KEY HIGHLIGHTS
FPIs Stay Buyers For The 12th Day
Overseas investors remained net buyers of Indian equities for the twelfth day in a row on Friday, marking their longest buying spree so far in 2023.
Foreign portfolio investors mopped up equities worth Rs 1,014.1 crore, according to data from the National Stock Exchange.
Domestic institutional investors remained sellers for a third day, and sold stocks worth Rs 922.2 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 31,567.7 crore worth of stocks so far in 2023.
Yield On 10-Year Bond Declines
The yield on 10-year bond declined 3 basis points to close at 6.99% on Friday. It had closed at 7.02% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by 8 paise to close at 82.17 against the greenback on Friday.
The local currency closed at 82.09 on Thursday.
Source: Bloomberg
Sensex Ends At A Five-Month High, Nifty Advances As Banks Lead; Metals Decline
Indian equity benchmarks retracted early losses to end marginally higher in trade on Friday. While metal, energy and media sectors declined through the day, banking and automotive shares advanced. The headline indices advanced in trade this week. The S&P BSE Sensex Index rose above 62,000-mark in the last leg of trade, to end at the highest level in over five months since Dec. 14, 2022.
Asian markets ended the day on a mixed note. European markets rose, with a boost from earnings as luxury group Richemont rallied to a record following estimates-beating results.
The Swiss luxury goods maker that owns the Cartier brand said sales in China rebounded following the end of Covid Zero policies. U.S. futures contracts on the S&P 500 and the Nasdaq 100 posted modest gains.
The S&P 500 slid on Thursday after jobs and inflation data while the Nasdaq 100 gained. Alphabet Inc. buoyed the tech-heavy benchmark after the Google parent company showcased its artificial intelligence tools. News Corp. shares jumped 4.7% in postmarket trading after third quarter results topped analysts’ estimates.
Globally, stock markets have seesawed this week on mixed U.S. economic data and ongoing worries about the debt ceiling. While tech stocks have continued to outperform, with the Nasdaq 100 Index climbing 1% so far this week, there’s plenty of skepticism about the industry.
The S&P BSE Sensex Index closed up 123 points or 0.20% at 62,027.90 while the NSE Nifty 50 Index was higher by 18 points or 0.10% at 18,314.80.
HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., Eicher Motors Ltd., and Hindustan Unilever Ltd. were positively contributing to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Larsen and Toubro Ltd., Hindalco Industries Ltd., Power Grid Corp of India Ltd., and NTPC Ltd. were negatively adding to the change.
The headline indices advanced this week. Sensex logged weekly gains of 1.59%, whereas Nifty advanced 1.36%.
Last week, the indices ended largely unchanged and mixed in trade. The S&P BSE Sensex Index was down 0.10%, and the NSE Nifty 50 Index was higher by 0.02%.
Sectorally, Nifty Auto Index and Nifty Bank Index led the pack this week, while Nifty PSU Bank Index was the worst performer of the week.
The broader market declined and underperformed the larger peers; the S&P BSE MidCap Index was down 0.33%, whereas S&P BSE SmallCap Index was lower by 0.08%.
Fourteen out of the 20 sectors compiled by BSE declined, while six advanced in trade.
The market breadth was skewed in the favour of the sellers. About 1654 stocks rose 1,610 declined, and 154 remained unchanged on the BSE.
Cipla QY4F23 (Consolidated, YoY)
Revenue up 9% at Rs 5,739 crore Vs Rs 5,260 crore (BBG estimate : Rs 5,776 crore)
Net profit up 45% to Rs 526 crore Vs Rs 362 crore (BBG estimate : Rs 751 crore Profit)
EBITDA up 57% to Rs 1,174 crore from Rs 750 crore (BBG estimate : Rs 1,233 crore Profit)
Margins at 20.5% Vs 14.3% (BBG estimate : 21.4%)
Source: Exchange filing
Sensex, Nifty Rebound From Low's
European Markets Open Higher
Stocks At 52-Week High Intraday
Hindustan Aeronautics Q4FY23 (Consolidated, YoY)
Revenue up 8% at Rs 12,494.67 crore vs Rs 11,558.23 (Bloomberg estimate: Rs 12,067 crore).
