KEY HIGHLIGHTS
FPIs Continue Buying For The Ninth Day
Overseas investors in Indian equities remained net buyers for the ninth day in a row on Monday.
Foreign portfolio investors mopped up equities worth Rs 2,123.8 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned buyers after a day and bought stocks worth Rs 245.3 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 37,194.3 crore worth of stocks so far in 2023.
Yield On 10-Year Bond Declines
The yield on 10-year bond declined 1 basis point to close at 7.04% on Tuesday. It had closed at 7.05% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened about 25 paise to close at 82.05 against the greenback on Tuesday.
The local currency closed at 81.80 on Monday.
Source: Bloomberg
Sensex, Nifty Decline Amid Volatility
Indian equity benchmarks were little changed at closing after it held on to steady gains after turning volatile on Tuesday. While, as PSU banks and realty sectors declined, I.T., auto and pharma shares advanced in trade.
Before turning volatile on Tuesday the indices traded near a five-month high, intraday. The S&P BSE Sensex Index traded above 62,000-level, whereas Nifty scaled 18,300-mark for the first time in over five months since mid December.
European stocks and U.S. equity futures edged lower as investors assessed the impact of slowing imports by China on its economic recovery and prepared for a key US inflation report.
Real estate shares led the decline in Europe, with Swedish landlord SBB falling to the lowest in nearly five years. Futures contracts on the S&P 500 and the Nasdaq 100 retreated by about 0.2%. A gauge of Asian equities fell slightly. Saudi Aramco shares rallied as much as 7.2% in Riyadh after the oil giant reported soaring free cashflow and announced an additional dividend.
The S&P BSE Sensex Index closed down 3 points or 0.00% at 61,761.33 while the NSE Nifty 50 Index was higher by 2 points or 0.01% at 18,265.95.
TCS Ltd., Axis Bank Ltd., Reliance Industries Ltd., HDFC Ltd., and Infosys Ltd. were positively adding to the change.
Whereas, ITC Ltd., State Bank of India Ltd., Bajaj Finance Ltd., ICIC Bank Ltd., and UPL Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices ended mixed; S&P BSE MidCap Index was up by 0.03%, whereas S&P BSE SmallCap Index was lower by 0.35%.
Eleven out of the 19 sectors compiled by BSE declined, while eight sectors advanced in trade.
The market breadth was split between the buyers and the sellers. About 1,621 stocks rose 1,875 declined, and 144 remained unchanged on the BSE.
Raymond Q4 (YoY, Consolidated)
Revenue up 10% at Rs 2,150.18 crore versus Rs 1,958.10 crore (Bloomberg estimate: Rs 2,058.9 crore)
Ebitda up 18% at Rs 336.79 crore versus Rs 284.4 crore (Bloomberg estimate: Rs 298.7 crore)
Ebitda margin at 15.7% vs 14.5% (Bloomberg estimate: 14.5%)
Net profit down 26% at Rs 194.35 crore versus Rs 263.31 crore (Bloomberg estimate: Rs 129.9 crore)
The company has declared a dividend of Rs 3/share for FY23.
Source: Exchange filing
NCLT Chandigarh Bench Withholds IBREL's Merger With NAM Estates & Embassy One Commercial Property
Indiabulls Real Estate's merger with NAM Estates and Embassy One Commercial Property was delayed as NCLT, Chandigarh bench withheld the merger sanction.
NCLT, Bengaluru bench, sanctioned the merger in April 2022, however, the Chandigarh bench had raised certain concerns regarding the Income Tax department's objections.
Indiabulls Real Estate said that they will explore appealing to NCLAT after receiving the detailed report from the NCLT Chandigarh bench.
Company has said that the objections and concerns raised by the NCLT, Chandigarh bench were unfounded, and unjustified and do not impact the merger.
Source: Exchange filing
European Markets Trade Lower
Sensex, Nifty Slip From Day's High
India equity benchmarks fell amid volatility as ITC, State Bank of India and Bajaj Finance dragged. FMCG and PUS banking sector were trailing the indices.
Stocks At 52-Week High Intraday
Nifty 500 stocks at 52-week low intraday.
