Stock Market Today: Sensex, Nifty Snap Two Days Of Gains As HDFC Twins, Reliance Drag
Sensex closed down 413 points or 0.66% at 61,932.47 while Nifty was lower by 112 points or 0.61% at 18,286.50.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Declines
The yield on the 10-year bond closed 5 bps lower at 6.96% on Tuesday, the lowest in over 13 months.
It closed at 7.01% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by about 9 paise to close at 82.22 against the greenback on Tuesday.
The local currency closed at 82.30 on Monday.
Source: Bloomberg
Sensex, Nifty Snap Two Days Of Gains As HDFC Twins Drag
Indian equity benchmarks opened volatile and declined through the day as HDFC twins were trading ex-dividend on Tuesday. While Auto ammd media sectors fell the most, PSU banks and I.T. were the only sectors trading higher on NSE.
Global markets were mixed on Tuesday, with U.S. stock futures trading in a tight range ahead of debt-ceiling talks. Japan’s Topix closed at the highest since 1990.
In Europe, Vodafone Group Plc shares sank on weak earnings and Telecom Italia SpA fell after a report that Italy’s state lender will drop its offer for the carrier’s landline network. More broadly the region’s Stoxx Europe 600 index was little changed.
Chinese stocks fell in Shanghai and Shenzhen after official data showed industrial output, retail sales and fixed investment all missed estimates in April.
The S&P BSE Sensex Index closed down 413 points or 0.66% at 61,932.47 while the NSE Nifty 50 Index was lower by 112 points or 0.61% at 18,286.50.
Infosys Ltd., ICICI Bank Ltd., State Bank of India, Bajaj Finance Ltd., and Hindustan Unilever Ltd. were positively contributing to the change in the Nifty 50 Index.
Whereas, HDFC Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Hindustan Unilever Ltd. were negatively adding to the change.
The broader markets outperformed the larger peers; the S&P BSE MidCap Index was up 0.18%, whereas S&P BSE SmallCap Index was higher by 0.12%.
Thirteen out of the 19 sectors compiled by BSE declined while, six sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,844 stocks rose 1,681 declined, and 134 remained unchanged on the BSE.
Max Healthcare Q4 FY23 (Consolidated, YoY)
Revenue up 27% at Rs 1,551 crore Vs Rs 1,224 crore (BBG estimate : Rs 1,476 crore)
Net profit up 86% to Rs 320 crore Vs Rs 172 crore (BBG estimate : Rs 267 crore Profit)
EBITDA up 44% to Rs 437 crore from Rs 304 crore (BBG estimate : Rs 420 crore Profit)
Margins at 28.2% Vs 24.9% (BBG estimate : 28.5%)
Source: Exchange filing
Vesuvius India Shares Locked In 20% Upper Circuit As Q4 PAT, Sales Rise
Shares of Vesuvius India Ltd. were locked in 20% upper circuit after the company reported stellar results on Monday. The company's revenue rose by 18% year-on-year to Rs 368 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 348 crore, according to its exchange filing.
Vesuvius India Q4
Sales at Rs 368 crore vs 348 crore QoQ vs Rs 312 crore YoY (Up 5.6% QoQ, up 18% YoY)
EBIDTA at Rs 55 crore vs Rs 40 crore QoQ vs Rs 33 crore YoY (Up 39.2% QoQ, up 64.8% YoY)
EBIDTA margin at 15% vs 11.3% QoQ vs 10.7% YoY
PAT at Rs 43 crore vs Rs 28 crore QoQ vs Rs 24 crore YoY (Up 56.8% QoQ, up 83.4% YoY)
Source: Exchange filing
Jio-bp Launches High Performance Fuel In India
Reliance BP Mobility launched additivised diesel which will yield annual savings of up to Rs 1.1 lakh per vehicle to truckers and a fuel economy benefit of up to 4.3%.
This new high performance diesel with ACTIVE technology will be available at all Jio-bp outlets.
It will be offered at regular prices with no additional cost.
Source: Press Release
Indian Oil Corporation Q4FY23 (Consolidated, YoY)
Revenue up 10% at Rs 2,30,711.56 crore vs Rs 2,09,045.44 crore (Bloomberg estimate: Rs 2,31,056 crore).
