Asian equity futures point to a mixed opening as trading resumes in most of the region's markets following a holiday on Monday. Investors are weighing JPMorgan Chase & Co.'s purchase of First Republic Bank along with expectations the Federal Reserve will hike interest rates once again this week.
Japanese stocks are poised to rise while Hong Kong and Australian shares may open little changed. U.S. shares steady on Monday after notching two straight months of gains as traders waded through a batch of corporate results.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.57%. Crude prices traded below $80-mark, while Bitcoin was trading above 28,000-level.
At 5:35 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India, was down 0.15% at 18,246.
After a week of last-hour rallies, BSE Sensex closed above 61,000 and NSE Nifty 50 closed above 18,000 on Friday, with IT, public sector banks and media stocks leading the advance.
Indian rupee erased early gains to close lower against the U.S. dollar for the second day in a row.
Foreign investors were net buyers for the third straight day and bought equities worth Rs 3,304.32 crore. On the other hand, domestic institutional investors were buyers for the second straight day and bought stocks worth Rs 264.27 crore, the NSE data showed.
Earnings
Adani Green Energy Q4 FY23 (Consolidated, YoY)
Revenue up 78% at Rs 2,598 crore vs Rs 1,461 crore.
Ebitda up 132.9% at Rs 2,264 crore vs Rs 972 crore.
Ebitda margin at 87.1 vs 66.5%.
Net profit up 319% at Rs 507 crore vs Rs 121. crore
Kotak Mahindra Bank Q4 FY23
Net Profit: Rs 3,495 crore vs Rs 2,767 crore (YoY).
NII: Rs 6,103 crore vs Rs 4,521 crore (YoY).
GNPA: 1.78% vs 1.90% (QoQ).
NNPA: 0.37% vs 0.43% (QoQ).
RBL Bank Q4 FY23
Net Profit: Rs 271 crore vs Rs 198 crore (YoY).
NII: Rs 1,211 crore vs Rs 1,131 crore (YoY).
GNPA: 3.37% vs 3.61% (QoQ).
NNPA: 1.10% vs 1.18% (QoQ).
Ultratech Cement Q4 FY23 (Consolidated, YoY)
Revenue up 18.36% at Rs 18,662.38 crore (Bloomberg estimate: Rs 18,498.85 crore)
Ebitda up 8.13% at Rs 3,322.49 crore (Bloomberg estimate: Rs 3,368.67 crore)
Ebitda margin at 17.8% vs 19.49% (Bloomberg estimate: 18.2%)
Net profit down 32.29% at Rs 1,665.95 crore (Bloomberg estimate: Rs 1792.19 crore)
The board approved a final dividend of Rs 38 per share for the fiscal 2023.
SBI Cards Q4FY23
Net profit rises 17.09% to Rs 596 crore (YoY)
GNPA: 2.35% vs 2.22% (QoQ)
NNPA: 0.87% vs 0.80% (QoQ)
Star Health and Allied Insurance Q4 FY23 (YoY)
Revenue up 11% at Rs 3,053 crore
Operating profit at Rs 75 crore vs operating loss of Rs 98 crore
Operating margin at 2.46%
Net profit of Rs 102 crore vs net loss of Rs 82 crore
Mahindra & Mahindra Financial Services (Consolidated)
Net profit up 13.87% at Rs 684.12 crore (Bloomberg estimate: Rs 607.75 crore)
GNPA ratio at 4.49% vs 5.93%
NNPA ratio at 1.87% vs 2.52%
The company recommended a dividend of Rs 6 for the financial year ended March 31, 2023. The board has approved increase in aggregate borrowing limits from Rs 90,000 crore to Rs 1.10 lakh crore.
Sangam India Q4 FY23 (Consolidated, YoY)
Revenues down 7.24% at Rs 684.7 crore
Ebitda down 34.14% at Rs 70.89 crore
Ebitda margin at 10.35% vs 14.58%
Net profit down 43.62% at Rs 30.13 crore
The company recommended a dividend of Rs 2 per share for the fiscal, subject to shareholders' approval at the upcoming AGM.