Jindal Poly Shares Rise Over 16% Intraday
Shares of Jindal Poly Films Ltd. rose 14.23% to Rs 726 apiece, as of 01:12 p.m., in trade on Tuesday compared to 0.18% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 16.43% intraday, the most in over six months since October 28, 2022. Total traded volume stood at 17.9 times its 30-day average. The relative strength index was at 80.3, implying that the stock maybe overbought.
Source: Bloomberg
Stocks In Focus: Zomato, Kansai Nerolac, MGL, Pidilite And More
Kotak Mahindra MF’s Views On Various Sectoral Themes & Market Outlook: Talking Point
Sensex, Nifty Trade Near Five-Month High As HDFC Twins, RIL, ICICI Bank Lead: Midday Market Update
Indian equity benchmarks held on to gains through midday on Tuesday as private bank and media stocks advanced whereas PSU banks were under pressure. HDFC twins led the rally, whereas ITC and SBI dragged.
The S&P BSE Sensex Index traded above 62,000-level, whereas Nifty scaled 18,300-mark for the first time in over five months since mid December.
Asian stocks and currencies edged lower as investors weighed the implications of slowing imports by China on its economic recovery. Benchmarks fell from Hong Kong to Australia, with Japan defying the downturn.
Euro Stoxx 50 futures rose, but contracts for the S&P 500 and Nasdaq 100 edged lower in Asia. The tech-heavy Nasdaq 100 had gained 0.3% Monday as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc.
The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With U.K. markets closed for a holiday in honor of King Charles III, trading volumes were relatively modest.
U.S. futures fluctuated after the S&P 500 jumped 1.9% Friday to halt its longest losing streak since February. PacWest Bancorp rose as much as 16% in premarket trading Monday.
As of 12:25 p.m., the S&P BSE Sensex Index was up 226 points or 0.37% at 61,989.90 while the NSE Nifty 50 Index was higher by 64 points or 0.35% at 18,327.90.
HDFC Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Axis Bank Ltd. were positively adding to the change.
Whereas, ITC Ltd., State Bank of India Ltd., UPL Ltd., Sun Pharmaceutical Industries Ltd., and Grasi Industries Ltd. were negatively contributing to the change in the Nifty 50 Index
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.57%, whereas S&P BSE SmallCap Index was higher by 0.41%.
Sixten out of the 20 sectors compiled by BSE advanced, while four sectors declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,976 stocks rose 1,384 declined, and 144 remained unchanged on the BSE.
Kansai Nerolac Paints Shares Jump The Most In Nine Months
Shares of Kansai Nerolac Paints Ltd. gained after company's fourth-quarter consolidated net profit jumped 279.18% year-on-year to Rs Rs 93.77 crore, according to an exchange filing, but missed Bloomberg's estimate of Rs 122.10 crore.
The board approved issue of bonus shares in the ratio 1:2, taking the share capital from 53.89 crores share to 80.83 crore shares.
Kansai Nerolac Paints Q4 FY23 (Consolidated, YoY)
Revenue up 12.82% at Rs 1,733.59 crore (Bloomberg estimates: Rs 1,719.90 crore)
Ebitda up 100.33% at Rs 168.12 crore (Bloomberg estimates: Rs 193.08 crore)
Ebitda margin at 9.7% vs 5.46% (Bloomberg estimates: 11.2%)
Net profit up 279.18% at Rs 93.77 crore (Bloomberg estimates: Rs 122.10 crore)
The company declared a dividend of Rs 2.70 per share for the fiscal 2023.
Shigeki Takahara has resigned as a non-executive director, with effect from June 26, and will be replaced by Pravin D Chaudhari.
Shares of the company gained 2.69% to trade at Rs 414.05, as of 11:18 a.m compared to a 0.39% gain in the benchmark Nifty 50.
The stock rose as much as 10.32% intraday, the most in since August 2022. Total traded volume stood at 40.9 times its 30-day average.
Of the 20 analysts tracking the stock, ten maintain a 'buy,' three suggest a 'hold,' and seven recommend a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 7.9%.
