Stock Market Today: Sensex, Nifty Rebound After Two-Day Drop Led By ITC, Airtel, Adani Enterprises
Sensex closed up 99 points or 0.16% at 61,872.62 while Nifty was higher 36 points or 0.20% at 18,321.15.
KEY HIGHLIGHTS
FPIs Stay Buyers For The Fourth Straight Day
Overseas investors in Indian equities remained buyers for the fourth day in a row on Thursday. They snapped the longest buying spree of 16 days in 2023 on May. 19.
Foreign portfolio investors mopped up equities worth Rs 589.10 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the fifth straight day and bought Rs 338.44 crore worth of equities.
Institutions have bought Rs 34,805 crore worth of equities in May so far, and have been net buyers of Rs 20,226 crore worth of Indian equities till date in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by about 7 paise to close at 82.74 against the greenback on Thursday.
The local currency closed at 82.67 on Wednesday.
Source: Bloomberg
Sensex, Nifty Snap Two Days Of Losses
Indian equity benchmarks recovered from day's low to end higher on Thursday, breaking a two-day losing streak as realty stocks gained. ITC, Airtel and Adani Enterprises led the gains. The S&P BSE Sensex Index inched closer to 62,000 level, whereas NSE Nifty 50 Index was comfortably above the 18,300-mark.
Nasdaq futures rallied and chipmakers soared as a bullish sales forecast from Nvidia Corp. ignited gains in companies linked to the frenzy for artificial intelligence. Nvidia shares soared 23% in US premarket trading after its forecast for surging revenue surprised even the most optimistic analysts on Wall Street.
Contracts on the Nasdaq 100 added 1.6% and chipmaker ASM International NV led gains in the Stoxx 600 Index. Markets were broadly weaker in Hong Kong, with the Hang Seng Index shedding 2.1%. CSI 300 Index has gave up about half its gains.
The S&P BSE Sensex Index closed up 99 points or 0.16% at 61,872.62 while the NSE Nifty 50 Index was higher 36 points or 0.20% at 18,321.15.
ITC Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., Larsen and Toubro Ltd., and Adani Enterprises Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. were negatively contributing to the change
Adani Group company stocks ended mixed in trade as NDTV LTd., Adani Enterprises Ltd., Adani Power Ltd., Adani Ports and SEZ Ltd., and ACC Ltd. advanced while other stocks declined.
The broader markets indices ended higher; the S&P BSE MidCap Index was up 0.36%, whereas S&P BSE SmallCap Index was higher by 0.27%.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Commodities, S&P BSE Energy, S&P BSE Financial Services and S&P BSE Metal declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,881 stocks rose 1,610 declined, and 120 remained unchanged on the BSE.
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Hospitality Company Shares Advance
Shares of hospitality companies were trading higher on Thursday as the NSE Nifty 50 Index fell 0.33%.
Chalet Hotels Ltd., Lemon Tree Hotels Ltd., EIH Ltd., and Indian Hotels Ltd. advanced over 1% in trade.
Source: Bloomberg
Metals Company Shares Decline
Shares of metal companies were trading lower on Thursday as the NSE Nifty Metal Index fell 0.80%, as compared to a 0.30% declined in the NSE Nifty 50.
Twelve out of the 15 constituents compiled by the gauge declined, whereas Ratnamani Metals & Tubes Ltd., Vedanta Ltd., and Welspun Corp Ltd. advanced in trade.
Jindal Stainless Ltd., Hindalco Industries Ltd., National Aluminium Co., Jindal Steel and Power Ltd., Adani Enterprises Ltd., NMDC Ltd., Tata Steel Ltd., Hindustan Copper Ltd., JSW Steel Ltd., APL Apollo Tubes Ltd., and SAIL Ltd. declined in trade.
Source: Bloomberg
Stocks Trading At 52-Week High Intraday
Why UBS Believes Tata Motors Is A Bad Bet?
UBS, the Swiss multinational recommended a 'sell' rating on Tata Motors, in a note dated May 24. The price target of Rs 450, implied a potential downside of 13.5%.
