chief risk officer.
Q4 Results Today
Hindalco Industries, Shyam Metalics and Energy, National Aluminium Co., Piramal Pharma, Cummins India, FSN E-Commerce Ventures, Avanti Feeds, Bayer CropScience, Brigade Enterprises, JB Chemicals & Pharmaceuticals, Pennar Industries, Fine Organic Industries, Garden Reach Shipbuilders & Engineers, Caplin Point Laboratories, Prudent Corporate Advisory Services, ICRA, Wonderla Holidays, Aptech, Ashoka Buildcon, Bannari Amman Sugars, Bigbloc Construction, Gujarat Pipavav Port, GRM Overseas, Hawkins Cookers, Hindware Home Innovation, India Cements, India Glycols, IRCON International, India Tourism Development Corporation, KCP, Kingfa Science & Technology (India), Lakshmi Machine Works, Life Insurance Corporation of India, Marathon Nextgen Realty, Moschip Technologies, Nava, Nesco, Oil India, Hitachi Energy India, Rupa & Company, Sadhana Nitrochem, Sanghvi Movers, Seamec, Tamil Nadu Newsprint & Papers, Trident, Titagarh Wagons, Venus Pipes & Tubes, Welspun Specialty Solutions, ZF Commercial Vehicle Control Systems India
Earnings Fineprint
NMDC Q4 FY23 (Consolidated, YoY)
Revenue down 13.76% at Rs 5,851.37 crore (Bloomberg estimate: Rs 5,510.02 crore)
Ebitda down 20.63% at Rs 2,162.35 crore (Bloomberg estimate: Rs 1,993.93 crore)
Ebitda margin at 36.95% vs 40.15% (Bloomberg estimate: 36.2%)
Net profit up 21.7% at Rs 2,271.53 crore (Bloomberg estimate: Rs 1,480.20 crore)
The company reported exceptional income of Rs 1,237.27 crore during the period under review. The board approved Rs 2.85 per share for the fiscal 2023.
Biocon Q4 FY23 (Consolidated, YoY)
Revenue up 57% at Rs 3,773 crore (Bloomberg estimate: Rs 3,615 crore)
Ebitda up 69% to Rs 997 crore (Bloomberg estimate: Rs 862 crore)
Ebitda margin at 26.4% vs 24.6% (Bloomberg estimate: 23.9%)
Net profit up 31% to Rs 313 crore (Bloomberg estimate: Rs 270 crore)
The board declared a final dividend of Rs 1.50 per share for the fiscal ended 2023.
JSW Energy Q4 FY23 (Consolidated, YoY)
Revenue up 9.39% at Rs 2,669.97 crore (Bloomberg estimate: Rs 2,267.85 crore)
Ebitda down 34.14% at Rs 745.32 crore (Bloomberg estimate: Rs 605.7 crore)
Ebitda margin at 27.91% vs 46.37% (Bloomberg estimate: 26.7%)
Net profit down 67.86% at Rs 282.03 crore (Bloomberg estimate: Rs 171.15 crore)
The company will pay a dividend of Rs 2 per share for the fiscal 2023. It also approved reappointment of Sajjan Jindal as chairman and managing director for five years, effective Jan. 1, 2024.
Dixon Technologies Q4 FY23 (Consolidated, YoY)
Revenue up 3.82% at Rs 3,065.45 crore (Bloomberg estimate: Rs 2,923.87 crore)
Ebitda up 32.23% at Rs 156.29 crore (Bloomberg estimate: Rs 136.44 crore)
Ebitda margin at 5.1% vs 4% (Bloomberg estimate: 4.7%)
Net profit up 27.7% at Rs 80.62 crore (Bloomberg estimate: Rs 70.7 crore)
The board has recommended a final dividend of Rs 3 per share.
Amara Raja Batteries Q4 FY23 (Consolidated, YoY)
Revenue up 11.39% at Rs 2,429.44 crore (Bloomberg estimate: Rs 2,622.80 crore)
Ebitda up 7.79% at Rs 237.34 crore (Bloomberg estimate: Rs 378.50 crore)
Ebitda margin at 9.77% vs 10.1% (Bloomberg estimate: 14.4%)
Net profit up 41.04% at Rs 139.42 crore (Bloomberg estimate: Rs 177.2 crore)
The company reported net exception loss of Rs 47.65 crore in the quarter on account of a fire at its Chittoor facility. It will pay a final dividend of Rs 3.20 per share for the fiscal 2022-23.
