Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Sensex Index closed up 463 points or 0.76% at 61,112.44 while Nifty was higher by 150 points or 0.84% at 18,065.

National Stock Exchange. (Source: Vijay Sartape/BQ Prime)

The S&P BSE Sensex Index closed up 463 points or 0.76% at 61,112.44 while the NSE Nifty 50 Index was higher by 150 points or 0.84% at 18,065.
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FPIs Stay Net Buyers For The Third Straight Day

Overseas investors in Indian equities remained net buyers for the third day in a row on Friday.

Foreign portfolio investors mopped up equities worth Rs 3,304.32 crore, according to data from the National Stock Exchange.

Domestic institutional investors were buyers for the second day and bought stocks worth Rs 264.27, the NSE data showed.

Foreign institutions have remained net sellers and have offloaded Rs 44,845.83 crore worth of stocks so far in 2023.

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Yield On The 10-Year Rises

The yield on the 10-year bond closed 2 bps higher at 7.12% on Friday. It closed at 7.10% on Thursday.

Source: Bloomberg

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Rupee Ends Flat Against U.S. Dollar

  • The local currency ended flat at 81.83 against the greenback on Friday.

  • It closed at 81.84 on Thursday.

Source: Bloomberg

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Sensex Gains For Seven And Nifty For Fifth Consecutive Session

Indian equity benchmarks steadily recovered after paring morning volatility to end near day's high on Friday. While, I.T., PSU banks and media stocks rose since morning, private banks and NBFCs reversed early fall. Consumer durables, on the other hand, were weaker in trade. Sensex closed at its highest level since Feb 17, 2023. On the other hand, Nifty ended at its highest level since Feb. 16, 2023.

The headlines indices rose on a weekly basis on Friday after snapping a three week long winning streak last week. Nifty logged its best gains in 39 weeks or nine months since the last week of July 2022.

Global stocks ceded earlier gains, as data showing economic resilience and persistent inflationary pressures cemented expectations of further interest rate hikes in the U.S. and Europe.

Japanese stocks bucked the trend, surging as much as 1.5% on the central bank’s decision to double down on its commitment to stimulus. The Bank of Japan left its short-term policy rate at minus 0.1% in the first meeting under new governor Kazuo Ueda

Europe’s Stoxx 600 equity benchmark retreated along with futures on the S&P 500 and the Nasdaq with sentiment dampened by a warning from Amazon.com Inc. that growth in its key cloud computing business is cooling.

The S&P BSE Sensex Index closed up 463 points or 0.76% at 61,112.44 while the NSE Nifty 50 Index was higher by 150 points or 0.84% at 18,065.

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Reliance Industries Ltd., Larsen & Toubro Ltd., Nestle India Ltd., IndusInd Bank Ltd., and Maruti Suzuki India Ltd. were positively adding to the change.

Whereas, Oil & Natural Gas Corp Ltd., HCL Technologies Ltd., Titan Co., JSW Steel Ltd., and Axis Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.

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All Adani group company stocks advanced in trade with Adani Power Ltd., Adani Transmission Ltd., NDTV Ltd., and Adani Enterprises Ltd. advancing the most.

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The broader market indices ended higher and outperformed the larger peers; S&P BSE MidCap Index was up by 1.32%, whereas S&P BSE SmallCap Index was higher by 0.91%.

Nineteen out of the 20 sectors compiled by BSE advanced, while only S&P BSE Consumer Durables declined in trade.

The market breadth was skewed in the favour of the buyers. About 2,249 stocks rose 1,249 declined, and 131 remained unchanged on the BSE.

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The headline indices resumed advances this week after snapping the three week gaining streak in the previous weeks. Sensex logged weekly gains of 2.44%, whereas Nifty advanced 2.50%, logging the best gains in 39 weeks or nine months since the last week of July 2022.

The S&P BSE Sensex Index declined 1.28%, and the NSE Nifty 50 Index was down 1.14%.

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All the sectors advanced in trade this week. Nifty PSU Bank Index and Nifty Realty Index led the pack, while Nifty Pharma Indexand Nifty Media Index, on the other hand gained the least out of all the sectoral indices complied by NSE.

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European Markets Trade Lower

Stocks At 52-Week High Intraday

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Nifty 500 stocks trading at 52-week low, intraday.

