Stock Market Today: Sensex, Nifty End At Five-Month High After Three-Day Advance
Sensex closed up 345 points or 0.55% at 62,846.38 while Nifty was higher 99 points or 0.54% at 18,598.65.
KEY HIGHLIGHTS
Yield On The 10-Year Rises
The yield on the 10-year bond closed 2 basis points higher at 7.03% on Monday. It closed at 7.01% on Friday.
Source: Bloomberg
Rupee Weakened Against The U.S. Dollar
The local currency depreciated by 6 paise to close at 82.63 against the greenback on Monday.
The local currency closed at 82.57 on Friday.
Source: Bloomberg
Sensex, Nifty Advance For The Third Consecutive Day
Indian equity benchmarks held on to steady gains to end higher on Monday as U.S. lawmakers reached a debt ceiling limit settlement. While, NBFC and consumer durables sectors advanced, I.T. and energy shares declined in trade. HDFC Twins and M&M led to positive gains.
The S&P BSE Sensex Index inched closer 63,000-mark, whereas, Nifty was near 18,600-mark. Both the indices ended the day at a five-month high, the most since December 2022.
American equity futures added to Friday’s strong advance on Wall Street, while European stocks posted more modest gains amid cautious optimism politicians are nearing a debt-ceiling deal to avert a catastrophic U.S. default.
Contracts on the S&P 500 climbed about 0.4%, while those on the Nasdaq 100 were up around 0.5%. The Stoxx Europe 600 index climbed less than 0.1%.
The agreement struck by Biden and McCarthy over the weekend needs to be passed by Congress, with the clock ticking down on June 5, when Treasury Secretary Janet Yellen has said cash will run out.
The S&P BSE Sensex Index closed up 345 points or 0.55% at 62,846.38 while the NSE Nifty 50 Index was higher 99 points or 0.54% at 18,598.65.
HDFC Bank Ltd., HDFC Ltd., Mahindra and Mahindra Ltd., ITC Ltd. and Titan Co. were positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., Infosys Ltd., TCS Ltd., ONGC Ltd., and HCL Technologies Ltd. were negatively contributing to the change.
The broader markets indices were trading higher; the S&P BSE MidCap Index was up 0.41%, whereas S&P BSE SmallCap Index was higher by 0.30%.
Four out of the 19 sectors compiled by BSE declined, while 15 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,971 stocks rose 1,660 declined, and 180 remained unchanged on the BSE.
SML Isuzu Q4 FY23 (Consolidated, YoY)
Revenue up 70% at Rs 583.22 crore vs Rs 342.35 crore
Ebitda up 1,697% at Rs 43.25 crore vs Rs 2.42 crore
Ebitda margin at 7.4% vs 0.7%
Net profit at Rs 26.79 crore vs loss of Rs 11.42 crore
Source: Exchange filing
Stocks Trading At 52-Week High Intraday
Ipca Laboratories Q4 (Consolidated, YoY)
Revenue up 17% at Rs 1,512 crore Vs Rs 1,289 crore (BBG estimate : Rs 1,439 crore)
Net profit down 41% to Rs 77 crore Vs Rs 130 crore (BBG estimate : Rs 105 crore Profit)
EBITDA down 18% to Rs 181 crore from Rs 219 crore (BBG estimate : Rs 200 crore Profit)
Margins at 12% Vs 17% (BBG estimate : 13.9%)
Source: Exchange filing
European Markets Trade Higher
NIIT Q4 Results: Key Highlights (QoQ)
Revenue down 35.56% at Rs 60.05 crore vs Rs 93.18 crore
EBIT loss at Rs 14.82 crore vs EBIT of Rs 2.7 crore in Q3
Net loss at Rs 9.37 crore vs net profit of Rs 14.29 crore
Source: Exchange filing
Non-Banking Financial Services Companies Advance
Shares of non-baking financial companies were trading higher on Friday as the NSE Nifty Financial Services Index fell 0.97%, as compared to a 0.54% advance in the NSE Nifty 50.
Eighteen out of the 20 constituents compiled by the gauge advanced, whereas Indian Energy Exchange Ltd., and ICICI Bank Ltd. declined in trade.
ICICI Lombard General Insurance Ltd., ICICI Prudential Life Insurance Ltd., Power Finance Corp Ltd., REC Ltd., SBI Life Insurance Co., Shriram Finance Ltd., HDFC Ltd., State Bank of India, and HDFC Bank Ltd. gained over 1% in trade.
