KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Second Straight Day
Overseas investors in Indian equities remained net buyers for the second day in a row on Thursday.
Foreign portfolio investors mopped up equities worth Rs 1,257.5 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned buyers after a day and bought stocks worth Rs 97.1 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 48,150.2 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.10% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 7 paise to close at 81.84 against the greenback on Thursday.
It closed at 81.77 on Wednesday.
Source: Bloomberg
Sensex Rises For The Sixth Consecutive Session
Indian equity benchmarks closed at a nine-week high on Thursday. While realty and I.T. stocks rose, FMCG companies ended weaker in trade. Nifty ended the highest since Feb. 17, 2023, whereas Sensex rose the most since Feb. 21.
Stocks in Europe rose after reversing losses, while U.S. equity futures advanced as traders saw positive signs in corporate earnings reports.
The Stoxx 600 Index turned higher, paced by gains in drugmakers and banks following upbeat results from Sanofi, AstraZeneca Plc and Barclays Plc. Deutsche Bank AG dropped after trading revenue disappointed.
Contracts for the S&P 500 advanced after a two-day decline, while those for the tech-heavy Nasdaq 100 extended Wednesday’s rally. Earnings from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading.
The S&P BSE Sensex Index closed up 349 points or 0.58% at 60,649.30 while the NSE Nifty 50 Index was higher by 102 points or 0.57% at 17,915.05.
JSW Steel Ltd., Reliance Industries Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., and IndusInd Bank Ltd. were positively adding to the change.
Whereas, Tata Consultancy Services Ltd., Power Grid Corp of India Ltd., HDFC Life Insurance Co., Axis Bank Ltd., Hindustan Unilever Ltd. were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks ended mixed in trade, with Adani Power Ltd., Ambuja Cements Ltd., NDTV Ltd., Adani Enterprises Ltd., and ACC Ltd. rising, while all the other group stocks declining in trade.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.52%, whereas S&P BSE SmallCap Index was higher by 0.62%.
Eighteen out of the 19 sectors compiled by BSE declined, while only S&P BSE Power advanced in trade.
The market breadth was skewed in the favour of the buyers. About 2,041 stocks rose 1,448 declined, and 125 remained unchanged on the BSE.
Laurus Labs Q4 FY23 (YoY, Consolidated)
Revenue down 3% at Rs 1,381 crore Vs Rs 1,425 crore (BBG estimate : Rs 1,517 crore)
Net profit down 55% to Rs 103 crore Vs Rs 231 crore (BBG estimate : Rs 211 crore Profit)
EBITDA down 28% to Rs 286 crore from Rs 397 crore (BBG estimate : Rs 373 crore Profit)
Margins at 20.7% Vs 27.8% (BBG estimate : 24.6%)
Source: Exchange filing
Welspun India Q4 FY23 (YoY, Consolidated)
Revenue down 3% at Rs 2,153.90 crore vs Rs 2,227.09 crore (BBG Estimate: Rs 3,150.7 crore)
Ebitda up 9% at Rs 663.23 crore vs Rs 605.79 crore (BBG Estimate: Rs 260.1 crore)
Ebitda margin at 30.8% versus 27.2% (BBG Estimate: 8.3%)
Net profit up 152% of Rs 128.99 crore vs Rs 51.25 crore (BBG Estimate: Rs 116.1 crore)
Dividend announced at Rs 0.10 per share
Approved buyback of Rs 120 per share aggregating to Rs 195 crore via tender offer.
Source: Exchange filing
Embassy Office Parks REIT Q4 FY23 (YoY, Consolidated)
Revenue up 16% at Rs 867.6 crore vs Rs 748.8 crore (BBG Estimate: Rs 868.6 crore)
Ebitda up 27% at Rs 1,168.7 crore vs Rs 920.25 crore (BBG Estimate: Rs 1,706.7 crore)
Ebitda margin at 134.7% versus 6.8% (BBG Estimate: 75%)
Net profit down 87% of Rs 35.45 crore vs Rs 279.18 crore (BBG Estimate: Rs 321.63 crore)
The board appointed Aravind Maiya as the CEO following Vikaash Khdloya's resignation.
