Stock Market Today: All You Need To Know Going Into Trade On May 26
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian markets are likely to find some support from signs of progress in debt-ceiling talks and gains in U.S. equities with a frenzy of interest in the artificial intelligence sector.
Futures for Japan’s equity benchmark rose, while those for Australia were little changed. Hong Kong is closed for a public holiday. A bullish sales forecast from Nvidia Corp. ignited the jump on Wall Street Thursday, with the tech-heavy Nasdaq 100 gaining 2.5% and the S&P 500 adding 0.9%.
In the U.S., shares of Nvidia soared 24% after the company’s forecast related to AI surprised even the most optimistic analysts on Wall Street, propelling the company to the cusp of a $1 trillion market value.
Fitch Ratings warned that the US’s AAA rating is under threat, though it still expects politicians will reach an agreement before time runs out.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.81%. Crude was trading above $76-mark, while Bitcoin declined to trade around 26,000-level.
At 5:40 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.24% at 18,423.
According to Jefferies' GREED & fear note by Christoper Woods, they continue to take the view that it will only be a matter of time before the Sensex reaches the 100,000 level. Still like all long-term bull markets, the stock market will continue to climb the proverbial wall of worry. The Nifty Private Banks Index has outperformed the MSCI ACWI Banks Index by 1.364% since the index began on April 1, 2005. GREED and Fear also turns bullish on Zomato. An investment in Zomato will be introduced with a 4% weighting, while the investment in HDFC Life Insurance will be removed.
Domestic benchmarks broke their two-day losing streak as realty stocks gained. The Indian rupee snapped its two-day rally against the U.S. dollar and closed lower as the foreign unit grew stronger in global markets.
Foreign investors were net buyers for the fourth straight day and bought equities worth Rs 589.10 crore. On the other hand, domestic institutional investors were buyers for the fifth straight day and bought Rs 338.44 crore worth of equities, the NSE data showed.
Earnings Fineprint
Vodafone Idea Q4 Results: Key Highlights (QoQ)
Revenue down 1.19% at Rs 10,532 crore (Bloomberg estimate: Rs 10,590 crore)
Ebitda up 0.70% at Rs 4,210 crore (Bloomberg estimate: Rs 4,213 crore)
Ebitda margin at 39.97% vs 39.4% (Bloomberg estimate: 39.6%)
Net loss narrowed to Rs 6,419 crore from net loss of Rs 7,990 crore (Bloomberg estimate: Rs 7,516 crore loss)
ARPU remained flat at Rs 135 quarter-on-quarter. The company incurred exceptional loss of Rs 22.4 crore on account of remeasurement or sale of leasehold land.
Zee Entertainment Enterprises Q4 FY23 (Consolidated, YoY)
Revenue down 9.043% at Rs 2,112.11 crore (Bloomberg estimate: Rs 2,063.96 crore)
Ebitda down 71.12% at Rs 151.73 crore (Bloomberg estimate: Rs 266.66 crore)
Ebitda margin at 7.18% vs 22.63% (Bloomberg estimate: 12.9%)
Net profit loss of Rs 196.03 crore vs Rs 181.93 crore (Bloomberg estimate: Rs 112.93 crore profit)
The company suffered a loss of Rs 123.14 crore from discontinuing operations and exceptional loss of Rs 89.97 crore.
Emami Q4 FY23 (Consolidated, YoY)
Revenue up 8.82% at Rs 835.95 crore (Bloomberg estimate: Rs 816.21 crore)
Ebitda up 22% at Rs 200 crore (Bloomberg estimate: Rs 172.10 crore)
Ebitda margin at 23.9% vs 26.7% (Bloomberg estimate: 21.1%)
Net profit down 60% at Rs 141.62 crore (Bloomberg estimate: Rs 146.44 crore)
Net profit in the year-ago period had benefitted from MAT credit entitlement of Rs 287.79 crore.
MedPlus Health Services Q4 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 1,253 crore (Bloomberg estimate: Rs 1,242.13 crore)
Operating profit up 56% at Rs 82 crore (Bloomberg estimate: Rs 72.37 crore)
Ebitda margin at 6.5% vs 5.4% (Bloomberg estimate: 5.8%)
Net profit up 127% at Rs 27 crore
The company avail deferred tax benefit of Rs 18.78 crore during the March quarter.