Mahanagar Gas Shares Gain Most In Over 52 Weeks As Q4 Profit Beats Estimates
Shares of Mahanagar Gas Limited gained the most in over 52 weeks after the results for the fourth quarter of fiscal 2023 beat expectations.
The company reported a 103.9% increase in net profit at Rs 268.8 crore, against the Bloomberg estimate of Rs 206.3 crore.
Revenue grew 49% at Rs 1,1771.8 crore, beating the estimate of Rs 1,634.5 crore.
Ebitda saw an 80% increase at Rs 389.7 crore against an estimate of Rs 308.9 crore, with margin at 21.99% compared to 18.14% in the same period last year, beating the Bloomberg estimate of 18.9%.
Mahanagar Gas Q4 FY23 (YoY)
Revenue up 49.19% at Rs 1,771.81 crore (Bloomberg estimate: Rs 1,634.55 crore)
Ebitda up 80.86% at Rs 389.70 crore (Bloomberg estimate: Rs 308.94 crore)
Ebitda margin at 21.99% vs 18.14% (Bloomberg estimate: 18.9%)
Net profit up 103.95% at Rs 268.81 crore (Bloomberg estimate: Rs 206.35 crore)
Shares of Mahanagar Gas rose 8.79% to Rs 1,087.45 apiece, compared to the 0.37% advance in the benchmark NSE Nifty 50 as of 10:29 a.m.
The stock rose as much as 8.84% intraday, the most since March 6, 2023. The relative strength index was at 72, implying the stock may be overbought.
The average traded volume so far in the day was 16.9 times its monthly average.
Out of the 36 analysts tracking the company, 28 maintain a 'buy' rating, five recommend a 'hold' and three suggest a 'sell' on the stock, according to Bloomberg data.
The average 12-month consensus price target implies a potential downside to 0.2%.
Pidilite Industries Shares Decline As Q4 Revenue Misses Estimates
Shares of Pidilite Industries Ltd. declined despite the fourth-quarter profit meeting estimates after NK Parekh stepped down as the non-executive vice-chairman and Apurva N Parekh was designated as the executive vice-chairman.
The company has decided to discontinue operations of the Sargent Art Division in a phased manner. The division posted a revenue of Rs 128.80 crore and loss before tax of Rs 5.2 crore in the recently concluded fiscal.
The company's net profit rose 11.28% year-on-year to Rs 283.03 crore in the quarter ended March, according to its exchange filing. That compares with the analyst estimates that stand at Rs 283.14 crore.
Company's March quarter revenue was up 7.27% to Rs 2,689.25 crore, missing the analyst estimates at 2,735.43 crore.
Pidilite Industries Q4 FY23 (Consolidated, YoY)
Revenue up 7.27% at Rs 2,689.25 crore (Bloomberg estimates: Rs 2,735.43 crore)
Ebitda up 14.48% at Rs 459.16 crore (Bloomberg estimates: Rs 494.65 crore)
Ebitda margin at 17.07% versus 16% (Bloomberg estimates: 18.1%)
Net profit up 11.28% at Rs 283.03 crore (Bloomberg estimates: Rs 283.14 crore)
The board recommended a dividend of Rs 11 per share for the fiscal 2023.
Shares of Pidilite Industries Ltd. declined 0.24% to Rs 2,444.85 apiece, as of 10:23 a.m., in trade on Tuesday compared to 0.35% advance in the benchmark, NSE Nifty 50 Index.
The stock fell as much as 2.06% intraday. Total traded volume stood at 7.4 times its 30-day average. The relative strength index was at 59.2.
Out of the 20 analysts tracking the company, five maintain a 'buy' rating, six recommend a 'hold' and nine 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 3%.
Source: Bloomberg, Exchange filing
Mankind Pharma Debuts At 20.37% Premium To IPO Price
Shares of Mankind Pharma listed at Rs 1,300 per share on the BSE and NSE, a premium of 20.37% to its IPO price of Rs Rs 1,080.
Its IPO was subscribed 15.32 times.
Source: BSE, NSE
Adani Ports Receives Over 300% Offers For $130 Million Buyback
Adani Ports and Special Economic Zone Ltd. received offers worth Rs 3,377.6 crore, or $412.724 million, on a partial buyback offer for 3.375% of its senior notes.