Source: Bloomberg
Nifty Opens Above 18,600; Bank Nifty Touches New Highs
Stocks In Focus: HDFC Twins, ICICI Bank, M&M, ONGC, RIL
Sensex, Nifty Gain As HDFC Twins, M&M, ITC Lead: Midday Market Update
Indian equity benchmarks held on to steady gains after opening higher on Monday as U.S. lawmakers reached a debt ceiling limit settlement. While, NBFC and metal sectors advanced, pharma shares declined in trade. HDFC Twins and M&M led to positive gains.
U.S. and European equity futures delivered small advances while a gauge of Asian shares climbed about 0.4% as global markets greeted the U.S. debt-ceiling deal between President Joe Biden and House Speaker Kevin McCarthy with cautious optimism.
Assuming the deal passes Congress, which can’t be taken for granted, traders still have much to contend with — from the prospect of another interest-rate hike from the Federal Reserve to a likely deluge of bond issuance from the US Treasury Department.
Contracts for the S&P 500 steadied about 0.3% higher in afternoon trading in Asia while those for the Nasdaq 100 were up 0.5%. European futures ticked up 0.1%. Gains of around 1% were seen in Japanese and Australian stocks benchmarks.
As of 12:10 p.m., the S&P BSE Sensex Index was up 425 points or 0.68% at 62,926.29 while the NSE Nifty 50 Index was higher 118 points or 0.64% at 18,617.05.
HDFC Ltd., HDFC Bank Ltd., Mahindra and Mahindra Ltd., ITC Ltd. and State Bank of India were positively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., ICICI Bank Ltd., TCS Ltd., ONGC Ltd., and Sun Pharmaceutical Industries Ltd. were negatively contributing to the change
The broader markets indices were trading higher; the S&P BSE MidCap Index was up 0.47%, whereas S&P BSE SmallCap Index was higher by 0.49%.
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 2,029 stocks rose 1,404 declined, and 87 remained unchanged on the BSE.
Ion Exchange Shares Fall Most In Over 5 Months Post Q4 Results
Shares of Ion Exchange were trading lower after the company's net profit declined in the fourth quarter ended March.
The company clocked a net profit of Rs 81.19 crore, which was 2.42% lower compared to previous year quarter, according to a stock exchange filing.
Ion Exchange (India) Q4 FY23 (Consolidated, YoY)
Revenue up 30.45% at Rs 647.48 crore
Ebitda up 11.97% at Rs 106.37 crore
Ebitda margins at 16.43% vs 19.14%
Net profit down 2.42% at Rs 81.19 crore
Deferred tax credit decline to Rs 1 lakh from Rs 2.55 in the year-ago period. The board has declared a dividend of Rs 12.50 per share.
The scrip was trading 4.63% lower at Rs 3,829.45 compared to a 0.70% gain in benchmark Nifty 50 as of 11:10 a.m. Intraday, it fell as much 6.48% - the most since Dec. 21, 2022.
Total traded quantity so far in the day stood at 3.8 times the 30-day average volume.
The one analyst tracking the stock maintained a 'buy', according to Bloomberg.
PG Electroplast, Jaina Group Sign Pact To Form Joint Venture To Make LED Televisions
PG Electroplast Ltd., signed a Memorandum of Understanding with Jaina Group to form a joint venture.
The joint venture company will initially manufacture Google-certified LED TVs and then other products in the future.
The joint venture will be equally owned by PG Electroplast and Jaina Group, with 50% stake each.
Source: Exchange filing
Nucleus Software Shares Rise Most In Over 3 Months After Q4 Profit Beats Estimates
Shares of Nucleus Software Exports Limited rose most in a day in over three months after results for the fourth quarter were announced.
The stock continued to rise for the third day on the back of strong earnings which were announced in an exchange filing on Friday, May 26.
Nucleus Software Exports Limited Q4 FY23 (Consolidated, YoY)
Revenues up 34.73% at Rs 206.2 crore vs Rs 153.04 crore (Bloomberg estimate: Rs 159.3 crore)
Ebitda up 232.28% at Rs 82.74 crore vs Rs 24.9 crore
Ebitda margin at 40.12% vs 16.27%
Net profit up 269.87% at Rs 67.65 crore vs Rs 18.29 crore (Bloomberg estimate: Rs 25.5 crore)
Shares of Nucleus Software surged 19.86% to Rs 970.05 apiece, compared to a 0.65% gain in the NSE Nifty 50 as of 11:02 a.m. The stock rose 20% intraday, the most in over three months since Feb. 14.
