Stocks To Watch: Ashok Leyland, Vedanta, Biocon, NMDC, BPCL, Max Healthcare, ITI, JSW Energy

U.S. equity futures rose and contracts for Asian benchmarks pointed to small gains on Tuesday after Republican House Speaker Kevin McCarthy said he’d had productive talks with President Joe Biden on the debt ceiling.

Stocks in Japan and Hong Kong were poised for early advances with contracts for Australian shares suggesting marginal increases. S&P 500 futures increased 0.2%, with the investors still on guard as McCarthy said there was no deal yet to ensure the U.S. doesn’t default.

This followed fluctuating fortunes in U.S. markets on Monday, with the S&P 500 drifting between gains and losses before closing flat. The tech-heavy Nasdaq 100 advanced 0.3%, though chipmakers were under pressure after China said products by Micron Technology Inc. failed a cybersecurity review.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.71%. Crude was trading below $76-mark, while Bitcoin declined below 27,000-level.

At 05:23 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.14% at 18,362.

Domestic benchmarks extended gains to close in green, with Adani Group stocks leading the rally along with Infosys Ltd. and Tata Consultancy Services Ltd.

The Indian rupee closed lower against the U.S. dollar for the fourth day as the greenback grew stronger in the overseas market.

Foreign portfolio investors turned buyers after a day, raking in shares worth Rs 922.89 crore. Meanwhile, domestic institutional investors remained buyers for the second day in a row, and bought stocks worth Rs 604.57 crore, the NSE data showed.

Bharat Petroleum Corporation Q4 FY23 (Consolidated, YoY)

• Revenues up 8% at Rs 1,33,419.56 crore (Bloomberg estimate: Rs 1,28,782.43 crore)

• Ebitda up 85.42% at Rs 11,084.79 crore (Bloomberg estimate: Rs 5,611.35 crore)

• Ebitda margin at 9.38% vs 5.73% (Bloomberg estimate: 4.4%)

• Net profit up 168.46% at Rs 6,870.47 crore (Bloomberg estimate: Rs 3,242.93 crore)

The company will pay a dividend of Rs 4 per share for the fiscal 2022-23, subject to shareholders’ approval.

Shree Cement Q4 FY23 (Consolidated, YoY)

• Revenue up 16.86% at Rs 5,100.19 crore (Bloomberg estimate: Rs 4,763.90 crore)

• Ebitda down 3.22% at Rs 889.20 crore (Bloomberg estimate: Rs 959.54 crore)

• Ebitda margin at 17.43% vs 21.05% (Bloomberg estimate: 20.1%)

• Net profit down 20% at Rs 525.77 crore (Bloomberg estimate: Rs 438.50 crore)

The board declared an interim dividend of Rs 55 per share for the fiscal 2023. The record date for the dividend is June 1 and it will be paid from June 13.

Finolex Industries Q4 FY23 (Consolidated, YoY)

• Revenues down 28.44% at Rs 1,141.06 crore (Bloomberg estimate: Rs 1,321.1 crore)

• Ebitda down 17.85% at Rs 217.43 crore (Bloomberg estimate: Rs 177.06 crore)

• Ebitda margin at 19.06% vs 16.6% (Bloomberg estimate: 13.4%)

• Net profit down 66.37% at Rs 166.5 crore (Bloomberg estimate: Rs 137.83 crore)

The company had benefited from exceptional gains to the tune of Rs 376.06 crore in the year-ago period. The board declared a final dividend of Rs 1.50 per share for the fiscal 2023.