The brokerage resumed coverage of the stock with an 'anti-consensus' rating, with the belief that the company is reaching peak domestic market share due to increased emerging competition.
It further stated the belief that the approximately 23% year-to-date outperformance against the S&P BSE Auto Index following Jaguar Land Rover's earnings is a short lived phenomenon, presenting a good selling opportunity for investors.
Jaguar Land Rover, which constitutes over two-thirds of the company's sales/Ebitda for the year, reported robust earnings driven by an 'unsustainable mix' and 'near-zero' discounts, according to the note.
Shares of Tata Motors fell 1.91% to Rs 510.25 apiece, compared to a 0.29% fall in the NSE Nifty 50 as of 11:34 a.m. The stock fell 2.10% intraday, the most in over a week since May 10, 2023.
Of the 36 analysts tracking the company, 29 maintain a 'buy' rating, three suggest a 'hold', and four suggest a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 14.1%.
Sensex, Nifty Drift Lower As Metals Decline; HDFC Twins, RIL Drag: Midday Market Update
Indian equity benchmarks declined through midday after swinging between gains and losses in early trade on Wednesday. While only realty, FMCG and consumer durables advanced, metals declined the most. HDFC twins along with Reliance Industries were dragging the markets.
U.S. equity futures rallied after a surprise increase in sales forecasts from chipmaker Nvidia Corp. which triggered a rally among its Asian suppliers but failed to lift broader stock benchmarks across the region.
As per Bloomberg, Nvidia's 25% surge followed the chipmaker’s report that booming demand for artificial intelligence processors would fuel revenue growth.
Stock benchmarks in Japan, China, Australia and South Korea all declined. Hong Kong’s Hang Seng Index fell 2%, on course for its worst weekly loss since March, as global investors remained downbeat on Chinese assets.
Taiwanese stocks rose, bucking the trend in Asia as Taiwan Semiconductor Manufacturing Co, which is a supplier to Nvidia, climbed about 2.5%. South Korean tech bellwethers Samsung Electronics Co. and SK Hynix Inc. advanced.
Nasdaq 100 futures rallied 1.4%, holding most of their early gains even after the Fitch news. The advance followed a 0.5% drop in the underlying index on Wednesday amid concerns over the debt-ceiling impasse and uncertainty over the Fed’s next policy decision. Contracts for the S&P 500 jumped 0.5%.
As of 12:06 p.m., the S&P BSE Sensex Index was down 196 points or 0.32% at 61,578.24 while the NSE Nifty 50 Index was lower 51 points or 0.28% at 18,234.05.
Stock Market Live: Sensex, Nifty Drift Lower As Metals, PSU Banks Decline; HDFC Twins, RIL Drag
ITC Ltd., Bharti Airtle Ltd., Kotak Mahindra Bank Ltd., Bajaj Auto Ltd., and Power Grid Corp of India Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Tata Motors Ltd., and Adani Enterprises Ltd. were negatively contributing to the change.
The broader markets indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.11%, whereas S&P BSE SmallCap Index was higher by 0.25%.
Eleven out of the 20 sectors compiled by BSE declined, while nine sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,751 stocks rose 1,519 declined, and 145 remained unchanged on the BSE.
Granules India Intimates Exchanges About IT Security Breach
An information security incident has occurred at the company and the impacted IT assets have been isolated.
Company is investigating the matter and actions are being taken to address the incident.
Source: Exchange filing
Vedanta Further Pledges 3.3% Stake In Hindustan Zinc To Axis Trustee Services
Vedanta pledged 13.94 crore shares or 3.3% additional stake in its unit Hindustan Zinc Ltd. to Axis Trustee Services, increasing the latter's total pledge to 7.65%.
Previously, Axis Trustee had acquired 4.34% stake in Hindustan Zinc on April 27.
After the deal, Axis Trustee now holds 32.32 crore encumbered equity shares of Hindustan Zinc Ltd.
