Equity markets in Asia were poised for a cautious open after U.S. stocks halted a four-day winning streak amid a selloff in banks.
Contracts for the U.S. benchmarks edged higher in early Asia trading Wednesday after the S&P 500 Index dropped 0.6% a day earlier.
Banks came under renewed pressure on Tuesday trading in the U.S., with a gauge of financial heavyweights falling the most in almost two weeks. In a wide-ranging annual letter to shareholders, JPMorgan Chase & Co.'s chief Jamie Dimon warned the U.S. banking crisis that sent markets careening last month will be felt for years.
Vacancies at U.S. employers sank in February to the lowest since May 2021, the Labor Department's Job Openings and Labor Turnover Survey showed Tuesday. The reading was below all estimates in a Bloomberg survey.
Meanwhile, the yield on 10-year treasuries was trading at 3.34%. Crude prices trade above $85-mark, while Bitcoin was hovering around 28,000-level.
At 6:11 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India, was down 0.24% at 17,532.5.
Both Indian benchmark indices—Sensex and Nifty—closed higher after a session of volatility led by auto, banking, and real estate stocks.
Indian rupee weakened against the U.S. dollar as investors were spooked by the greenback surge and crude rates firmed up.
Foreign institutional investors were net buyers for the fourth straight day and mopped up stocks worth Rs 321.93 crore during the day. On the other hand, domestic institutional investors turned net sellers and sold Rs 328.24 crore, NSE data showed.
Stocks To Watch: HDFC, Bajaj Finance, Britannia, Vedanta, Cyient, Hind Zinc, Marico In Focus
Poonawalla Fincorp: Business Updates For Q4FY23
Total disbursements grew 151% annually to their highest ever at Rs 6,370 crore in Q4FY23
Direct Digital Program contributed 81% to the total disbursements share
AUM grew 37% annually to approximately Rs 16,120 crore
Asset quality is also expected to improve in Q4FY23.
Company continues to have liquidity of approximately Rs 3,000 crore.
Bajaj Finance: Business Updates For March 2023 (YoY)
Recorded 29% rise in core AUM to Rs 247,350 crore.
The company booked highest ever new loans of 29.6 million in FY23.
Total deposits increased 45% YoY to Rs 44,650 crore.
Consolidated net liquidity surplus stood at Rs 11,850 crore.
IndusInd Bank: Business Updates for March 2023 (YoY)
The total deposits of IndusInd Bank increased by 15% YoY to Rs 3.36 lakh crore.
The bank recorded 21% YoY rise in net advances at Rs 2.89 lakh crore.
The CASA ratio stood at 40.1%.
HDFC Bank: Business Updates for March 2023 (YoY)
CASA increased 11.3% to Rs 8.36 lakh crore as on March 31, 2023, with the CASA ratio at 44%.
Total deposits increased 20.8% to Rs 18.84 lakh crore.
The bank recorded 16.9% YoY rise in gross advances at Rs 16.01 lakh crore.
Vedanta: Business Updates for March Quarter (YoY)
Total aluminium production remained flat at 574 kilo tonnes.
Gross oil and gas production declined 11% to 12.3 million barrels.
Saleable ore production from Karnataka increased 12% to 1.6 million tonnes.
Hindustan Zinc: Business Updates for March Quarter (YoY)
Mined metal production increased 2% to 301 kilotonnes, driven by higher ore production and improved mined metal grades.
Refined metal production was at highest-ever of 269 kilotonnes with a growth of 3%.
Integrated zinc production increased 2% YoY to 215 kilotonnes.
Marico: Business Updates for March Quarter
India business improved in year-on year volume growth and stayed in the mid-single digit zone.
Value added hair oils touched double-digit value growth.
Premium personal care also grew in double digits.
Digital first portfolio maintained its healthy run rate.
Federal Bank: Business Updates for March Quarter for March Quarter (YoY)
CASA deposits increased 3.9% at Rs 69,739 crore, with CASA ratio at 32.68%.
Total deposits at Rs 2.13 lakh crore, with a growth of 17.4%.
Gross advances grew 20.2% to Rs 1.78 lakh crore.
South Indian Bank: Business Updates for March Quarter (YoY)
Total deposits increased 2.82% to Rs 91,652 crore.
CASA increased 2.07% to Rs 30,215 crore, while CASA ratio decline 24 basis points to 33%.
