Stocks To Watch: Britannia, Bharat Forge, Paytm, Marico, Equitas SFB, DCB Bank, Piramal, Go Fashion In Focus

Asian markets were set for a weak start on Friday after a rout in regional banks rattled Wall Street, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve rate cuts.

U.S. futures rose slightly in early Asia trading after the S&P 500 tumbled 0.7% on Thursday. Contracts for Australia dropped, while those for Hong Kong were little changed. Japanese markets are shut for a holiday.

Another round of trading halts in the financial industry hit U.S. lenders including Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment

Apple Inc. rose in late hours after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.38%. Crude prices were trading below $73-mark, while Bitcoin declined to trade below 29,000-level.

At 5:47 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.36% at 18,220.

Domestic benchmark—BSE Sensex and NSE Nifty 50—continued moving upwards to close at their highest levels in a month.

Indian rupee ended its three-day decline against the U.S. dollar on the day after U.S. Fed announced a 25-basis-point hike and signalled a rate pause in future.

Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,414.73 crore. On the other hand, domestic institutional investors turned buyers, snapping their two-day selling streak, and bought stocks worth Rs 441.56 crore, the NSE data showed.

Domestic benchmark—BSE Sensex and NSE Nifty 50—continued moving upwards to close at their highest levels in a month.

Indian rupee ended its three-day decline against the U.S. dollar on the day after U.S. Fed announced a 25-basis-point hike and signalled a rate pause in future.

Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,414.73 crore. On the other hand, domestic institutional investors turned buyers, snapping their two-day selling streak, and bought stocks worth Rs 441.56 crore, the NSE data showed.

Adani Enterprises Q4 FY23 (Consolidated, YoY)

• Revenue up 26.06% at Rs 31,346.05 crore

• Ebitda up 184.14% at Rs 3,587.07 crore (Bloomberg estimate: Rs 1,942.80 crore)

• Ebitda margin at 11.44% vs 5.08%

• Net profit up 137.41% at Rs 722.48 crore (Bloomberg estimate: Rs 719.40 crore)

• The board recommended a dividend of Rs 1.20 per share for the fiscal 2023. It also approved the reappointment of Gautam Adani as executive chairman for five years, effective Dec. 1, 2023.

Hero MotoCorp Q4 FY23 (Consolidated, YoY)

• Revenue up 12.51% at Rs 8,434.28 crore

• Ebitda up 31.34% at Rs 1,124.2 crore

• Ebitda margin at 13.33% vs 11.42%

• Net profit up 31.7% at Rs 805.12 crore (Bloomberg estimate: Rs 736.2 crore)

• The board recommended a final dividend of Rs 35 per share for the fiscal 2023.

Tata Power Company Q4 FY23 (Consolidated, YoY)

• Revenue up 4% at Rs 12,453.76 crore (Bloomberg estimate: Rs 13,222.72 crore)

• Ebitda up 3.2% at Rs 1,927.71 crore (Bloomberg estimate: Rs 1,829.07 crore)

• Ebitda margin at 15.5% vs 15.6% (Bloomberg estimate: 13.8%)

• Net profit up 48.5% at Rs 938.81 crore (Bloomberg estimate: Rs 693.80 crore)

• The board approved a dividend of Rs 2 per share for the year ended March 31, 2023.

TVS Motor Company Q4 FY23 (Consolidated, YoY)

• Revenue up 21.96% at Rs 8,031.40 crore (Bloomberg estimate: Rs 6580.05 crore)

• Ebitda up 26.95% at Rs 1,053.89 crore (Bloomberg estimate: Rs 654.45 crore)

• Ebitda margin at 13.12% vs 12.61% (Bloomberg estimate: 9.9%)

• Net profit up 21.14% at Rs 336.1 crore (Bloomberg estimate: Rs 359.95 crore)

Ceat Q4 FY23 (Consolidated, YoY)

• Revenue up 11% at Rs 2,875 crore (Bloomberg estimate: Rs 2,904.41 crore)

• Ebitda up 96% at Rs 367.81 crore (Bloomberg estimate: Rs 295.46 crore)

• Ebitda margin 13% Vs 7% (Bloomberg estimate: 10.2%)

• Net profit up 5x at Rs 132.42 crore (Bloomberg estimate: Rs 83.63 crore)

• The board approved a final dividend of Rs 12 per share for the fiscal ended March 31, 2023.

Blue Star Q4 FY23 (Consolidated, YoY)

• Revenue up 16.4% at Rs 2,623.83 crore (Bloomberg estimate: Rs 2,535.31 crore)

• Ebitda up 25.34% at Rs 179.17 crore (Bloomberg estimate: Rs 172.49 crore)

• Ebitda margin at 6.83% vs 6.34% (Bloomberg estimate: 6.8%)

• Net profit up 195.76% at Rs 225.25 crore (Bloomberg estimate: Rs 104.80 crore)

• The board approved a final dividend of Rs 12 per share for the year ended March 2023. It also approved issue of bonus shares in 1:1 ratio.

United Breweries Q4 FY23 (Consolidated, YoY)

• Revenues up 3.32% at Rs 1,765.88 crore (Bloomberg estimate: Rs 1,702.60 crore)

• Ebitda down 79.49% at Rs 53.63 crore (Bloomberg estimate: Rs 192.50 crore)

• Ebitda margin at 3.04% vs 15.3% (Bloomberg estimate: 11.3%)

• Net profit down 94% at Rs 9.81 crore (Bloomberg estimate: Rs 126.3 crore)

• The board approved a dividend of Rs 7.50 per share for financial year 2022-23.