Source: Exchange filing
Nykaa Shares Gain Despite Q4 Miss As Sales Rise Steadily Since IPO
Shares of FSN E-Commerce Ventures Ltd. rose the most in a week despite revenue and profit miss as the company sales grew over the last two financial years, further to the company's IPO.
According to a press release issued by the company, "Over the last two financial years, and further to the IPO, our revenue from operations grew from Rs 2,440 crore in FY21 to Rs 5,143 crore in FY23 and Ebitda expanded from Rs 156 crore to Rs 256 crore in the same period."
However, the fourth-quarter profit of FSN E-Commerce Ventures Ltd., the parent of online beauty and fashion retailer Nykaa, fell due to high expenses and as inflation-weary shoppers curbed discretionary spending.
Consolidated net profit dropped 72% year-on-year to Rs 2.41 crore in the quarter ended March, according to an exchange filing. That compares with the Rs 7.61-crore consensus estimate of analysts tracked by Bloomberg.
According to its press release, Nykaa's investment in technology and marketing has improved its platform capabilities to drive healthy new and repeat customer behaviour. "These investments have led to the order-to-visit conversions improving over the last two years," mentioned the press release.
"Visit conversions, as a north star metric, speak a lot towards the platform strength of our business and customer interest in Nykaa as a brand," said Falguni Nayar, executive chairperson, MD, and CEO of Nykaa.
Nykaa Q4 FY23 (Consolidated figures, YoY)
Revenue up 34% at Rs 1301.73 crore Vs Rs 973.32 crore (BBG estimate: Rs 1350.99 crore)
Net profit fell 72% at Rs 2.41 crore Vs Rs 8.56 crore (BBG estimate: Rs 7.6 crore)
EBITDA up 84% to Rs 70.70 crore Vs Rs 38.52 crore (BBG estimate: Rs 70.7 crore)
Margins at 5.4% Vs 4% (BBG estimate: 5.2%)
Shares of Nykaa Ltd. rose 1.52% to Rs 126.9 apiece, as of 10:57 a.m., in trade on Thursday compared to 0.18% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 2.32% intraday, the most in nearly a week since May 19, 2023. Total traded volume stood at 4.6 times its 30-day average. The relative strength index was at 51.
Out of the 22 analysts tracking the company, 16 maintain a 'buy' rating, two recommend a 'hold' and four 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 39.9%.
Source: Bloomberg, Exchange filing
PTC Industries Unit Receives Israel Aerospace Industries' Approval For Supply Of Cast Components
Aerolloy Technologies Ltd. has received an approval from Israel Aerospace Industries for supply of cast components for Aerospace applications.
This is the first time that Israel Aerospace Industries is sourcing cast components from India.
Source: Exchange filing
Aptech Shares Hit Record High As Q4 Sales Jump Over 175% YoY
Shares of Aptech Ltd. hit a record high as the fourth quarter sales jumped over 175%, aiding Ebitda growth by over 260% year-on-year. The board also approved an issue of bonus shares in the ratio of 2:5, which means that the shareholders will receive two additional equity shares for every five shares held.
The company's revenue rose by 175.66% year-on-year to Rs 178.46 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 64.74 crore, according to its exchange filing.
It reported a jump in the net profit, up 30.53% year-on-year to Rs 33.35 crore compared with Rs 25.55 crore, in the same period a year back.
Aptech Q4 FY23 (Consolidated, YoY)
Revenue up 175.66% at Rs 178.46 crore vs Rs 64.74 crore
Ebitda up 260.89% at Rs 34.97 crore vs Rs 9.69 crore
Ebitda margin at 19.6% vs 14.97%
Net profit up 30.53% at Rs 33.35 crore vs Rs 25.55 crore
The board approved issue of bonus shares in the ratio of 2:5. The company has declared an interim dividend of Rs 6 per share for the fiscal 2023.