The average traded volume so far in the day stood at 33.5 times its monthly average, while the relative strength index was at 91, indicating the stock may be overbought.
The one analyst tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 31%.
Balkrishna Industries Drops The Most In 15 Weeks As Profit Misses Estimates; Nomura Maintains 'Neutral'
Shares of Balkrishna Industries Ltd. fell the most in 15 weeks after the fourth-quarter profit missed the analyst estimates pooled by Bloomberg.
Profit was down 31% year-on-year to Rs 259.80 crore compared with Rs 374.84 crore, in the same period a year back. It missed the analyst estimates, which was pegged at Rs 307 crore.
Nomura maintains a price target of Rs 2,015 apiece, with a 'neutral' rating, based on a 14 times EV/Ebitda target for FY25F. The brokerage also factors in 5% YoY volume growth for the company over the next two years.
Balkrishna Industries Q4 FY23 (Consolidated, YoY)
Revenue down 2% at Rs 2,317.01 crore vs Rs 2,374.21 crore (Bloomberg estimate: Rs 2,240.5 crore)
Ebitda down 5% at Rs 479.76 crore vs Rs 503.08 crore (Bloomberg estimate: Rs 492 crore)
Ebitda margin at 20.7% vs 21.2% (Bloomberg estimate: 22%)
Net profit down 31% at Rs 259.80 crore vs Rs 374.84 crore (Bloomberg estimate: Rs 307 crore)
The board recommended a final dividend of Rs 4 per share.
Nomura On Balkrishna Industries
Maintains a 'neutral' rating with a price target of Rs 2,015 per share.
Expect 5% YoY volume growth over FY24 and FY25.
Brokerage expects earnings per share at Rs 90 for FY25F, aided by Ebitda per ton of Rs 84,000 each.
Stock trading at 16.8 times its FY25F EV/EBITDA, factors in a recovery.
The management expects inventory-led issues to be resolved by June or July and it expects European region's demand to normalise later during the year.
Favorable raw material costs, better hedge rates, and normalization of freight costs are various levers for margin expansion, as per the management.
Shares of Balkrishna Industries Ltd. fell 5.91% to Rs 2,323.15 apiece, as of 11:14 a.m., in trade on Monday compared to 0.72% advance in the benchmark, NSE Nifty 50 Index.
The stock declined as much as 8.95% intraday, falling the most in 15 weeks since Feb. 13, 2023. Total traded volume stood at 12.2 times its 30-day average. The relative strength index was at 58.14.
Out of the 26 analysts tracking the company, 13 maintain a 'buy' rating, six recommend a 'hold' and seven suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 11%.
Source: Bloomberg, Exchange filing
L&T Announces The Formation Of The Green Energy Council
Larsen & Toubro Ltd., announced the formation of a Green Energy Council to achieve carbon neutrality by 2040.
L&T Green Energy Council, which is a think-tank, will be focused on building a global green energy business for the company.
Eicke R. Weber, Bart Biebuyck, Dr. Christopher Hebling and Patrice Simon will form the L&T Green Energy Council.
Source: Exchange filing
ONGC Shares Fall Despite Rise In Q4 Gross Revenue
Shares of Oil and Natural Gas Corporation Ltd. fell on Monday, after the company reported a decline in profit after tax for the quarter ended March.
Its gross revenue rose 5.2% year-on-year to Rs 36,293 crore for the fourth quarter. This compares to Rs 34,497 crore in the same quarter a year back. On an annual basis, the gross revenue rose by 40.9% with Rs 1.55 lakh crore in FY23, against Rs 1.1 lakh crore last year.
The company reported a loss of Rs 248 crore in the quarter ended March, compared to a profit after tax of Rs 8,860 crore in the same quarter in FY22.
Further more, the total dividend for FY23 was the highest with 225% at Rs 11.25 per share of face value Rs 5 each, with a total payout of Rs 14,153 crore, as per an exchange notification.
