KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Sixth Straight Day
Overseas investors in Indian equities remained net buyers for the sixth day in a row on Thursday.
Foreign portfolio investors mopped up equities worth Rs 1,414.73 crore, according to data from the National Stock Exchange.
Domestic institutional investors, turned buyers snaaping two days selling streak and bought stocks worth Rs 441.56 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 40,095.75 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 7.01% on Thursday.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency appreciated 3 paise to close at 81.80 against the greenback on Thursday.
It closed at 81.83 on Wednesday.
Source: Bloomberg
Sensex, Nifty Gain The Most In Over Four Weeks As Heavyweights, HDFC Twins, RIL, TCS Lead
Indian equity benchmarks drifted higher to end the highest in over a month since March 31, 2023 on Thursday. This comes after Federal Reserve rose policy rates by 25 bps and the chairman Jerome Powell played down the prospect for interest-rate cuts in the future on Wednesday.
While non-banking financial companies, PSU banks and metals gained, FMCG and realty stocks were under pressure. Nifty ended above 18,200-mark, while Sensex was comfortably placed above 61,700-level.
Few Asian markets were on course for the best day in about three weeks, helped by gains in Hong Kong shares. Stocks in mainland China whipsawed as they resumed trading after a three-day break.
European markets declined as investors studied a slew of earnings for clues on the state of the economy and prepared for a rates decision from the European Central Bank later on Thursday. Energy shares were the only European sector posting gains.
The S&P 500 futures fell 0.2%, Nasdaq 100 futures were little changed and the futures on the Dow Jones Industrial Average fell 0.2%.
Even as banking turmoil fears led to the mounting pressure from lawmakers to pause, the Federal Open Market Committee delivered a quarter point hike taking the federal fund rates in the range of 5% to 5.25%, the highest since 2007, on Wednesday. Also, Federal Reserve Chair Jerome Powell later in his speech cleared expectations on having no rate cuts anytime soon.
The S&P BSE Sensex Index closed up 556 points or 0.91% at 61,749.25 while the NSE Nifty 50 Index was higher by 166 points or 0.92% at 18,255.80.
HDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and TCS Ltd. were positively adding to the change.
Whereas, ITC Ltd., ICICI Bank Ltd., IndusInd Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.82%, whereas S&P BSE SmallCap Index was higher by 0.83%.
Eighteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,246 stocks rose 1,275 declined, and 119 remained unchanged on the BSE.
Sensex, Nifty Trade Near Day's High
Dabur Q4 FY23 (Consolidated figures, YoY)
Revenue up 6% at Rs 2677.8 crore Vs Rs 2517.81 crore (BBG Estimate: Rs 2708.9 crore)
Net profit up 2% at Rs 300.83 crore Vs Rs 294.22 crore (BBG Estimate: Rs 377.69 crore)
EBITDA down 10% to Rs 409.84 crore Vs Rs 453.57 crore (BBG Estimate: Rs 466.5 crore)
Margins at 15.3% Vs 18% (BBG Estimate: 17.2%)
Source: BSE Filing
HDFC Ltd Q4 Earnings
Net profit: Rs 4,425.5 crore vs Rs 3700.3 crore
NII: Rs 5,321 crore Vs Rs 4,601 crore (YoY)
GNPA: 1.18% Vs 1.49% (QoQ)
The board of HDFC declared an interim dividend of Rs 44 per share of face value of Rs 2 each.
Dividend payment date is June 1, 2023.
European Markets Trade Lower
Stocks At 52-Week High Intrday
Only V-Mart was traded at its 52-week low, intraday, amongst the Nifty 500 constituents.
10-Year Bond Yield Recovers Morning Losses
The yield on the 10-year government bond rose nearly 5 bps from a morning low of 6.98% to 7.03%, intraday.
Source: Bloomberg
BEML Shares Advance 16% In Four Sessions
Shares of BEML Ltd. advanced for the fourth consecutive session in trade on the back of high volumes. It rose 9.19% to Rs 1,388.1 apiece, as of 1:00 p.m., in trade on Thursday compared to 0.41% advance in the benchmark, NSE Nifty 50 Index.