Shares of Aptech Ltd. rose 6.20% to Rs 513.05 apiece, as of 10:25 a.m., in trade on Thursday compared to 0.18% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 9.29% intraday, the most in over a week since May 18, 2023. Total traded volume stood at 16.6 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.
Source: Bloomberg, Exchange filing
Trident Shares Tumble Nearly 9% After Q4 Profit
Shares of Trident Ltd. fell most in a day in over six months after it reported a decline in its fourth-quarter profit.
The company's net profit declined 27.91% year-on-year to Rs 130.66 crore in the quarter ended March, according to an exchange filing.
Trident Q4 FY23 (Consolidated, YoY)
Revenues down 15.86% at Rs 1,573.25 crore
Ebitda down 20.48% at Rs 268.52 crore
Ebitda margin at 17.07% vs 18.09%
Net profit down 27.91% at Rs 130.66 crore
The company declared first interim dividend of Rs 0.36 per share for the fiscal 2024, with June 1 as record date.
Shares of Trident fell 5.89% to Rs 32.73 apiece, compared to a slim gains in NSE Nifty 50 as of 9:52 a.m. The stock fell 8.92% intraday, the most in over six months since Nov. 14, 2022.
The average traded volume so far in the day stood at 3.2 times its monthly average.
Of the two analysts tracking the company, both maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 21.9%.
Piramal Pharma Shares Jump Over 13% On Strong Sequential Growth In CDMO & CHG Segments
Shares of Piramal Pharma Ltd. jumped over 13%, the highest ever intraday jump since after it saw a huge sequential growth led by CDMO and CHG segments in the quarter ended March 31, 2023.
Piramal Pharma Q4 (QoQ, Consolidated)
Revenue up 24% at Rs 2,164 crore vs Rs 1,716 crore
Net profit of Rs 50 crore vs net loss of Rs 90 crore
Operating profit up 3 times at Rs 351 crore vs Rs 87 crore
Margins at 16.2% vs 5.1%
Shares of Piramal Pharma Ltd. rose 12.04% to Rs 82.85 apiece, as of 9:55 a.m., in trade on Thursday compared to 0.08% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 13.32% intraday, the highest jump ever since its listing on Oct. 19, 2022. Total traded volume stood at 16.7 times its 30-day average. The relative strength index was at 68.
Six 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 30.4%.
Source: Bloomberg, Exchange filing
Titagarh Wagons Shares Rise The Most In Three Weeks As Q4 Revenue, Profit Jump Over 100%
Shares of Titagarh Wagons Ltd. rose the most in over three weeks as the fourth quarter revenue and profit rose over 100%, as compared to the same period in the previous fiscal.
The company's revenue rose by 131% year-on-year to Rs 974.21 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 422.18 crore, according to its exchange filing.
It reported a jump in the net profit, up 114% year-on-year to Rs 48 crore compared with Rs 22.46 crore, in the same period a year back. The profit was aided by no loss from the discontinued operations of its subsidiaries, Titagarh Firema, Tiagarh Wagons AFR France and TSPL.
Titagarh Wagons Q4 FY23 (Consolidated, YoY)
Revenue up 131% at Rs 974.21 crore vs Rs 422.18 crore
Ebitda up 108% at Rs 95.51 crore vs Rs 45.94 crore (Bloomberg estimate: Rs 76.4 crore)
Ebitda margin at 9.8% vs 10.9%
Net profit up 114% Rs 48 crore vs Rs 22.46 crore
The board recommended a final dividend of Rs 0.50 per equity share of Rs. 2/- each. Q4 profit was aided by no loss from the discontinued operations of its subsidiaries, Titagarh Firema, Tiagarh Wagons AFR France and TSPL.
Shares of Titagarh Wagons Ltd. rose 5.32% to Rs 341.4 apiece, as of 9:41 a.m., in trade on Thursday compared to 0.15% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 6.22% intraday, the most in over three weeks since May 3, 2023. Total traded volume stood at three times its 30-day average. The relative strength index was at 60.
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 22.3%.
Source: Bloomberg, Exchange filing
FOMC Maintains Projections For Mild Recession In U.S.