The company announced a tender offer for Rs 1,063.9 crore (US$ 130 million), according to an exchange filing on April 24.
It received orders in excess of over 300% of its initially offered amount, as of the expiration date for the early tender offer on May 8, according to an exchange filing.
Shares of Adani Ports rose 1.14% to Rs 692.8 apiece, compared to the 0.17% gain in the benchmark NSE Nifty 50 as of 9:34 a.m.
Out of the 20 analysts tracking the company, all 20 maintain a 'buy' rating, according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 17.1%.
Birlasoft Rises The Most In 13 Weeks As Q4 Profit Beats Estimates
Birlasoft Ltd. Its fourth-quarter profit rose and beat estimates, after a quarter of loss due to the bankruptcy of its biggest client. Growth, however, was flat.
Revenue of the Pune-based IT services firm rose 0.36% over the previous three months to Rs 1,226.38 crore in the quarter ended March 31, according to a stock exchange filing on Monday. That compares with the Rs 1,217-crore consensus estimate of analysts tracked by Bloomberg.
Birlasoft Q4 FY23 (Consolidated, QoQ)
Revenue up 0.36% at Rs 1,226.38 crore (Bloomberg estimate: Rs 1,217 crore)
EBIT at Rs 146 crore versus EBIT loss of Rs 136 crore (Bloomberg estimate: Rs 143.82 crore)
EBIT margin at 11.90% (Bloomberg estimate: 11.82%)
Net profit at Rs 112.16 crore vs net loss of Rs 16.36 crore (Bloomberg estimate: Rs 109 crore)
The company has declared a dividend of Rs 2 per share.
Shares of Birlasoft Ltd. rose 2.85% to Rs 295.95 apiece, as of 9:48 a.m., in trade on Tuesday compared to 0.34% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 4.88% intraday, the most in over 13 weeks since Feb. 6, 2023. Total traded volume stood at 12.1 times its 30-day average. The relative strength index was at 68.9.
Out of the 12 analysts tracking the company, nine maintain a 'buy' rating and three recommend a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 20.5%.
Source: Bloomberg, Exchange filing
Broader Markets Outperform
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.36%, whereas S&P BSE SmallCap Index was higher by 0.51%.
Seventeen out of the 19 sectors compiled by BSE advanced, with S&P BSE Fast Moving Consumer Goods and S&P BSE Healthcare declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,838 stocks rose 718 declined, and 102 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
L&T Ltd., ICICI Bank Ltd., HDFC Bank Ltd., HDFC Ltd., and Titan Co. were positively adding to the change.
Whereas, Infosys Ltd., UPL Ltd., HCL Technologies Ltd., Sun Pharmaceutical Industries Ltd., and Hindustan Unilever Ltd. were negatively contributing to the change in the Nifty 50 Index.
Sensex, Nifty Open Higher With All Sectors Gaining
Indian equity benchmarks opened higher in trade on Tuesday, following mixed Asia trade.
Asian markets were mixed as investors awaited trade data from China that will provide further signs on the country’s economic recovery. Shares fell in Hong Kong and South Korea, but rose in Japan, where investors parsed earnings from major local firms.
Futures for the S&P 500 and Nasdaq 100 both edged lower in Asia. The S&P 500 ended Monday fractionally higher after jumping 1.9% Friday. The tech-heavy Nasdaq 100 gained 0.3% as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc.
At pre-open, the S&P BSE Sensex Index was up 115 points or 0.19% at 61,879.68 while the NSE Nifty 50 Index was higher by 39 points or 0.12% at 18,303.40.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.05% on Tuesday.
Source: Bloomberg
Sensex, Nifty Rise In Pre-Open
At pre-open, the S&P BSE Sensex Index was up 115 points or 0.19% at 61,879.68 while the NSE Nifty 50 Index was higher by 39 points or 0.12% at 18,303.40.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 5 paise to open at 81.85 against the greenback on Tuesday.
The local currency closed at 81.80 on Monday.
