Asian equity markets were poised to rise after solid earnings from technology companies led to gains on Wall Street, offsetting the impact of a report showing slowing U.S. economic growth and higher-than-forecast inflation that caused treasuries to dip.
Futures for benchmarks in Hong Kong, Japan and Australia all pointed to advances, with the latter two poised to notch monthly gains.
The S&P 500 on Thursday jumped 2%, the most since January, and the tech-heavy Nasdaq 100 rose 2.8% as a surge in advertising revenue helped Meta Platforms Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher. Nasdaq 100 futures were little changed in early trading on Friday. Intel Corp. was higher in post-market trading after releasing results.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.52%. Crude prices dropped to $78-mark, while Bitcoin was trading above 29,000-level.
At 5:48 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.32% at 18,050.5.
The domestic benchmark indices, Sensex and Nifty, again moved upwards in the last hour of trade to close around 0.6% higher.
Indian rupee lost early gains against the U.S. dollar as the greenback got stronger in the overseas markets.
Foreign investors were net buyers for the second day and bought equities worth Rs 1,652.95 crore. On the other hand, domestic institutional investors turned buyers after a day and bought stocks worth Rs 97.07 crore, the NSE data showed.
Earnings Fineprint
Wipro Q4 FY23 (Consolidated, QoQ)
Revenue down 0.17% at Rs 23,190.30 crore (Bloomberg estimate: Rs 23,460.3 crore)
EBIT down 0.89% at Rs 4,219.3 crore (Bloomberg estimate: Rs 3738.59 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 3129.12 crore)
The company announced a share buyback, where it will buy 29.97 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 13,718.20 crore (Bloomberg estimate: Rs 13,812.94 crore)
EBIT down 19.93% at Rs 1,317.8 crore (Bloomberg estimate: Rs 1,689.97 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 4,790.91 crore (Bloomberg estimate: Rs 4,680.52 crore)
Ebitda down 26.2% at Rs 468.52 crore (Bloomberg estimate: Rs 576.98 crore)
Ebitda margin at 9.8% vs 14.3% (Bloomberg estimate: 12.30%)
Net profit down 40.54% at Rs 235.63 crore (Bloomberg estimate: Rs 338.84 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, 2023.
LTIMindtree Q4 FY23 (Consolidated, QoQ)
Revenues up 0.82% at Rs 8,691 crore (Bloomberg estimate: Rs 8,832.47 crore)
EBIT up 16.7% at Rs 1,560.10 crore (Bloomberg estimate: Rs 1,418.09 crore)
EBIT margin at 17.95% vs 15.51% (Bloomberg estimate: 16.06%)
Net profit up 11.33% at Rs 1,114.10 crore (Bloomberg estimate: Rs 1,160.27 crore)
The company declared a final dividend of Rs 40 per share.
Mphasis Q4 FY23 (Consolidated, QoQ)
Revenue down 4.14% at Rs 3,361.22 crore (Bloomberg estimate: Rs 3,514.83 crore)
Ebit down 3.05% at Rs 574.99 crore (Bloomberg estimate: Rs 538.84 crore)
Ebit margin at 17.11% vs 16.92% (Bloomberg estimate: 15.33%
Net profit down 1.69% at Rs 405.31 crore (Bloomberg estimate: Rs 416.99 crore)
The board declared a final dividend of Rs 50 per share for the fiscal ended March 31, 2023.
Motilal Oswal Financial Services Q4 FY23 (Consolidated, YoY)
Revenues down 2.28% at Rs 1,027.37 crore
Ebitda down 9.93% at Rs 443.63 crore
Ebitda margins at 43.18% vs 46.85%
Net loss of Rs 50.68 crore vs net profit of Rs 47.31 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 269.98 crore (Bloomberg estimate: Rs 329.15 crore
Ebitda down 33.12% at Rs 131.02 crore (Bloomberg estimate: Rs 182.60 crore)
Ebitda margin at 48.53% vs 60.55% (Bloomberg estimate: 55.48%)
Net profit down 14.48% at Rs 135.57 crore (Bloomberg estimate: Rs 150.80 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 2,182.75 crore (Bloomberg estimate: Rs 1,920.75 crore)
Ebitda up 50.8% at Rs 203.02 crore (Bloomberg estimate: Rs 245.65 crore)
Ebitda margin at 9.3% vs 10.13% (Bloomberg estimate: 12.8%)
Net profit up almost 338.5 times at Rs 54.16 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 1,625.43 crore (Bloomberg estimate: Rs 1,546.46 crore)
Ebitda up 236.83% at Rs 535.49 crore (Bloomberg estimate: Rs 512.83 crore)
Ebitda margin at 32.94% vs 18.23% (Bloomberg estimate: 33.2%)
Net profit up 342.47% at Rs 328.27 crore (Bloomberg estimate: Rs 282.93 crore)
The company announced a dividend of Rs 1, subject to investors’ approval at the upcoming AGM.
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
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 trademarks of Park Avenue, KS, Kamasutra and Premium, for Rs 2,825 crore through a slump sale.
IRB Infrastructure: The company has received the letter of award from Hyderabad Metropolitan Development Authority for building an eight-lane outer ring road on tolling, operation, maintenance and transfer model. The company’s asset base will expand to over Rs 70,000 crore and O&M order book will grow by Rs 14,500 crore.
KNR Construction: The company signed a concession pact with 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 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 supply of optical fiber 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, at its chief operating officer, effective June 12.
PI Industries: The company’s wholly owned subsidiary PI Health Sciences will acquire Indian subsdiairiy of Therachem Research Medilab—TRM India—for $42 million (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 of PI Health Sciences US for $5 million
Indian Railways Catering and Tourism Corporation: The company has signed an MoU with Border Security Force for comprehensive train booking and on-board catering services to paramilitary force’s personnel.
PDS: The company signed a long-term strategic partnership 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.
Offerings: Mankind Pharma IPO
Mankind Pharma: The IPO was subscribed 15.32 times on the final day, with institutional buyers leading demand. The QIB portion was subscribed 49.16 times. Non-institutional buyers placed bids for 3.8 times the basket reserved for the, whereas the retail portion was subscribed 92%, or 0.92 times.
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.
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.
Who’s Meeting Whom
Godrej Consumer Products: To meet investors and analysts on April 28.
Vesuvius India: To meet investors and analysts on May 3.
Ircon International: To meet investors and analysts on April 28.
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?
F&O Cues
Nifty May futures ended at 17,991.95, a premium of 99.90 points.
Nifty May futures rose 44.92% and 50,887 shares in Open Interest.
Nifty Bank May futures ended at 43,000, a premium of 104.35 points.
Nifty Bank May futures rose 45.49% and 27,594 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Zee Entertainment Enterprises, Gujarat Narmada Valley Fertilizers & Chemicals
Money Market Updates
Rupee closed 0.09% lower against the U.S. dollar at Rs 81.84 on Thursday, compared to Wednesday’s close of 81.76.
Research Reports
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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