Ebitda up 24.04% at Rs 17,699.35 crore vs Rs 14,268.91 crore (Bloomberg estimate: Rs 1,278.6 crore).
Ebitda margin at 7.7% vs. 6.83% (Bloomberg estimate:--)
Net profit up 52.92% at Rs 10,841.23 crore vs Rs 7,089.18 crore (Bloomberg estimate: Rs 301.50 crore).
Source: Exchange filing
Granules India Q4 FY23 (Consolidated, YoY)
Revenue up 16% at Rs 1,196 crore Vs Rs 1,030 crore (BBG estimate : Rs 1,163 crore)
Net profit up 8% to Rs 120 crore Vs Rs 111 crore (BBG estimate : Rs 137 crore Profit)
EBITDA up 18% to Rs 228 crore from Rs 193 crore (BBG estimate : Rs 236 crore Profit)
Margins at 19.1% Vs 18.7% (BBG estimate : 20.3%)
Board recommended a dividend of Rs 1.50 per share
Source: Exchange filing
European Markets Trade Higher
Bank of Baroda Q4FY23
Net profit: Rs 4,775 crore vs Rs 17,79 crore (YoY)
NII: Rs 11,525 crore vs 8,612 crore (YoY)
GNPA: 3.79% vs 4.53% (QoQ)
NNPA: 0.89% vs 0.99% (QoQ)
Source: Exchange filing
Stocks In Focus: PVR Inox, Berger Paint, P&G, Zomato
Stocks At 52-Week High Intraday
Nifty 500 stocks trading at 52-week low, intraday.
Sensex, Nifty Decline Amid Volatility As HDFC Twins Drag
Indian equity benchmarks opened lower amid volatility and swung between gains an losses to trade lower by midday on Tuesday. Media and NBFC sectors were under pressure, whereas, PSU banks and realty shares gained.
Asian markets trimmed gains after China reported worse-than-estimated data that added to concern the world’s second-largest economy is losing momentum. The offshore yuan weakened. Mainland stocks swung to losses and those in Hong Kong pared their advance after the reports showed consumer spending and industrial activity both grew at a slower pace in April than expected.
Most Asian equities rose before the scheduled U.S. debt talks to avert a default and as traders digested the latest data from China. Mainland China stocks were mixed, with the Shanghai Composite Index flipping to a gain while the CSI 300 Index pared losses. Meanwhile, Japan’s Topix index headed for its highest close since 1990 amid robust foreign buying.
South Korean equities also rallied, supported by chip stocks on the potential merger between Kioxia Holdings Corp. and Western Digital Corp. Australian stocks declined. The U.S. stock market gained Monday amid mixed signals sent by both factions in the debt-ceiling talks.
As of 11:58 a.m., the S&P BSE Sensex Index was down 134 points or 0.21% at 62,211.88 while the NSE Nifty 50 Index was lower by 37 points or 0.20% at 18,362.40.
ICICI Bank Ltd., Infosys Ltd., Bajaj Finance Ltd., TCS Ltd., and State Bank of India were positively contributing to the change in the Nifty 50 Index.
Whereas, HDFC Ltd., HDFC Bank Ltd., ITC Ltd., Mahindra and Mahindra Ltd., and Power Grid Corp of India Ltd. were negatively adding to the change.
The broader markets outperformed the larger peers; the S&P BSE MidCap Index was up 0.72%, whereas S&P BSE SmallCap Index was higher by 0.55%.
Four out of the 19 sectors compiled by BSE declined while, 15 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 2,053 stocks rose 1,258 declined, and 140 remained unchanged on the BSE.
Torrent Pharma Board To Meet On May 30 To Consider Fundraise
The board of Torrent Pharma will meet on May 30 to consider raising funds through equity or debt.
It will decide to raise capital via issue of equity shares and convertible bonds or debentures through qualified institutional placement and or depository receipts or any other modes.
Source: Exchange filing
P&G Health Shares Gain After Q3 Profit Growth
Shares of Procter & Gamble Health Ltd. rose 2.24% intraday during trade on Tuesday, after the company announced its third quarter results for the year ending in June.