Ebitda up 30% at Rs 3,245.79 crore vs Rs 2,496.93 (Bloomberg estimate: Rs 3,020.1 crore).
Ebitda margin at 26.0% vs. 21.6% (Bloomberg estimate: 25%).
Net profit down 9% at Rs 2,831.19 crore vs Rs 3,105.08 crore (Bloomberg estimate: Rs 2,934.1 crore).
Ambuja Cements Declared As Preferred Bidder For Devalmari Katepalli Limestone Block
Ambuja Cements emerged as the preferred bidder for the Devalmari Katepalli Limestone Block in an e-auction conducted by the Government of Maharashtra.
The cement maker submitted the highest final price offer of 7.55%.
Company shall get the licenses and permits related to the mining operations to be declared a successful bidder.
Subsequently, it shall ink 'Mine Development and Production Agreement' with the Government of Maharashtra to commence the mining operation.
Source: Exchange filing
Ambuja Cements Places Order For Capacity Expansion Of 14 Million Metric Tons Of Cement
Ambuja Cements has placed an order of 14 MMT cement for capacity expansion.
Order will be used to expand clinker capacity by 8 million tonnes at Bhatapara and Maratha units.
Order will include a Waste Heat Recovery System of 42 MW which will utilize 50% alternative fuels and operate on green power.
This will enable production of Blended Green Cement of 14 million tonnes, post all requisite approvals.
Source: Exchange filing
Short Selling Regulations In Indian Market
Stocks In Focus: Auro, Divi's Lab, Zensar Tech, Banking Stocks And More
Sensex, Nifty Decline As RIL, Infosys, L&T Drag: Midday Market Update
Indian equity benchmarks opened lower and held on to losses through midday on Friday. While metal, energy and media sectors declined in trade, consumer durables and healthcare shares advanced. Shares of Adani Transmission Ltd., Adani Total Gas Ltd. and Indus Tower Ltd. declined after they were deleted from MSCI Domestic Indexes, as a part of its May review.
Asian markets were mixed as U.S. equity futures rose and as investors weighed signs of cooling in the American jobs market. U.S. initial jobless claims reached the highest since October 2021 while producer prices rose 0.2% in April, trailing economists’ estimates for a 0.3% increase.
U.S. futures rose in Asian trading after the S&P 500 slid 0.2% following jobs and inflation data. The tech-heavy Nasdaq 100 added 0.3% after Google parent Alphabet Inc. showcased its artificial intelligence tools.
Hong Kong-listed technology stocks rallied Friday while broader measures of Chinese shares fell. Japanese blue chips traded around 0.5% higher. Shares in Tokyo-listed SBI Shinsei Bank Ltd. were in a trading halt after spiking higher following a Nikkei report that SBI Holdings was preparing to take the lender private.
The advance for tech stocks in the Hang Seng Index was helped along by gains for JD.com, which said its finance chief would take on the chief executive officer role. The e-commerce giant’s shares rose 7%.
As of 12:04 p.m., the S&P BSE Sensex Index was down 34 points or 0.06% at 61,870.35 while the NSE Nifty 50 Index was lower by 21 points or 0.11% at 18,276.35.
Reliance Industries Ltd., Larsen and Toubro Ltd., Infosys Ltd., Power Grid Corp of India Ltd., and NTPC Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Hindustan Unilever Ltd. Eicher Motors Ltd., Axis Bank Ltd., and Bajaj Finance Ltd. were positively adding to the change.
The broader market were flat; the S&P BSE MidCap Index was unchanged, whereas S&P BSE SmallCap Index was higher by 0.13%.
Eleven out of the 19 sectors compiled by BSE declined, while eight advanced in trade.