ONGC Q4 FY23 (Consolidated, YoY)
Revenues up 5.2% at Rs 1,64,066.72 crore
Ebitda down 14.05% at Rs 20,996.73 crore
Ebitda margin at 14.57% vs 18.11%
Net profit down 52.73% at Rs 5,701.46 crore
On standalone basis, the company incurred a loss of Rs 247.70 crore (estimated Rs 10,598.08 crore profit), compared with Rs 8,859.54 crore a year ago, on account of provisions to the tune of Rs 9,235.11 made towards disputed taxes. The company declared a dividend of Rs 0.5 per share for the fiscal 2023.
Shares of Oil and Natural Gas Corporation Ltd., as of 10:23 a.m., fell 3.6% to Rs 157.85 apiece in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.59%.
The stock fell as much as 4.43% intraday, falling the most in over six months since Nov. 21, 2022. Total traded volume stood at 6 times its 30-day average.
Out of the 29 analysts tracking the company, 21 maintain a 'buy' rating, five recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
Ahluwalia Contracts Shares Rise Most In Over 13 Years After Q4 Profit
Shares of Ahluwali Contracts (India) Ltd. surged the most in 13 years on Monday after its profit jumped in fourth quarter.
The company's net profit surged 70.5% year-on-year to Rs 72.21 crore in the fourth quarter ended March, according to an exchange filing.
Ahluwalia Contracts Q4 FY23 (YoY)
Revenues up 18.08% at Rs 863.1 crore.
Ebitda up 73.37% at Rs 110.3 crore.
Ebitda margin at 12.77% versus 8.70%
Net profit up 70.50% at Rs 72.2 crore.
Shares of Ahluwalia Contracts surged 15.25% to Rs 606.95 apiece, compared to a 0.58% gain in the NSE Nifty 50 as of 10:27 a.m. The stock rose 17.47% intraday, the most in over 13 years since Feb. 1, 2010.
The average traded volume so far in the day stood at 24.5 times its monthly average.
Of the 11 analysts tracking the company, nine maintain a 'buy' rating, and two suggest a 'hold', according to Bloomberg data.
The average 12-month consensus price target implies a potential downside of 5.9%.
ICICI Bank To Raise Stake In ICICI Lombard General Insurance By Up To 4%
Shares of ICICI Lombard General Insurance Ltd. jumped the most in over three years after ICICI Bank announced that it plans to raise its shareholding in the company by 4%, according to an exchange filing by the lender on Sunday.
The bank already holds a 48.02% stake in ICICI Lombard, and it plans to acquire at least 2.5% of the above 4% before Sept. 9, 2024. Earlier in March, ICICI Bank had been granted an extension by the Reserve Bank of India for reducing the bank’s shareholding in ICICI Lombard to less than 30% by Sept. 9, 2024.
The decision to raise the bank's shareholding in ICICI Lombard was approved by the bank's board of directors on Sunday.
The board has also approved the re-appointment of Sandeep Batra as Executive Director of the bank for a period of two years—staring on Dec. 23—subject to approval from the Reserve Bank of India.
Shares of ICICI Lombard General Insurance Ltd. rose 11.55% to Rs 1,227 apiece, as of 10:02 a.m., in trade on Monday compared to 0.49% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 14.16% intraday, the most in over three years or 37 months since April 7, 2020. Total traded volume stood at 19.4 times its 30-day average. The relative strength index was at 76, implying that the stock maybe overbought.
Out of the 26 analysts tracking the company, 19 maintain a 'buy' rating, five 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 10.1%.
Source: Bloomberg, Exchange filing
Sun Pharma Q4 Results Review: Analysts Positive On Global Specialty Pipeline, Branded Portfolio
M&M Shares Gain The Most In Nearly 10 Months
Shares of Mahindra and Mahindra Ltd. rose 3.35% to Rs 1,324.8 apiece, as of 9:44 a.m., in trade on Monday compared to 0.66% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 5.32% intraday, the most in nearly 10 months since August 1, 2022. Total traded volume stood at 9.7 times its 30-day average. The relative strength index was at 73.9, implying that the stock maybe overbought.
Out of the 46 analysts tracking the company, 40 maintain a 'buy' rating, five recommend a 'hold' and one suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 17.1%.
Source: Bloomberg
Broader Markets Open Higher
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.21%, whereas S&P BSE SmallCap Index was higher by 0.27%.
Six out of the 20 sectors compiled by BSE declined, while 14 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,856 stocks rose 969 declined, and 132 remained unchanged on the BSE.
