Stocks To Watch: Avalon Technologies, Jubilant FoodWorks, Network18, ICICI Lombard, Poonawalla Fincorp, Zee

Asian markets were set for another cautious open on Tuesday ahead of key economic data from China and after stocks on Wall Street eked out small gains late in the session.

Futures pointed to a small advance for Japanese equities while Hong Kong and Australia looked set for slight declines. On Monday, the S&P 500 erased losses in afternoon trading and the tech-heavy Nasdaq 100 underperformed major equity benchmarks.

The S&P 500 fell 0.2% Friday, trimming its gain for the week to 0.8%, while The Nasdaq 100 managed to squeeze out a 0.1% gain over the five days, as policy-sensitive technology names like Microsoft Inc. and Apple Inc. dragged on the benchmark.

Focus in Asia will be on China and the strength of its economic recovery. Figures on Tuesday are projected to show gross domestic product expanded 4% in the first quarter from a year earlier, well below the government’s target for full-year growth of around 5%.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.59%. Crude prices traded above $84-mark, while Bitcoin was below 30,000-level.

At 6:30 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.05% at 17,755.

Benchmark indices—Sensex and Nifty—ended their nine-day long rally as weak quarterly results from IT major Infosys Ltd. weighed them down.

Indian rupee lost its shine against the U.S. dollar, tracking weakness in domestic equities and a stronger greenback overseas.

Foreign investors turned net sellers on Monday, after a ten-day buying spree and offloaded equities worth Rs 533.2 crore. On the other hand, domestic institutional investors turned net buyers, snapping a three-day selling streak and mopped up stocks worth Rs 269.6 crore, according to NSE data.

• Jubilant FoodWorks: Coca Cola India acquired 15% stake in the company’s associate Hashtag Loyalty, which raised Rs 104.68 crore at a pre-money valuation. The company’s stake in Hashtag has been reduced to 29.75% from 35%.

• Bank of Maharashtra: The bank hiked lending rates for tenors across the board by 10 basis points, with effect from April 15, 2023.

• Kolte-Patil Developers: The company allotted zero-coupon debentures worth Rs 206.5 crore with a tenure of 10 years to Japan’s Marubeni Corp. The funds will be used towards the company’s general corporate purposes.

• Subex: Vinod Kumar Padmanabhan has requested an early retirement from the office of managing director and chief executive officer. He will step down from the post at close of business hours on May 1, 2023. Nisha Dutta will occupy the position of chief executive officer for one year, effective May 2, 2023.

• IIFL Finance: The company will consider a proposal to raise funds via non-convertible debentures through private placement, as well as the financial results for three months and year ended March 2023.

Avalon Technologies: The shares of the electronics manufacturer will be listed on the stock exchanges on April 18. The issue price for the same has been pegged at Rs 436 per share. The company’s initial share sale, which continued from April 3 to 6, was subscribed 2.21 times, with institutional investors leading demand.

Network18 Media & Investments Q4 FY23 (Consolidated, YoY)

• Revenue down 8.5% at Rs 1,484 crore

• EBITDA down 78.5% at Rs 57.19 crore

• EBIDTA margin at 3.85% vs 16.4%

• Net loss of Rs 36.78 crore vs net profit of Rs 61.85 crore

TV18 Broadcast Q4 FY23 (Consolidated, YoY)

• Revenue down 6.03% to Rs 1,405.90 crore (Bloomberg estimate: Rs 1,380 crore)

• Ebitda down 69.62% to Rs 77.16 crore (Bloomberg estimate: 101.7 crore)

• Ebitda margin at 5.48% vs 16.97% (Bloomberg estimate: 7.4%)

• Profit down 75.49% to Rs 35.19 crore

Just Dial Q4 FY23 (Consolidated, QoQ)

• Revenue up 5% at Rs 232.5 crore

• Ebitda up 36% at Rs 33.2 crore

• Ebitda margin at 14.2% vs 11%

• Net profit up 11% at Rs 83.6 crore

• The net profit includes other income of Rs 74.1 crore during the period.