Gross advances increased 16.65% to Rs 72,107 crore.
Mahindra & Mahindra Financial Services: Business Update for March Quarter (YoY)
Overall disbursement increased 50% to Rs 13,750 crore.
Collection efficiency was at 99%, compared to 100% a year ago.
The company holds a liquidity chest of about three months' requirement.
Suryoday Small Finance Bank: Business Update for March Quarter (YoY)
Total deposits increased 34% to Rs 5,165 crore.
CASA ratio stood at 17.1%, compared to 20.2% in the year-ago period.
Gross advances increased 21% to 6,115 crore.
Gross NPA ratio improved to 3% from 11.8% a year ago.
Britannia Industries: The board approved an interim dividend of Rs 72 for each share for the current fiscal. The record date for the dividend has been fixed at April 13, 2023.
NBCC (India): The company received a work order for construction of 88.58-km border and road in Mizoram along Indo Bangladesh Border at a cost of Rs 448.02 crore.
Lemon Tree Hotels: The company signed a new property in Greater Bengaluru—Peninsula Suites. The property will be managed by Carnation Hotels, a wholly owned subsidiary and the management arm of the company.
RailTel Corporation of India: The company received a contract from Bihar State Electronics Development Corporation for Implementation and management of electronic knowledge network in academic/administrative buildings of government engineering colleges and polytechnic institutes under Department of Science & Technology. The total value of the work pertaining to RailTel part is Rs. 76.10 crore. The company also secured an order worth Rs 38.95 crore from National Informatics Centre Services Inc. for installation, testing and commissioning of 4 Mbps lease line at 19 sites.
Dhampur Sugar Mills: The board approved an interim dividend of Rs 5 per share and special dividend of 10% on successful commissioning of new distillery project.
Cyient: The board of the company appointed Karthik Natarajan as executive director and CEO. It also appointed Krishna Bodanapu as executive vice chairman and managing director, and Prabhakar Atla as chief financial officer.
Bulk Deals
SML Isuzu: Navodya Enterprises bought 95,000 shares (0.65%) at Rs 834.55 apiece.
Offerings
Avalon Technologies: The issue was subscribed 3% on the opening day, with retail investors leading the demand. The retail portion was subscribed 16% by the end of first day. Non-institutional investors placed bids for 1% of their basket, while no bids were received from institutional investors.
Trading Tweaks
Ex-Date 'Right Issue of Equity Shares': PNB Housing Finance
Record Date 'Right Issue of Equity Shares': PNB Housing Finance
Move Out Short-Term ASM Framework: Brightcom Group
Insider Trading
GMR Airports Infrastructure: Promoter group Varalakshmi Enterprises LLP bought 60 lakh shares between March 29-31.
Bajaj Finserv: Promoter group Geetika Shekhar Bajaj sold 4.05 lakh shares and promoter group Anant Bajaj bought 4.05 lakh shares on March 28.
Zen Technologies: Promoter & Director Ravi Kumar Midathala sold 40,000 shares on March 31.
Heranba Industries: Promoter Raghuram K Shetty bought 17,000 shares on March 31.
Supriya Lifescience: Promoter Satish Waman Wagh bought 13,000 shares on March 31.
Pledge Share Details
Gati: Promoter group Jubilee Commercial revoked a pledge of 20,000 shares on March 24.
F&O Cues
Nifty April futures ended at 17,474.95, a premium of 32.30 points.
Nifty April futures fell 5.24% and 11,958 shares in Open Interest.
Nifty Bank April futures ended at 41,029.85 a premium of 196.30 points.
Nifty Bank April futures fell 21.46% and 30,189 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Nil
Money Market Update
Rupee closed 0.18% lower against the U.S. dollar at 82.33 on Monday, compared to Friday's close of 82.18.
Research Reports
Avalon Technologies IPO - Integrated EMS Player With Diverse Capabilities: ICICI Direct
Poly Medicure - A Leader In Disposable Medical Devices: Systematix Initiates Coverage
Indian Hotels - At An Inflection Point To Tap The Next Cycle Of Growth: HDFC Securities
TCI Express - Asset-Light With Focus On High Margin B2B Space: Motilal Oswal
Mahindra Finance - Pivoting To Enhance Performance Stability: Motilal Oswal
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