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Revenue up 7% at Rs 2,161 crore Vs Rs 2012 crore (BBG Estimate: Rs 2,175-crore)
Net profit up 15% to Rs 251 crore from Rs 219 crore (BBG Estimate: Rs Rs 258.17-crore)
EBITDA up 8% to Rs 346 crore Vs Rs 319 crore (BBG Estimate: Rs 359.24-crore)
Margins at 16% Vs 15.9% (BBG Estimate: 16.5%)
Source: Exchange filing
The broader indices underperformed their larger peers with S&P BSE MidCap losing 0.2% and S&P BSE SmallCap falling 0.3%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Information Technology and Power indices gaining nearly 2%. On the flipside, S&P BSE Realty shed over 1.5%.
The market breadth was skewed in the favour of bears. About 1,523 stocks advanced, 1,819 declined and 119 remained unchanged.
LIC IPO Subscription Status: Day 2 Live Updates
Supreme Court has dismissed a petition by Reliance Infrastructure Ltd.'s unit seeking a higher rate of interest on arbitration award dues from Delhi Metro Rail Corp.
Apex Court upholds the Delhi High Court's order that refused Reliance Infrastructure's request for 2% additional interest rate over and above the central bank-set prime lending rate.
Source: Bloomberg
Yield on the 10-year bond rose 7bps to 7.45% during the session. This is the highest level since 2019.
Source: Bloomberg
Shares of Firstsource Solutions rose over 6%, the most in over five weeks after the company reported net income for the quarter-ended March that beat the average analyst estimate.
Ebit at Rs 175 crore Vs Rs 69.07 crore
Net income at Rs 132.39 crore Vs Rs 46.68 crore (Bloomberg Estimate: Rs 127 crore)
Revenue at Rs 1,523.88 crore Vs Rs 1,449.63 crore (Estimate: Rs 1,474 crore)
Trading volume was quadruple the 30-day average. Of the nine analysts tracking the company, seven suggest 'buy' and two recommend 'sell'. The return potential of the stock is 51.3%.
Source: Exchange filing, Bloomberg
Tata Power's subsidiary Tata Power Solar Systems secured India's largest single solar EPC order of 1 Giga Watt for approximately Rs 5,500 crore from SJVN.
The order will be completed with 24 months and will aim to reduce 22,87,128 kg of carbon emission over 5,000+ acres of land in Rajasthan.
The project, which will be developed under the CPSU scheme of MNRE is likely to generate 2,500 million units annually.
Shares of Tata Power rose over 2.5% in today's session.
The broader indices underperformed their larger peers with S&P BSE MidCap rising 0.5% and S&P BSE SmallCap gaining 0.6%. Barring S&P BSE Realty, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal rising 2%.
The market breadth was skewed in the favour of bulls. About 2,039 stocks advanced, 1,216 declined and 120 remained unchanged.
Sugar mills in India have contracted to export 8.2 million tonnes to 8.3 million tonnes since October 1.
About 6.8 million to 7 million tonnes estimated to have been physically shipped from country by end of April compared to 4.32 million tonnes a year ago.
Total exports may hit 9 million tonnes in the year ending September 30.
Source: ISMA
Shares of Ashok Leyland Ltd. gained 4.5%, the most in seven weeks to Rs 126 apiece.
The stock was the best performer among peers. This comes as the Federation of Automobile Dealers Association posted growth across all segments of vehicles.
Tata Sons Chairman N Chandrasekaran announced Tata Group’s foray into e-cargo mobility with the launch of the electric version of Tata Ace.
Girish Wagh, executive director at Tata Motors Ltd., said the company has signed pacts with e-commerce companies for as many as 39,000 Ace electric vehicles.
Source: Tata Motors’ Twitter
Larsen & Toubro Ltd., in an exchange filing, said it has won a 'large' contract in the Mumbai-Ahmedabad High-Speed Rail Project, also referred to as the Bullet Train Project.
L&T Construction's railways division has secured a·contract from the National High-Speed Rail Corporation Ltd. to construct 116 kilometers of high-speed ballastless trackwork on the route.
L&T is already executing civil viaduct, station and special steel bridge packages for the project.
L&T defines large contracts as those valued between Rs 2,500 crore to 5,000 crore. Shares of the company gained as much as 1.95% to Rs 1,665.85 apiece intraday.