Source: BSE
Sensex Touches 63,000-Mark Intraday
Sensex touched 63,000-level intraday, the most in nearly six months since Dec. 1, 2023.
Sensex is trading 0.92% below its all time high at 63,583.07.
Top Movers On The Nifty 50 Index
Mahindra and Mahindra Ltd., HDFC Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd. and SBI Life Insurance Co. were positively adding to the change in the Nifty 50 Index.
Whereas, ITC Ltd., Reliance Industries Ltd., ONGC Ltd., ICICI Bank Ltd., and Sun Pharmaceutical Industries Ltd. were negatively contributing to the change
Nifty Bank At Record High
Nifty Bank hits record high at 44,330.15 in early trade on Monday.
Sensex, Nifty Rise At The Opening Bell
Indian equity benchmarks opened higher on Monday as U.S. lawmakers struck an agreement on the debt ceiling, which has to be passed by the Congress. U.S. stock futures and Asian equities advanced as appetite for risk taking returned to global markets following the deal for U.S. debt ceiling. Contracts for the S&P 500 gained about 0.3% in Asia on Monday.
Japanese and Australian shares led increases in the region with the Topix index jumping about 1%. Technology stocks were led advances in Hong Kong in trade, early Monday.
The agreement struck by Biden and McCarthy over the weekend needs to be passed by Congress, with the clock ticking down on June 5, when Treasury Secretary Janet Yellen has said cash will run out. There is plenty in the deal that Democrats and Republicans won’t like. U.S. markets are closed on Monday for a holiday, as are those in the U.K. and some parts of Europe.
At pre-open, the S&P BSE Sensex Index was up 299 points or 0.48% at 62,800.96 while the NSE Nifty 50 Index was higher 120 points or 0.65% at 18,619.15.
Sensex, Nifty Gain In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was up 299 points or 0.48% at 62,800.96 while the NSE Nifty 50 Index was higher 120 points or 0.65% at 18,619.15.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.01% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened about 2 paise to open at 82.59 against the greenback on Monday.
The local currency closed at 82.57 on Friday.
Source: Bloomberg
ICICI Bank To Increase Shareholding In ICICI Lombard General Insurance By Up To 4%
ICICI Bank plans to acquire at least 2.5% stake out of the stated 4% before Sept. 9, 2024
The bank currently holds a 48.02% stake in ICICI Lombard General Insurance
Source: Exchange filing
Aviation, Realty & Discretionary Stocks In Focus: Trade Setup
Global Cues
U.S. Dollar Index at 104.2
U.S. 10-year bond yield at 3.80%
Brent crude up 0.75% at $77.53 per barrel
Nymex crude down 0.89% at $73.32 per barrel
SGX Nifty up 0.87% at 18,787 as of 8:10 a.m.
Bitcoin up 2.24% at $28,180.60
Insider Trading
Mukand: Promoter group Baroda Industries bought 50,000 shares between May 24-25.
Som Distilleries & Breweries: Promoter Deepak Arora bought 10,500 shares on May 24.
PSP Projects: Promoter and director Prahaladbhai S Patel bought 25,000 shares on May 24.
Trading Tweaks
Price Band Revised From 10% to 5%: Andhra Cements
Ex-Date Final Dividend: Anand Rathi Wealth
Record Date Final Dividend: Anand Rathi Wealth
Ex-Date Interim Dividend: IRB Infrastructure Developers, MM Forgings
Record Date Interim Dividend: IRB Infrastructure Developers, MM Forgings
Move Out of Short-Term ASM Framework: Kirloskar Brothers, GE T&D India, Aurionpro Solutions
Bulk Deals
PB Fintech: Tencent Cloud Europe B.V sold 94.16 lakh shares (2.09%) at Rs 596.66 apiece and Societe Generale bought 22.64 lakh shares (0.50%) at Rs 596.30 apiece.
Jtekt India: Nippon Mutual Fund bought 54.73 lakh shares (2.23%) at Rs 121.25 apiece.
SML Isuzu: Jupiter India sold 1.13 lakh shares (0.78%) at Rs 1,020.71 apiece.
Stocks To Watch: Torrent Power, Allcargo Logistics, Adani Transmission, Ipca, ONGC, BHEL, RIL, HDFC, IRCTC
Reliance Industries: Reliance Consumer Product, the FMCG arm of the company, partnered with U.S.-based General Mills to launch the international corn chip snack brand Alan’s Bugles in India.