Its net profit for the quarter rose 15.7% at Rs 59.19 crore, against Rs 51.16 crore in the same quarter last year. Revenue grew 19.83% at Rs 320.92 crore, against Rs 267.82 crore in the same quarter last year.
Procter & Gamble Health Q3 FY23 (YoY)
Revenue up 19.83% at Rs 320.92 crore.
Ebitda up 15.84% at Rs 79.66 crore.
Ebitda margin at 24.82% vs 25.68%.
Net profit up 15.7% at Rs 59.19 crore.
SKF India To Buy 26% Stake In Renewable Energy Company Clean Max
SKF India Ltd. has inked a shareholders' agreement with Clean Max Taiyo Pvt. Ltd. to further acquire 26,267 fully paid-up equity shares.
It will buy the shares of Rs 10 each at a premium of Rs 1,596 each, equivalent to 26% of the total issued and paid-up share capital.
Time period for completion of the acquisition is Dec. 31, 2023
Source: Exchange filing
Uttam Sugar Mills Shares Gain After 60% Rise In Q4 Net Profit
Shares of Uttam Sugar Mills Ltd. rose during trade on Tuesday, after the company announced its unaudited financial results for the quarter ended March.
Uttam Sugar Mills Q4 FY23 (Consolidated, YoY)
Revenue up 7.55% at Rs 527.42 crore
Ebitda up 15.89% at Rs 111.71 crore
Ebitda margin at 21.18% vs 19.66%
Net profit up 14.64% at Rs 70 crore
The board recommended a dividend of 6.5% on Series-I non-cumulative redeemable preference shares and 10% on Series-II non-cumulative redeemable preference shares for FY23. It also approved a dividend of Rs 2.50 per equity share.
Shares of Uttam Sugar Mills Ltd., as of 10:14 a.m., advanced 3.05% to Rs 275.6 apiece in trade on Tuesday compared to the rise in the benchmark, NSE Nifty 50 Index by 0.02%.
The stock advanced as much as 3.61% intraday while the total traded volume stood at 1.9 times its 30-day average.
Polycab Q4: Analysts Predict Improve In Margins, Volumes Going Forward
Shares of Polycab India Ltd. gained after brokerages raised their earnings estimates and price targets on the stock following fourth-quarter profit beating analysts' estimates.
The company, which reported its quarterly earnings on May 12, reported a 32% year-on-year increase in January-March net profit to Rs 428.42 crore , according to a stock exchange filing. Bloomberg estimated a net profit of Rs 382.08 crore in the fourth quarter. Meanwhile, revenue from operations rose 9% to Rs 4,323.68 crore compared to a Bloomberg estimate of Rs 4,329.76 crore.
Polycab India Q4 Results (Consolidated YoY)
Revenue from operations gained 9% to Rs 4,323.68 crore from Rs 3,969.98 crore. (BBG Estimate: Rs 4,329.76 crore)
Ebitda gained to Rs 609.54 crore from Rs 476.34 crore. (BBG Estimate: Rs 535.49 crore)
Ebitda margin stood at 14.1% vs 12%. (BBG Estimate: 13.09%)
Net profit rose 32% to Rs 428.42 crore vs Rs 325.34 crore. (BBG Estimate: Rs 382.08 crore)
The scrip was trading 0.53% higher at Rs 3,399.10 per share, compared to a flat benchmark Nifty 50 as of 10:19 a.m.
Of the 26 analysts tracking the company, 12 maintained 'buy', six recommended 'hold' while one suggested 'sell'. Of the remaining seven analysts, four stand neutral between 'buy' and 'hold', while three are neutral between 'hold' and 'sell'.
Astral Shares Jumps The Most 19 Months As Q4 Profit Beats Estimates
Shares of Astral Ltd. rose the most in over 19 months after the fourth quarter revenue and profit beat analyst estimates.
The company's revenue rose by 8.31% year-on-year to Rs 1,506.2 crore in the fourth quarter, beating the analyst estimate of Rs 1,489.87 crore. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 1,390.6 crore, according to its exchange filing.
Company's March quarter net profit up 43.1% year-on-year to Rs 206.2 crore compared with Rs 144.1 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 149.09 crore.