Equitas Small Finance Bank Ltd. has appointed Murali Vaidyanathan and Rohit Phadke as executive directors of the bank.
The appointment shall take effect from the date of approval of proposal by RBI and shall be for a period of three years or for such term as approved by RBI.
Vaidyanathan, is the head – liabilities, wealth management, digital banking and marketing, of the bank, while Phadke is head - assets.
Shares of the company jumped 4.8%, the most in just about a month on the announcement.
Hindustan Unilever Ltd. has raised prices of products ranging from Pond's talcum powder to Clinic Plus, CNBC-TV18 reported citing anonymous sources.
HDFC Bank has 1 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Services PMI rises to 57.9 in April from 53.6 in March.
Source: IHS Markit
Bank of Baroda external benchmark linked lending rate hiked to 6.9% per annum, with effect from May 5
Lending rate hiked as it is benchmarked to repo rate
Alert: Monetary policy committee hiked repo rate by 40 basis points to 4.4% in an out of turn policy meet on Wednesday
Source: Bank of Baroda website
ICICI Bank external benchmark linked lending rate hiked to 8.1% per annum, with effect from May 4
Lending rate hiked as it is benchmarked to repo rate
Alert: Monetary policy committee hiked repo rate by 40 basis points to 4.4% in an out of turn policy meet on Wednesday
Source: ICICI Bank website
Varun Beverages has 4.1 million shares, aggregating to 1% of equity, change hands in two large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. advanced with Metals, auto and information technology indices rising 1.5%.
The market breadth was skewed in the favour of bulls. About 1,951 stocks advanced, 654 declined and 96 remained unchanged.
All categories were in the green. Two-Wheelers vehicle gained 38% YoY while Three-Wheelers rose 96%. CV, PV and Tractors segments rose by 25% and 26%, respectively.
April 2020 and April 2021 saw lockdown due to phase 1 and 2 of Covid. Hence YoY comparison with these two years is unlikely to give true representation for the state of auto retail: FADA
Auto Retail has still not recovered from the jitters of Covid.
RBI's move of increasing repo rate by 40bps has clearly taken everyone off guard. This move will 'apply brakes and dampen the sentiments' further.
Source: FADA Press Release
The rupee is likely to appreciate against the dollar after the RBI’s surprise rate hike on Wednesday.
Rupee may find support from the relief rally following the 50bps rate hike by the U.S. Federal Reserve.
USD/INR fell 0.1% to 76.4212 on Wednesday.
10-year yields rose 26bps to 7.38% on Wednesday.
Global funds sold net Rs 3,290 crore of India stocks Wednesday: NSE
They sold Rs 321 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 114 crore of corporate debt.
State-run banks bought Rs 8,610 crore of sovereign bonds on May 4: CCIL data. Foreign banks sold Rs 4,660 crore of bonds.
Source: Bloomberg
India's central bank has asked banks to keep their branches designated for processing IPO applications open on Sunday, May 8 to facilitate bidding for the LIC 's initial share sale.
All ASBA-designated branches have been requested to be open on Sunday, according to a RBI notification.
Shares of India’s consumer staples companies may move as the government considers restrictions on wheat exports, as severe heat waves have damaged crops.
Government is considering limiting wheat exports to safeguard domestic supplies, according to a person with knowledge of the matter, reports Bloomberg.
In Focus: ITC, Adani Wilmar, Ruchi Soya, Hindustan Unilever, Britannia Industries, Mrs Bectors Food, Pratap Snacks, Hindustan Foods
Source: Bloomberg
Adani Transmission
Dabur
Marico
Indus Towers
Voltas
TVS Motor
Sona BLW Precision Forgings
PNB Gilts
Procter & Gamble Health
Punjab Alkalies & Chemicals
Intellect Design Arena
Happiest Minds Technologies
Firstsource Solutions
Exide Industries
DCM Shriram
Cholamandalam Investment and Finance
CEAT
Computer Age Management Services
Blue Star
Blue Dart
Aptus Value Housing Finance
Wipro: The company expanded its partnership with California based VMware to help eliminate the complexity and risk inherent in customers’ multi-cloud initiatives.
SBI: The bank will consider raising $2 billion in single/multiple tranches via public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY23 on May 10.
Magellanic Cloud: The company will acquire IVIS International and Provigil Surveillance for Rs 290.27 crore and Rs 35.97 crore, respectively.