Tata Motors: Moody’s Investor Service changed the outlook for the company to 'positive' over robust credit metrics and affirmed its 'B1' rating.
Central Bank of India: RBI imposed a penalty of Rs 84.50 lakh on the Central Bank of India for failing to report certain accounts as fraudulent and recovering SMS alert charges from customers on a flat basis.
HDFC: Market regulator SEBI has granted final approval for the proposed change in control of HDFC Capital Advisers in its capacity as an investment manager of the HCARE Funds and an investment manager cum sponsor of the HDFC Build Tech Fund.
Lupin: The company received approval from Health Canada to market a generic version of tiotropium bromide inhalation powder under the name Spiriva for treatment of chronic obstructive pulmonary disease in Canada.
Godrej Properties: The company increased its stake in Wonder City Buildcon to 100% from 74%, acquiring 2.9 crore shares (26% of the overall shareholding) for Rs 45.13 lakh.
RITES/Power Finance Corporation: RITES and Power Finance Corporation signed an MoU to explore avenues of mutual collaboration for consultancy works in transport and logistics, energy, water and sanitation, communication, and social and commercial infrastructure.
GAIL/Axis Bank: GAIL (India) has partnered with Axis Bank to digitise bank guarantees under the Society for Worldwide Interbank Financial Telecommunication.
Q4 Results Today
Torrent Power, Allcargo Logistics, Adani Transmission, Ipca Laboratories, NHPC, KNR Constructions, Natco Pharma, Indian Railway Catering and Tourism Corporation, Sobha, Suprajit Engineering, Heidelbergcement India, Jamna Auto Industries, SML Isuzu, NIIT, Campus Activewear, NOCIL, Techno Electric & Engineering Company, Stove Kraft, Andrew Yule & Company, Asian Star Co., BCL Industries, Bengal & Assam Company, Best Agrolife, Confidence Petroleum India, Cosmo First, Dynamatic Technologies, Elpro International, Eureka Forbes, Evans Electric, Force Motors, Gensol Engineering, Gujarat Industries Power Co., Goodyear India, Gufic Biosciences, Hardwyn India, Hemisphere Properties India, Hikal, HLE Glascoat, ISGEC Heavy Engineering, ITI, Jindal Poly Films, Jubilant Pharmova, Kovai Medical Center & Hospital, La Opala RG, Monte Carlo Fashions, Mahanagar Telephone Nigam, NBCC (India), National Fertilizers, New India Assurance Company, Pilani Investment and Industries Corporation, Pitti Engineering, Privi Speciality Chemicals, Rico Auto Industries, Rattanindia Enterprises, Rail Vikas Nigam, Sanmit Infra, Shivalik Rasayan, Shriram Properties, Speciality Restaurants, Steel Exchange India, Sunflag Iron & Steel Co., TGV Sraac, Technocraft Industries (India), Tijaria Polypipes, Time Technoplast, Tine Agro, Tips Films, Tirth Plastic, Tirupati Fincorp, Titan Biotech, Titan Securities, Tamilnadu Steel Tubes, Trade Wings, Transglobe Foods, Trans-Freight Containers, Trescon, Tirupati Tyres, TV Vision, Ucal Fuel Systems, Unifinz Capital India, Uday Jewellery Industries, United Drilling Tools, Unijolly Investments Co., Unishire Urban Infra, Unistar Multimedia, Univa Foods, UR Sugar Industries, Vadilal Industries, Vadilal Enterprises, Valencia Nutrition, Valley Magnesite Company, Vama Industries, Vamshi Rubber, Vaswani Industries, Vedant Asset, Vedavaag Systems, Velan Hotels, Venus Remedies, Veranda Learning Solutions, Vibrant Global Capital, Veer Global Infraconstruction, Viceroy Hotels, Vijaya Diagnostic Centre, Vikram Thermo (India), Viksit Engineering, Vineet Laboratories, Virat Crane Industries, Virgo Global, Visa Steel, Visu International, Vivid Mercantile, VMS Industries, Virtuoso Optoelectronics, Vasundhara Rasayans, Veeram Securities, Wallfort Financial Services, Welcure Drugs & Pharmaceuticals, Williamson Magor & Company, Wim Plast, Winsome Yarns, Western Ministil, Women Networks, Worldwide Aluminium, Yash Management & Satellite, Yashraj Containeurs, Yuken India, Ardi Investment & Trading, Dhanvantri Jeevan Rekha, Zee Media Corporation, Zenith Health Care, Zenith Steel Pipes & Industries, Hindustan Housing Co., Hindusthan Udyog, Sheraton Properties & Finance, Speedage Commercials
Earnings Fineprint
ONGC Q4 FY23 (Consolidated, YoY)
Revenues up 5.2% at Rs 1,64,066.72 crore
Ebitda down 14.05% at Rs 20,996.73 crore
Ebitda margin at 14.57% vs 18.11%
Net profit down 52.73% at Rs 5,701.46 crore
On standalone basis, the company incurred a loss of Rs 247.70 crore (estimated Rs 10,598.08 crore profit), compared with Rs 8,859.54 crore a year ago, on account of provisions to the tune of Rs 9,235.11 made towards disputed taxes. The company declared a dividend of Rs 0.5 per share for the fiscal 2023.