Source: Bloomberg
Global Cues
U.S. Dollar Index at 101.5
U.S. 10-year bond yield at 3.50%
Brent crude down 0.61% to $76.54 per barrel
Nymex crude down 0.57% at $72.74 per barrel
SGX Nifty up 0.10% at 18,331 as of 8:13 a.m.
Bitcoin up 0.45% at $27,687.22
Trading Tweaks
Ex-Date Interim Dividend: Oracle Financial Services Software, Ramkrishna Forgings
Record Date Interim Dividend: Oracle Financial Services Software, Ramkrishna Forgings
Price Band Revised From 10% To 5%: Rail Vikas Nigam
Move Into Short-Term ASM Framework: GE T&D India, Aurionpro Solutions, Vadilal Industries
Bulk Deals
IndoStar Capital Finance: Carnelian Asset Advisors bought 8.2 lakh shares (0.66%) at Rs 124.40 apiece.
Also Read: DGCA Asks Go First To Stop Selling Tickets
Offerings: Nexus Select Trust REIT IPO, Mankind Pharma Listing
Nexus Select Trust REIT: India’s first retail REIT will open on May 9, and continue till May 11. The company plans to raise Rs 3,200 crore from the maiden share sale, including fresh issuance of shares worth Rs 1,400 crore and an offer for sale portion, where shareholders will offload stake worth Rs 1,800 crore. The price band for the issue has been fixed at Rs 95-100 apiece. A day before the IPO opens, on May 8, the company raised 1,439.99 crore from 20 anchor investors.
Mankind Pharma: The shares of the company will be listed on the exchanges on Tuesday at an issue price of Rs 1,080 per share. The IPO was subscribed 15.32 times on its final day, with institutional investors leading the demand at 49.16 times subscription. The HNI portion was subscribed 3.8 times and the retail portion was subscribed 92%.
Stocks To Watch: Pidilite, Kalpataru Power, MGL, Lupin, Apollo Tyres, Greenply Industries In Focus
Godrej Consumer Products: The company has completed the acquisition of Raymond Consumer Care by way of a slump sale.
Greenply Industries: The company announced a joint venture with Netherlands-based Samet BV on a 1:1 shareholding basis to manufacture and sell functional furniture hardware through a manufacturing facility in India.
Dev Information Technology: The company received an order worth Rs 2.15 crore from Gujarat State Fertilizers & Chemicals for installation, supply, commission, implementation and maintenance of enterprise class mailing solution at the latter’s head office.
JSW Steel: The board of directors will convene on May 19 to consider a dividend on the company’s shares, raising long-term funds via qualified institutions' placement of permissible securities, the issuance of non-convertible senior unsecured fixed rate bonds in the international markets, the issuance of redeemable non-convertible debentures, or other permissible means.
Ami Organics: The company’s board will meet on May 13 to consider the recommendation of a final dividend for the financial year 2022–23.
Easy Trip Planners: The company’s board approved the identification and acquisition of certain entities and companies in domestic and overseas jurisdictions to drive inorganic growth. It also approved the incorporation of a wholly owned subsidiary to venture into the general insurance business.
Q4 Results Today
Apollo Tyres, Lupin, SRF, Indraprastha Gas, Nuvoco Vistas Corporation, Birla Corporation, Godrej Agrovet, Raymond, Castrol India, Westlife Foodworld, Chalet Hotels, Poly Medicure, Nazara Technologies, Shanthi Gears, Matrimony.com, Elantas Beck India, Eveready Industries India, Five-Star Business Finance, Ganesh Housing Corporation, Hatsun Agro Product, JM Financial, Jaiprakash Power Ventures, KSB, Latent View Analytics, Man Infraconstruction, Manorama Industries, Rain Industries, Reliance Infrastructure, Shipping Corporation of India, Stovec Industries, Suven Life Sciences, TD Power Systems
Earnings Fineprint
Pidilite Industries Q4 FY23 (Consolidated, YoY)
Revenue up 7.27% at Rs 2,689.25 crore (Bloomberg estimates: Rs 2,735.43 crore)
Ebitda up 14.48% at Rs 459.16 crore (Bloomberg estimates: Rs 494.65 crore)
Ebitda margin at 17.07% versus 16% (Bloomberg estimates: 18.1%)
Net profit up 11.28% at Rs 283.03 crore (Bloomberg estimates: Rs 283.14 crore)
The board recommended a dividend of Rs 11 per share for the fiscal 2023.