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Stocks In Focus :Raymond, Godrej Consumer, Wipro, Tech Mahindra, HUL, Axis Bank

Sensex, Nifty Recover Morning Losses As RIL, L&T, Maruti Suzuki Lead: Midday Market Update

Indian equity benchmarks recovered the early volatility to hold gains through midday on Friday. While, I.T., PSU banks and media stocks rose, consumer durables, private banks and NBFCs declined. Sensex was trading at its highest level since Feb 21, 2023. On the other hand, Nifty was trading at its highest level since Feb. 20, 2023.

Shares in Asia rallied after technology earnings bolstered Wall Street. Japan’s currency dropped as much as 0.7% after the BOJ left its ceiling for 10-year bond yields at 0.5% and its short-term policy rate at minus 0.1% in the first meeting under new governor Kazuo Ueda.

Japanese stocks advanced despite selling of bank shares following the BOJ meeting. Shares in Australia and China rose, while South Korea stocks erased morning gains. U.S. futures edged lower, partly weighed down by a warning from Amazon.com Inc. about slowing growth in its cloud computing business.

As of 12:11 p.m., the S&P BSE Sensex Index was up 99 points or 0.16% at 60,747.90 while the NSE Nifty 50 Index was higher by 43 points or 0.24% at 17,957.65.

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Also Read: Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Reliance Industries Ltd., Larsen & Toubro Ltd., Maruti Suzuki India Ltd., Tata Consultancy Services Ltd., and Nestle India Ltd. were positively adding to the change.

Whereas, HDFC Bank Ltd., Titan Co., JSW Steel Ltd., Axis Bank Ltd., and Hindustan Unilever Ltd. were negatively contributing to the change in the Nifty 50 Index.

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Also Read: PI Industries Shares Up 9.6% As It Enters API, CDMO Space After Twin Acquisition 

All Adani Group company stocks advanced in trade, except ACC Ltd.

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Also Read: Wipro Share Buyback: Stock Jumps The Most In Five Months

The broader market indices were trading higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.80%, whereas S&P BSE SmallCap Index was higher by 0.77%.

Seventeen out of the 20 sectors compiled by BSE advanced, while S&P BSE Financial Services, S&P BSE Bankex and S&P BSE Consumer Durables declined in trade.

The market breadth was skewed in the favour of the buyers. About 2,156 stocks rose 1,150 declined, and 139 remained unchanged on the BSE.

Also Read: Amazon Falls After Warning of Slowdown in Cloud Business Growth

IRB Infrastructure Shares Gain After Bagging Rs 7,380 Crore Hyderabad Project

Shares of IRB Infrastructure gained after it bagged an order for Rs 7,380 crore through a successful bid in Telangana's Hyderabad.

The project to construct Hyderabad outer ring road (ORR) spans 158 km of roads for an 8 lanes ring road expressway.

The company's asset base is set to reach over Rs 70,000 crore and share in toll-operate-transfer (TOT) space to 37 per cent, which is the largest by any private player in India.

Shares of the company were up 2.02% to Rs 27.7 apiece, compared to a 0.13% gain in the benchmark Nifty 50, as of 11:26 a.m.

Of the nine analysts tracking the stock, seven maintain a 'buy,' and two suggest a 'hold', according to Bloomberg data.

The average 12-month consensus price target implies a potential downside of 4.3%.

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Trent Shares Fall After Brokerages Flag Margin Decline, Trim Ebitda Estimates

Shares of Trent Ltd. declined on Friday after most analysts flagged the decline in gross margin while trimming Ebitda estimates. 

"Weaker-than-expected gross margins led to a 5% miss in Ebitda, higher revenues notwithstanding," Kotak Institutional Securities said in a note.

Shares of the company fell 3.60% to Rs 1,332.5 apiece, compared to a 0.10% rise in the benchmark NSE Nifty 50.

The total traded volume so far in the day stood at 6.2 times its 30-day average.

Out of the 30 analysts tracking the company, 14 maintain a 'buy' rating, two recommend a 'hold', and four suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12%.

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PI Industries Shares Zoom As It Enters Pharma API, CDMO Space After Twin Acquisition 

Shares of PI Industries Ltd. rose the most in nearly 21 months as it announced a twin acquisition into Pharma API and contract development and manufacturing space.