Bharat Heavy Electricals Q4 FY23 (Consolidated, YoY)
Revenue up 2.05% at Rs 8,226.99 crore (Bloomberg estimate: Rs 7,718.75 crore)
Ebitda down 14.39% at Rs 986.15 crore (Bloomberg estimate: Rs 1,424.60 crore)
Ebitda margin at 11.99% vs 14.29% (Bloomberg estimate: 18.5%)
Net profit down 33.04% at Rs 611 crore (Bloomberg estimate: Rs 918.30 crore)
The board recommended a final dividend of Rs 0.40 per share for fiscal 2023.
NCC Q4 FY23 (Consolidated, YoY)
Revenue up 42.32% at Rs 4,949.03 crore
Ebitda up 72.26% at Rs 464.61 crore
Ebitda margin at 9.39% vs 7.76%
Net profit down 13.21% at Rs 202.97 crore
The company made provision to the tune of Rs 14.37 crore for obligation on sale of investment. Sanjay Pusarla has been appointed chief financial officer, effective June 1, in place of K Krishna Rao. The board approved a dividend of Rs 2.20 per share.
Chambal Fertilisers and Chemicals Q4 FY23 (Consolidated, YoY)
Revenue up 8.81% at Rs 3,598.67 crore (Bloomberg estimate: Rs 4,934.53 crore)
Ebitda down 69.17% at Rs 111.44 crore (Bloomberg estimate: Rs 470.77 crore)
Ebitda margin at 3.1% vs 10.93% (Bloomberg estimate: 9.5%)
Net profit down 61.45% at Rs 93.98 crore (Bloomberg estimate: Rs 238 crore)
The board recommended a final dividend of Rs 3 per share.
PNC Infratech Q4 FY23 (Consolidated, YoY)
Revenue up 3.54% at Rs 2,304.85 crore
Ebitda down 14.52% at Rs 410.61 crore
Ebitda margin at 17.82% vs 21.58%
Net profit down 40.94% at Rs 145.98 crore
The board recommended a dividend of Rs 0.50 per share for fiscal 2023.
Maharashtra Seamless Q4 FY23 (Consolidated, YoY)
Revenues up 14.31% at Rs 1,632.86 crore (Bloomberg estimate: Rs 1,457)
Ebitda up 85% at Rs 321.42 crore (Bloomberg estimate: Rs 251.60 crore)
Ebitda margin at 19.68% vs 12.16% (Bloomberg estimate: 17.3%)
Net profit down 5.94% at Rs 372.69 crore (Bloomberg estimate: Rs 160.50 crore)
The company declared Rs 83.17 crore as provisions written back due to amalgamation. Deferred tax outgo for the period also jumped to Rs 11.47 crore, compared with Rs 5.14 crore in the year-ago period. The board recommended a dividend of Rs 5 for the fiscal 2023. It elevated Anuj Kumar Jaiswal as chief financial officer, effective June 1, in place of Sarat Kumar Mohanty.
Karnataka Bank Q4 FY23 (Standalone)
Net interest income up 31.01% at Rs 860.05 crore (YoY)
Net profit up 171.38% at Rs 353.75 crore (YoY)
GNPA ratio at 3.74% vs 3.28% (QoQ)
NNPA ratio at 1.7% vs 1.66% (QoQ)
Operating profit before provisions and contingencies increased to Rs 685.76 crore, against Rs 380.12 crore in the year-ago period. Meanwhile, tax expense came down to Rs 78.75 crore, compared with Rs 153.86 crore. The board recommended a dividend of Rs 5 per share for fiscal 2023.
