Asian markets were poised to climb on Monday after a chaotic week for financial markets ended Friday with a rebound in U.S. regional banks and a rally in risk assets.
Solid jobs data has tempered fears of a U.S. recession, improving sentiment that saw treasuries fall and Wall Street's favorite volatility gauge, the VIX, snap a four-day surge. Equity futures pointed to gains of slightly less than 1% in Hong Kong and Australia. Contracts for Japan were marginally lower as traders there return from national holidays.
The advance on Wall Street on Friday halted the S&P 500's longest losing streak since February, with the gauge climbing 1.9%. The KBW Bank Index of financial heavyweights rebounded from its lowest since September 2020. The Nasdaq 100 rose 2.1%, with strong earnings at Apple Inc. helping lift the megacap tech space as the world's most-valuable company climbed almost 5%.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.44%. Crude prices were trading above $75-mark, while Bitcoin declined below 29,000-level.
At 05:44 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India, was down 0.30% at 18,178.5.
Domestic benchmark indices—BSE Sensex and NSE Nifty 50—crashed after a stellar run to close at their lowest level in seven weeks, dragged lower by the HDFC twins.
The Indian currency markets were closed on Friday on the occasion of Buddha Purnima.
Foreign investors were net buyers for the seventh day in a row and bought equities worth Rs 777.68 crore. On the other hand, domestic institutional investors turned sellers after a day and sold stocks worth Rs 2,198.77 crore, the NSE data showed.
Earnings Fineprint
Britannia Industries Q4 FY23 (Consolidated figures, YoY)
Revenue up 13% at Rs 4,023.18 crore (Bloomberg estimate: Rs 4,066.54 crore)
Ebitda up 46% to Rs 800.89 crore (Bloomberg estimate: Rs 715.4 crore)
Ebitda margin at 19.9% Vs 15.5% (Bloomberg estimate: 17.6%)
Net profit up 47% at Rs 558.66 crore (Bloomberg estimate: Rs 501.95 crore)
Adani Power Q4 FY23 (Consolidated, YoY)
Revenues up 40% at Rs 38,773.30 crore vs Rs 27.,711.20 crore
EBITDA up 2.3% at Rs 10,044.7 crore vs Rs 9,814.16 crore
EBITDA margin at 25.9% vs 35.5%
Net profit up 118.4% at Rs 10,726.6 crore vs Rs 4,911.58 crore
Marico Q4 FY23 (Consolidated, YoY)
Revenue up 4% at Rs 2,240 crore (Bloomberg estimate: Rs 2,253.2 crore)
Ebitda up 14% to Rs 393 crore (Bloomberg estimate: Rs 398.3 crore)
Ebitda margin at 17.5% vs 16% (Bloomberg estimate: 17.7%)
Net profit up 20% at Rs 302 crore (Bloomberg estimate: Rs 285.5 crore)
Paytm Q4 FY23 (Consolidated, QoQ)
Revenues up 13.2% at Rs 2334.50 crore (Bloomberg estimate: Rs 2,325.73 crore)
EBITDA loss narrows to Rs 129.10 crore vs Ebitda loss of Rs 330.7 crore (Bloomberg estimate: Rs 209.10 crore)
Net loss narrows to Rs 168.4 crore vs Rs 392 crore (Bloomberg estimate: Rs 369.20 crore)
Alembic Pharma Q4 FY23 (Consolidated, YoY)
Revenue down 1% at Rs 1,406 crore (Bloomberg estimate: Rs 1,399 crore)
Ebitda up 33% to Rs 212 crore (Bloomberg estimate: Rs 225 crore)
Ebitda margin at 15.1% vs 11.3% (Bloomberg estimate: 16.1%)
Net profit up 6 times to Rs 153 crore (Bloomberg estimate: Rs 102 crore)
Equitas Small Finance Bank Q4 FY23
Net interest income up 27.97% at Rs 706.96 crore (YoY)
Net profit up 59.02% at Rs 190.04 crore (YoY) (Bloomberg estimate: Rs 157.59 crore)
GNPA ratio at 2.76% vs 3.63% (QoQ)
NNPA ratio at 1.21% vs 1.82% (QoQ)
The board recommended a dividend of Rs 1 per share.