The scrip has gained for four consecutive sessions, rising almost 16% since April 28, 2023. The stock rose as much as 12.31% intraday, the most in over seven months since August 11, 2022.
Total traded volume stood at 25.6 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Out of the three analysts tracking the company, 11 maintain a 'buy' rating, two 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 30.3%.
Source: Bloomberg
Adani Ports & SEZ Concludes Sale Of Myanmar Port For $30 Million Via A Share Purchase Agreement
Adani Ports and SEZ will sell its Myanmar Port for the consideration of $30 million (or approx. Rs 245.2 crore), calculated after independent valuation on “as is where is” basis.
The share purchase agreement includes condition precedents regarding the completion of existing projects and relevant approvals.
The exit is in line with the guidance provided by the company's board based on the recommendations made by the risk committee in October 2021, said the CEO and Whole-time Director, Karan Adani.
Source: Exchange filing
Crude Extend Losses After The U.S. Fed Interest Rate Hike
Stocks In Focus: ABB, Cholamandalam Invest, Bajaj Consumer, Tata Steel
Titan Shares Jump After Q4 Earnings
Shares of Titan Co. rose after its fourth-quarter the company reported higher-than-expected revenue in January-March, while net profit lagged street view.
Titan Q4 FY23 (Consolidated figures, YoY)
Revenue up 33% at Rs 10,360 crore (Bloomberg estimate: Rs 9,322.18 crore)
Ebitda up 37% at Rs 1,089 crore (Bloomberg estimate: Rs 1072.42 crore)
Ebitda margin at 10.5% Vs 10.2% (Bloomberg estimate: 11.5%)
Net profit up 40% at Rs 736 crore (Bloomberg estimate: Rs 746.70 crore)
The board has recommended a dividend of Rs 10 per share, to be paid on or after the seventh day from the conclusion of the 39th annual general meeting.
The scrip was trading 0.71% higher at Rs 2,672.95 per share, compared to 0.34% gain in benchmark Nifty 50, as of 11:32 a.m.
Of the 30 analysts tracking, 18 maintained 'buy', four suggested 'hold', while one analyst recommended 'sell', according to Cogencis data. Of the remaining, six kept a neutral stance between 'buy' and 'hold', while one remained neutral between 'hold' and 'sell'.
Sensex, Nifty Edge Higher As Heavyweights, HDFC Twins, RIL, TCS Lead: Midday Market Update
Indian equity benchmarks retreated losses to rise and hold on to steady gains through midday on Thursday after Federal Reserve rose policy rates by 25 bps and the chairman Jerome Powell played down the prospect for interest-rate cuts in the future on Wednesday.
While non-banking financial companies and metals gained, FMCG and realty stocks were under pressure. Nifty was trading above 18,100-mark, while Sensex was comfortable placed above 61,400-level.
Asian markets and U.S. futures edged higher as investors brushed aside the Federal Reserve’s commentary against interest-rate cuts and looked ahead to an eventual pivot to policy easing.
Asia-wide gauge of equities was on course for its best day in about three weeks, helped by an advance in Hong Kong shares. Stocks in mainland China fell as they resumed trading after a three-day break, while Australian and South Korean shares trimmed early declines.
Contracts for the S&P 500 and the Nasdaq 100 were moderately higher after a drop on Wednesday, when the turmoil in U.S. regional banks added to market volatility.
Even as banking turmoil fears led to the mounting pressure from lawmakers to pause, the Federal Open Market Committee delivered a quarter point hike taking the federal fund rates in the range of 5% to 5.25%, the highest since 2007, on Wednesday. Also, Federal Reserve Chair Jerome Powell later in his speech cleared expectations on having no rate cuts anytime soon.
As of 11:58 p.m., the S&P BSE Sensex Index was up 227 points or 0.37% at 61,420.56 while the NSE Nifty 50 Index was higher by 71 points or 0.38% at 18,160.30.
HDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and TCS Ltd. were positively adding to the change.
Whereas, ICICI Bank Ltd., ITC Ltd., Power Grid Corporation of India Ltd., ONGC Ltd., and Tata Consumer Products Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices were trading higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.69%, whereas S&P BSE SmallCap Index was higher by 0.83%.