Sunteck Realty Q4 FY23 (Consolidated, YoY)
Revenue down 68.51% at Rs 48.88 crore (Bloomberg estimate: Rs 215.05 crore)
Ebitda loss of Rs -9.1 crore vs Ebitda profit of Rs 5.89 crore (Bloomberg estimate: Rs 52.2 crore Ebitda profit)
Net loss widened to Rs 27.94 crore against loss of Rs 4.31 crore (Bloomberg estimate: Rs 20.25 crore profit)
Cost of construction and development went up to Rs 683.11 crore, compared to Rs 228.36 crore. The company declared final dividend of Rs 1.50 per share for fiscal 2023. The board approved raising Rs 2,250 crore through debt and equity.
Ion Exchange (India) Q4 FY23 (Consolidated, YoY)
Revenue up 30.45% at Rs 647.48 crore
Ebitda up 11.97% at Rs 106.37 crore
Ebitda margins at 16.43% vs 19.14%
Net profit down 2.42% at Rs 81.19 crore
Deferred tax credit decline to Rs 1 lakh from Rs 2.55 in the year-ago period. The board has declared a dividend of Rs 12.50 per share.
City Union Bank Q4 FY23 (Standalone)
Net interest income up 2.71% at Rs 514.26 crore (YoY)
Net profit up 4.35% at Rs 218.04 crore (YoY) (Bloomberg estimate: Rs 233.18 crore)
GNPA ratio at 4.37% vs 4.62% (QoQ)
NNPA ratio at 2.36% vs 2.67% (QoQ)
The board recommended a dividend of Rs 1 per share.
Indigo Paints Q4 FY23 (Consolidated, YoY)
Revenue up 12.86% at Rs 325.47 crore (Bloomberg estimate: Rs- 323.27 crore)
Ebitda up 34.43% at Rs 71.73 crore (Bloomberg estimate: Rs 60.03 crore)
Ebitda margin at 22.04% vs 18.5% (Bloomberg estimate: 18.6%)
Net profit up 40.73% at Rs 48.68 crore (Bloomberg estimate: Rs 36 crore)
The company recommended a final dividend of Rs 3.50 per share.
Shree Renuka Sugars Q4 FY23 (Consolidated, YoY)
Revenue up 7.16% at Rs 2,328.50 crore
Ebitda down 11.26% at Rs 256.8 crore
Ebitda margin at 11.03% vs 13.32%
Net profit down 71.92% at Rs 44.6 crore vs Rs 158.8 crore
The net profit in the year ago period benefitted from a deferred tax credit of Rs 18.2 crore. The board noted the signing of non-binding term sheet for acquisition of 100% share in an Uttar Pradesh-based sugar manufacturing company.
SGX Nifty Signals Higher Open For Benchmarks
U.S. stock futures and Asian equities advanced as appetite for risk-taking returned to global markets following the deal between President Joe Biden and House Speaker Kevin McCarthy on the U.S. debt ceiling. Contracts for the S&P 500 gained about 0.3% in Asia on Monday.
Japanese shares led increases in the region, with the Topix index jumping about 1%. Technology stocks were expected to rise in Hong Kong after a gauge of U.S.-listed Chinese companies rallied Friday and sector leaders, including Meituan, delivered strong earnings.
The agreement struck by Biden and McCarthy over the weekend needs to be passed by Congress, with the clock ticking down on June 5, when Treasury Secretary Janet Yellen has said cash will run out. There is plenty in the deal that Democrats and Republicans won’t like. U.S. markets are closed on Monday for a holiday, as are those in the U.K. and some parts of Europe.
The yield on the 10-year Treasury note in the U.S. was trading at 3.80%. Crude oil price was trading above $77 mark, while Bitcoin gained 2% to trade around $28,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, up 0.87% at 18,787.
Domestic benchmarks closed in green for the second day in a row, rising around 1%, with media, FMCG, and IT stocks leading the rally. The Indian rupee closed higher against the U.S. dollar on the back of forex inflows and positive domestic equities.
Foreign investors were net buyers for the fifth straight day and bought equities worth Rs 350.2 crore. On the other hand, domestic institutional investors were buyers for the sixth straight day and bought Rs 1,840.9 crore worth of equities, the NSE data showed.