The board of directors recommended a final dividend of Rs 2.25 per equity share for the year ended March 31, 2023.
The company in its exchange filing also highlighted the appointment of Kairav Engineer and Hiranand Savlani as an additional director under the executive category.
Astral Q4 FY23 (Consolidated, YoY)
Revenue up 8.31% at Rs 1,506.2 crore vs Rs 1,390.6 crore (Bloomberg estimate: Rs 1,489.87 crore)
Ebitda up 45.87% at Rs 311 crore vs Rs 216.8 crore (Bloomberg estimate: Rs 247.97 crore)
Ebitda margin at 20.64% vs 15.33% (Bloomberg estimate: 16.6%)
Net profit up 43.1% at Rs 206.2 crore vs Rs 144.1 crore (Bloomberg estimate: Rs 149.09 crore)
Shares of Astral Ltd. gained 8.55% to Rs 1,732 apiece, as of 10:36 a.m., in trade on Monday compared to 0.11% declined in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 8.75% intraday, the most in over 19 months since Oct. 4, 2021. Total traded volume stood at 26.2 times its 30-day average. The relative strength index was at 85.8, implying that the stock maybe overbought.
Out of the 26 analysts tracking the company, 13 maintain a 'buy' rating, eight recommend a 'hold' and five 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 5.9%.
HDFC Twins Drag Benchmarks As Companies Trade Ex Dividend
Shares of HDFC Bank Ltd. and HDFC Ltd. were dragging the markets after the companies were trading ex-dividend on Tuesday.
HDFC Bank Ltd. declared a dividend worth Rs 19 per share on every share having face value of Re 1 apiece. On the other hand, the board of HDFC had declared an interim dividend of Rs 44 per share of face value of Rs 2 each. Dividend payment date is June 1, 2023.
Additionally, the market regulator SEBI approved a change in control of HDFC Capital Advisors, a subsidiary of HDFC and a co-investment portfolio manager, pursuant to the merger of the two companies.
Securities and Exchange board of India, in an earlier filing, had also granted its final approval for the proposed change in control of HDFC AMC.
As per the exchange filing issued by the bank, these processes are a part of the final approvals from SEBI, in order to proceed with the proposed amalgamation with HDFC Ltd.
Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
As per Cogencis data, HDFC Ltd. dragged the NSE Nifty 50 Index by over 12 points, whereas, HDFC Bank Ltd. dragged the index by over 7 points, the most among the index constituents.
Broader Markets Outperform
The broader markets opened higher; the S&P BSE MidCap Index was up 0.63%, whereas S&P BSE SmallCap Index was higher by 0.61%.
Eighteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Financial Services and S&P BSE Bankex declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,795 stocks rose 596 declined, and 89 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Reliance Industries Ltd., Infosys Ltd., ICICI Bank Ltd., TCS Ltd., and ITC Ltd. were positively contributing to the change in the Nifty 50 Index.
Whereas, HDFC Ltd., HDFC Bank Ltd., Maruti Suzuki India Ltd., Mahindra and Mahindra Ltd., and UPL Ltd. were negatively adding to the change.
Sensex, Nifty Open Higher: Opening Bell
Indian equity benchmarks opened higher on Tuesday after closing near its five month high on Monday.
Asian markets trimmed gains after China reported worse-than-estimated data that added to concern the world’s second-largest economy is losing momentum. The offshore yuan weakened. Mainland stocks swung to losses and those in Hong Kong pared their advance after the reports showed consumer spending and industrial activity both grew at a slower pace in April than expected.
Asian markets were mixed, Europeans markets advanced, whereas the S&P 500 futures climbed 0.4%, signaling a rebound from Friday’s retreat. The Thai baht climbed as pro-democracy parties got the most votes in weekend elections, and the rand rallied after South Africa moved to ease tensions with the U.S.
The data weighed on sentiment that was previously propped up by a 4% gain in the Nasdaq Golden Dragon China Index on Monday, when filings showed money manager Michael Burry boosted his bullish bets on e-commerce giants JD.com Inc. and Alibaba Group Holding Ltd.