Seventeen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Utilities and S&P BSE Realty declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,225 stocks rose 1,099 declined, and 145remained unchanged on the BSE.
Tata Chemicals Shares Decline After Q4 Results
Shares of Tata Chemicals Ltd. declined after the company announced its fourth-quarter results.
The company's fourth-quarter consolidated net profit rose 53.56% year-on-year to Rs 711 crore. Its revenue rose 26.60% to Rs 4,707 crore from a year ago.
For the full year, the company's revenue from operations rose 33.01% year-on-year to Rs 16,789 crore. Its net profit surged 86.35% to Rs 2,335 crore over Rs 1,253 crore in FY22.
The company's net profit stood at Rs 463 crore in the year-ago period, Tata Chemicals said in a regulatory filing.
Shares of Tata Chemicals Ltd., as of 10:29 a.m., fell 1.15% to Rs 981.65 apiece in trade on Thursday compared to the rise in the benchmark, NSE Nifty 50 Index by 0.24%. The stock advanced as much as 2.56% intraday.
Total traded volume stood at 6.9 times its 30-day average.
Out of the 9 analysts tracking the company, 7 maintain a 'buy' rating and 2 recommend a 'hold', as per Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 15.4% over the next 12 months.
Source: Bloomberg, Exchange filing
Sona Comstar Shares Rise After Reporting Highest-Ever Revenue, Ebitda And Net Profit In Q4
Shares of Sona BLW Precision Forgings Ltd. rose over 3% in trade on Thursday after the company reported highest quarterly revenue, Ebitda and net profit in Q4 FY23.
It posted a consolidated net profit at Rs 119.8 crore, up by 14% year-on-year, as compared to Rs 104.7 crore in the same period of the previous fiscal, beating the analyst estimate of Rs 106.9 crore.
Company's March quarter revenue was up 43% at Rs 742.59 crore compared with Rs 517.9 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 714.2 crore.
"We achieved our highest quarterly revenue, EBITDA and net profit in Q4 FY23. BEV revenue grew 37% y-o-y to cross Rs 200 crore, representing 28% of overall revenue. We closed FY23 with a strong order book, which gives us the confidence to sustain growth momentum in FY24 and beyond," said Vivek Vikram Singh, MD and Group CEO, in an exchange filing.
Also Read: Stock Market Today: Sensex, Nifty Resume Rally After One-Day Blip As Fed Hints At A Pause
Sona BLW Precision Forgings Q4 FY23 (Consolidated, YoY)
Revenue up 43% at Rs 742.59 crore vs Rs 517.9 crore (Bloomberg estimate: Rs 714.2 crore)
Ebitda up 94% at Rs 200 crore vs Rs 103.2 crore (Bloomberg estimate: Rs 191.3 crore)
Ebitda margin at 26.9% vs 19.9% (Bloomberg estimate: 26.8%)
Net profit up 14% at Rs 119.8 crore vs Rs 104.7 crore (Bloomberg estimate: Rs 106.9 crore)
The board recommended a final dividend of Rs 1.53 for the financial year 2022-23.
"Achieved highest quarterly revenue, EBITDA and net profit in Q4 FY23," says Vivek Vikram Singh, MD & Group CEO.
Shares of Sona BLW Precision Forgings Ltd. rose 0.85% to Rs 493.65 apiece, as of 10:37 a.m., in trade on Thursday compared to 0.25% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 3.65% intraday, the most in over three days since April 28, 2022. Total traded volume stood at 3.6 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.
Out of the 17 analysts tracking the company, 11 maintain a 'buy' rating, two 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 9%.
Source: Bloomberg, Exchange filing
G R Infraprojects Shares Rise After Winning Rs 737 Crore Project
Shares of G R Infraprojects Ltd. rose on Thursday after winning a Rs 737.17 crore bid for construction of a 4-lane highway in Kausambi, Uttar Pradesh.
The company emerged as the lowest bidder for the project for construction of a 38.25 km section of NH-731A with paved shoulders, according to an exchange filing.
The project is set to be completed within 730 days, with an operation period of 15 years from the commercial operation date.