Source: Exchange filing
Bajaj Finserv Q4 FY2023 (Consolidated, YoY)
Revenue up 25% at Rs 23,625 crore Vs Rs 18,862 crore
Net profit up 31% at Rs 1,768 crore Vs Rs 1,346 crore
EBITDA at Rs 4,719 crore Vs Rs 3612 crore, up 31%
Margins at 20% vs 19.1%
Dividend of Rs 0.80 per share
Shares of Jindal Saw Rise After Acquiring 100% Stake in Sathavahana Ispat
Shares of Jindal Saw grew the most in over one week after a resolution plan to acquire 100% shares in Sathavahana Ispat was approved.
The company has entered into a definitive share purchase agreement for the acquisition of 10 lakh equity shares at a price of Rs 10 apiece for a total cash consideration of Rs 1 crore, it said in an exchange filing on Monday.
It has additionally advanced with capital reduction and the nullification of existing stock shares, according to the filing.
Shares of the company were up 1.91% to Rs 162.8 apiece, compared to a 0.16% gain in the benchmark Nifty 50, as of 12:19 p.m.
Of the 3 analysts tracking the stock, all suggest a 'buy,' according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 18.3%.
Source: Exchange filing, Bloomberg
Hindustan Unilever Q4 FY23 (YoY, Consolidated)
Revenue up 11% at Rs 15,215 crore vs Rs 13,767 crore
Ebitda up 10% at Rs 3,285 crore vs Rs 3,000 crore
Ebitda margin at 22.0% versus 22.3%
Net profit up 13% of Rs 2,601 crore vs Rs 2,307 crore
The board of directors recommended a final dividend of Rs 22/- per share, for the financial year 2023.
Sensex, Nifty Drift Higher As Realty, I.T. Stocks Gain: Midday Market Update
Indian equity benchmarks held on to steady gains after a volatile open through midday on Thursday. Realty and I.T. stocks rose, whereas pharmaceutical companies were weak in trade. Nifty was comfortably place above 17,800; whereas Sensex was trading beyond 60,400 levels.
Asian markets fell for a fifth day after U.S. shares declined in an echo of the prior session as concern over American regional banks outweighed better-than-expected technology earnings.
Few Asia Pacific equities are on course for its longest run of daily losses this year, as shares fell in Australia and fluctuated in Japan and China.
Samsung Electronics Co. shares overcame an early decline after posting a record quarterly loss in its chip division but indicating a recovery later this year. Nomura Holdings Inc. stock headed for its worst day in more than two years after reporting a slump in profits.
Futures contracts for the S&P 500 and Nasdaq 100 both edged up in Asia after results from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading.
As of 12:05 p.m., the S&P BSE Sensex Index was up 144 points or 0.24% at 60,444.85 while the NSE Nifty 50 Index was higher by 39 points or 0.22% at 17,852.55.
Kotak Mahindra Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., IndusInd Bank Ltd. and JSW Steel Ltd were positively adding to the change.
Whereas, Hindustan Unilever Ltd., Axis Bank Ltd., HDFC Life Insurance Co., Power Grid Corp of India Ltd., State Bank of India, were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks opened mixed in trade, with Adani Power Ltd., Ambuja Cements Ltd., Adani Wilmar Ltd., and ACC Ltd. rising, while all the other group stocks declining in trade.
The broader market indices outperformed larger peers; S&P BSE MidCap Index was up by 0.47%, whereas S&P BSE SmallCap Index was higher by 0.57%.
Eighteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Utilities and S&P BSE Power advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,962 stocks rose 1,313 declined, and 154 remained unchanged on the BSE.
Reliance Consumer Inks Distribution Pact With Udaan To Distribute Its Campa Portfolio
As part of the pan-India distribution pact, Udaan will make available Reliance Consumer's beverage brand 'Campa' to over 50,000 kirana stores initially. This distribution coverage will gradually expand to over 1 lakh retailers in two months.
Three new Campa flavours - Cola, Orange, and Clear Lime - to be available under various consumption ranges and price points on the udaan platform.
Udaan will also work on several retailer promotions to drive penetration.
Source: Udaan statement
Indus Towers Shares Gain After Q4 Profit Beat Estimates
Shares of Indus Towers Ltd. gained after its fourth-quarter profit beat analysts' estimates.
