Stocks To Watch: ICICI Lombard, SBI, Bank Of India, Tata Communications, ICICI Securities, Tata Coffee, Crisil

Asian markers were set for a subdued open on Wednesday after stocks were little changed on the Wall Street as investors weighed earnings and comments from Federal Reserve officials who favor continued rate hikes.

The S&P 500 fluctuated before ending just 0.1% higher while the Cboe Volatility Index hit its lowest since January 2022, remaining below 17.

Futures for Hong Kong’s share benchmark fell 0.3%, those for Australia were up 0.1% and contracts for Japan were little changed. US futures edged lower at the start of Asian trading.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.59%. Crude prices traded below $85-mark, while Bitcoin was above30,000-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 0.20% at 17,686.5.

Benchmark indices—Sensex and Nifty—maintained a downward trend, falling for the second day in a row as power and telecom stocks declined.

The Indian rupee slipped further against the U.S. dollar as domestic equities remained under pressure.

Foreign investors were net sellers for the second day in a row on Tuesday and offloaded equities worth Rs 810.6 crore, according to data from the National Stock Exchange. On the other hand, domestic institutional investors were net buyers for the second straight day and mopped up stocks worth Rs 401.7 crore.

• State Bank of India: The bank’s board committee approved raising up to $2 billion (Rs 16,412 crore) during the current fiscal through public offer and/or private placement of senior unsecured notes denominated in U.S. dollars or other convertible foreign currencies.

• Bank of India: The lender’s board approved raising up to Rs 6,500 crore, including Rs 4,500 crore via fresh equity capital and/or additional tier-1 bonds and Rs 2,000 crore by issuance of Tier-2 bonds, during the 2024 fiscal.

• Pidilite Industries: The company entered into assets purchase agreement with U.S.-based Basic Adhesives LLC for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress.

• Prestige Estates Projects: The company’s wholly subsidiary Prestige Exora Business Parks Limited acquired 51% stake in commercial office space developer Dashanya Tech Parkz for a cash consideration of Rs 66.07 crore.

• Zydus Lifesciences: The company received final approval from U.S. FDA to manufacture and market Estradiol Transdermal System, used for prevention of postmenopausal osteoporosis.

• South Indian Bank: The bank hikes lending rates across tenors in the range of 5-10 basis points, with effect from April 20, 2023.

• Som Distilleries and Breweries: The company commenced commercial production at its expanded capacity at the facility in Hassan, Karnataka.

• Piramal Pharma: The U.S. FDA has issued an establishment inspection report for the company’s manufacturing unit in Sellersville, U.S. and closed the inspection of the same facility.

ICICI Lombard General Insurance Company Q4FY2023 (Consolidated, YoY)

• Revenue up 13% at Rs 5,256 crore (Bloomberg estimate: Rs 4,299 crore)

• Ebitda up 27% at Rs 1,279 crore

• Ebitda margin at 24.3% vs 21.8%

• Net profit up 40% at Rs 437 crore (Bloomberg estimate: Rs 394 crore)

• The board approved a final dividend of Rs 5.50 per share for the 2023 fiscal.

Crisil Q1 CY23 (Consolidated, YoY)

• Revenue up 20.16% at Rs 714.89 crore (Bloomberg estimate: Rs 677.8 crore)

• Ebitda up 15.43% at Rs 203.47 crore (Bloomberg estimate: Rs 147.9 crore)

• Ebitda margin at 28.46% vs 29.63% (Bloomberg estimate: 21.8%)

• Net profit up 19.84% at Rs 145.75 crore (Bloomberg estimate: Rs 103.40 crore)

• The board approved an interim dividend of Rs 7 per share for the year ended Dec. 31, 2023, to be paid on May 16, 2023. Crisil follows a January-December financial year.

Tata Coffee Q4 FY23 (Consolidated, YoY)

• Revenue up 10.17% at Rs 723.01 crore

• Ebitda down 4.79% at Rs 105.72 crore

• Ebitda margin at 14.62% vs 16.92%

• Net profit up 19.67% at Rs 48.8 crore

• The board recommended a dividend of Rs 3 per share for FY23.

Tata Communications, ICICI Securities, Mastek, Alok Industries.

Avalon Technologies: Goldman Sachs Investment (Mauritius) bought 4.45 lakh shares (0.68%) at Rs 408.13 apiece, Goldman Sachs India bought 3.50 lakh shares (0.53%) at Rs 412.91 apiece.

Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 5 lakh shares on April 13.

Price Band Revised From 5% To 20%: Shipping Corporation of India

• Nifty April futures ended at 17,709.10, a discount of 51 points.

• Nifty April futures fell 2.18% and 4,061 shares in Open Interest.

• Nifty Bank April futures ended at 42,320, a discount of 23.65 points.

• Nifty Bank April futures fell 1.09% and 987 shares in Open Interest.

• Securities added to the ban period: Delta Corp, Balrampur Chini Mills

• Securities removed from the ban period: Nil

• Real Estate Sector Outlook - Scale-Up In Launches To Exit FY23 On A High Note: Motilal Oswal

• Camlin Fine Sciences - Infinity Holdings' Open Offer To Improve Future Growth Prospects: Axis Securities

• Titagarh Wagons - Riding On Railway Capex: ICICI Securities

• Cement Channel Check - Sustaining Price Hikes Remains The Prime Issue: Anand Rathi

• Agro Chemicals Sector Check - Forecast Of Subpar Rains Likely To Dent Earnings: Prabhudas Lilladher

• Financials – Non Lending Q4 Preview - Results Likely To Be A Mixed Bag Across Segments: Motilal Oswal

• Oil & Gas Q4 Results Preview - OMCs Upbeat On Both Refining, Marketing Margins: ICICI Direct

• Real Estate Q4 Results Preview - Stable Performance: HDFC Securities

• Engineering, Capital Goods Q4 Preview - Execution To Remain Upbeat On Robust Order Backlog: ICICI Securities

• India Textile Sector Q4 Results Preview - Cooling Raw Material Price Pressure To Spur Revival: Systematix

• Consumer Electrical Q4 Preview- Soft For FMEG, White Goods; Cable, Wires Outperformance To Sustain: Systematix