U.S. Federal Reserve minutes maintain projection for a mild recession for the U.S. economy starting later this year.
Consumer price inflation remained elevated in March but continued to slow.
U.S. real GDP projected to decelerate over the next two quarters .
Real GDP is projected to decline modestly in the fourth quarter of this year and first quarter of next year.
U.S. consumer price inflation remained elevated in March but continued to slow.
With expected declines in consumer energy prices and food prices, total inflation is projected to run below core inflation in the current year and next year.
In 2025, both total and core PCE inflation were expected to be about 2%
Source: FOMC Minutes
Adani Group Stocks Open Mixed
While Adani Transmission Ltd., Adani Green Energy Ltd. and Adani Wilmar Ltd. declined in early trade, all the other Adani Group company stocks advanced.
Broader Markets Open Higher
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.07%, whereas S&P BSE SmallCap Index was higher by 0.22%.
Five out of the 19 sectors compiled by BSE declined, while 14 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,475 stocks rose 847 declined, and 97 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
ITC Ltd., Kotak Mahindra Bank Ltd., Britannia Industries Ltd., Power Grid Corp of India Ltd., and HDFC Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., Reliance Industries Ltd., HDFC Ltd., Hindalco Industries Ltd., and Infosys Ltd. were negatively contributing to the change
Sensex, Nifty Decline At Opening Bell
Indian equity benchmarks opened lower in trade on Thursday after snapping three days of winning run on Wednesday.
U.S. stock futures rose on Thursday as risk sentiment improved following a sharp jump in sales forecasts from chipmaker Nvidia Corp, a move that buoyed tech stocks in South Korea.
Shares fell in Japan, South Korea, Australia and China fell. Declines for Hong Kong’s Hang Seng Index placed the benchmark on course for a third day of declines greater than 1%. Taiwanese stocks rose, bucking the trend in Asia as Taiwan Semiconductor Manufacturing Co. — which supplies Nvidia — climbed about 2.5%. South Korean tech bellwethers Samsung Electronics Co. and SK Hynix Inc. advanced.
Nasdaq 100 futures rallied 1.5%, holding most of their early gains even after the Fitch news. The advance followed a 0.5% drop in the underlying index Wednesday amid concerns over the debt-ceiling impasse and uncertainty over the Fed’s next policy decision. Contracts for the S&P 500 jumped 0.5%.
As per Bloomberg, Nvidia's 25% surge followed the chipmaker’s report that booming demand for artificial intelligence processors would fuel revenue growth.
At pre-open, the S&P BSE Sensex Index was down 71 points or 0.12% at 61,702.45 while the NSE Nifty 50 Index was lower 17 points or 0.09% at 18,268.90.
Sensex, Nifty Decline In Pre-Open
At pre-open, the S&P BSE Sensex Index was down 71 points or 0.12% at 61,702.45 while the NSE Nifty 50 Index was lower 17 points or 0.09% at 18,268.90.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by about 9 paise to open at 82.76 against the greenback on Thursday.
The local currency closed at 82.67 on Wednesday.
Source: Bloomberg
Will I.T. Pull The Markets Up Or Will Banks Play Spoil Sport?: Trade Setup
Global Cues
U.S. Dollar Index at 104
U.S. 10-year bond yield at 3.75%
Brent crude down 0.14% at $78.25 per barrel
Nymex crude down 0.22% at $74.18 per barrel
SGX Nifty down 0.25% at 18,239 as of 08:06 a.m.
Bitcoin down 1.04% at $26,127.04
Insider Trading
Mukand: Promoter group Baroda Industries bought 55,000 shares between May 22-23.
Usha Martin: Promoter Peterhouse Investments sold one lakh shares on May 23.
Linc: Promoter Deepak Jalan bought 5,000 shares, promoter group Sarita Jalan bought 2,500 shares and promoter group sold Suraj Mal Jalan 7,500 shares on May 22.