PB Fintech Q4 FY23 (Consolidated, QoQ)

• Revenues up 42.45% at  Rs 869.09 crore

• Ebitda loss of Rs 85.55 crore vs Rs 150.73 crore Ebitda loss

• Net loss narrows to Rs 9.34 crore vs Rs 87.62 crore loss

SJVN Q4 FY23 (Consolidated, YoY)

• Revenue up 55.93% at Rs 503.77 crore vs Rs 323.08 crore (Bloomberg estimate: Rs 339.2 crore)

• Ebitda up 116.71% at Rs 308.94 crore vs Rs 142.56 crore (Bloomberg estimate: Rs 149.70 crore)

• Ebitda margin at 61.33% vs 44.13% (Bloomberg estimate: 44.1%)

• Net profit up 129.77% at Rs 17.21 crore vs Rs 7.49 crore (Bloomberg estimate: Rs 186.8 crore)

• The company declared a final dividend of Rs 0.62 per share for the fiscal 2023.

Gujarat Alkalies and Chemicals Q4 FY23 (Consolidated, YoY)

• Revenue down 0.29% at Rs 1,138.12 crore

• Ebitda down 30.76% at Rs 242.58 crore

• Ebitda margin at 21.31% vs 30.69%

• Net profit down 67.81% at Rs 71.04 crore

The board recommended a dividend of Rs 23.55 per share for the fiscal 2023.

Xpro India Q4 FY23 (Consolidated, YoY)

• Revenue down 12.98% at Rs 124.27 crore

• Ebitda up 11.79% at Rs 19.25 crore

• Ebitda margin at 15.49% vs 12.06%

• Net profit down 75.54% at Rs 4.27 crore

The board recommended a dividend of Rs 2 per share for the fiscal ended March 2023.

HEG Q4 FY23 (Consolidated, YoY)

• Revenue down 8.35% at Rs 616.88 crore

• Ebitda down 21.1% at Rs 123.78 crore

• Ebitda margin at 20.07% vs 23.31%

• Net profit down 21.21% at Rs 89.23 crore

The board has recommended a final dividend of Rs 42.50 per share.

Sansera Engineering Q4 FY23 (Consolidated, YoY)

• Revenue up 7.36% at Rs 616.57 crore (Bloomberg estimate: Rs 619.70 crore)

• Ebitda up 0.7% at Rs 94.16 crore (Bloomberg estimate: Rs 106.10 crore)

• Ebitda margin at 15.27% vs 16.28% (Bloomberg estimate: 17.1%)

• Net profit down 5.87% at Rs 35.42 crore (Bloomberg estimate: Rs 46.5 crore)

The company will pay a dividend of Rs 2.50 per share for the fiscal 2022-23.

Garware Technical Fibres Q4 FY23 (Consolidated, YoY)

• Revenue up 3.98% at Rs 370.49 crore (Bloomberg estimate: Rs 351.70 crore)

• Ebitda up 8.63% at Rs 79.70 crore (Bloomberg estimate: Rs 66.80 crore)

• Ebitda margin at 21.51% vs 20.59% (Bloomberg estimate: 19%)

• Net profit up 10.73% at Rs 59.67 crore (Bloomberg estimate: Rs 49 crore)

The company announced a dividend of Rs 3.50 per share.

Thangamayil Jewellery Q4 FY23 (YoY)

• Revenue up 26.68% at Rs 771.54 crore

• Ebitda up 179.75% at Rs 58.72 crore

• Ebitda margin at 7.61% vs 3.45%

• Net profit up 288.85% at Rs 31.03 crore

The board recommended a final dividend of Rs 6 per share.

Indiabulls Housing Finance Q4 FY23 (Consolidated)

• Interest income down 11.43% at Rs 1,692.55 crore (YoY)

• Net profit down 14.39% at Rs 262.61 crore (YoY)

• GNPA ratio at 3.71% vs 4.49% (QoQ)

• NNPA ratio at 2.48% vs 2.97% (QoQ)