Page Industries Q4 FY23 (Consolidated, YoY)
Revenue down 12.78% at Rs 969.09 crore (Bloomberg estimate: Rs 1,163.04 crore)
Ebitda down 49.71% at Rs 134.33 crore (Bloomberg estimate: Rs 206.51 crore)
Ebitda margin at 13.86% vs 24.04% (Bloomberg estimate: 17.8%)
Net profit down 58.88% at Rs 78.35 crore (Bloomberg estimate: Rs 136.35 crore)
The board approved fourth interim dividend of Rs 60 per share.
AIA Engineering Q4 FY23 (Consolidated, YoY)
Revenue up 16.48% at Rs 1,273.56 crore (Bloomberg estimate: Rs 1,265.13 crore)
Ebitda up 39.75% at Rs 315.74 crore (Bloomberg estimate: Rs 296.42 crore)
Ebitda margins at 24.79% vs 20.67% (Bloomberg estimate: 23.4%)
Net profit up 37.95% at Rs 267.66 crore (Bloomberg estimate: Rs 238.74 crore)
The company will pay a dividend of Rs 16 per share.
Steel Authority of India Q4 FY23 (Consolidated, YoY)
Revenue down 5.29% at Rs 29,130.66 crore
Ebitda down 32.59% at Rs 2,924.16 crore
Ebitda margin at 10.04% vs 14.10%
Net profit down 53.24% at Rs 1,159.21 crore
The company saw an exceptional loss of 40.42 crore during the quarter. The board recommended a final dividend of Rs 0.50 per share for fiscal 2023.
Mrs Bectors Food Specialities Q4 FY23 (Consolidated, YoY)
Revenue up 37.16% at Rs 346.08 crore (Bloomberg estimate: Rs 341.1 crore)
Ebitda up 49.48% at Rs 68.70 crore (Bloomberg estimate: Rs 44.7 crore)
Ebitda margin at 19.85% vs 18.22% (Bloomberg estimate: 13.1%)
Net profit up 171.08% at Rs 27.65 crore (Bloomberg estimate: Rs 22.65 crore)
The company will pay a final dividend of Rs 1.75 per share.
GMM Pfaudler Q4 FY23 (Consolidated, YoY)
Revenue up 23.82% at Rs 865.95 crore (Bloomberg estimate: Rs 812.43 crore)
Ebitda up 33.93% at Rs 96.20 crore (Bloomberg estimate: Rs 121.03 crore)
Ebitda margin at 11.11% vs 10.27% (Bloomberg estimate: 14.9%)
Net profit up 139.84% at Rs 38.47 crore (Bloomberg estimate: Rs 43.17 crore)
The company saw a lower deferred tax outgo at Rs 1.04 crore, compared to Rs 23.35 crore in the year-ago period. The board recommended a final dividend of Rs 1 per share for fiscal 2023.
Harsha Engineers International Q4 FY23 (Consolidated, YoY)
Revenue down 6.83% at Rs 343.69 crore (Bloomberg estimate: Rs 336.35 crore)
Ebitda up 5.43% at Rs 50.80 crore (Bloomberg estimate: Rs 481.5 crore)
Ebitda margin at 14.78% vs 13.06% (Bloomberg estimate: 14.3%)
Net profit up 8.66% at Rs 32.62 crore (Bloomberg estimate: Rs 29.05 crore)
The company will pay a final dividend of Rs 1 per share, with record date fixed as Sept. 21.
Triveni Engineering & Industries Q4 FY23 (Consolidated, YoY)
Revenue up 53.08% at Rs 1817.7 crore (Bloomberg estimate: Rs 1,247.45 crore)
Ebitda up 54.87% at Rs 264.32 crore (Bloomberg estimate: Rs 222.90 crore)
Ebitda margin at 14.54% vs 14.37% (Bloomberg estimate: 17.9%)
Net profit up 86.34% at Rs 189.58 crore
The board approved a dividend of Rs 3.25 per share.
Gujarat State Fertilizers & Chemicals Q4 FY23 (Consolidated, YoY)
Revenue up 17.15% at Rs 2,383.87 crore
Ebitda down 22.19% at Rs 326.10 crore
Ebitda margin at 13.68% vs 20.6%
Net profit down 21.26% at Rs 224.91 crore
The company announced a dividend of Rs 10 per share.