The market breadth was spilt between the buyers and sellers. About 1,688 stocks rose 1,610 declined, and 154 remained unchanged on the BSE.
Zee Shares Fall The Most In 10 Weeks As Exchanges Could Reconsider Approval For Merger With Sony
Shares of Zee Entertainment Enterprises Ltd. fell the most in over 10 weeks after stock exchanges said that they may have to reconsider their approvals to the Sony-Zee merger in light of a recent order by SEBI against an Essel Group entity. The exchanges told this to the national company law tribunal while submitting the market regulator, SEBI's order on Thursday.
This comes as Shirpur Gold Refinery Ltd., an Essel Group entity diverted its assets worth over Rs 400 crore between 2019 and 2021 to three Essel Group entities. Later, one out of the three companies was admitted to the insolvency proceedings and although Shirpur had a claim of Rs 242 crore against it, no claim was filed. This, according to SEBI, is part of Shirpur's elaborate scheme to divert funds to promoter-owned entities.
SEBI has alleged abuse of insolvency law by Shirpur and its promoters, and barred them from divesting their stake in it. The National Company Law Tribunal has asked the exchanges whether they would be reconsidering their approvals in light of SEBI's order. "We depend on NSE and BSE to give the go-ahead to the merger, and they have done it. In light of this order, they should review it.", the court observed.
Shares of Zee Entertainment Enterprises Ltd. fell 3.64% to Rs 185.1 apiece, as of 11:35 a.m., in trade on Friday compared to 0.10% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 6.66% intraday, the most in over 10 weeks since Feb. 27, 2023. Total traded volume stood at 3.3 times its 30-day average. The relative strength index was at 34.6.
Out of the 25 analysts tracking the company, 22 maintain a 'buy' rating, two recommend a 'hold' and one suggests 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 48.2%.
Source: Bloomberg, Exchange filing
Auto Wholesale Sales In April (YoY)
Total auto sales rise 16% YoY to 16.66 lakh units in April
Passenger vehicle sales rose 13% to 2.84 lakh units.
Passenger car sales grew 11% to 1.26 lakh units.
SUV sales rose 16% to 1.48 lakh units.
Two-wheeler sales jump 15% to 13.39 lakh units .
Motorcycle sales up 14% to 8.39 lakh units.
Scooter sales grew 19.6% to 4.64 lakh units.
Three-wheeler sales double to 42,885 units.
Source: SIAM
Siemens' Shares Advance After Analysts See Strong Growth Prospects
Shares of Siemens Ltd. gained as analysts saw positive growth prospects following fourth-quarter results amid healthy order pipeline.
The company's net profit rose 38.76% year-on-year to Rs 471.8 crore, while revenue gained 27.8% to Rs 4,857.8 crore in the quarter ended March, according to a stock exchange filing.
Siemens Q4 FY23 (Consolidated, YoY)
Revenue up 27.8% at Rs 4,857.8 crore
Ebitda up 32.34% at Rs 621.2 crore
Ebitda margin at 12.79% vs 12.35%
Net profit up 38.76% at Rs 471.8 crore
The board reappointed Sunil Mathur as managing director and chief executive officer for five years, effective Jan. 1, 2023. It also reappointed Daniel Spindler as chief financial s officer for one year, effective Aug. 1, 2023.
Shares of the company rose 0.37% to Rs 3,811.25 apiece, compared to a 0.24% decline in benchmark Nifty 50. as of 10:28 a.m.
Of the 23 analysts tracking the stock, 10 maintained 'buy', five suggested 'hold', while three recommended 'sell', according to Cogencis data. Of the remaining five analysts, four remained neutral between 'buy' and 'hold', while one kept a neutral stance between 'hold' and 'sell'.
Mangalore Chemicals & Fertilizers Shares Jump The Most In A Week As Q4 Profit Jumps Over 1500%
Shares of Mangalore Chemicals & Fertilizers Ltd. rose the most in over a week after the company reported an over 1500% year-on-year jump in its net profit for the quarter ended March 2023.