The company has decided to discontinue operations of the Sargent Art Division in a phased manner. The division posted a revenue of Rs 128.80 crore and loss before tax of Rs 5.2 crore in the recently concluded fiscal. Meanwhile, NK Parekh has stepped down as the non-executive vice-chairman of the company, and Apurva N Parekh has been designated as the executive vice-chairman, these changes come into effect from May 8, 2023.
Kalpataru Power Transmission Q4 FY23 (Consolidated, YoY)
Revenue up 18.07% at Rs 4,882 crore (Bloomberg estimates: Rs 4,479.47 crore)
Ebitda up 9.93% at Rs 332 crore (Bloomberg estimates: Rs 396.66 crore)
Ebitda margin at 6.8% versus 7.3% (Bloomberg estimates: 8.9%)
Net profit up 45.79% at Rs 156 crore (Bloomberg estimates: Rs 152.58 crore)
The company declared a final dividend of Rs 7 per share for the fiscal 2023. The board approved raising Rs 300 crore via non-convertible debentures in one or more tranches.
Mahanagar Gas Q4 FY23 (YoY)
Revenue up 49.19% at Rs 1,771.81 crore (Bloomberg estimate: Rs 1634.55 crore)
Ebitda up 80.86% at Rs 389.70 crore (Bloomberg estimate: Rs 308.94 crore)
Ebitda margin at 21.99% vsversus 18.14% (Bloomberg estimate: 18.9%)
Net profit up 103.95% at Rs 268.81 crore (Bloomberg estimate: Rs 206.35 crore)
The company approved a final dividend of Rs 16 per share for the financial year 2022-23.
Birlasoft Q4 FY23 (Consolidated, QoQ)
Revenue up 0.36% at Rs 1,226.38 crore (Bloomberg estimate: Rs 1,217 crore)
EBIT at Rs 146 crore versus EBIT loss of Rs 136 crore (Bloomberg estimate: Rs 143.82 crore)
EBIT margin at 11.90% (Bloomberg estimate: 11.82%)
Net profit at Rs 112.16 crore vs net loss of Rs 16.36 crore (Bloomberg estimate: Rs 109 crore)
The company has declared a dividend of Rs 2 per share.
Kansai Nerolac Paints Q4 FY23 (Consolidated, YoY)
Revenue up 12.82% at Rs 1,733.59 crore (Bloomberg estimates: Rs 1,719.90 crore)
Ebitda up 100.33% at Rs 168.12 crore (Bloomberg estimates: Rs 193.08 crore)
Ebitda margin at 9.7% vs 5.46% (Bloomberg estimates: 11.2%)
Net profit up 279.18% at Rs 93.77 crore (Bloomberg estimates: Rs 122.10 crore)
The company declared a dividend of Rs 2.70 per share for the fiscal 2023. The board approved issue of bonus shares in the ratio 1:2, taking the share capital from 53.89 crores share to 80.83 crore shares. Shigeki Takahara has resigned as a non-executive director, with effect from June 26, and will be replaced by Pravin D Chaudhari.
Aarti Industries Q4 FY23 (Consolidated, YoY)
Revenue up 15.24% at Rs 1,656 crore (Bloomberg estimates: Rs 1,713.13 crore)
Ebitda down 3.82% at Rs 252 crore (Bloomberg estimates: Rs 286.90 crore)
Ebitda margin at 15.22% vs 18.23% (Bloomberg estimates: 16.7%)
Net profit up 2.05% at Rs 149 crore (Bloomberg estimates: Rs 131.81 crore)
The board recommended a final dividend of Rs 1.50 per share for the fiscal ended March 2023.