The U.S. debt ceiling remains the biggest focus for investors this week and strategists are warning Bloomberg, about market turmoil and economic disaster if politicians don’t agree to raise the government’s $31.4 trillion borrowing limit.
At pre-open, the S&P BSE Sensex Index was up 128 points or 0.21% at 62,474.11 while the NSE Nifty 50 Index was higher by 34 points or 0.18% at 18,432.35.
Sensex, Nifty Trade Higher In Open
At pre-open, the S&P BSE Sensex Index was up 128 points or 0.21% at 62,474.11 while the NSE Nifty 50 Index was higher by 34 points or 0.18% at 18,432.35.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by about 8 paise to open at 82.23 against the greenback on Tuesday.
The local currency closed at 82.30 on Monday.
Source: Bloomberg
Realty Remains A Safe Bet, Banks Continue To Shine: Trade Setup
Cipla To Sell 51% Stake In Saba Investment To Shibam Group Holding In UAE
Cipla will sell its entire stake for $6.5 million or approximately Rs 53.46 crore in Saba Investment to Shibam Group Holding in UAE.
Cipla Middle East Pharmaceuticals and Cipla Medica, the UAE units of the company will cease to exist after the completion of the transaction.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 102.4
U.S. 10-year bond yield at 3.48%
Brent crude up 0.94% at $75.94 per barrel
Nymex crude up 0.93% at $71.77 per barrel
SGX Nifty up 0.29% at 18,457.5 as of 8:10 a.m.
Bitcoin down 1.30% at $26,999.89
Pledge Share Details
Inox Wind: Promoter Inox Wind Energy revoked a pledge of 39.54 lakh shares on May 9.
Trading Tweaks
Price Band Revised From 20% To 10%: Aurionpro Solutions, Datamatics Global Services
Ex-Date Final Dividend: HDFC Bank, GM Breweries Limited
Record Date Final Dividend: HDFC Bank
Ex-Date Interim Dividend: HDFC, Sundram Fasteners
Record Date Interim Dividend: HDFC, Sundram Fasteners
Move Into Short-Term ASM Framework: Manorama Industries
Move Out of Short-Term ASM Framework: IOL Chemicals and Pharmaceuticals
Bulk Deals
Home First Finance Company India: Norges Bank on account of Government Pension Fund Global bought 21 lakh shares (2.38%), Societe Generale bought 7.10 lakh shares (0.8%), Orange Clove Investment sold 18.85 lakh shares (2.14%), Aether Mauritius sold 11.31 lakh shares (1.29%) at Rs 700 apiece, True North Fund sold 16.97 lakh shares (1.92%) at Rs 700.97 apiece.
Ethos: Yashovarshan Saboo sold 1.5 lakh shares (0.64%) at Rs 1253.83 apiece.
Saksoft: Premier Investment Fund sold 5.65 lakh shares (0.53%) at Rs 200.92 apiece.
Block Deals
Affle (India): Sector Investment Funds Plc bought 1.69 lakh shares (0.13%), Goldman Sachs (Singapore) Pte ODI sold 1.69 lakh shares (0.13%) at Rs 919.85 per share.
Cholamandalam Investment and Finance Company: Sector Investment Funds Plc bought 2.68 lakh shares (0.03%), Goldman Sachs (Singapore) Pte ODI sold 2.68 lakh shares (0.03%) at Rs 1,004.85 apiece.
Devyani International: Sector Investment Funds Plc bought 9.07 lakh shares (0.08%), Goldman Sachs (Singapore) Pte ODI sold 9.07 lakh shares (0.08%) at Rs 176.50 apiece.
Jubilant Foodworks: Sector Investment Funds Plc bought 5.7 lakh shares (0.09%), Goldman Sachs (Singapore) Pte ODI sold 5.7 lakh shares (0.09%) at Rs 467.40 apiece.
Titan Co.: Sector Investment Funds Plc bought 1.2 lakh shares (0.01%), Goldman Sachs (Singapore) Pte ODI sold 1.2 lakh shares (0.01%) at Rs 2,773.25 apiece.
Varun Beverages: Sector Investment Funds Plc bought 2.71 lakh shares (0.04%), Goldman Sachs (Singapore) Pte ODI sold 2.71 lakh shares (0.04%) at Rs 1,557.20 apiece.