The company's fourth-quarter net profit declined 23.4% year-on-year to Rs 1,399.1 crore, but was above the consensus estimate of Rs 1,181.6 crore. Revenue fell 5.11% year-on-year to Rs 6,752.9 crore, according to an exchange filing.
Indus Towers Q4 FY23 (Consolidated, YoY)
Revenue down 5.11% at Rs 6,752.9 crore
Ebitda down 11.18% at Rs 5,203.6 crore
Ebitda margin at 77.06% versus 82.33%
Net profit down 23.48% at Rs 1399.1 crore
Shares of the company gained 1.19% to Rs 144.7 apiece as of 10:51 a.m., compared with a 0.11% gain in the benchmark Nifty 50.
Of the 22 analysts tracking the stock, four maintain a 'buy,' nine suggest a 'hold', and nine suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 23.4%.
Shoppers Stop Shares Rise After Profits Beat Estimates
Shares of Shoppers Stop rose during trade on Thursday, after the company announced its results for the fourth quarter of fiscal 2023.
The company announced a revenue growth of 29.52% year-on-year at Rs 923.9 crore, with a net profit of Rs 14.62 crore.
EBITDA grew 102.95% year-on-year at Rs 154.7 crore, with margins of 16.75% against 10.69% in the same period previous year.
Shoppers Stop Q4 FY23 (Consolidated, YoY)
Revenues up 29.52% at Rs 923.9 crore
Ebitda up 102.95% at Rs 154.7 crore
Ebitda margin at 16.75% versus 10.69%
Net profit of Rs 14.26 crore vs net loss of Rs 15.85 crore
Shares of the company grew 4.30% to Rs 643.8 apiece as of 11:26 a.m. on Thursday compared to a 0.17% gain in the benchmark Nifty 50.
Of the 11 analysts tracking the stock, six maintain a 'buy,' three suggest a 'hold', and two suggest a 'sell,' according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 12.5%.
U.S. FDA Issues Three Observations, Form 483 To Ipca Laboratories
U.S. FDA conducted an inspection of the Ipca Laboratories' Piparia plant in Silvassa from April 18 to April 26, 2023.
The U.S. drug regulator issued form 483 with three observations on concluding the inspection.
Ipca Laboratories will submit a comprehensive response to the regulator and will work closely with them to resolve the issues.
Source: Exchange filing
Syngene International Shares Hit 52-Week High As FY23 Revenue, EBITDA Jumps The Most In Five Years
Shares of Syngene International Ltd. hit a 52-week high on Thursday as it recorded the highest revenue and EBITDA in nearly five years in the 2023 fiscal. Also, the company announced a special dividend to mark its 30th anniversary.
Syngene International's March quarter revenue was up 31% at Rs 994 crore compared with Rs 758 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 892 crore.
The consolidated net profit rose 21% annually to Rs 179 crore, as compared to Rs 148 crore in the same period of the previous fiscal. It beat the consensus analyst estimates, which stood at Rs 154 crore.
Syngene International Ltd., which is an operationally independent unit of Biocon Ltd., highlighted in its investor presentation that it has delivered the highest absolute year-on-year increase in revenue and EBITDA in the last five years, in FY23. Company also said that it will convene its 30th Annual General Meeting on Wednesday, July 26, 2023.
Syngene International Q4 FY23 (Consolidated, YoY)
Revenue up 31% at Rs 994 crore (Bloomberg estimate: Rs 892 crore)
Ebitda up 32% at Rs 318 crore (Bloomberg estimate: Rs 292 crore)
Ebitda margin at 32% versus 31.8% (Bloomberg estimate: 32.7%)
Net profit up 21% at Rs 179 crore (Bloomberg estimate: Rs 154 crore)
The board recommended a final dividend of Rs 1.25 per share, including a special dividend of Rs 0.75 to mark the 30th anniversary of the company. The record date for the dividend has been fixed as June 30, 2023.
Shares of Syngene International Ltd. advanced 3.72% to Rs 647.65 apiece, as of 10:45 a.m., in trade on Thursday compared to 0.13% advance in the benchmark, NSE Nifty 50 Index. The script hit a 52-week high intraday at Rs 660 apiece.