EIH: The company has appointed Arjun Singh Oberoi as Executive Chairman with effect from May 4 after P.R.S. Oberoi’s resignation.
Matrimony.com: The company will consider buyback proposal on May 12.
City Union Bank: The company appointed M. Narayanan as part time Chairman of the bank.
Bank of India: The bank appointed B. Kumar as the Chief Risk Officer.
Adani Total Gas Q4 FY22 (Consolidated, YoY)
Revenue up 14.35% at Rs 1,065.48 crore Vs Rs 931.81 crore
EBITDA fell 35.45% at Rs 131.14 crore Vs Rs 203.32 crore
EBITDA margin 12.31% Vs 21.82%
Net profit fell 36.45% at Rs 81.09 crore Vs Rs 127.61 crore
Recommended dividend of Rs 0.25 per share on face value of Rs 1 each
Tata Consumer Products Q4 FY22 (Consolidated, YoY)
Revenue fell 1% at Rs 3,175.41 crore Vs Rs 3,208.28 crore
EBITDA fell 3.73% at Rs 444.33 crore Vs Rs 461.56 crore
EBITDA margin 14% Vs 14.4%
Net profit fell 18% at Rs 444.33 crore Vs Rs 461.56 crore
Recommended final dividend of Rs 6.05 per share
IIFL Wealth Management Q4 FY22 (Consolidated, YoY)
Revenue up 6.5% at Rs 447.3 crore Vs Rs 420 crore
EBIT fell 16.21% at Rs 178.59 crore Vs Rs 213.13 crore
EBIT margin 39.93% Vs 50.75%
Net profit up 60% at Rs 165.36 crore Vs Rs 103.3 crore
Approved transfer of Alternates Asset Management Business consisting of alternative investment fund, venture capital fund and portfolio management schemes from IIFL Asset Management, a wholly owned subsidiary to IIFL Wealth Portfolio Managers, also a wholly owned subsidiary of the company.
ABB India Q4 FY22 (Standalone, QoQ)
Revenue fell 6.3% at Rs 1,968.37 crore Vs Rs 2,101.5 crore
EBIT fell 0.16% at Rs 162.21 crore Vs Rs 162.47 crore
EBIT margin 8.24% Vs 7.73%
Net profit up 98.23% at Rs 373.07 crore Vs Rs 188.2 crore
Havells India Q4 FY22 (Consolidated, YoY)
Revenue up 32.5% at Rs 4,426.26 crore Vs Rs 3,339.21 crore
EBITDA up 2.3% at Rs 519.93 crore Vs Rs 508.18 crore
EBITDA margin 11.75% Vs 15.22%
Net profit up 16% at Rs 352.48 crore Vs Rs 303.83 crore
Recommended final dividend of Rs 4.5 per share of face value of Rs 1 each.
EIH Q4 FY22 (Consolidated, QoQ)
Revenue fell 16.5% at Rs 300.95 crore Vs Rs 360.12 crore
EBIT fell 123% at negative Rs 12.82 crore Vs Rs 55 crore
EBIT margin -4.26% Vs 15.27%
Net profit fell 61% at Rs 14.83 crore Vs Rs 38.03 crore
Revenue up 28% at Rs 1,872 crore vs 1,463 crore
OPM at 21.9% vs 31%
PAT down 8% at Rs 267 crore vs Rs 290 crore
Oracle Financial Services Software Q4 FY22 (Consolidated, QoQ)
Revenue up 0.82% at Rs 1,276.7 crore Vs Rs 1,266.3 crore
EBIT fell 5.15% at Rs 532.15 crore Vs Rs 561.05 crore
EBIT margin 41.68% Vs 44.31%
Net profit 10.67% at Rs 481.7 crore Vs Rs 435.3 crore
Approved interim dividend of Rs 190 per share of face value of Rs 5 each
Laxmi Organic Industries Q4 FY22 (Consolidated, YoY)
Revenue up 69.3% at Rs 879.8 crore Vs Rs 519.5 crore
EBITDA up 14.34% at Rs 72.80 crore Vs Rs 63.67 crore
EBITDA margin 8.27% Vs 12.26%
Net profit up 57.85% at Rs 57.3 crore Vs Rs 36.3 crore
Recommended final dividend of Rs 0.7 per share of face value of Rs 2 each
Appointed Anushree Bagrodia as Chief Financial Officer
Approved proposal to raise further funds by way of equity and/or debt.
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