PSP Projects: Promoter and director Prahaladbhai S Patel bought 50,000 shares on May 22.
Trading Tweaks
Ex-Date Interim Dividend: Trent, Kennametal India
Record Date Interim Dividend: Trent, Kennametal India
Ex-Date Final Dividend: Kansai Nerolac Paints
Move Into Short-Term ASM Framework: Adani Enterprises, Refex Industries,
Move Out of Short-Term ASM Framework: Zensar Technologies
Bulk Deals
Mahindra CIE Automotive: Mahindra & Mahindra sold 1.21 crore shares (3.19%) at Rs 447.65 apiece.
Safari Industries (India): Elevation Capital VI FII Holdings sold 2.98 lakh shares (1.25%) at Rs 2,550 apiece.
Stocks To Watch: LIC, Vodafone Idea, Zee, Oil India, Strides Pharma, Emami, Adani Ports, Nykaa, Wipro In Focus
Adani Ports and Special Economic Zone: The company will make long-term investment of $10 billion in Vietnam, including $3 billion in ports and, wind and solar power projects.
Wipro: The company’s Engineering Edge business line partnered with automated mobility sensor software provider Spartan Radar to build advanced vehicle solutions. Wipro Ventures, the corporate investment arm of the company has invested in Spartan Radar’s B round funding.
Q4 Results Today
Vodafone Idea, Gujarat State Fertilizers & Chemicals, Zee Entertainment Enterprises, Infibeam Avenues, ITD Cementation India, AIA Engineering, Triveni Engineering & Industries, Medplus Health Services, Page Industries, Strides Pharma Science, Heritage Foods, Emami, GMM Pfaudler, Bharat Dynamics, Prince Pipes and Fittings, Eclerx Services, Kolte-Patil Developers. Subros, Gokaldas Exports, HealthCare Global Enterprises, Indostar Capital Finance, Voltamp Transformers, Dhanuka Agritech, Mrs Bectors Food Specialities, Harsha Engineers International, Carysil, Indian Energy Exchange, Ashapura Minechem, Axiscades Technologies, Balmer Lawrie & Co., Black Box, John Cockerill India, Disa India, Esab India, Expleo Solutions, Ganesha Ecosphere, General Insurance Corporation of India, Globus Spirits, HBL Power Systems, Hindustan Oil Exploration Co., IFCI, Igarashi Motors India, Ingersoll-Rand (India), Indian Railway Finance Corporation, Jai Corp, Manali Petrochemical, Mishra Dhatu Nigam, Pokarna, Radico Khaitan, Reliance Infrastructure, Rolex Rings, Saksoft, Sandhar Technologies, SEPC, Shilpa Medicare, Suven Pharmaceuticals, TTK Prestige, Uniparts India
Earnings Fineprint
Life Corporation of India Q4 FY23 (Standalone, YoY)
Revenue down 7% at Rs 2 lakh crore
Net premium down 8% at Rs 1.3 lakh crore
Solvency ratio rose to 187% from 185%
Net profit up 4.7 times at Rs 13,428 crore
The board recommended a dividend of Rs 3 per share.
National Aluminium Co. Q4 FY23 (Consolidated, YoY)
Revenue down 15.62% at Rs 3,670.86 crore (Bloomberg estimate: Rs 3,121.40 crore)
Ebitda down 52.88% at Rs 766.52 crore (Bloomberg estimate: Rs 440.90 crore)
Ebitda margin at 20.88% vs 37.39% (Bloomberg estimate: 14.1%)
Net profit down 51.73% at Rs 495 crore (Bloomberg estimate: Rs 182.2 crore)
Share of loss of joint ventures increased to Rs 26.88 crore from Rs 22 lakh in the year-ago period.