The stock gained as much as 5.70% intraday, the most in over 11 months since May 30, 2022. Total traded volume stood at 18.4 times its 30-day average. The relative strength index was at 76.6, implying that the stock maybe overbought.
Out of the nine analysts tracking the company, seven maintain a 'buy' rating, one recommends 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 7.5%.
Source: Bloomberg, Exchange filing
City Union Bank Shares Surge Most In 29 Months As RBI Reappoints CEO & MD
Shares of City Union Bank Ltd. surged the most in over 29 months after the RBI re-appointed the company's chief executive officer and managing director for a period of three years.
The board of directors of the bank recommended Dr. N. Kamakodi's name for the extension of his tenure in the company. The Reserve Bank of India approved the bank's recommendation to extend Dr. N. Kamakodi term for a period of three years, with effect from May 1, 2023.
Shares of City Union Bank Ltd. advanced 6.27% to Rs 141.55 apiece, as of 10:01 a.m., in trade on Thursday compared to 0.14% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 9.61% intraday, the most in over 29 months since Nov. 9, 2020. Total traded volume stood at 27.3 times its 30-day average. The relative strength index was at 65.9.
Out of the 26 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a 'hold' and two 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 30.9%.
Source: Bloomberg, Exchange filing
L&T Technology Shares Jump Over 5% As Q4 Revenue, Profit Beat Estimates
Shares of L&T Technology Services Ltd. advanced the most in three weeks after the company's revenue and net profit beat analyst estimates in the fourth quarter ended March 31, 2023.
It posted a consolidated net profit at Rs 309.6 crore, up by 2% sequentially, as compared to Rs 303.6 crore in the same period of the previous fiscal. The consensus of the analysts estimates pooled by Bloomberg stood at Rs 303.6 crore.
Company's March quarter revenue was up 2.3% at Rs 2,096.2 crore compared with Rs 2,048.6 crore, in the previous quarter of the same year. It beat the consensus analyst estimates, which stood at Rs 2,082.68 crore.
During the quarter, company won an order of $40 million (approx Rs 327.1 crore) and three $10 million plus (approx 81.72 crore) TCV deals.
The company also guided for a 20% revenue growth in FY24 in USD constant currency terms. "For FY24, our guidance is for a USD constant currency revenue growth of 20% plus (10% plus organic growth). We are excited about the ever-expanding potential of newer technologies and our role as partners to the top ER&D companies globally for their next generation products," said Amit Chadha, CEO and Managing Director, L&T Technology Services Limited
L&T Technology Services Q4 FY23 (Consolidated, QoQ)
Revenue up 2.3% at Rs 2,096.2 crore vs Rs 2,048.6 crore(Bloomberg estimate: Rs 2,082.68 crore)
Ebitda up 1.8% at Rs 449.2 crore vs Rs 441.2 crore(Bloomberg estimate: Rs 444.86 crore)
Ebitda margin at 21.43% vs 21.5% (Bloomberg estimate: 21.4%)
Net profit up 2% at Rs 309.6 crore vs Rs 303.6 crore(Bloomberg estimate: Rs 306.08 crore)
The board recommended a final dividend of Rs 30 per share for the fiscal 2023.
Also Read: Maruti Suzuki Q4 Results Review: Diverging Trajectory In Key Segments To Weigh On Market Share
Shares of L&T Technology Services Ltd. advanced 4.77% to Rs 3,611.25 apiece, as of 09:48 a.m., in trade on Thursday compared to 0.12% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 5.75% intraday, the most in over three weeks since April 5, 2023. Total traded volume stood at 8.6 times its 30-day average. The relative strength index was at 59.
Out of the 30 analysts tracking the company, 11 maintain a 'buy' rating, seven recommend a 'hold' and 12 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 downside of 6.5%.
Source: Bloomberg, Exchange filing
Adani Group Company Open Mixed
Adani Group company stocks opened mixed in trade, with NDTV Ltd., Adani Enterprises Ltd., and Adani Wilmar rising, while all the other group stocks declining in trade.
Broader Markets Outperform Larger Peers
The broader market indices outperformed larger peers; S&P BSE MidCap Index was up by 0.18%, whereas S&P BSE SmallCap Index was higher by 0.48%.