DCB Bank Q4 FY23
Net interest income up 27.72% at Rs 485.95 crore (YoY)
Net profit up 25.36% at Rs 142.21 crore (YoY) (Bloomberg estimate: Rs 121 crore)
GNPA ratio at 3.19% vs 3.62% (QoQ)
NNPA ratio at 1.04% vs 1.37% (QoQ)
The board approved a dividend of Rs 1.25 per share.
Piramal Enterprises Q4 FY23 (Consolidated)
Net interest income declined 4% to Rs 1,128 crore (YoY)
Net loss widened to Rs 195.87 crore vs net profit of Rs 150.53 crore (YoY)
GNPA ratio at 3.8% vs 4% (QoQ)
NNPA ratio at 1.9% vs 1.7% (QoQ)
The board recommended a final dividend of Rs 31 per share.
Blue Dart Express Q4 FY23 (Consolidated, YoY)
Revenue up 4.34% at Rs 1,216.55 crore (Bloomberg estimate: Rs 1,273.03 crore)
Ebitda down 31.72% at Rs 199.23 crore (Bloomberg estimate: Rs 212.05 crore)
Ebitda margin at 16.38% vs 25.03% (Bloomberg estimate: 16.7%)
Net profit down 49.3% at Rs 69.44 crore (Bloomberg estimate: Rs 80.55 crore)
The board recommended a dividend of Rs 30 per share, subject to shareholders' approval.
Olectra Greentech Q4 FY23 (Consolidated, YoY)
Revenue up 38.56% at Rs 375.91 crore
Ebitda up 31.89% at Rs 132.11 crore
Ebitda margin at 35.14% vs 36.92%
Net profit up 52% at Rs 27.01 crore
Ajanta Pharma Q4 FY23 (Consolidated, YoY)
Revenue up 1.33% at Rs 881.84 crore (Bloomberg estimate: Rs 929.32 crore)
Ebitda down 27.73% at Rs 149.37 crore (Bloomberg estimate: Rs 210.14 crore)
Ebitda margin at 16.94% vs 23.75% (Bloomberg estimate: 22.6%)
Net profit down 19.15% at Rs 122.25 crore (Bloomberg estimate: Rs 49.74 crore)
Artemis Medicare Services Q4 FY23 (Consolidated, YoY)
Revenue up 30.68% at Rs 195.28 crore
Ebitda up 50.44% at Rs 25.65 crore
Ebitda margin at 13.13% vs 11.41%
Net profit down 20% at Rs 10.60 crore
The company announced a dividend of Rs 0.45 per share for fiscal 2023.
Tatva Chintan Pharma Chem Q4 FY23 (Consolidated, YoY)
Revenue up 26.37% at Rs 124.51 crore (Bloomberg estimate: Rs 129.10 crore)
Ebitda down 26.01% at Rs 16.27 crore (Bloomberg estimate: Rs 20.95 crore)
Ebitda margin at 13.07% vs 22.32% (Bloomberg estimate: 16.2%)
Net profit down 3.2% at Rs 16.95 crore (Bloomberg estimate: Rs 16.55 crore)
The board recommended a final dividend of Rs 2 for the fiscal 2023.
Tata Investment Corporation Q4 FY23 (Consolidated, YoY)
Revenue down 40.89% at Rs 30.67 crore
Ebitda down 51.17% at Rs 22.35 crore
Ebitda margin at 72.87% vs 88.21%
Net profit up 0.7% at Rs 20.28 crore
The board has recommended a dividend of Rs 48 per share.