Ashok Leyland Q4 FY23 (Standalone, YoY)
Revenue rose 33% to Rs 11,625.7 crore (Bloomberg estimate: Rs 11,298.31 crore)
Ebitda rose 64% to Rs 1,275.8 crore (Bloomberg estimate: Rs 1,168.24 crore)
EBITDA margin stood at 11% Vs 8.9% (Bloomberg estimate: 10.3%)
Net profit fell 17% to Rs 751.4 crore (Bloomberg estimate: Rs 629.16 crore)
The board recommended a dividend of Rs 2.60 per share for the fiscal ended 2023.
Thyrocare Technologies Q4 FY23 (Consolidated, YoY)
Revenue up 4.07% at Rs 135.88 crore (Bloomberg estimate: Rs 136.2 crore)
Ebitda down 34.32% at Rs 24.69 crore (Bloomberg estimate: Rs 33.75 crore)
Ebitda margin at 18.17% vs 28.79% (Bloomberg estimate: 24.8%)
Net profit down 41.2% at Rs 12.49 crore (Bloomberg estimate: Rs 20 crore)
Galaxy Surfactants Q4 FY23 (Consolidated, YoY)
Revenue down 7.45% at Rs 974.47 crore (Bloomberg estimate: Rs 1,094.65 crore)
Ebitda down 7.21% at Rs 134.51 crore (Bloomberg estimate: Rs 150.42 crore)
Ebitda margin at 13.8% vs 13.77% (Bloomberg estimate: 13.7%)
Net profit down 7.99% at Rs 90.53 crore (Bloomberg estimate: Rs 111.03 crore)
The board recommended a final dividend of Rs 4 per share for fiscal 2023.
Polyplex Corporation Q4 FY23 (Consolidated. YoY)
Revenue down 11.6% at Rs 1,667.07 crore
Ebitda down 85.39% at Rs 55.37 crore
Ebitda margin at 3.32% vs 20.1%
Net profit down 93.34% at Rs 20.27 crore
The company will pay a final dividend of Rs 3 per share for fiscal 2023.
Metro Brands Q4 FY23 (Consolidated, YoY)
Revenue up 34.97% at Rs 544.13 crore (Bloomberg estimate: Rs 528.73 crore)
Ebitda up 10.57% at Rs 143.56 crore (Bloomberg estimate: Rs 163.13 crore)
Ebitda margin at 26.38% vs 32.21% (Bloomberg estimate: 30.9%)
Net profit down 1.12% at Rs 68.74 crore (Bloomberg estimate: Rs 79.06 crore)
Bikaji Foods International Q4 FY23 (Consolidated, YoY)
Revenue up 15.49% at Rs 462.26 crore (Bloomberg estimate: Rs 511.60 crore)
Ebitda up 52.39% at Rs 61.84 crore (Bloomberg estimate: Rs 55.80 crore)
Ebitda margin at 13.38% vs 10.14% (Bloomberg estimate: 10.9%)
Net profit up 57.12% at Rs 38.29 crore (Bloomberg estimate: Rs 33 crore)
The board recommended a final dividend of Rs 0.75 per share.
Linde India Q4 FY23 (Consolidated, YoY)
Revenue up 17.96% at Rs 630.24 crore
Ebitda up 41.03% at Rs 185.75 crore
Ebitda margin at 29.47% vs 24.65%
Net profit up 50.42% at Rs 99.25 crore
The company announced a dividend of Rs 12 per share, including special dividend of Rs 7.5 per share, for 15 months ended March 2023.
Adani-Hindenburg Row: GQG's Rajiv Jain Not Surprised With Supreme Court Panel Report — BQ Exclusive
SGX Nifty Signals Lower Open For Benchmarks
Asian stocks fell for a second day as negotiations over raising the U.S. debt ceiling remained at an impasse, sapping risk sentiment.
The MSCI Asia Pacific Index headed for its lowest close in a week, following losses of more than 1% for both the S&P 500 and Nasdaq 100 on Tuesday. The S&P 500’s drop on Tuesday was led by industrial and communication stocks.
The debt negotiations in the U.S. continued, but progress appeared to be limited, with some House Republicans questioning the urgency of a deadline imposed by Treasury Secretary Janet Yellen for when the government will start missing debt payments.
The yield on the 10-year Treasury note in the U.S. was trading at 3.68%. Crude oil price was trading below the $78 mark, while Bitcoin traded near the $27,000 level.
At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.43% at 18,283.
Domestic benchmarks closed marginally higher as Adani Group stocks led the gains while private banks dragged.
The Indian rupee snapped its four-day decline against the U.S. dollar following a marginal rise in domestic equities.
Foreign investors were net buyers for the second day and bought equities worth Rs 182.5 crore. On the other hand, domestic institutional investors were buyers for the third straight day and bought stocks worth Rs 397.3 crore, the NSE data showed.