The company's revenue rose by 61.87% year-on-year to Rs 1,163.62 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 718.87 crore, according to its exchange filing.
Company's March quarter net profit up 1,845% to Rs 67.88 crore compared with Rs 3.49 crore, in the same period a year back. Mangalore Chemicals & Fertilizers Ltd. also said in an exchange filing that its ammonia energy improvement project was commissioned in September 2022 and the production of Urea and Ammonia has been ramped up since then.
The company also said in its investor presentation that it has optimized operations by adding suitable product mix to its fertiliser business with respect to DAP and NPK. However, the viability of these products depend on the availability of critical raw materials.
Mangalore Chemicals & Fertilizers Q4 FY23 (YoY)
Revenue up 61.87% at Rs 1,163.62 crore vs Rs 718.87 crore
Ebitda up 427.85% at Rs 127.95 crore vs Rs 24.23 crore
Ebitda margins at 11% vs 3.37%
Net profit up 1,844.99% at Rs 67.88 crore vs Rs 3.49 crore
The company recommended a dividend of Rs 1.50 per share for the fiscal ended March 31.
Shares of Mangalore Chemicals & Fertilizers Ltd. rose 3.96% to Rs 102.5 apiece, as of 10:53 a.m., in trade on Friday compared to 0.09% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 6.49% intraday, the most in over a week since May 2, 2022. Total traded volume stood at 10.8 times its 30-day average. The relative strength index was at 59.2.
One analyst tracking the company maintains a 'buy' rating on the stock, as per the Bloomberg data.
Source: Bloomberg, Exchange filing
Zensar Technologies Shares Gain Most In Over 14 Months After Q4 Results Beat Estimates
Shares of Zensar Technologies gained 9.91% intraday on Friday, the most in over 14 months after the results for the fourth quarter beat estimates.
While revenue was down 0.89% at Rs 1,212.6 crore against an estimate of Rs 1,210.64 crore, net profit went up 55.82% at Rs 119.2 crore against the Bloomberg estimate of Rs 84.93 crore.
Ebit went up 26% at Rs 140.7 crore against an estimate of Rs 99.03 crore, while margin stood at 11.6% against 9.08% in the previous quarter, beating the estimate of 8.18%.
Zensar Technologies Q4 FY23 (Consolidated, QoQ)
Revenue down 0.89% at Rs 1,212.60 crore (Bloomberg estimate: Rs 1,210.64 crore)
Ebit up 26.64% at Rs 140.7 crore (Bloomberg estimate: Rs 99.03 crore)
Ebit margin at 11.6% vs 9.08% (Bloomberg estimate: 8.18%)
Net profit up 55.82% at Rs 119.2 crore (Bloomberg estimate: Rs 84.93 crore)
The company announced a final dividend of Rs 3.50 per share for the fiscal 2023.
Shares of Zensar Technologies rose as much as 9.91%, which was the most in a day since February 25, 2022. It was trading 8.28% higher at Rs 335.95 apiece as of 10:31 a.m. on Friday, compared to a 0.23% fall in benchmark NSE Nifty 50.
The average traded volume so far in the day was 28.3 times its monthly average, while the relative strength index was at 82, indicating the stock may be overbought.
Of the 13 analysts tracking the company, nine maintain a 'buy' rating, and four suggests a 'hold', according to Bloomberg data.
The average 12-month consensus price target implies a potential downside of 5%.
Rupee Weakens Against The U.S. Dollar
South Indian Bank Shares Rise 10% As It Reports Record Profit, NII In FY23
Shares of South Indian Bank Ltd. rose the most in over four months after the company reported highest-ever profit and net interest income in the fourth-quarter of fiscal 2023.
The company, in its investor presentation reported that it has earned the highest ever annual and quarterly net interest income in the quarter ended March 2023. It rose by 43.4% year-on-year to Rs 857.18 crore in the fourth quarter. This compares with the NII of the same period in the previous fiscal, which stands at Rs 598 crore, according to its exchange filing.