Zen Technologies Q4FY23 (Consolidated, YoY)
Revenue from operations up 242% at Rs 96 crore vs Rs 28 crore
Ebitda up 630% at Rs 35.2 crore vs Rs 4.82 crore
Ebitda Margins at 37% vs 17%
PAT up 96% at Rs 23.37 crore vs Rs 11.93 crore
Q4 Results Today
UPL, Canara Bank, Indian Bank, Kalpataru Power Transmission, Apar Industries, Pidilite Industries, CG Power and Industrial Solutions, Kansai Nerolac Paints, Aarti Industries, Mahanagar Gas, Birlasoft, Carborundum Universal, Craftsman Automation, VIP Industries, Happiest Minds Technologies, Apollo Pipes, Andhra Paper, Avadh Sugar & Energy, Exide Industries, HFCL, IndInfravit Trust, IRB InvIT Fund, Sterling Tools, Ugar Sugar Works, Wardwizard Innovations & Mobility
Stocks To Watch: Adani Power, Britannia, Paytm, Marico, Canara Bank, Manappuram Finance, Lupin, UPL
Aditya Birla Fashion and Retail: The company has signed a definitive agreement to acquire 51% stake in TCNS Clothing for Rs 1,650 crore. The company will acquire between 22% to 30.81% stake from TCNS promoters and up to 29% stake through open offer at Rs 503 per share.
TCNS Clothing: The company entered into definitive agreements for combining with ABFRL, part of the Aditya Birla group. As a part of the deal, ABFRL will hold 51% stake in TCNS Clothing for Rs 1,650 crore. Under the merger public shareholders of TCNS (as on effective date) will receive 11 shares of ABFRL for every 6 shares that they hold in TCNS.
SJVN: The company's subsidiary SJVN Green Energy bagged a 100 MW connected wind power plant project from Gujarat Urja Vikas Nigam to be set up anywhere in India at approximately Rs 800 crore. The company also won a contract from Rajasthan Urja Vikas Nigam to set up a 100 MW solar power project at a cost of Rs 600 crore.
Lupin: The company will acquire entire share capital of French pharmaceutical company Medisol for €18 million (Rs 161.89 crore). This consideration includes upfront payment of €14.5 million (Rs 130.41 crore) and earn-outs up to €3.5 million (Rs 31.48 crore).
Manappuram Finance: The board noted that the action against VP Nanadakumar, promoter as well as MD and CEO of the company, has nothing to do with company and will not impact its financial positions and operations.
Bharat Forge: The board approved the appointment of Kedar Dixit as chief financial officer, with effect from July 1, 2023, after Kishore Saletore resigned from the position, effective June 30, 2023.\
DCB Bank: The board accepted the resignation of Satish Gundewar from the position of chief financial officer, and identified Ravi Kumar as officer in charge. The process of appointing the new CFO is to be completed in the next few weeks.
Bulk Deals
Som Distilleries & Breweries: Jagdish Kumar Arora bought 1.36 lakh shares (0.18%) at Rs 29.41 apiecet, Poonam Lamba bought 25,000 shares (0.03%) at 28.26 apiece, Mandori Traders sold 31,132 (0.03%), Rajesh Thakur sold 31,835 (0.03%), Bana Singh sold 44,873 shares (0.05%) at Rs 29.5 apiece.
Who's Meeting Whom
Aavas Financiers: To meet investors and analysts on May 24.
Kansai Nerolac Paints: To meet investors and analysts on May 9.
UltraTech Cement: To meet investors and analysts on May 9.
Chalet Hotels: To meet investors and analysts on May 9.
Trading Tweaks
Price Band Revised From 10% To 5%: Rail Vikas Nigam
Move Out of Short-Term ASM Framework: Saksoft
Pledge Share Details
Ramco Industries: Promoter Saradha Deepa revoked a pledge of 5.80 shares on May 3.
Insider Trading
Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 1.45 lakh shares on May 5.
F&O Cues
Nifty May futures ended at 18,130.10, a discount of 164.55 points.
Nifty May futures rose 4.43% and 8,602 shares in Open Interest.
Nifty Bank May futures ended at 42,720, a discount of 937.80 points.
Nifty Bank May futures fell 6.59% and 6,508 shares in Open Interest.
Securities added to the ban period: Manappuram Finance, Gujarat Narmada Valley Fertilizers & Chemicals
Securities removed from the ban period: Nil
Money Market Updates
India currency markets were closed on the account of local holiday Budhha Purnima.
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