Q4 Results Today
Oil and Natural Gas Corporation, Mahindra & Mahindra, Samvardhana Motherson International, Sun Pharmaceutical Industries, Bharat Heavy Electricals, Chambal Fertilisers & Chemicals, BEML, Maharashtra Seamless, Power Mech Projects, City Union Bank, PG Electroplast, Capacite Infraprojects, Gateway Distriparks, TCI Express, Indigo Paints, KDDL, Sunteck Realty, Nucleus Software Exports, Astra Microwave Products, Avalon Technologies, Bharat Bijlee, Bombay Burmah Trading Corp, BF Investment, Chemcon Speciality Chemicals, Dhani Services, Easy Trip Planners, Edelweiss Financial Services, Electronics Mart India, Engineers India, Ester Industries, Finolex Cables, Grasim Industries, Garware Hi-Tech Films, Hinduja Global Solutions, Housing & Urban Development Corporation, Imagicaaworld Entertainment, Inox Green Energy Services, Inox Wind, Ion Exchange (India), Inox Wind Energy, Jain Irrigation Systems, Kama Holdings, KPI Green Energy, Karnataka Bank, Media Matrix Worldwide, MOIL, Info Edge (India), NCC, Nexus Select Trust, Optiemus Infracom, PNC Infratech, Polo Queen Industrial and Fintech, Precision Camshafts, Primo Chemicals, Puravankara, Shree Renuka Sugars, Repco Home Finance, Savita Oil Technologies, Steel Strips Wheels, Styrenix Performance Materials, Supriya Lifescience, TCPL Packaging, Tide Water Oil (India), Uniphos Enterprises, Vidhi Specialty Food Ingredients, Wockhardt
Stocks To Watch: Vodafone Idea, ONGC, M&M, Sun Pharma, BHEL, BEML, Indigo Paints, Zee, Vedanta, Emami In Focus
Reliance Industries: Step-down FMCG subsidiary Reliance Consumer Products completed the acquisition of 51% controlling stake in Lotus Chocolates for an aggregate consideration of Rs 74 crore and subscribed to non-cumulative redeemable preference shares of the company for Rs 25 crore.
Praj Industries: The board approved forming a 50:50 joint venture with Indian Oil Corporation to set up biofuel production facilities and market CBG, Ethanol, SAF and various coproducts and intermediates.
Vedanta: Cairn Oil & Gas announced reserves and resources portfolio crossed 1.1 billion barrels of oil equivalent.
Tata Power: Life Insurance Corporation of India has increased its stake in the company to 7.94% from 5.91%.
Bata India: Life Insurance Corporation of India has increased its stake in the company to 6.53% from 4.5%.
Bulk Deals
Venus Pipes & Tubes: Samsung India Securities Master Investment bought 1.03 lakh shares (0.51%) at Rs 998.49 apiece.
Divgi Torqtransfer Systems: Quant Mutual Fund sold 1.63 lakh shares (0.53%) at Rs 827.8 apiece
Who’s Meeting Whom
Oil India: To meet analyst and investors on June 2.
CG Power and Industrial Solutions: To meet analyst and investors on May 26.
PNB Housing Finance: To meet analyst and investors on May 26.
Suprajit Engineering: To meet analyst and investors on June 1.
The Phoenix Mill: To meet analyst and investors on May 26.
Indian Railway Catering & Tourism Corporation: To meet analyst and investors on May 30.
KEI Industries: To meet analyst and investors on May 30.
Trading Tweaks
Price Band Revised From 0% to 20%: Whirlpool of India
Ex-Date Bonus: Vardhman Special Steels
Record Date Bonus: Vardhman Special Steels
Ex-Date Income Distribution: Brookfield India Real Estate Trust
Record-Date Income Distribution: Brookfield India Real Estate Trust
Move Into Short-Term ASM Framework: Optiemus Infracom
Move Out Of Short-Term ASM Framework: Refex Industries, MPS
Insider Trading
Mahindra CIE Automotive: Promoter Mahindra & Mahindra sold 1.21 crore shares on May 24.
Dhampur Gugar Mills: Promoter Deepa Goel sold 10.35 lakh shares and promoter group Saraswati Properties bought 10.35 lakh shares on May 22.
Star Cement: Promoter group Laxmi Chamaria sold 50,441 shares on May 22.
F&O Cues
Nifty May futures ended at 18,430 a premium of 45.20 points.
Nifty May futures rose 29.96% and 40,281 shares in Open Interest.
Nifty Bank May futures ended at 43,752 a discount of 62.90 points.
Nifty Bank May futures rose 21.44% and 14,575 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Indiabulls Housing Finance, Delta Corp
Money Market Updates
Rupee closed 0.09% lower against the U.S. dollar at 82.74 on Thursday, compared to Wednesday’s close of 82.67.