Company's March quarter profit after tax was up 22.74% to Rs 333.89 crore compared with Rs 272 crore, in the same period a year back. South India Bank Ltd. also reported highest-ever profit after tax in FY23 at Rs . 775 crore.
The board of directors recommended 30% dividend subject to approval of the shareholders. The previous dividend was declared in FY19 at 25%.
South Indian Bank Q4 FY23
Net Interest Income up 43.4% at Rs 857.18 crore vs Rs 598 crore (YoY)
Profit after tax up 22.74% at Rs 333.89 crore vs Rs 272 crore (YoY)
GNPA ratio at 5.14% vs 5.48% (QoQ)
NNPA ratio at 1.86% vs 2.26% (QoQ)
Shares of South Indian Bank Ltd. rose 9.82% to Rs 17.9 apiece, as of 10:06 a.m., in trade on Friday compared to 0.29% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 10.74% intraday, the most in over four months since Dec. 26, 2022. Total traded volume stood at 8.1 times its 30-day average. The relative strength index was at 69.3.
Out of the five analysts tracking the company, three maintain a 'buy' rating and two recommend a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 8%.
Source: Bloomberg, Exchange filing
Eicher Motors Shares Rise The Most In A Year As Q4 Revenue Beats Estimates
Shares of Eicher Motors Ltd. gained the most in nearly a year after the Royal Enfield motorcycle maker's net profit rose 48% year-on-year to Rs 905.6 crore in the quarter ended March on higher sales, beating estimates by a wide margin. Analysts' estimates compiled by Bloomberg pegged the number at Rs 786.6 crore.
The company recorded its highest-ever total revenue from operations, net profits, and Ebitda in the year ended March.
Eicher Motors Q4 FY23 Highlights (YoY)
Revenue rose 19% to Rs 3,804 crore. (Bloomberg estimate: Rs 3,746 crore).
Ebitda grew 23% to Rs 933.7 crore. (Bloomberg estimate: Rs 898 crore).
Ebitda margin stood at 24.5% compared with 23.7% last year. (Bloomberg estimate: 24%).
Shares of Eicher Motors Ltd. rose 6.59% to Rs 3,629.85 apiece, as of 9:35 a.m., in trade on Friday compared to 0.5% declinein the benchmark, NSE Nifty 50 Index.
The stock gained as much as 7.11% intraday, the most in nearly a year since May 16, 2022. Total traded volume stood at 12.6 times its 30-day average. The relative strength index was at 80.0, implying that the stock maybe overbought.
Out of the 47 analysts tracking the company, 32 maintain a 'buy' rating, 11 recommend a 'hold' and four 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 3.3%.
Source: Bloomberg, Exchange filing
Top Movers On The Nifty 50 Index
Reliance Industries Ltd., Larsen and Toubro Ltd., Infosys Ltd., HDFC Ltd., and Asian Paints Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, Eicher Motors Ltd., M&M Ltd., Maruti Suzuki India Ltd., Tata Motors Ltd., and Hindustan Unilever Ltd. were positively adding to the change.
Source: Cogencis
Broader Markets Open Mixed
The broader market indices opened mixed; the S&P BSE MidCap Index was down by 0.02%, whereas S&P BSE SmallCap Index was higher by 0.27%.
Thirteen out of the 20 sectors compiled by BSE declined, while seven advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,440 stocks rose 788 declined, and 115 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Open Lower As Metals, Media Decline; Auto Stocks Rise
Indian equity benchmarks opened lower on Friday following the MSCI May review. Index provider MSCI Inc. added the defence manufacturer Hindustan Aeronautics, hospital chain operator Max Healthcare Institute and auto components maker Sona BLW Precision Forgings to its emerging markets index on Friday as part of its May review.
Asian markets were mixed and U.S. equity futures rose as investors weighed a cooling American jobs market. The strongest gains were in Hong Kong-listed technology stocks and Japanese blue chips. Mainland China shares fluctuated while Australian equities fell.