Shares gained 2.75% to Rs 1,017.4 apiece, as compared to 0.2% gain in benchmark NSE Nifty 50, as of 10:02 a.m. on Thursday.
The stock rose as much as 3.62% intraday, with a total traded volume at 2.4 times the 30-day average.
Of the 14 analysts tracking the stock, 12 maintained a 'buy' rating, one suggests a 'hold' rating, while one suggests a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 39.1%.
Source: Bloomberg, Exchange filing
ABB India Q1 Results: Shares Gain On Profit Beat
Shares of ABB India Ltd. gained after its first-quarter profit beat analysts' estimates, even as brokerages expect continued strong momentum in order inflows.
The company's first-quarter consolidated net profit declined 34% year-on-year to Rs 244.89 crore, according to an exchange filing, but was ahead of Bloomberg's estimate of Rs 183.9 crore.
Revenue gained 22.5% to Rs 2,411 crore, compared to Bloomberg's estimate of Rs 2,229.95 crore.
Shares of the company rose 3% to Rs 3,557.30, compared to a 0.15% gain in benchmark Nifty 50 as of 9:47 a.m.
Of the 27 analysts tracking the stock, nine maintain a 'buy', nine suggest a 'hold' and two recommend a 'sell', according to Cogencis data. Among the remaining analysts, four were 'neutral' between 'buy' and 'hold' and three were neutral between 'hold' and 'sell'.
Source: Bloomberg, Exchange filing
Bajaj Consumer Care Shares Jump The Most In 13 Months As Q4 Profit Beat; Nuvama Maintains 'Hold'
Shares of Bajaj Consumer Care Ltd. rose the most in over 13 months after its fourth quarter profit rose, beating estimates, on the back of steady volumes. Nuvaman Institutional Equities maintain a 'hold' on the stock.
Net profit of the maker of Almond Drops hair oil rose 13% to Rs 40.46 crore in the quarter that ended March, in comparison with the same period in the previous fiscal, according to an exchange filing. That compares with the Rs 36.5 crore consensus estimate of analysts tracked by Bloomberg.
Also Read: Stock Market Today: Sensex, Nifty Resume Rally After One-Day Blip As Fed Hints At A Pause
Bajaj Consumer Care Q4 FY23 (Consolidated, YoY)
Revenue up 14.29% at Rs 249.42 crore (Bloomberg estimate: Rs 233.26 crore)
Ebitda up 20.11% at Rs 41.69 crore (Bloomberg estimate: Rs 35.72 crore)
Ebitda margin at 16.72% vs 15.91% (Bloomberg estimate: 15.3%)
Net profit up 12.95% at Rs 40.46 crore (Bloomberg estimate: Rs 36.50 crore)
The company announced a final dividend of Rs 5 per share for the financial year 2022-23.
Other Highlights:
Expenses rose 13.7% to Rs 210.32 crore on lower advertisement spends.
Advertising and promotion spend stood at 17.2% of sales in Q4 compared to 19% a year ago.
Volume growth came in at 9.9% in Q4.
E-commerce now contributes 7% of total sales.
Nuvama On Bajaj Consumer Care
Maintains a 'hold' rating with a 12-month price target at Rs 165 apiece.
Bajaj Almonds Drops Hair Oil delivered 11.4% topline growth in the quarter led by a volume growth of 9.1% and a sequential growth of 10.4%. The growth in ADHO was powered by small and large packs.
Modern trade and e-commerce witnessed a robust double-digit growth. International business grew by more than 151% in Q4.
Expects softening of refined mustard oil and LLP prices to aid the company’s margin profile.
Intense competition from larger players remains a key concern, as per the brokerage.
As per the brokerage, company’s increased investment on visibility and better on ground execution resulted in market share gains on alternate channels.
Shares of Bajaj Consumer Care Ltd. rose 8.66% to Rs 178.85 apiece, as of 9:48 a.m., in trade on Wednesday compared to 0.12% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 10.42% intraday, the most in over 13 months since March 31, 2022. Total traded volume stood at 68.8 times its 30-day average. The relative strength index was at 81, implying that the stock maybe overbought.