The company’s wholly owned subsidiary, PI Health Sciences, will acquire the Indian subsidiary of Therachem Research Medilab—TRM India—for $42 million, or Rs 343.37 crore.

Furthermore, the company will acquire Solis Pharmachem for $3 million or approximately Rs 24.53 crore, along with Archimia for €34.2 million or approximately Rs 307.81 crore.

Additionally, PI Health Sciences will acquire employees, contractors and certain identified movable and immovable assets with intellectual property rights from TRM US. These assets will be acquired by paying an upfront amount of $5 million or approximately Rs 40.88 crore on the date of consummation of the transaction.

Also Read: Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Shares of PI Industries Ltd. gained 9.60% to Rs 3,360 apiece, as of 11:34 a.m., in trade on Friday compared to 0.18% advance in the benchmark, NSE Nifty 50 Index.

The stock rose as much as 12.94% intraday, the most in nearly 21 months since Aug. 2, 2021. Total traded volume stood at 20.4 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.

Out of the 28 analysts tracking the company, 21 maintain a 'buy' rating, five 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 11.3%.

Source: Bloomberg, Exchange filing

Also Read: Raymond Shares Drop After Consumer Care Demerger Update, Sale Of FMCG Arm

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Also Read: HUL CEO Says Price Rises Slow, But Not Enough To Boost Volume Growth

Wipro Jumps The Most In Five Months As Company Announces Rs 12,000 Crore Buyback 

Shares of Wipro Ltd. advanced the most in over five months after the I.T. services major announced a Rs 12,000 crore buyback.

The board of directors approved a proposal to buyback 26.97 crore shares, representing 4.91% shareholding of the company. The company will pay Rs 445 per share, marking a premium of 18.87% on the April 27 closing price of Rs 374.35. The total buyback size will be around Rs 12,000 crore.

Also Read: Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Revenue growth at Wipro Ltd. declined in the March quarter amid eroding profitability, as global headwinds thwarted deal conversions across verticals.

Wipro Q4 Highlights FY23 (QoQ)

  • Revenue drops 0.17% to Rs 23,190.30 crore (Bloomberg estimate: Rs 23,460.30 crore).

  • Ebit down 0.89% at Rs 4,219.30 crore (Bloomberg estimate: Rs 3,738.59 crore).

  • Ebit margin at 18.19% vs 18.33% (Bloomberg estimate: 15.94%).

  • Net profit up 0.93% at Rs 3,093.5 crore (Bloomberg estimate: Rs 3,129.12 crore).

Also Read: Wipro Q4 Results: Profit Dips, Board Okays Rs 12,000-Crore Buyback

Shares of Wipro Ltd. gained 2.50% to Rs 383.75 apiece, as of 10:47 a.m., in trade on Friday compared to 0.06% decline in the benchmark, NSE Nifty 50 Index.

The stock rose as much as 3.63% intraday, the most in over five months since Nov. 11, 2022. Total traded volume stood at six times its 30-day average. The relative strength index was at 60.2.

Out of the 46 analysts tracking the company, 13 maintain a 'buy' rating, 17 recommend a 'hold' and 16 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 2%.

Source: Bloomberg, Exchange filing

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Also Read: Wipro Q4 Results Review - Conversion Of Deals A Key Overhang: IDBI Capital

Hindustan Unilever Shares Fall As Brokerages Flag Margin Pressure

Hindustan Unilever Ltd.'s shares declined after brokerages cut the target price on the stock, citing margin pressure and a delay in volume recovery.

The consolidated net profit of HUL rose 13% over the preceding year to Rs 2,600 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 2,609.67-crore consensus estimate of analysts tracked by Bloomberg.

HUL Q4 FY23 Highlights (YoY)

  • Revenue up 11% to Rs 15,215 crore, against the Rs 15,253.65 crore forecast.

  • Operating profit rose 8% to Rs 3,574 crore, against the projected Rs 3,632.77 crore.

  • Margin stood at 23.5% against 24%. Analysts had pegged it at 23.8%.

  • Cost of materials consumed rose 9% to Rs 4908 crore. It, however, dipped marginally on a sequential basis for the first time in many months.

  • Advertising spends rose 1.15% to Rs 1,311 crore. It's 8.4% higher than the previous quarter.

Shares of the company declined 1.52% lower to Rs 2,431.45 per share compared to a flat Nifty 50 as of 9:31 a.m.