FSN E-Commerce Ventures Q4 FY23 (Consolidated figures, YoY)
Revenue up 34% at Rs 1,301.73 crore (Bloomberg estimate: Rs 1,350.99 crore)
Ebitda up 84% to Rs 70.70 crore (Bloomberg estimate: Rs 70.7 crore)
Ebitda margin at 5.4% Vs 4% (Bloomberg estimate: 5.2%)
Net profit fell 72% at Rs 2.41 crore (Bloomberg estimate: Rs 7.6 crore)
Oil India Q4 FY23 (Consolidated, YoY)
Revenues down 1.1% at Rs 7,855.23 crore
Ebitda down 8.43% at Rs 3,507.4 crore
Ebitda margin at 44.65% vs 48.23%
Net profit down 21.67% at Rs 1,979.74 crore
The company declared a final dividend of Rs 5.50 per share.
Aptech Q4 FY23 (Consolidated, YoY)
Revenue up 175.66% at Rs 178.46 crore
Ebitda up 260.89% at Rs 34.97 crore
Ebitda margin at 19.6% vs 14.97%
Net profit up 30.53% at Rs 33.35 crore
The board approved issue of bonus shares in the ratio of 2:5. The company has declared an interim dividend of Rs 6 per share for the fiscal 2023.
Gujarat Pipavav Port Q4 FY23 (Consolidated, YoY)
Revenue up 6.86% at Rs 234.73 crore
Ebitda up 1.30% at Rs 129.95 crore
Ebitda margin at 55.36% vs 58.4%
Net profit up 30.75% at Rs 97.32 crore
The company incurred net exceptional item of Rs 49.77 crore during the March quarter due to losses from cyclone Tauktae. The company declared a dividend of Rs 3.40 per share.
JB Chemicals & Pharmaceuticals Q4 FY23 (Consolidated, YoY)
Revenues up 22.05% at Rs 762.32 crore (Bloomberg estimate: Rs 762.30 crore)
Ebitda up 31% at Rs 163.64 crore (Bloomberg estimate: Rs 174.78 crore)
Ebitda margin at 21.47% vs 20% (Bloomberg estimate: 22.9%)
Net profit up 3.13% at Rs 87.63 crore (Bloomberg estimate: Rs 101.62 crore)
The board approved split of equity shares of face value Rs 2 each into shares of face value of Rs 1 each. It also declared a final dividend of Rs 9.25 per share for the fiscal 2023.
Bayer CropScience Q4 FY23 (Consolidated, YoY)
Revenue up 1.99% at Rs 982.5 crore
Ebitda up 2.54% at Rs 205.80 crore
Ebitda margin at 20.95% vs 20.83%
Net profit up 3.8% at Rs 158.5 crore
The company received exceptional gain of Rs 31 crore from sale of its environmental science business. The company has declared a final dividend of Rs 30 per share, amounting to an outgo of Rs 134.80 crore.
Prudent Corporate Advisory Services Q4 FY23 (Consolidated, YoY)
Revenue up 36.62% at Rs 176.97 crore (Bloomberg estimate: Rs 167.80 crore)
Ebitda up 73.18% at Rs 58.5 crore
Ebitda margin at 33.06% vs 26.08%
Net profit up 81.55% at Rs 41.23 crore (Bloomberg estimate: Rs 30.1 crore)
The board announced a final dividend of Rs 1.5 per share.
Trident Q4 FY23 (Consolidated, YoY)
Revenues down 15.86% at Rs 1,573.25 crore
Ebitda down 20.48% at Rs 268.52 crore
Ebitda margin at 17.07% vs 18.09%
Net profit down 27.91% at Rs 130.66 crore
The company declared first interim dividend of Rs 0.36 per share for the fiscal 2024, with June 1 as record date.
Venus Pipes & Tubes Q4 FY23 (YoY)
Revenue up 59.99% at Rs 176.28 crore
Ebitda up 57.17% at Rs 21.58 crore
Ebitda margin at 12.24% vs 12.46%
Net profit up 66.42% at Rs 13.43 crore
The board recommended a final dividend of Rs 0.5 per share for the fiscal 2023.