Stocks To Watch: Airtel, Max Healthcare, Pfizer, PVR Inox, Ultratech , HDFC Bank, HDFC In Focus
Ultratech Cement: Ultratech Nathdwara Cement, the company’s wholly owned subsidiary, commissioned a brownfield cement facility with an annual capacity of 0.8 million tonne in Neem Ka Thana, Rajasthan. The company’s total grey cement manufacturing capacity now stands at 129.95 million tonne per annum.
Wipro: The company will integrate its cloud computing framework with Google Cloud’s Rapid Migration Programme, together with artificial intelligence and automated tooling, to accelerate cloud adoption among its clients.
HCL Technologies: The company expanded its partnership with SAP, becoming a customer of and a global strategic service partner for SAP SuccessFactors Human Experience Management Suite.
NIIT: The company bought the remaining 10% stake in RPS Consulting for a fixed consideration of Rs 15 crore and a performance-based earnout consideration of up to Rs 3.71 crore, payable over the next two years. NIIT now owns a 100% stake in RPS Consulting.
Punjab & Sind Bank: The bank will hike the marginal cost of funds-based lending rates for overnight, one-month, and six-month tenures in the range of 5–10 basis points. Lending rates for three-month and one-year tenures have been kept unchanged.
HDFC Bank/HDFC: Markets regulator SEBI has approved a change in control of HDFC Capital Advisors, a subsidiary of HDFC and a co-investment portfolio manager, pursuant to the merger of the two companies.
Vedanta: The company appointed Sonal Shrivastava as the chief financial officer, effective June 1, it said in a statement.
Q4 Results Today
Bharti Airtel, LIC Housing Finance, Max Healthcare Institute, Bank of Baroda, Indian Oil Corporation, Jindal Steel & Power, JK Paper, Creditaccess Grameen, Alicon Castalloy, Amber Enterprises India, Aurionpro Solutions, Automotive Axles, Chemplast Sanmar, EIH Associated Hotels, Excel Industries, Granules India, Indo Rama Synthetics (India), Jubilant Ingrevia, Kajaria Ceramics, Kaynes Technology India, Metropolis Healthcare, Morepen Laboratories, MPS, Mukand, Navneet Education, Oberoi Realty, Paras Defence And Space Technologies, Prakash Industries, Redington, Safari Industries (India), Shanti Educational Initiatives, Sirca Paints India, Siyaram Silk Mills, Triveni Turbine, TV Today Network, V-Mart Retail
Earnings Fineprint
Pfizer Q4 FY23 (Consolidated, YoY)
Revenue up 4% at Rs 573 crore (Bloomberg estimate: Rs 552 crore)
Ebitda up 10% at Rs 182 crore (Bloomberg estimate: Rs 177 crore)
Ebitda margin at 31.8% Vs 30.1% (Bloomberg estimate: 32%)
Net profit up 3% at Rs 130 crore (Bloomberg estimate: Rs 130 crore)
The board recommended a final dividend of Rs 35 per share for the fiscal 2023. It also announced a special dividend of Rs 5 a share in view of the gain on sale of business undertaking at Thane.
PVR Inox Q4 FY23 (Consolidated, QoQ)
Revenue up 22% at Rs 1,143.17 crore (Bloomberg estimate: Rs 1,070.53 crore)
Ebitda down 9% at Rs 263.87 crore (Bloomberg estimate: Rs 286.61 crore)
Ebitda margin at 23.1% vs 30.7% (Bloomberg estimate: 26.8%)
Net loss at Rs 333.37 crore vs net profit of Rs 16.15 crore (Bloomberg estimate: Rs 66.03 crore net loss)
The board approved raising Rs 100 crore via non-convertible debentures on a private placement basis in one or more tranches.
Berger Paints India Q4 FY23 (Consolidated, YoY)
Revenue up 11.71% at Rs 2,443.63 crore (Bloomberg estimate: Rs 2,467.34 crore)
Ebitda up 6.44% at Rs 368.76 crore (Bloomberg estimate: Rs 375.40 crore)
Ebitda margin at 15.09% vs 15.84% (Bloomberg estimate: 15.21%)
Net profit down 15.56% at Rs 186.01 crore (Bloomberg estimate: Rs 228.79 crore)
The board recommended a dividend of Rs 3.20 per share for the fiscal 2023.