Seven out of the 10 sectors compiled by BSE declined, while 12 advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,581 stocks rose 686 declined, and 104 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Maruti Suzuki India Ltd., Bajaj Finserv Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and IndusInd Bank Ltd. were positively adding to the change.
Whereas, Hindustan Unilever Ltd., JSW Steel Ltd., Larsen & Toubro Ltd., Housing Development Finance Corp Ltd., HDFC Life Insurance Co Ltd., were negatively contributing to the change in the Nifty 50 Index.
Sensex, Nifty Off To A Volatile Start
Indian equity benchmarks started the trading day on Thursday on a voaltile note.
Asian stocks fell for a fifth day after U.S. shares declined in an echo of the prior session as concern over American regional banks outweighed better-than-expected technology earnings.
Equities in Japan, Australia and South Korea all dropped, while those in mainland China and Hong Kong fluctuated. The moves placed a gauge of the region’s equities on course for its longest run of daily losses this year.
Futures contracts for the S&P 500 and Nasdaq 100 both edged higher in Asia after results from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading.
On Wednesday, U.S. markets witnessed a second daily decline for the S&P 500 Index with all sectors except technology falling. The Nasdaq 100 edged higher, helped along by upbeat earnings from Alphabet Inc. and Microsoft Corp. late Tuesday.
At pre-open, the S&P BSE Sensex Index was up 15 points or 0.02% at 60,315.56 while the NSE Nifty 50 Index was lower by 0.5 points or 0% at 17,813.10.
Sensex, Nifty Mixed At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 15 points or 0.02% at 60,315.56 while the NSE Nifty 50 Index was lower by 0.5 points or 0% at 17,813.10.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.11% on Thursday.
Source: Bloomberg
Indian Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 6 paise to open at 81.71 against the greenback on Thursday.
It closed at 81.77 on Wednesday.
Source: Bloomberg
Biocon To Raise Rs 500 Crore By Issuing NCDs
It will issue secured, redeemable, non-convertible debentures on private placement basis to ESOF III Investment Fund managed by Edelweiss Alternate Asset Advisors Ltd. and EAAA.
Return profile is linked to Biocon Biologics' share price subject to minimum IRR of 12%.
Biocon will use the proceeds to invest as optionally convertible debenture in unit Biocon Biologics.
Source: Exchange filing
FMCG And Auto Stocks To Witness Interest: Trade Setup
Coforge Q4 FY23 (Consolidated, QoQ)
Revenue up 5.56% at Rs 2,170 crore (Bloomberg estimate: Rs 2,161.7 crore)
EBIT down 25.4% at Rs 223.8 crore.
EBIT margin at 10.3% versus 14.6%
Net profit down 53.2% at Rs 138.1 crore.
The board recommended a fourth interim dividend of Rs 19 per share for the fiscal 2023.
Coforge sees constant currency revenue growth of 13-16% in FY24.
Coforge expects a gross margin increase of about 50 bps.
Adjusted Ebitda margin to be at similar levels as FY23.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 101.4
U.S. 10-year bond yield at 3.44%
Brent crude up 0.40% to $78.00 per barrel
Nymex crude up 0.26% to $74.49 per barrel
SGX Nifty down 0.20% at 17,794 as of 08:02 a.m.
Bitcoin up 1.91% at $28,961.62
Trading Tweaks
Price Band Revised From 20% To 10%: Rail Vikas Nigam, Saksoft
Ex-Date Dividend: ABB India
Move In Short-Term ASM Framework: Saksoft, Fairchem Organics, Max Ventures and Industries
Move Out Short-Term ASM Framework: Aarti Pharmalabs, Pokarna
Block Deals
Aditya Birla Capital: Essel Mininig & Industries bought 2.61 crore shares (1.08%) and IGH Holding sold 2.61 crore shares (1.08%) at Rs 158.95 apiece.
Stocks To Watch: HUL, ACC, SBI Life, HDFC Life, Bajaj Finance, HDFC, Rail Vikas, Maruti In Focus
Infosys: The IT major entered into a collaboration with Walmart Commerce Technologies to offer services to retailers that will help them leverage technology solutions to simplify customer and store employee experiences.
HCL Technologies: The company has been selected to deploy an IT system for Vienna-based pigment maker Heubach Group across 11 countries.