The advance for tech stocks in the Hang Seng Index was helped along by gains for JD.com, which said its finance chief would take on the chief executive officer role. This followed on from the best session in three months for US-listed Chinese stocks on Thursday.
U.S. futures rose about 0.2% in Asian trading after the S&P 500 slid 0.2% following jobs and inflation data, while the tech-heavy Nasdaq 100 added 0.3% after Google parent Alphabet Inc. showcased its artificial intelligence tools.
Data showed U.S. initial jobless claims reached the highest since October 2021 while producer prices rose 0.2% in April, trailing economists’ estimates for a 0.3% increase.
At pre-open, the S&P BSE Sensex Index was down 47 points or 0.08% at 61,857.69 while the NSE Nifty 50 Index was lower by 23 points or 0.13% at 18,273.75.
Sensex, Nifty Decline In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was down 47 points or 0.08% at 61,857.69 while the NSE Nifty 50 Index was lower by 23 points or 0.13% at 18,273.75.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated by 4 paise to open at 82.13 against the greenback on Friday.
The local currency closed at 82.09 on Thursday.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.03% on Friday.
Source: Bloomberg
Realty Back On The Radar, Banks Show Resilience: Trade Setup
Global Cues
U.S. Dollar Index at 102
U.S. 10-year bond yield at 3.37%
Brent crude down 0.19% to $74.84 per barrel
Nymex crude down 0.04% at $70.84 per barrel
SGX Nifty down 0.40% at 18,277 as of 8:12 a.m.
Bitcoin down 0.49% at $26,877.38
Insider Trading
Usha Martin: Promoter Peterhouse Investments sold 1.25 lakh shares on May 10.
Trading Tweaks
Ex-Date Interim Dividend: 360 ONE WAM, Aptus Value Housing Finance India
Ex-Date Income Distribution (InvIT): IRB InvIT Fund
Ex-Date EGM: Steel Exchange India
Record Date Interim Dividend: 360 ONE WAM, Aptus Value Housing Finance India
Record Date Income Distribution (InvIT): IRB InvIT Fund
Block Deals
Titan Co.: Sector Investment Funds bought 1.2 lakh shares (0.01%), Goldman Sachs (Singapore) sold 1.2 lakh shares (0.01%) at Rs 2,745.45 apiece.
Cholamandalam Investment and Finance Co.: Sector Investment Funds bought 2.68 lakh shares (0.03%), Goldman Sachs (Singapore) sold 2.68 lakh shares (0.03%) at Rs 989.60 apiece.
Affle (India): Sector Investment Funds bought 1.69 lakh shares (0.13%), Goldman Sachs (Singapore) sold 1.69 lakh shares (0.13%) at Rs 936.80 apiece.
Devyani International: Sector Investment Funds bought 9.07 lakh shares (0.08%), Goldman Sachs (Singapore) sold 9.07 lakh shares (0.08%) at Rs 175.85 apiece.
Jubilant Foodworks: Sector Investment Funds bought 5.7 lakh shares (0.09%), Goldman Sachs (Singapore) sold 5.7 lakh shares (0.09%) at Rs 469.15 apiece.
Varun Beverages: Sector Investment Funds bought 2.71 lakh shares (0.04%), Goldman Sachs (Singapore) sold 2.71 lakh shares (0.04%) at Rs 1,606.40 apiece.
Offering: Nexus Select Trust REIT IPO
Nexus Select Trust REIT: The issue was subscribed 5.7 times on the final day, as per data shared by Axis Capital, one of the lead managers. The QIB portion was subscribed 5.1 times, whereas the portion reserved for non-institutional investors was subscribed 6.6 times.
Stocks To Watch: Tata Motors, HAL, Cipla, HPCL, Eicher, Polycab, Manappuram, Indraprastha Gas
ONGC: The company said it has discovered oil and gas reserves in the Amrit and Moonga exploration blocks in Mumbai Offshore on the Arabian Sea. A detailed assessment of the discoveries is in progress.