Of the 35 analysts tracking the stock, 16 maintain a 'buy,' seven suggest a 'hold,' and one recommends a 'sell,' according to Cogencis data.

Also Read: HUL Q4 Results Review: Shares Fall As Brokerages Flag Margin Pressure

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Raymond Shares Drop 6% On Consumer Care Demerger Update, Sale Of FMCG Business 

Shares of Raymond Ltd. declined the most in over four weeks after it announced the sale of its FMCG business and a demerger of its consumer care and pure play realty segments.

Raymond Ltd. announced in an exchange filing that it will demerge its lifestyle business to Raymond Consumer Care Ltd., which it plans to list separately and focus on making it into a pure play business, enabling it to attain net debt-free status. Additionally, it has sold its FMCG business to Godrej Consumer Products Ltd. for Rs 2,825-crore.

Raymond Consumer Care is majorly owned by the promoter company and Raymond. Consequent upon the sale of the FMCG business, the promoter would deploy the entire proceeds of transaction into the lifestyle business, it said on Thursday.

After the demerger, Raymond and Raymond Lifestyle Business will be the two listed entities of the group. Shareholders of Raymond Limited will get four shares in Raymond Consumer Care for every five shares held in the former, based on swap ratio.

Also Read: Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Shares of Raymond Ltd. dropped 5.88% to Rs 1,614 apiece, as of 10:18 a.m., in trade on Friday compared to 0.13% decline in the benchmark, NSE Nifty 50 Index.

The stock fell as much as 6.06% intraday, the most in over four weeks since March 28, 2023. Total traded volume stood at 4.1 times its 30-day average. The relative strength index was at 68.8.

Four analysts tracking the company maintain a 'buy' rating 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 14.2%.

Source: Bloomberg, Exchange filing

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Also Read: What Raymond's FMCG Business Acquisition Means For Godrej Consumer

Mphasis Gains The Most In Four Weeks Despite Q4 Earnings Miss

Shares of Mphasis Ltd. rose the most in four weeks as the company's Ebitda beat analyst estimates despite declining in the fourth quarter of the 2023 fiscal.

The company's March quarter revenue was down 4.14% to Rs 3,361.2 crore compared with Rs 3,506.2 crore, in the same fiscal, a quarter back. It missed the consensus analyst estimates pooled by Bloomberg, which stood at Rs 3,514.8 crore.

The consolidated net profit declined 1.69% sequentially to Rs 405.3 crore, as compared to Rs 447.4 crore in the third quarter of the same fiscal. It missed the consensus analyst estimates, which stood at Rs 416.9 crore.

Mphasis Ltd. highlited in its investor presentation that it rounded off a mixed FY23 marked by duality in business segments. The direct growth in the 2023 fiscal was higher by 12% year-on-year, despite pronounced mortgage weakness, delayed conversions in second half of the fiscal.

Also Read: Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC

Mphasis Q4 FY23 (Consolidated, QoQ)

  • Revenue down 4.14% at Rs 3,361.2 crore vs Rs 3,506.2 crore (Bloomberg estimate: Rs 3,514.8 crore)

  • Ebit down 3.05% at Rs 574.9 crore vs Rs 593.2 crore (Bloomberg estimate: Rs 538.8 crore)

  • Ebit margin at 17.11% vs 16.92% (Bloomberg estimate: 15.33%)

  • Net profit down 1.69% at Rs 405.3 crore vs Rs 447.4 crore (Bloomberg estimate: Rs 416.9 crore)

  • The board declared a final dividend of Rs 50 per share for the fiscal ended March 31.

Also Read: Axis Bank Q4 Result Review: Stable Quarter But Margins Likely To Moderate

Shares of Mphasis Ltd. advanced 1.45% to Rs 1,809.85 apiece, as of 9:53 a.m., in trade on Thursday compared to 0.01% advance in the benchmark, NSE Nifty 50 Index.

The stock gained as much as 5.70% intraday, the most in over four weeks since March 31, 2023. Total traded volume stood at 3.3 times its 30-day average. The relative strength index was at 48.7.

Out of the 36 analysts tracking the company, 19 maintain a 'buy' rating, 11 recommend a 'hold' and six 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 14.1%.