Tata Motors: The Indian auto manufacturer signed a definitive agreement with Cummins to manufacture low- to zero-emissions technology products in India over the next few years.
Tata Power: S&P Global upgraded its rating for the company to ‘BB+’ from ‘BB’ while keeping the outlook stable.
HDFC/HDFC Bank: The BSE and National Stock Exchange accorded in principle approval for the transfer of non-convertible debentures issued by HDFC to HDFC Bank, subject to the sanction of the composite scheme of amalgamation involving the two.
Jindal Saw: In accordance with the approved resolution plan, the company acquired the entire shareholding of Sathavahana Ispat, making it a wholly owned subsidiary.
Goldiam International: The company received export orders worth Rs 50 crore from international clients for manufacturing diamond studded gold jewellery, including lab-grown diamond jewellery worth Rs 17.5 crore.
Dr Reddy’s Laboratories: The company received tentative approval from the U.S. FDA for marketing Topiramate capsules in different strengths.
City Union Bank: The Reserve Bank of India has approved the reappointment of N Kamakodi as managing director and chief executive officer of the bank for another three years, effective May 1, 2023.
IDFC First Bank: In its meeting on April 29, the board, among other matters, will also discuss borrowing via debt securities on a private placement basis in one or more tranches.
CG Power and Industrial Solutions: The company completed the process of closure and de-registration of step-down subsidiary CG Middle East FZE, Dubai.
ICICI Prudential Life Insurance Company: The insurer clarified that it has not received a show cause notice from the Directorate General of GST Intelligence for tax evasion or unpaid taxes.
Rail Vikas Nigam: The company has been designated a Navratna company by the finance ministry.
Q4 Earnings Results Today
Wipro, Bajaj Finserv, Axis Bank, Hindustan Unilever, Tech Mahindra, LTIMindtree, ACC, Mphasis, Surya Roshni, Coforge, Welspun India, Trent, Indian Hotels Co., Laurus Labs, Embassy Office Parks REIT, Dwarikesh Sugar Industries, Kirloskar Pneumatic Co., Gateway Distriparks, Aditya Birla Sun Life AMC, Swaraj Engines, Agro Tech Foods, Apcotex Industries, Bajaj Holdings & Investment, Chennai Petroleum Corporation, Glenmark Life Sciences, Kewal Kiran Clothing, Lloyds Steels Industries, Motilal Oswal Financial Services, Som Distilleries & Breweries, Shree Digvijay Cement, Shree Global Tradefin, Tinplate Company Of India, Usha Martin, Vardhman Special Steels
Earnings Fineprint
SBI Life insurance Company Q4 FY23 (Consolidated, YoY)
Revenue up 6% at Rs 22,805 crore (Bloomberg estimate: Rs 28,998 crore)
Net profit up 16% to Rs 777 crore (Bloomberg estimate: Rs 677 crore)
VNB up 37% at Rs 5,070 crore versus Rs 3,700 crore (full year)
VNB margin at 30.1% vs 25.9% (full year)
HDFC Life insurance Company Q4 FY23 (Consolidated, YoY)
Revenue up 21% at Rs 21,471 crore
Net profit fell 28% to Rs 362 crore (Bloomberg estimate: Rs 398 crore)
VNB up 37% at Rs 3,674 crore (full year)
VNB margin at 27.6% vs 27.4% (full year)
The life insurer announced a final dividend of Rs 1.90 per share for the fiscal 2023. The company also appointed Niraj Shah as chief financial officer for a term of three years and Bhaskar Ghosh as independent director for five years. Both appointments come into effect on April 26, 2023.
Bajaj Finance Q4 FY23 (Consolidated)
Net interest income up 28% at Rs 7,771 crore (YoY)
Net profit up 30.5% at Rs 3,158 crore (YoY)
Gross NPA ratio at 0.94% vs 1.14% (QoQ)
Net NPA ratio at 0.34% vs 0.41% (QoQ)
The company declared a dividend of Rs 30 per share for the financial year ended March 31, 2023.