Out of the 11 analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold' and three 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 Port & SEZ Records Highest Monthly Cargo Volume Of 32.3 MMT
Adani Ports and Special Economic Zone Ltd., recorded 32.3 MMT of total cargo in April, implying 12.8% YoY growth.
The company also reported 13.6% YoY jump in domestic container cargo volumes.
Monthly volumes at Krishnapatnam Port and Tuna Port were at an all-time high as well.
Source: Exchange filing
Broader Markets Outperform
The broader market indices opened higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.46%, whereas S&P BSE SmallCap Index was higher by 0.51%.
Six out of the 20 sectors compiled by BSE declined, while 14 sectors advanced in trade.
The market breadth was split between the buyers and the sellers. About 1,753 stocks rose 638 declined, and 75 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher Amid Volatility
Indian equity benchmarks declined and Asian markets were mixed on Thursday after Federal Reserve chairman Jerome Powell played down the prospect for interest-rate cuts and a fresh turmoil in the U.S. banking sector renewed fears of a credit squeeze.
Even as banking turmoil fears led to the mounting pressure from lawmakers to pause, the Federal Open Market Committee delivered a quarter point hike taking the federal fund rates in the range of 5% to 5.25%, the highest since 2007, on Wednesday. Also, Federal Reserve Chair Jerome Powell later in his speech cleared expectations on having no rate cuts anytime soon.
Chinese shares whipsawed as they reopened a three-day break, while Hong Kong equities gained. Australian and South Korean shares fell. Futures contracts for the S&P 500 edged lower after the benchmark dropped. Nasdaq 100 futures inched higher alongside a rally in Hong Kong technology stocks, indicating support for the sector after broadly positive first-quarter earnings.
At pre-open, the S&P BSE Sensex Index was up 65 points or 0.11% at 61,258.13 while the NSE Nifty 50 Index was lower by 18 points or 0.10% at 18,071.75.
Yield On The 10-Year Bond Declines To A One-Year Low At Open
The yield on the 10-year bond declined 2 bps to open at 6.98% on Thursday, the lowest open in over a year since April 8, 2022.
It declined most in seven months on Wednesday to close at 7%.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated about 15 paise to open at 81.68 against the greenback on Thursday.
It closed at 81.83 on Wednesday.
Source: Bloomberg
Global Cues
U.S. Dollar Index at 101.1
U.S. 10-year bond yield at 3.34%
Brent crude up 0.79% to $72.90 per barrel
Nymex crude up 0.50% at $68.94 per barrel
SGX Nifty down 0.33% at 18,101.5 as of 8:18 a.m.
Bitcoin up 1.99% at $29,097.3
Insider Trading
Rajnish Wellness: Promoter Rajnish Kumar bought 3.52 lakh shares on May 2.
Trading Tweaks
Ex-Date Final Dividend: Castrol India
Record Date Final Dividend: Castrol India
Ex-Date Interim Dividend: Crisil
Record Date Interim Dividend: Crisil
Ex-Date Income Distribution RITES: Embassy Office Parks REIT
Bulk Deals
Kolte Patil Developers: Societe Generale bought 18.45 lakh shares (2.42%) and PGIM India Mutual Fund sold 18.65 lakh shares (2.45%) at Rs 245 apiece.
Som Distilleries & Breweries: Jagdish Kumar Arora bought 82,250 shares (0.10%), Gurmukh Das Saluja sold 18,803 shares (0.02%) and Santosh Bhadoriya sold 53,445 shares (0.06%) at Rs 23.85 apiece.
Power Mech Projects: Banyantree Growth Capital II sold 1.54 lakh shares (1.03%) at Rs 2,600.94 apiece.
Suryoday Small Finance Bank: Jhelum Investment Fund sold 5.41 lakh shares (0.51%) at Rs 102.09 apiece.
Stocks To Watch: Adani Enterprises, Dabur, Tata Power, Titan, Central Bank, Bajaj Consumer Care
Central Bank of India: The state-run bank clarified that it has a total exposure of Rs 1,987 crore to Go Air as of March 31, representing 0.91% of total advances.