RPG Life Sciences Q4 FY23 (YoY)
Revenues up 14.15% at Rs 118.49 crore
Ebitda up 17.76% at Rs 15.91 crore
Ebitda margin at 13.43% vs 13.02%
Net profit up 37.63% at Rs 10.35 crore
The board approved a dividend of Rs 12 per share for the fiscal ended March 2023.
Vedant Fashions Q4 FY23 (Consolidated, YoY)
Revenues up 15.32% at Rs 341.63 crore
Ebitda up 16.59% at Rs 167.90 crore
Ebitda margin at 49.15% vs 48.61%
Net profit up 22.74% at Rs 108.87 crore
The board recommended a dividend of Rs 9 per share fiscal ended March 2023.
Results
Tata Steel, Adani Total Gas, Ambuja Cements, Varun Beverages, KEI Industries, Spandana Sphoorty Financial, Newgen Software Technologies, Astec Lifesciences, Home First Finance Company India, UCO Bank, Punjab & Sind Bank, Cigniti Technologies, DCM Shriram, Fino Payments Bank, Sasken Technologies.
Stocks To Watch
Jet Airways: Sanjiv Kapoor, the CEO-designate of the grounded airline resigned, confirmed owner Jalan-Kalrock Consortium said in a statement.
Ultratech Cements: The board approved merger three subsidiaries—Ultratech Nathdwara Cement, Swiss Merchandise Infrastructure, and Merit Plaza—with the company. The appointed date of the scheme of amalgamation is April 1, 2023.
Life Insurance Corporation of India: The finance ministry has approved the appointment of managing director Siddhartha Mohanty as chairperson till June 29, 2024, and thereafter as chief executive officer and managing director till June 07, 2025.
Biocon: Biocon Biologics' monoclonal antibodies drug substance manufacturing facility in Bengaluru has received a Certificate of GMP Compliance for biosimilar Bevacizumab from Health Products Regulatory Authority, Ireland.
Gujarat Alkalies and Chemicals: GACL-NALCO Alkalies & Chemicals, a joint venture between the company and National Aluminium Company, has commissioned the second unit of 130MW captive power plant at Dahej.
Coromandel International: Dare Ventures, a wholly owned subsidiary of the company acquired 7.4% in Dhaksha Unmanned System for Rs 15.99 crore, increasing its overall stake to 16.82%.
Dalmia Bharat: The company's subsidiary Dalmia Cement (Bharat) will sell its entire investment of 1.87 crore shares, representing 42.36% of the share capital, of associate company Dalmia Bharat Refractories for Rs 800 crore to promoter group company Sarvapriya Healthcare Solutions.
Axis Bank: The board of the bank has approved the proposal to reclassify Specified Undertaking of the Unit Trust of India from promoter to public category. The board also approved the appointment of Subrat Mohanty as executive director.
Avanti Feeds: The company has dissolved its Delaware-based step-down subsidiary Avanti Frozen Foods due to the impact of Covid-19 and recession in the U.S.
Trident: The company's paper division will be shut from April 28 till the end of May due to preventive maintenance, de-bottlenecking and upgradation of the production facilities.
Who's Meeting Whom
Tata Consultancy Services: To meet investors and analysts on May 23
Bajaj Finance: To meet investors and analysts on May 2 and May 3.
ABB India: To meet investors and analysts on May 5.
Trading Tweaks
Ex-Date Dividend: Elantas Beck India
Move In Short-Term ASM Framework: Raymond
F&O Cues
Nifty May futures ended at 18,112.15, a premium of 120.40 points.
Nifty May futures rose 6.66% and 10,930 shares in Open Interest.
Nifty Bank May futures ended at 43,230, a premium of 217.85 points.
Nifty Bank May futures rose 3.82% and 3,369 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Nil
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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