L&T Technology Services Q4 FY23 (Consolidated, QoQ)
Revenue up 2.3% at Rs 2,096.2 crore vs Rs 2,048.6 crore (Bloomberg estimate: Rs 2,082.68 crore)
Ebitda up 1.8% at Rs 449.2 crore. (Bloomberg estimate: Rs 444.86 crore)
Ebitda margin at 21.43% versus 21.5% (Bloomberg estimate: 21.4%)
Net profit up 2% at Rs 309.6 crore. (Bloomberg estimate: Rs 306.08 crore)
The board recommended a final dividend of Rs 30 per share for the fiscal 2023.
OFSS Q4 FY23 (QoQ)
Revenues up 1.46% at Rs 1470.5 crore.
EBIT up 10.69% at Rs 693.37 crore.
EBIT margin at 47.15% vs 43.22%
PAT up 9.59% at Rs 479.3 crore.
Syngene International Q4 FY23 (Consolidated, YoY)
Revenue up 31% at Rs 994 crore (Bloomberg estimate: Rs 892 crore)
Ebitda up 32% at Rs 318 crore (Bloomberg estimate: Rs 292 crore)
Ebitda margin at 32% versus 31.8% (Bloomberg estimate: 32.7%)
Net profit up 21% at Rs 179 crore (Bloomberg estimate: Rs 154 crore)
The board recommended a final dividend of Rs 1.25 per share, including a special dividend of Rs 0.75 to mark the 30th anniversary of the company. The record date for the dividend has been fixed as June 30, 2023.
IIFL Finance Q4 FY23 (Consolidated)
Net interest income up 20.1% at Rs 1320.3 crore (YoY)
Net profit up 28.61% at Rs 412.7 crore (YoY)
Gross NPA ratio at 1.84% versus 2.08% (QoQ)
Net NPA ratio at 1.08% vs 1.06% (QoQ)
Voltas Q4 FY23 (Consolidated, YoY)
Revenue up 10.88% at Rs 2956.8 crore (Bloomberg estimate: Rs 2,928.46 crore)
Ebitda down 16.41% at Rs 218.2 crore (Bloomberg estimate: Rs 259.62 crore)
Ebitda margin at 7.38% versus 9.79% (Bloomberg estimate: 8.9%)
Net profit down 21.23% at Rs 143.9 crore (Bloomberg estimate: Rs 188.28 crore)
The board has recommended a dividend of Rs 4.25 per share.
Shoppers Stop Q4 FY23 (Consolidated, YoY)
Revenues up 29.52% at Rs 923.9 crore
Ebitda up 102.95% at Rs 154.7 crore
Ebitda margin at 16.75% versus 10.69%
Net profit of Rs 14.26 crore vs net loss of Rs 15.85 crore
Indus Towers Q4 FY23 (Consolidated, YoY)
Revenue down 5.11% at Rs 6,752.9 crore
Ebitda down 11.18% at Rs 5,203.6 crore
Ebitda margin at 77.06% versus 82.33%
Net profit down 23.48% at Rs 1399.1 crore
SGX Nifty Signals A Tepid Start For The Benchmarks
Asian stocks fell for a fifth day after U.S. shares declined in an echo of the prior session as concern over American regional banks outweighed better-than-expected technology earnings.
Equities in Japan, Australia, and South Korea all dropped, while those in mainland China and Hong Kong fluctuated. The moves put a gauge of the region’s equities on course for its longest run of daily losses this year.
Futures contracts for the S&P 500 and Nasdaq 100 both edged higher in Asia after results from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading.
On Wednesday, U.S. markets witnessed a second daily decline for the S&P 500 Index, with all sectors except technology falling. The Nasdaq 100 edged higher, helped along by upbeat earnings from Alphabet Inc. and Microsoft Corp. late Tuesday.
The yield on the 10-year Treasury note in the U.S. was trading at 3.44%. Crude oil prices dropped to the $78 mark, while Bitcoin was trading below the $29,000 level.
At 8:02 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.20% at 17,794.
Domestic benchmark indices, the Sensex and the Nifty, rallied in the last hour of trade to pare early losses and close in the green for the fifth straight session.
The Indian rupee gained against the U.S. dollar, tracking the weakness of the greenback in the overseas market.
Foreign investors turned net buyers of Indian stocks on Wednesday, ending a seven-day selling streak and bought equities worth Rs 1,257.5 crore. On the other hand, domestic institutional investors turned sellers, snapping a four-day buying streak and sold stocks worth Rs 227.9 crore.
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