Angel One Q4 FY23 (Consolidated, YoY)

• Revenues up 21.29% at Rs 825.74 crore

• Ebitda up 29.89% at Rs 384.97 crore

• Ebitda margin at 46.62% vs 43.53%

• Net profit up 30.4% at Rs 266.91 crore

• The board approved final dividend of Rs 4 per share for the 2023 fiscal.

Hathway Cable and Datacom Q4 FY23 (Consolidated, YoY)

• Revenues up 2.41% at Rs 459.59 crore

• Ebitda down 31.86% at Rs 63.1 crore

• Ebitda margins at 13.73% vs 20.64%

• Net loss of Rs 14.62 crore vs net profit of Rs 28.35 crore.

• The board appointed Tavinderjit Singh Panesar as CEO of the company, effective April 18, 2023.

ICICI Lombard General Insurance Company, Accelya Solutions India, Schaeffler India, Tata Coffee, Crisil

• Zee Entertainment Enterprises: Segantii India Mauritius bought 90.2 lakh shares (0.94%), Morgan Stanley Asia Singapore bought 1.58 crore shares (1.65%), Goldman Sachs Singapore Pte ODI bought 64.2 lakh shares (0.67%), OFI Global China Fund sold 4.91 crore shares (5.11%) at Rs 2.04.5 apiece.

• Poonawalla Fincorp: ABSL Umbrella UCITS Fund bought 3.56 lakh shares (0.04%), Aditya Birla Sun Life Mutual Fund bought 72.94 lakh shares (0.94%), Plutus Wealth Management bought 17.24 lakh shares (0.22%), Sanjay Chamria sold 83 lakh shares (1.08%) and Mayank Poddar sold 17 lakh shares (0.22%) at Rs 290 apiece.https://www.bqprime.com/markets/aditya-birla-buys-094-stake-in-poonawalla-fincorp-for-rs-21154-crore

360 One Wam: FIH Mauritius Investments sold 49.96 lakh shares (1.4%) at Rs 420.03 apiece.

Schaeffler India: To meet investors and analysts on April 19.

Schaeffler India, Crisil

• Price Band Revised From 20% To 5%: Allcargo Logistics

• Price Band Revised From 20% To 10%: Fertilizers and Chemicals Travancore

• Price Band Revised From 40% To 20%: SEPC

• Ex-Date Spin Off: Allcargo Logistics

• Record Date Spin Off: Allcargo Logistics

• Ex-Date Interim Dividend: Dhampur Sugar Mills, Muthoot Finance

• Record Date Interim Dividend: Dhampur Sugar Mills, Muthoot Finance

• Ex-Date Special Dividend: Dhampur Sugar Mills

• Record Date Special Dividend: Dhampur Sugar Mills

• Move Into Short-Term ASM Framework: Prime Focus

• Move Out Short-Term ASM Framework: SML Isuzu.

• Nifty April futures ended at 17,751, a discount of 128.65 points.

• Nifty April futures fell 1.31% and 2,473 shares in Open Interest.

• Nifty Bank April futures ended at 42,303, a premium of 113.35 points.

• Nifty Bank April futures rose 1.60% and 1,435 shares in Open Interest.

• Securities added to the ban period: Delta Corp, Balrampur Chini Mills

• Securities removed from the ban period: Nil

• Greenlam Industries — Moving To Next Orbit: Prabhudas Lilladher

• Zomato - Wholesome Meal At A Deal: Motilal Oswal Initiates Coverage

• Bharti Airtel - Soft Landing Ahead: Motilal Oswal

• Ahluwalia Contracts - Order Book At All Time High; Better Execution To Drive Growth: Axis Securities

• Zomato Owned Blinkit Delivery Executives On Strike, What’s Happening? ICICI Securities' Analysis

• Can Bharti Airtel’s Free Cash Flow Surprise Positively? ICICI Securities' Analysis

• Indraprastha Medical Corporation - Business Back On Track: HDFC Securities

• ISG Cuts As-A-Services ACV Growth Outlook Modestly: ICICI Securities