SJVN: The company bagged an order of Rs 1,200 crore from Gujarat Urja Vikas Nigam to develop a 200 MW grid-connected solar power project in Khavda Solar Park, Gujarat.
GR Infraprojects: The company has been selected as the lowest bidder for the construction of a four-lane highway along the NH-731A in Kausambi, Uttar Pradesh. The bid project cost is Rs 737.17 crore.
AstraZeneca Pharma India: The company has received approval from the Central Drugs Standard Control Organisation to import the breast cancer drug Trastuzumab deruxtecan, or Enhertu, for sale and distribution in India.
TVS Motor Company: The company declared a goodwill benefit scheme for customers who paid over and above the threshold limit fixed by the FAME scheme. The overall cost impact of the scheme is expected to be under Rs 20 crore.
Dabur India: Dabur Nepal, a subsidiary of the company, received the approval of the Investment Board of Nepal for an additional investment of 969 crore Nepalese rupees (approximately Rs 608 crore). The capital will enable Dabur Nepal to fund its capacity expansion, product diversification, factory upgrades, etc. over the next four to five years.
HG Infra Engineering: The company will sell its entire shareholding in four wholly owned subsidiaries—Gurgaon Sohna Highway, HG Rewari Ateli Highway, HG Ateli Narnaul Highway, and HG Rewari Bypass—to Highway Infrastructure Trust for an equity value of Rs 531 crore.
Seamec: The company completed the acquisition of a 100% stake in Aarey Organic Industries for a consideration of Rs 17.40 crore.
Bosch: Markus Bamberger has resigned as the chairman and director of the company, with effect from the close of business hours on Aug. 1, 2023, as part of succession planning.
Karur Vysya Bank: The lender appointed Jana Sivaramakrishna as its chief risk officer, with effect from May 3, 2023, following the resignation of S Kalyanram from the position.
Hero MotoCorp: The company said it will expand its e-mobility brand Vida to 100 cities across India by the end of 2023. The company reduced prices for its electric scooters, Vida V1 Plus and Vida Vi Pro, to Rs 1.2 lakh and Rs 1.4 lakh, respectively (ex-showroom), including the portable charger and FAME II subsidy.
Q4 Earnings Results Today
Tata Power Company, Adani Enterprises, Hero MotoCorp, TVS Motor Company, Ceat, Dabur India, Blue Star, United Breweries, Firstsource Solutions, Sundram Fasteners, Mindspace Business Parks REIT, 360 ONE WAM, Aptus Value Housing Finance India, Housing Development Finance Corporation, IDFC, Choice International, AGI Greenpac, Bombay Dyeing and Manufacturing Co., Filatex India, Jammu and Kashmir Bank, Responsive Industries, RattanIndia Power
Earnings Fineprint
Titan Q4 FY23 (Consolidated figures, YoY)
Revenue up 33% at Rs 10,360 crore (Bloomberg estimate: Rs 9,322.18 crore)
Ebitda up 37% at Rs 1,089 crore (Bloomberg estimate: Rs 1072.42 crore)
Ebitda margin at 10.5% Vs 10.2% (Bloomberg estimate: 11.5%)
Net profit up 40% at Rs 736 crore (Bloomberg estimate: Rs 746.70 crore)
The board has recommended a dividend of Rs 10 per share, to be paid on or after the seventh day from the conclusion of the 39th annual general meeting.
Tata Chemicals Q4 FY23 (Consolidated, YoY)
Revenue up 26.6% at Rs 4,407 crore (Bloomberg estimate: Rs 4,319.80 crore)
Ebitda up 46.88% at Rs 965 crore (Bloomberg estimate: Rs 979.13 crore)
Ebitda margin at 21.9% vs 18.87% (Bloomberg estimate: 22.7%)
Net profit up 53.56% at Rs 711 crore (Bloomberg estimate: Rs 487.33 crore)
The board approved a dividend of Rs 17.50 a piece for the fiscal 2023.