Source: Bloomberg, Exchange filing

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Also Read: HUL CEO Says Price Rises Slow, But Not Enough To Boost Volume Growth

Adani Group Company Stocks Advance

Adani Group company stocks opened mixed in trade, with Ambuja Cements Ltd., and ACC Ltd. falling, while all the other group stocks advancing in trade.

Source: Bloomberg

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Broader Markets Open Higher

The broader market indices opened higher; S&P BSE MidCap Index was up by 0.49%, whereas S&P BSE SmallCap Index was higher by 0.56%.

Five out of the 19 sectors compiled by BSE declined, while 14 sectors advanced in trade.

The market breadth was skewed in the favour of the buyers. About 1,714 stocks rose 522 declined, and 81 remained unchanged on the BSE.

Source: BSE

Top Movers On The Nifty 50 Index

Reliance Industries Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., and IndusInd Bank Ltd. were positively adding to the change.

Whereas, Housing Development Finance Corp Ltd., HCL Technologies Ltd., Bajaj Finserv Ltd., HDFC Bank Ltd., Oil & Natural Gas Corp Ltd., and Hindustan Unilever Ltd. were negatively contributing to the change in the Nifty 50 Index.

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Sensex, Nifty Rise At Opening Bell

Indian equity benchmarks started Friday on a positive note as both the indices edged higher at open.

Shares in Asia rallied after robust technology earnings bolstered Wall Street. Equities in Japan, Australia, South Korea and China all advanced following the best day for the S&P 500 since the first week of the year and a 2.8% jump for the tech-heavy Nasdaq 100.

U.S. futures were broadly lower after Amazon.com Inc. warned of a slowdown in revenue growth for its cloud computing business.

In Asia, investors prepared for earnings reports from some of the largest Chinese lenders including Bank of China Ltd., China Citic Bank Corp. and Industrial & Commercial Bank of China Ltd.

The tech-heavy Nasdaq 100 rose 2.8%, on Thursday as a surge in advertising revenue helped Meta Platforms Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher.

At pre-open, the S&P BSE Sensex Index was up 73 points or 0.12% at 60,722.39 while the NSE Nifty 50 Index was higher by 35 points or 0.20% at 17,950.40.

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Sensex, Nifty Gain At Pre-Open

At pre-open, the S&P BSE Sensex Index was up 73 points or 0.12% at 60,722.39 while the NSE Nifty 50 Index was higher by 35 points or 0.20% at 17,950.40.

Source: Bloomberg

Yield On The 10-Year Bond Rises

  • The yield on the 10-year bond rose about 2 bps to open at 7.12% on Friday.

  • It closed at 7.10% on Thursday.

Source: Bloomberg

Rupee Strengthens Against The U.S. Dollar

  • The local currency strengthened by 2 paise to open at 81.82 against the greenback on Friday.

  • It closed at 81.84 on Thursday.

Source: Bloomberg

Banking, Financials, Realty & Pharma To Witness Positive Momentum: Trade Setup

Jefferies Raises Axis Bank Price Target

  • Maintains a 'Buy' and increases price target to Rs 1,150 from Rs 1,100

  • 33% YoY growth in NII led by a 16% YoY rise in loans

  • Strong liquidity position will aid higher growth

  • Expects to deliver 17% growth in loans in FY24-25

  • FY24 earnings will drag followed by a stronger lift in FY25

  • Raised earnings forecast and Valuations are attractive

Source: Jefferies note

Jefferies Maintains A 'Buy' Rating On Indian Hotels

  • Maintains a 'Buy,' with price target of Rs 380

  • Strong revenue growth, margins surprise positively

  • Strength in Average room rate/Revenue per available room continues

  • Stellar performance for FY23 driven by strong recovery post relaxation of COVID restrictions

  • 50:50 mix between owned/leased and managed hotels

Source: Jefferies note

Jefferies Cuts Target Price For HUL After Q4 Results

  • Maintains 'buy' rating and cuts price target to Rs 2,875 from Rs 3,100.

  • Says key disappointment was lower-than-estimated volume growth at 4%.

  • Expects stock to stay range bound in near term unless sees signs of growth pick up.

  • Lowers EPS estimates by 1-2% to factor in Q4 miss.

  • Expects lower pricing growth to mute revenue growth in coming quarters.

  • Sees gradual gross margin recovery, but it would be reinvested in ad-spends.

  • Company focus on driving growth and market share.