Mahindra & Mahindra: The auto major reported a 18.54% jump year-on-year in production volumes during April at 58,644 units, whereas sales increased 40.86% to 60,481 units compared to the corresponding months of last year. Exports slumped 32.93% in annual terms to 1,813 units.
GMR Airports Infrastructure: Passenger traffic at five airports managed by the company increased 33% year-on-year to 97.67 lakh during April. Meanwhile, aircraft movement at these airports saw a 22% rise to 64,600 during the last month.
Reliance Industries/Bharti Airtel/Vodafone Idea: As per TRAI data, Reliance Jio added 10.05 lakh subscribers, while Bharti Airtel gained 9.83 lakh users in February. Meanwhile, Vodafone Idea lost 10.26 lakh subscribers during the month under review.
NBCC (India): The company received a total business of Rs 1,264.48 crore in April.
HDFC Bank: The Mumbai bench of the NCLT admitted an insolvency plea by HDFC Bank against Eurolife Healthcare over a default of Rs 45.11 crore.
IPCA Laboratories: The Mumbai bench of the NCLT approved the merger of Ramdev and Tonira Exports with the company.
Bharti Airtel: The board of the company will meet on May 16 to consider and approve the dividend for the financial year 2022–23, along with the financial results for the quarter and year ended March 31.
KPI Green Energy: KPIG Energia, a wholly owned subsidiary of the company, won a commercial order for a 35 MW power plant from Creative Technologies. It also commissioned a 7.2 MW wind-solar hybrid power project for Nouveau Jewellery, Surat.
ITI: The company allotted 1.13 crore shares at Rs 94.61 apiece to the central government in lieu of a capital grant worth Rs 107 crore.
Q4 Earnings Results
Tata Motors, Hindustan Petroleum Corporation, Hindustan Aeronautics, Cipla, Polycab India, Indraprastha Gas, Sharda Cropchem, Colgate-Palmolive (India), Manappuram Finance, Kirloskar Ferrous Industries, Laxmi Organic Industries, Greaves Cotton, Sapphire Foods India, Solara Active Pharma Sciences, VST Tillers Tractors, Butterfly Gandhimathi Appliances, Ethos, Aarti Pharmalabs, Alembic, Cholamandalam Financial Holdings, Great Eastern Shipping Co, Honda India Power Products, Indian Overseas Bank, Infobeans Technologies, Kennametal India, Max Financial Services, Pix Transmissions, Rane Holdings, Shree Renuka Sugars
Earnings Fineprint
Eicher Motors Q4 FY23 (Consolidated, YoY)
Revenue rose 19% to Rs 3,804 crore (Bloomberg estimate: Rs 3741.35 crore)
Ebitda rose 23% to Rs 933.7 crore (Bloomberg estimate: Rs 896.69 crore)
Ebitda margin stood at 24.5% vs 23.7% (Bloomberg estimate: 24%)
Net Profit rose 48% to Rs 905.6 crore (Bloomberg estimate: Rs 786.78 crore)
The board recommended a final dividend of Rs 37 per share for the fiscal 2023.
PDS Q4 FY23 (Consolidated, YoY)
Revenue 1.22% at Rs 2,741.66 crore
Ebitda up 27.8% at Rs 132.61 crore
Ebitda margin at 4.84% vs 3.74%
BLS International Services
Net profit down 11.16% at Rs 76.61 crore
The company announced a final dividend of Rs 2.60 per share.
Deepak Nitrite Q4 FY23 (Consolidated, YoY)
Revenues up 4.75% at Rs 1,961.36 crore
Ebitda down 15.2% at Rs 347.96 crore
Ebitda margin at 17.74% vs 21.92%
Net profit down 12.48% at Rs 233.86 crore
The board recommended a dividend of Rs 7.50 per share for the fiscal 2023.
