Approves raising of long-term funds through issue of as much as Rs 7,000 crore of non-convertible debentures with warrants which are convertible into or can be exchanged with shares
Approves issue of shares or convertible securities of as much as Rs 7,000 crore
Board also approves rights share issue of as much as Rs 5,000 crore
Net debt to Ebitda at 2.6x vs. 4.5x YoY; debt has come down by Rs 860 crore
Shares of Torrent Power rose as much as 7.5% to a record high after the Gujarat-based electricity generator and distributor reported quarterly profit ahead of analysts estimates, partly helped by lower interest costs.
On May 20, the company reported net income of Rs 397 crore for the three-months ended March, ahead of the consensus analysts estimate for Rs 351 crore.
Torrent Power’s Q4 Ebitda of Rs 910 crore was 11% higher on a YoY basis, helped by a 26% decline in interest costs, Motilal Oswal Financial Services Ltd. said in a note
“While lower interest costs would have contributed to the beat, we await clarity on any one-offs,” the note added
The brokerage has a buy rating on Torrent Power with a price target of Rs 431
Shares of JK Lakshmi Cement Ltd. climbed as much as 9.5% to the highest level since June 2017 after reporting Jan-March net profit of Rs 159 crore vs Rs 98.63 lakh YoY.
Company’s “healthy” performance was led by better-than-expected volumes and higher sales realization, ICICI Securities Ltd. said in a note
Also cites lower interest costs (down 29.5% y/y) and better margins
Cement maker achieved 99% capacity utilization led by improved sales volume from both retail and infrastructure segments, report said
Company’s waste-heat recovery unit project is as per schedule; capacity expansion at subsidiary Udaipur Cement Works likely to be commissioned in Dec. 2023
The broking firm maintained its ‘Buy’ rating on the stock with an unchanged Rs 370 price target. “We continue to prefer HPCL over BPCL on favourable valuation.”
State Bank of India, the country’s biggest lender, added 1.6% ahead of its quarterly earnings report during market hours today. So far, 21 of the 34 Nifty 50 companies that have so far posted results have missed analysts’ estimates, while 12 have beaten or met, according to data compiled by Bloomberg.
India’s sovereign bond traders are waiting to gauge demand at a Rs 32,000-crore bond ($4.4 billion) sale after an offering of benchmark 10-year debt was cancelled last week. The rupee may rise after the dollar dropped overnight.
USD/INR fell 0.1% to 73.1013 on Thursday
Implied opening from forwards suggests spot may start trading around 73.04
10-year yields down 1bp to 5.97% on Thursday; RBI bought Rs 35,000 crore of bonds at its purchase auction Thursday
RBI to hold Rs 2 lakh crore 14-day reverse repo auction Friday