Petronet LNG Q4 FY23 (Consolidated, YoY)
Revenue up 24.31% at Rs 13,873.93 crore (Bloomberg estimate: Rs 1,20,919 crore)
Ebitda down 19.35% at Rs 942.53 crore (Bloomberg estimate: Rs 14,201.40 crore)
Ebitda margin at 6.79% vs 10.47% (Bloomberg estimate: 11.7%)
Net profit down 21.77% at Rs 618.8 crore (Bloomberg estimate: Rs 8,475.10 crore)
The board has recommended a final dividend of Rs 3 a share for the fiscal 2023. The board has also approved the appointment of Milind Torawane as additional director, with effect from April 10, 2023.
ABB India Q1 CY23 (Consolidated, YoY)
Revenue up 22.5% at Rs 2,411 crore (Bloomberg estimate: Rs 2,229.95 crore)
Ebitda up 52% at Rs 285.31 crore (Bloomberg estimate: Rs 215.3 crore)
Ebitda margin 11.8% Vs 9.5% (Bloomberg estimate: 9.65%)
Net profit fell 34% at Rs 244.89 crore (Bloomberg estimate: Rs 183.9 crore)
Bajaj Consumer Care Q4 FY23 (Consolidated, YoY)
Revenue up 14.29% at Rs 249.42 crore (Bloomberg estimate: Rs 233.26 crore)
Ebitda up 20.11% at Rs 41.69 crore (Bloomberg estimate: Rs 35.72 crore)
Ebitda margin at 16.72% vs 15.91% (Bloomberg estimate: 15.3%)
Net profit up 12.95% at Rs 40.46 crore (Bloomberg estimate: Rs 36.50 crore)
The company announced a final dividend of Rs 5 per share for the financial year 2022-23.
Reliance Power Q4 FY23 (Consolidated, YoY)
Revenues down 6.28% at Rs 1,729.84 crore
Ebitda loss of Rs 159.14 crore vs Ebitda profit of Rs 185.15 crore
Net profit of Rs 321.79 crore vs net loss of Rs 657.89 crore
Sona BLW Precision Forgings Q4 FY23 (Consolidated, YoY)
Revenue up 43% at Rs 742.59 crore. (Bloomberg estimate: Rs 714.2 crore)
Ebitda up 94% at Rs 200 crore. (Bloomberg estimate: Rs 191.3 crore)
Ebitda margin at 26.9% vs 19.9% (Bloomberg estimate: 26.8%)
Net profit up 14% at Rs 119.8 crore. (Bloomberg estimate: Rs 106.9 crore)
The board recommended a final dividend of Rs 1.53 for the financial year 2022-23.
"Achieved highest quarterly revenue, Ebitda and net profit in Q4 FY23," says Vivek Vikram Singh, MD & Group CEO.
SGX Nifty Indicates Lower Open For Benchmarks
Asian markets face a weak start on Thursday following concerns of turmoil in the U.S. banking sector, which could squeeze lending and trigger a recession.
Even as banking turmoil fears led to mounting pressure from lawmakers to pause, the Federal Open Market Committee delivered a quarter-point hike on Wednesday, taking the federal fund rates in the range of 5% to 5.25%, the highest since 2007. Also, Federal Reserve Chair Jerome Powell later in his speech cleared expectations for no rate cuts anytime soon.
Australian stocks opened lower, US futures fell, and contracts for Hong Kong rose. U.S.-listed shares of Chinese companies slipped as a sign of souring risk sentiment. Japanese markets are closed for a holiday.
The yield on the 10-year Treasury note in the U.S. was trading at 3.34%. Crude oil prices rose to the $72 mark after falling overnight, while Bitcoin rose above the $29,000 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.33% at 18,101.5.
Domestic benchmark indices—BSE Sensex and NSE Nifty 50—started the week strong by closing 0.4% and 0.46% higher, respectively, on the back of a rally in metals, IT, and energy stocks.
The Indian rupee snapped its three-day decline against the U.S. dollar to close in the green for a third day as strong domestic equities failed to spur investor interest ahead of the U.S. Fed policy announcement.
Foreign investors were net buyers for the fifth day and bought equities worth Rs 1,338 crore. On the other hand, domestic institutional investors were sellers for the second straight day and sold stocks worth Rs 583.9 crore, the NSE data showed.
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