Source: Jefferies note

Global Cues

  • U.S. Dollar Index at 101.5

  • U.S. 10-year bond yield at 3.52%

  • Brent crude up 0.26% to $78.57 per barrel

  • Nymex crude up 0.24% to $74.94 per barrel

  • SGX Nifty up 0.45% at 18,074 as of 8:16 a.m.

  • Bitcoin down 0.49% at $29,488.98

Also Read: Strong Earnings Lift Stocks as Bank Concerns Loom: Markets Wrap

Trading Tweaks

  • Ex-Date Interim Dividend: HCL Technologies

  • Record-Date Interim Dividend: HCL Technologies

  • Ex-Date Special Dividend: Jindal Stainless, Sanofi India

  • Record-Date Special Dividend: Jindal Stainless, Sanofi India

  • Price Band Revised From 0% To 20%: Honeywell Automation India

  • Move In Short-Term ASM Framework: Indiabulls Real Estate

  • Move Out Short-Term ASM Framework: DB Realty, Precision Camshafts

Also Read: How Much Unsecured Credit Is Too Much?

Bulk Deals

  • Esab India: Nippon India Mutual Fund bought 3.27 lakh shares (2.12%), PGIM India Mutual Fund 3.28 lakh shares (2.13%) at Rs 3,345.25 apiece.

Also Read: US in ‘Worst of Both Worlds’ With High Inflation, GDP Slowdown

Block Deals

  • Radiant Cash Management Services: BNP Paribas bought 10.50 lakh shares (0.98%), Dovetail India Fund Class sold 10.50 lakh shares (0.98%) at Rs 95.50 apiece.

Also Read: Laurus Labs Q4 Results: Profit Drops 55%, Misses Estimates

Stocks To Watch: Axis Bank, Wipro, ACC, UltraTech, GCPL, SBI, HDFC Bank, SpiceJet In Focus

  • Godrej Consumer Products/Raymond: Godrej Consumer Products has entered into an agreement to acquire the FMCG business of Raymond Consumer Care, along with the trademarks Park Avenue, KS, Kamasutra, and Premium, for Rs 2,825 crore through a slump sale.

  • IRB Infrastructure: The company has received a letter of award from the Hyderabad Metropolitan Development Authority for building an eight-lane outer ring road on a tolling, operation, maintenance, and transfer model. The company’s asset base will expand to over Rs 70,000 crore, and its O&M order book will grow by Rs 14,500 crore.

  • KNR Construction: The company signed a concession pact with the government for building a six-lane greenfield highway from greenfield highway from Marripudi to Somvarappadu of Bengaluru-Vijayawada economic corridor in Andhra Pradesh.

  • State Bank of India: The bank has raised $750 million through senior unsecured fixed-rate notes with a maturity of five years and a coupon of 4.875%.

  • HDFC Bank: The board of the bank approved the appointment of Kaizad Bharucha as deputy managing director and Bhavesh Zaveri as executive director. Both appointments have been made for a term of three years, from April 19, 2023, to April 18, 2026.

  • HFCL: The company has received purchase orders worth Rs 65.72 crore from Reliance Retail for the supply of optical fibre cables "to one of the leading private telecom operators of the country."

  • SpiceJet: The airline has appointed Arun Kashyap, the chief technical officer at Air India, as its chief operating officer, effective June 12.

  • PI Industries: The company’s wholly owned subsidiary, PI Health Sciences, will acquire the Indian subsidiary of Therachem Research Medilab—TRM India—for $42 million, or Rs 343.37 crore. It will also acquire Solis Pharmachem for $3 million and Archimia for €34.2 million. The company will purchase certain identified products from PI Health Sciences US for $5 million.

  • Indian Railways Catering and Tourism Corporation: The company has signed an MoU with the Border Security Force for comprehensive train booking and on-board catering services for paramilitary force personnel.

  • PDS: The company signed a long-term strategic partnership with Ted Baker in Europe to establish Ted Baker Design Group (TDG) as the brand’s global hub for design.

  • Punjab National Bank: The bank will participate in the rights issue of overseas subsidiary Druk PNB Bank to infuse Rs 72.82 crore.

  • Gujarat Gas: India Ratings and Research has upgraded its rating for long-term loans of the company to ‘IND AAA/Stable’ from ‘IND AA+/Positive’.