Sundram Fasteners Q4 FY23 (Consolidated, YoY)

• Revenue up 8.07% at Rs 1,447.95 crore (Bloomberg estimate: Rs 1,478.63 crore)

• Ebitda up 18.5% at Rs 226.97 crore (Bloomberg estimate: Rs 50.63 crore)

• Ebitda margin at 15.68% vs 14.3% (Bloomberg estimate: 3.4%)

• Net profit up 18.61% at Rs 126.36 crore (Bloomberg estimate: Rs 136.07 crore)

• The board declared a second interim dividend of Rs 3.06 per share for the fiscal 2023, with the record date set as May 16, 2023.

360 ONE WAM Q4 FY23 (Consolidated, YoY)

• Revenues up 7.29% at Rs 479.91 crore (Bloomberg estimate: Rs 428.5 crore)

• Ebitda up 43.18% at Rs 270.65 crore (Bloomberg estimate: Rs 237.30 crore)

• Ebitda margin at 56.4% vs 42.26% (Bloomberg estimate: 55.4%)

• Net profit down 6.05% at Rs 155.45 crore (Bloomberg estimate: Rs 203.10 crore)

• The board approved first interim dividend of Rs 4 per share for the financial year 2022-23, and the record date has been fixed as May 12, 2023.

Aptus Value Housing Finance India Q4 FY23

• Net profit up 23% at Rs 135.30 crore (YoY) (Bloomberg estimate: Rs 135.65 crore)

• GNPA ratio at 1.15% vs 1.44% (QoQ)

• NNPA ratio at 0.86% vs 1.08% (QoQ)

• The board approved the second interim dividend of Rs 2 per share for the fiscal 2023. The record date for the dividend has been fixed at May 12, 2023. The company will raise Rs 1,000 crore via non-convertible debentures. The board has approved the appointment of M Anandan as executive chairman. It also appointed P Balaji as managing director for five years and John Vijayan Ravappa as chief financial officer. All appointments come into effect from May 4, 2023 and are subject to shareholders’ approval.

Bombay Dyeing and Manufacturing Co. Q4 FY23 (Consolidated, YoY)

• Revenue up 12.07% at Rs 670.17 crore

• Ebitda loss of Rs 95.33 crore vs Ebitda profit of Rs 69.99 crore

• Net loss widened to Rs 246.09 crore from loss of Rs 41.74 crore

Adani Power, Britannia Industries, Bharat Forge, One 97 Communications, Federal Bank, Marico, Gujarat Fluorochemicals, Alembic Pharmaceuticals, Piramal Enterprises, Blue Dart Express, Ajanta Pharma, Equitas Small Finance Bank, DCB Bank, Stylam Industries, Go Fashion India, Tatva Chintan Pharma Chem, KFin Technologies, Artemis Medicare Services, Tata Investment Corporation, Sundaram-Clayton, Vardhman Textiles

• Manappuram Finance: The Enforcement Directorate has frozen the company’s assets worth Rs 143 crore following searches at six premises belonging to the firm and its managing director VP Nandakumar, the probe agency said in a statement.

• Bank of India/Future Lifestyle Fashions: The National Company Law Tribunal admitted the plea of Bank of India to initiate insolvency proceedings against Future Lifestyle Fashions on alleged default of Rs 495.91 crore.

• Indraprastha Gas: The company signed a memorandum of understanding with diversified renewable energy firm ACME to set up infrastructure for supplying green hydrogen.

• Zydus Lifesciences: The company received approval from USFDA to manufacture and market Sucralfate tablets used to treat and prevent ulcers in intestines.

• SBI Life Insurance Company: The board approved extending the term of Mahesh Kumar Sharma as managing director and chief executive officer of the company up to Sept. 30, 2023, subject to approvals from regulator Insurance Regulatory and Development Authority of India and shareholders.

• ICICI Prudential Life Insurance Company: Insurance regulator IRDAI approved the appointment of Anup Bagchi as the executive director and chief operating officer of the company from May 1, 2023, and as managing director and CEO of the company from June 19, 2023.

• Raymond: During its meeting scheduled on May 9, the board of the company will also consider raising Rs 2,200 crore via non-convertible debentures in two or more tranches for repayment of external debt.

• Sterlite Technologies: The board will take up, among other things, the proposal to raise funds by issuing equity shares or other securities convertible into equity shares or a combination thereof by way of further public offer, rights issue, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, qualified institutions placement, preferential issue or any other permitted method.

• PNB Housing Finance: The board approved allotment of 9.06 crore rights equity shares at a price of Rs 275 apiece.

• Aditya Birla Fashion and Retail: India Ratings and Research has upgraded its ratings on the company's term loans, long term fund-based working capital and non-convertible debentures to ‘IND AA+’ from ‘IND AA’, keeping the outlook at stable.

Ugro Capital: Chhattisgarh Investments sold 10.25 lakh shares (1.32%) at Rs 190.17 apiece.

• Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 1.09 lakh shares on May 4.

• Coforge: Promoter Hulst B.V sold 21.50 lakh shares on May 2.

• Rajnish Wellness: Promoter Rajnish Kumar Singh bought 39.87 lakh shares on May 4.

• Nifty May futures ended at 18,287, a discount of 137.05 points.

• Nifty May futures rose 1.40% and 2,680 shares in Open Interest.

• Nifty Bank May futures ended at 43,643, a premium of 331.40 points.

• Nifty Bank May futures rose 6.78% and 6,275 shares in Open Interest.

• Securities added to the ban period: Manappuram Finance, Gujarat Narmada Valley Fertilizers & Chemicals

• Securities removed from the ban period: Nil

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