Tamil Nadu Newsprint & Papers Q4 FY23 (YoY)
Revenue up 3.9% at Rs 1,427.29 crore
Ebitda up 146.07% at Rs 275.03 crore
Ebitda margin at 19.27% vs 8.14%
Net profit up 358.24% at Rs 102.83 crore
The board announced a dividend of Rs 5 per share for fiscal 2023.
Nava Q4 FY23 (Consolidated, YoY)
Revenues down 13.28% at Rs 881.44 crore
Ebitda down 13.79% at Rs 347.22 crore
Ebitda margin at 39.39% vs 39.62%
Net profit down 9.52% at Rs 246.66 crore
Lakshmi Machine Works Q4 FY23 (Consolidated, YoY)
Revenue up 30.5% at Rs 1,303.04 crore
Ebitda up 30.44% at Rs 118.26 crore
Ebitda margin at 9.08% vs 9.08%
Net profit up 13.74% at Rs 94.1 crore
The company will pay a dividend of Rs 98.50 per share.
Rupa & Co. Q4 FY23 (Consolidated, YoY)
Revenues down 8.52% at Rs 401.91 crore
Ebitda down 62.93% at Rs 27.15 crore
Ebitda margin at 6.76% vs 16.67%
Net profit down 61.71% at Rs 18.69 crore
The board recommended a dividend of Rs 3 per share.
ZF Commercial Vehicle Control Systems India Q4 FY23 (Consolidated, YoY)
Revenue up 24.98% at Rs 977.28 crore
Ebitda up 61.73% at Rs 143.99 crore
Ebitda margin at 14.73% vs 11.39%
Net profit up 78.82% at Rs 101.21 crore
The company will pay a dividend of Rs 13 per share for fiscal 2023.
Titagarh Wagons Q4 FY23 (Consolidated, YoY)
Revenue up 131% at Rs 974.21 crore vs Rs 422.18 crore
Ebitda up 108% at Rs 95.51 crore vs Rs 45.94 crore (Bloomberg estimate: Rs 76.4 crore)
Ebitda margin at 9.8% vs 10.9%
Net profit up 114% Rs 48 crore vs Rs 22.46 crore
The board recommended a final dividend of Rs 0.50 per equity share of Rs. 2/- each. Q4 profit was aided by no loss from the discontinued operations of its subsidiaries, Titagarh Firema, Tiagarh Wagons AFR France and TSPL.
SGX Nifty Signals Muted Open For Benchmarks
U.S. stock futures rose on Thursday as risk sentiment improved following a sharp jump in sales forecasts from chipmaker Nvidia Corp, a move that buoyed tech stocks in South Korea.
Across Asia, equities fluctuated, reflecting crosswinds as investors weigh the risk of the U.S. defaulting on its debt, the chances of another rate hike by the Federal Reserve, central bank meetings in Seoul and Jakarta, and signs of weakness in the Chinese economy.
Nasdaq 100 futures rallied 1.5%, holding most of their early gains even after Fitch said it may cut U.S. AAA credit ratings to reflect the worsening political partisanship that’s preventing a deal to solve the nation’s debt ceiling crisis. The advance followed a 0.5% drop in the underlying index on Wednesday amid uncertainty over the Fed’s next policy decision. Contracts for the S&P 500 jumped 0.5%.
Minutes from the Fed’s meeting in early May showed that policymakers were split on the path for U.S. interest rates, further knocking sentiment.
The yield on the 10-year Treasury note in the U.S. was trading at 3.75%. Crude oil price was trading above the $78 mark, while Bitcoin declined 1% to the $26,000 level.
At 08:06 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.25% at 18,239.
Domestic benchmark indices ended their three-day rally to close lower as the HDFC twins and Adani Enterprises Ltd. dragged. Meanwhile, the Indian rupee closed higher against the U.S. dollar for the second day in a row on the back of substantial forex inflows.
Foreign investors were net buyers for the third straight day and bought equities worth Rs 1,185.8 crore. On the other hand, domestic institutional investors were buyers for the fourth straight day and bought stocks worth Rs 300.9 crore, the NSE data showed.