  • RattanIndia Enterprises: The company launched its first direct-to-consumer fashionwear brand, Fyltr, via its wholly owned subsidiary Neobrands.

Also Read: SEBI Bars Six Individuals From Market For Stock Manipulation Through Telegram

Q4 Earnings Results Today

  • Ultratech Cement, SBI Cards and Payment Services, Supreme Industries, L&T Finance Holdings, Atul, Orient Cement, Vedant Fashions, IndiaMART IndiaMESH, CarTrade Tech, Mahindra & Mahindra Financial Services, CSB Bank, Star Health and Allied Insurance Company, Datamatics Global Services, DB (International) Stock Brokers, eMudhra, Geojit Financial Services, Kesoram Industries, Kalyani Steels, Ramkrishna Forgings, Axita Cotton, Himadri Speciality Chemical, IOL Chemicals & Pharmaceuticals, Mangalore Refinery & Petrochemicals, RPG Life Sciences, Sangam (India), Satia Industries, Tata Metaliks

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Also Read: HUL Q4 Results: Profit In Line With Estimates, Margins Still Under Pressure

Earnings Fineprint

Wipro Q4 FY23 (Consolidated, QoQ)

  • Revenue down 0.17% at Rs 23,190.3 crore (Bloomberg estimate: Rs 23,460.3 crore)

  • EBIT down 0.89% at Rs 4,219.3 crore (Bloomberg estimate: Rs 3738.6 crore)

  • EBIT margin at 18.19% vs 18.33% (Bloomberg estimate: 15.94%)

  • Net profit up 0.93% at Rs 3,093.5 crore (Bloomberg estimate: Rs 3129.1 crore)

  • The company announced a share buyback, where it will buy 29.9 crore shares from existing shareholders at Rs 445 apiece, spending Rs 12,000 crore in total.

Tech Mahindra Q4 FY23 (Consolidated, QoQ)

  • Revenue down 0.11% at Rs 13,718.2 crore (Bloomberg estimate: Rs 13,812.9 crore)

  • EBIT down 19.93% at Rs 1,317.8 crore (Bloomberg estimate: Rs 1,689.9 crore)

  • EBIT margin at 9.60% vs 11.98% (Bloomberg estimate: 12.23%)

  • Net profit down 12.47% at Rs 1,125 crore (Bloomberg estimate: Rs 1,322 crore)

  • The board has recommended a final dividend of Rs 32 per share for the fiscal 2023.

Axis Bank Q4 FY23

  • Net loss of Rs 5,728 crore vs net profit of Rs 4,118 crore (YoY) (Bloomberg estimate: Rs 2,531 crore net profit)

  • NII up 33.14% at Rs 11,742 crore (YoY)

  • GNPA: 2.02% vs 2.38% (QoQ)

  • NNPA: 0.39% vs 0.47% (QoQ)

  • Axis Bank reported a net loss due to one-time hit from purchase of Citi India retail businesses

ACC Q4 FY23 (Consolidated, YoY)

  • Revenue up 8.2% at Rs 4,790.9 crore (Bloomberg estimate: Rs 4,680.5 crore)

  • Ebitda down 26.2% at Rs 468.5 crore (Bloomberg estimate: Rs 576.9 crore)

  • Ebitda margin at 9.8% vs 14.3% (Bloomberg estimate: 12.30%)

  • Net profit down 40.54% at Rs 235.6 crore (Bloomberg estimate: Rs 338.8 crore)

  • The board recommended a dividend of Rs 9.25 per share for the fiscal 2023. If the same is approved by shareholders, the dividend will be paid on or after July 25.

LTIMindtree Q4 FY23 (Consolidated, QoQ)

  • Revenues up 0.82% at Rs 8,691 crore (Bloomberg estimate: Rs 8,832.5 crore)

  • EBIT up 16.7% at Rs 1,560.1 crore (Bloomberg estimate: Rs 1,418.1 crore)

  • EBIT margin at 17.95% vs 15.51% (Bloomberg estimate: 16.06%)

  • Net profit up 11.33% at Rs 1,114.1 crore (Bloomberg estimate: Rs 1,160.3 crore)

  • The company declared a final dividend of Rs 40 per share.