• NMDC, Biocon, Dixon Technologies (India), Amara Raja Batteries, JSW Energy, Fortis Healthcare, Varroc Engineering, Bajaj Electricals, Galaxy Surfactants, GE T&D India, Gabriel India, Johnson Controls-Hitachi Air Conditioning India, Somany Ceramics, Dishman Carbogen Amcis, Sudarshan Chemical Industries, Metro Brands, Bikaji Foods International, CMS Info Systems, Indoco Remedies, Sequent Scientific, Thyrocare Technologies, Kaveri Seed Company, Agarwal Industrial Corporation, Akzo Nobel India, Ashok Leyland, Dreamfolks Services, Genus Power Infrastructures, GMR Power and Urban Infra, Jayaswal NECO Industries, J Kumar Infraprojects, Kirloskar Industries, Maithan Alloys, MSTC, Nirlon, NMDC Steel, Polyplex Corporation, Roto Pumps, Schneider Electric Infrastructure, Steelcast, Timex Group India, TTK Healthcare, TVS Srichakra, Unichem Laboratories

• Vedanta: The company announced the first interim dividend of Rs 18.50 per share for the financial year 2023-24, with a total outgo of Rs 6,877 crore.

• JSW Steel: The resolution plan of company’s subsidiary JSW Steel Coated Products for National Steel and Agro Industries has been approved by the NCLT. The company has also signed an MoU with JFE Steel, Japan to set up a cold rolled grain oriented electrical steel manufacturing joint venture in India.

• Coal India: The Joint Bipartite Committee for the Coal Industry signed the National Coal Wage Agreement for the period five years, effective July 1, 2021. The company has made provisions to the tune of Rs 9,252.24 crore for this effect for 21 months from July1, 2021 to March 31, 2023. The final impact of this is not likely to be significant.

• ITI: The company has received an advance purchase order worth Rs 3,889 crore from BSNL for planning, engineering, supply, installation, commissioning and AMC of 4G network for 23,633 sites in west zone of BSNL Network.

• Torrent Power: The board of the company will consider raising Rs 3,000 crore via private placement of non-convertible debentures, along with the financial results for the March quarter and a final dividend for financial year 2022-23.

• Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio gained 3.05 million subscribers, whereas Bharti Airtel added 1.03 million users in March, as per TRAI data. Vodafone Idea lost 1.21 million users during the month.

• Max Healthcare: GQG Partners bought 75.5 lakh shares (0.78%) at Rs 549.70 apiece.

• Aurionpro Solutions: Naresh Nagpal sold 2 lakh shares (0.88%) at Rs 718.35 apiece.

• Gland Pharma: Morgan Stanley Investment Funds sold 9.6 lakh shares (0.58%) at Rs 930.69 apiece.

• Kokuyo Camlin: Equity Intelligence India bought 5.4 lakh shares (0.54%) at Rs 105.79 apiece.

• Matrimony.com: Carnelian Asset Advisors bought 1.35 lakh shares (0.61%) at Rs 560 apiece.

HDFC Bank: To meet analysts and investors on May 24.

Anupam Rasayan: To meet analysts and investors on May 24.

Trading Tweaks

Ex-Date Final Dividend: Bank of Maharashtra

Record Date Final Dividend: Bank of Maharashtra

Move Into Short-Term ASM Framework: Shriram Pistons & Rings

Move Out of Short-Term ASM Framework: Indiabulls Real Estate

• Vedant Fashions: Promoter Ravi Modi Family Trust sold 2.4 crore shares between May 18 and 19.

• Mukand: Promoter group Baroda Industries bought 55,000 shares between May 18 and 19.

• Nifty May futures ended at 18,324, a premium of 99.25 points.

• Nifty May futures fell 8.35% and 17,621 shares in Open Interest.

• Nifty Bank May futures ended at 43,882.30, a discount of 84.85 points.

• Nifty Bank May futures rose 0.72% and 565 shares in Open Interest.

• Securities added to the ban period: Indiabulls Housing Finance, L&T Finance Holdings, Manappuram Finance

• Securities removed from the ban period: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Delta Corp, Gujarat Narmada Valley Fertilizers & Chemicals

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