Apollo Pipes Q4 FY23 (YoY)
Revenue up 1.81% at Rs 251.94 crore (Bloomberg estimates: Rs 241 crore)
Ebitda up 3.74% at Rs 29.43 crore (Bloomberg estimates: Rs 27.87 crore)
Ebitda margin at 11.68% vs 11.46% (Bloomberg estimates: 11.6%)
Net profit down 3.65% at Rs 15.03 crore (Bloomberg estimates: Rs 14.33 crore)
The company declared a final dividend of Rs 0.60 per share for the fiscal ended March 2023.
Sterling Tools Q4 FY23 (Consolidated, YoY)
Revenue up 24.93% at Rs 211.67 crore
Ebitda up 29.67% at Rs 22.42 crore
Ebitda margin at 10.59% vs 10.20%
Net profit up 13.08% at Rs 7.78 crore
The board recommended a final dividend of Rs 2 per share.
Andhra Paper Q4 FY23 (YoY)
Revenue up 38.56% at Rs 590.16 crore
Ebitda up 179.54% at Rs 228.61 crore
Ebitda margin at 38.74% vs 19.2%
Net profit up 167.93% at Rs 153.9 crore
The board of directors recommended a final dividend of Rs 12.50 per share.
Carborundum Universal Q4 FY23 (Consolidated, YoY)
Revenue up 38% at Rs 1,199.62 crore (Bloomberg estimates: Rs 1,203.93 crore)
Ebitda up 71.59% at Rs 190.33 crore (Bloomberg estimates: Rs 180.4 crore)
Ebitda margin at 15.87% vs 12.76% (Bloomberg estimates: 15%)
Net profit up 140.43% at Rs 137.12 crore (Bloomberg estimates: Rs 100.2 crore)
The directors approved a final dividend of Rs 2 per share for the fiscal 2023.
VIP Industries Q4 FY23 (Consolidated, YoY)
Revenue up 26.6% at Rs 450.57 crore (Bloomberg estimates: Rs 477.97 crore)
Ebitda up 97.3% at Rs 64.28 crore (Bloomberg estimates: Rs 66.23 crore)
Ebitda margin at 14.27% versus 9.15% (Bloomberg estimates: 13.9%
Net loss of Rs 4.26 crore versus net profit of Rs 12.39 crore (Bloomberg estimates: Rs 32.93 crore profit)
The company reported an exceptional expense of Rs 47.21 crore during the March quarter.
HFCL Q4 FY23 (Consolidated, YoY)
Revenue up 21.13% at Rs 1,432.98 crore
Ebitda up 24.44% at Rs 154.43 crore
Ebitda margin at 10.78% versus 10.49%
Net profit up 9.95% at Rs 71.82 crore
The company declared a dividend of Rs 0.20 per share, to be paid out of its profits.
Ugar Sugar Works Q4 FY23 (Consolidated, YoY)
Revenue up 67.45% at Rs 608.47 crore
Ebitda up 267.09% at Rs 105.06 crore
Ebitda margin at 17.27% versus 7.88%
Net profit up 339.76% at Rs 65.26 crore vs Rs 14.84 crore
The board recommended 50% as dividend for the fiscal 2023 out of current year’s profits.
SGX Nifty Signals Muted Start Of Benchmarks
Asian markets traded mixed as investors awaited trade data from China that would provide further signs of the country’s economic recovery. Shares fell in Hong Kong and South Korea but rose in Japan, where investors parsed earnings from major local firms.
Futures for the S&P 500 and Nasdaq 100 both edged lower in Asia. The S&P 500 ended Monday fractionally higher after jumping 1.9% on Friday. The tech-heavy Nasdaq 100 gained 0.3% as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc.
The yield on the 10-year Treasury note in the U.S. was trading at 3.50%. Crude oil prices traded below the $77 mark, while Bitcoin declined below $28,000 level.
At 8:13 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.10% at 18,331.
Domestic benchmark indices—the BSE Sensex and NSE Nifty 50—closed over 1% higher with private banks, NBFCs, realty and auto stocks leading the rally.
The Indian rupee closed flat against the U.S. dollar after paring early gains on the back of rising crude oil prices.
Foreign investors were net buyers for the eighth day in a row and bought equities worth Rs 2,123.76 crore. On the other hand, domestic institutional investors turned buyers after a day and bought stocks worth Rs 245.27 crore, the NSE data showed.
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