Mphasis Q4 FY23 (Consolidated, QoQ)

  • Revenue down 4.14% at Rs 3,361.2 crore (Bloomberg estimate: Rs 3,514.8 crore)

  • Ebit down 3.05% at Rs 574.9 crore (Bloomberg estimate: Rs 538.8 crore)

  • Ebit margin at 17.11% vs 16.92% (Bloomberg estimate: 15.33%

  • Net profit down 1.69% at Rs 405.3 crore (Bloomberg estimate: Rs 416.9 crore)

  • The board declared a final dividend of Rs 50 per share for the fiscal ended March 31.

Motilal Oswal Financial Services Q4 FY23 (Consolidated, YoY)

  • Revenues down 2.28% at Rs 1,027.4 crore

  • Ebitda down 9.93% at Rs 443.6 crore

  • Ebitda margins at 43.18% vs 46.85%

  • Net loss of Rs 50.7 crore vs net profit of Rs 47.3 crore

  • The board recommended an interim dividend of Rs 3 per share for the financial year 2022-23.

Aditya Birla Sun Life Asset Management Company Q4 FY23 (Consolidated, YoY)

  • Revenues down 16.55% at Rs 269.9 crore (Bloomberg estimate: Rs 329.2 crore

  • Ebitda down 33.12% at Rs 131 crore (Bloomberg estimate: Rs 182.6 crore)

  • Ebitda margin at 48.53% vs 60.55% (Bloomberg estimate: 55.48%)

  • Net profit down 14.48% at Rs 135.6 crore (Bloomberg estimate: Rs 150.8 crore)

  • The board recommended a final dividend of Rs 5.25 per share for the fiscal 2023.

Trent Q4 FY23 (Consolidated, YoY)

  • Revenue up 64.26% at Rs 2,182.8 crore (Bloomberg estimate: Rs 1,920.8 crore)

  • Ebitda up 50.8% at Rs 203 crore (Bloomberg estimate: Rs 245.7 crore)

  • Ebitda margin at 9.3% vs 10.13% (Bloomberg estimate: 12.8%)

  • Net profit up almost 338.5 times at Rs 54.2 crore (Bloomberg estimate: Rs 82.9 crore)

  • The board approved a final dividend of Rs 2.20 per share for the previous fiscal, setting the record date at May 25, 2023. The dividend will be paid on or after June 16, 2023.

Indian Hotels Company Q4 FY23 (Consolidated, YoY)

  • Revenue up 86.39% at Rs 1,625.4 crore (Bloomberg estimate: Rs 1,546.5 crore)

  • Ebitda up 236.83% at Rs 535.5 crore (Bloomberg estimate: Rs 512.8 crore)

  • Ebitda margin at 32.94% vs 18.23% (Bloomberg estimate: 33.2%)

  • Net profit up 342.47% at Rs 328.3 crore (Bloomberg estimate: Rs 282.9 crore)

  • The company announced a dividend of Rs 1, subject to investors’ approval at the upcoming AGM.

Also Read: US Economic Growth Slows To 1.1% While Inflation Accelerates

SGX Nifty Signals Higher Open For The Benchmarks

Shares in Asia rallied after robust technology earnings bolstered Wall Street and offset quicker-than-expected U.S. inflation data.

Equities in Japan, Australia, South Korea, and China all advanced. That followed the best day for the S&P 500 since the first week of the year and a 2.8% jump for the tech-heavy Nasdaq 100. However, the gains began to erode in early Asian trading.

U.S. futures edged lower after Amazon.com Inc. warned of a slowdown in revenue growth for its cloud computing business. 

The yield on the 10-year Treasury note in the U.S. was trading at 3.52%. Crude oil prices traded above the $78 mark, while Bitcoin was trading below the $30,000 level.

At 8:16 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.45% at 18,074.

The domestic benchmark indices, the Sensex and the Nifty, again moved upwards in the last hour of trade to close around 0.6% higher.

The Indian rupee lost early gains against the U.S. dollar as the greenback got stronger in overseas markets.

Foreign investors were net buyers for the second day and bought equities worth Rs 1,652.9 crore. On the other hand, domestic institutional investors turned buyers after a day and bought stocks worth Rs 97.1 crore, the NSE data showed.

Also Read: Stock Market Today: All You Need To Know Going Into Trade On April 28

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WRITTEN BY
Rishabh Mishra
Doused in the drill, Rishabh is often found updating the market blog. Cover... more
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