Procter & Gamble Health Q4 FY23 (YoY)
Revenue up 19.83% at Rs 320.92 crore
Ebitda up 15.84% at Rs 79.66 crore
Ebitda margin at 24.82% vs 25.68%
Net profit up 15.7% at Rs 59.19 crore
Coromandel Q4 FY23 (Consolidated, YoY)
Revenue up 29.55% at Rs 5,475.82 crore (Bloomberg estimate: Rs 5,506.41 crore)
Ebitda up 6.2% at Rs 403.23 crore (Bloomberg estimate: Rs 449.52 crore)
Ebitda margins at 7.36% vs 8.98% (Bloomberg estimate: 8.2%)
Net profit down 14.96% at Rs 246.44 crore (Bloomberg estimate: Rs 312.55 crore)
The board recommended a final dividend of Rs 6 per share.
Astral Q4 FY23 (Consolidated, YoY)
Revenue up 8.31% at Rs 1,506.2 crore (Bloomberg estimate: Rs 1,489.87 crore)
Ebitda up 45.87% at Rs 311 crore (Bloomberg estimate: Rs 247.97 crore)
Ebitda margin at 20.64% vs 15.33% (Bloomberg estimate: 16.6%)
Net profit up 43.1% at Rs 206.2 crore (Bloomberg estimate: Rs 149.09 crore)
The company announced a final dividend of Rs 2.25 per share for the fiscal ended March 2023. The board approved appointment of Kairav Engineer as whole-time director and redesignation of Hiranand Savlani as additional director. Both directors have been appointed for a period of five years, effective July 1.
PCBL Q4 FY23 (Consolidated, YoY)
Revenue up 12.72% at Rs 1,373.81 crore
Ebitda up 36.84% at Rs 183.83 crore
Ebitda margin at 13.38% vs 11.02%
Net profit up 15.88% at Rs 102.28 crore
Uttam Sugar Mills Q4 FY23 (Consolidated, YoY)
Revenue up 7.55% at Rs 527.42 crore
Ebitda up 15.89% at Rs 111.71 crore
Ebitda margin at 21.18% vs 19.66%
Net profit up 14.64% at Rs 70 crore
The board recommended a dividend of 6.5% on Series-I non-cumulative redeemable preference shares and 10% on Series-II non-cumulative redeemable preference shares for FY23. It also approved a dividend of Rs 2.50 per equity share.
SGX Nifty Signals Higher Open For The Benchmarks
Asian markets advanced, led by Japanese shares and tech stocks, with traders looking for clues to any breakthrough in negotiations in Washington to avert a U.S. default.
Japan’s Topix index rose 0.5% at the open, heading for the highest close since 1990, while the Nikkei 225 gained around 0.7%. South Korean equities also rallied, while Australian stocks were little changed. Futures for Hong Kong stocks ticked higher, and traders will be watching Greater China technology companies after a 4% jump in the Nasdaq Golden Dragon China Index on Monday.
U.S. equity futures edged lower before a meeting between President Joe Biden and House Speaker Kevin McCarthy on Tuesday. The US stock market gained Monday amid mixed signals sent by both factions in the debt ceiling talks. Treasury Secretary Janet Yellen reiterated that her department may run out of cash as soon as June 1 unless Congress raises or suspends the federal debt limit.
Meanwhile, the yield on 10-year treasuries in the U.S. was trading at 3.48%. Crude edged above the $75 mark, while Bitcoin declined below the $27,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.29% at 18,457.5.
Domestic benchmarks rallied for the second day, closing at their highest levels since mid-December 2022, supported by the rise in real estate and media stocks.
The Indian rupee closed lower against the U.S. dollar as the greenback grew stronger in the overseas market.
Foreign investors were net buyers for the thirteenth straight day and bought equities worth Rs 1,685.29 crore. On the other hand, domestic institutional investors turned buyers, snapping a three-day selling streak, and bought stocks worth Rs 191.20 crore, the NSE data showed.