Mangalore Chemicals & Fertilizers Q4 FY23 (YoY)
Revenue up 61.87% at Rs 1,163.62 crore
Ebitda up 427.85% at Rs 127.95 crore
Ebitda margins at 11% vs 3.37%
Net profit up 1844.99% at Rs 67.88 crore
The company recommended a dividend of Rs 1.50 per share for the fiscal ended March 31.
Zensar Technologies Q4 FY23 (Consolidated, QoQ)
Revenue down 0.89% at Rs 1,212.60 crore
Ebit up 26.64% at Rs 140.7 crore
Ebit margin at 11.6% vs 9.08%
Net profit up 55.82% at Rs 119.2 crore
The company announced a final dividend of Rs 3.50 per share for the fiscal 2023.
Gujarat State Petronet Q4 FY23 (Consolidated, YoY)
Revenue down 14.43% at Rs 4,270.16 crore
Ebitda down 14.63% at Rs 862.78 crore
Ebitda margin at 20.2% vs 20.25%
Net profit down 15.12% at Rs 542.81 crore
The board has approved a dividend of Rs 5 per share for the fiscal 2023.
Siemens Q4 FY23 (Consolidated, YoY)
Revenue up 27.8% at Rs 4,857.8 crore
Ebitda up 32.34% at Rs 621.2 crore
Ebitda margin at 12.79% vs 12.35%
Net profit up 38.76% at Rs 471.8 crore
The board reappointed Sunil Mathur as managing director and chief executive officer for five years, effective Jan. 1, 2023. It also reappointed Daniel Spindler as chief financial officer for one year, effective Aug. 1, 2023.
South Indian Bank Q4 FY23 (Standalone)
Net Interest Income up 43.4% at Rs 857.18 crore (YoY)
Net profit up 22.74% at Rs 333.89 crore (YoY)
GNPA ratio at 5.14% vs 5.48% (QoQ)
NNPA ratio at 1.86% vs 2.26% (QoQ)
SGX Nifty Indicates Lower Open For The Benchmarks
Asian markets rose alongside U.S. equity futures, while treasuries extended their rally as investors weighed a cooling American jobs market. The strongest gains were in Hong Kong-listed technology stocks and Japanese blue chips. Mainland China's shares fluctuated while Australian equities fell.
The advance in the Hang Seng Index was helped along by tech gains, including a jump in JD.com, which said its finance chief would take on the chief executive officer role. U.S. National Security Adviser Jake Sullivan met with China’s top diplomat, Wang Yi, in a move to ease rising tensions between the two nations.
U.S. futures rose in Asian trading after the S&P 500 slid 0.2% following jobs and inflation data, while the tech-heavy Nasdaq 100 added 0.3% after Google parent Alphabet Inc. showcased its artificial intelligence tools.
Data showed U.S. initial jobless claims reached their highest level since October 2021, while producer prices rose 0.2% in April, trailing economists’ estimates for a 0.3% increase.
The yield on the 10-year Treasury note in the U.S. was trading at 3.37%. Crude prices fell below the $75 mark, while Bitcoin declined below the $27,000 level.
At 8:12 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.40% at 18,277.
Index provider MSCI Inc. added three Indian stocks to its emerging markets index on Friday as part of its May review. Defence manufacturer Hindustan Aeronautics, hospital chain operator Max Healthcare Institute, and auto components maker Sona BLW Precision Forgings were added to the index under the quarterly rejig, a statement from the index provider showed. Notably, Max Healthcare has been upgraded from a small-cap index to a mid-cap index. The changes in the index will come into effect from June 1.
Domestic benchmark indices closed the day in red, dragged by index heavyweights Larsen & Toubro Ltd. and Reliance Industries Ltd.
The Indian rupee closed lower against the U.S. dollar amid a stronger greenback and rising crude prices.
Foreign investors were net buyers for the eleventh day and bought equities worth Rs 837.21 crore. On the other hand, domestic institutional investors remained sellers for a second day and sold stocks worth Rs 200.09 crore, snapping a two-day buying streak, the NSE data showed.
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