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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading traded 0.3% lower at 18,269.50, signalling that Dalal Street was headed for negative start on Monday.
Asian shares were mixed with the Japanese market advancing, while the Chinese market declining. The Nikkei 225 index rose 0.4%, while the Topix rose 0.5%. The Hang Seng slipped 0.01% and the CSI 300 index fell 0.22%.
Indian rupee weakened by 7 paise to 82.16 against the US dollar on Friday.
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PVR Inox, Kalyan Jewellers India, Tube Investments of India, Pfizer, Procter & Gamble Health, Suryoday Small Finance Bank, Asahi India Glass, Century Plyboards (I), Astral, Cantabil Retail India, Coromandel International, Goodluck India, HIL, Patel Engineering, PCBL, SJS Enterprises, Skipper, Subex, Ugro Capital, Uttam Sugar Mills, and Vesuvius India will report their quarterly earnings.
Stocks in News Today
Tata Motors: The leading automobile manufacturer has recorded consolidated profit at Rs 5,407.8 crore for quarter ended March FY23 against loss of Rs 1,033 crore in same period last year, supported by healthy operating numbers across segments. Consolidated revenue from operations for the quarter at Rs 1.06 lakh crore grew by 35% over a year-ago period, with Jaguar Land Rover reporting a massive 49% YoY growth. Ebitda rose 58% YoY to Rs 13,114 crore in Q4FY23. The board recommended a final dividend of Rs 2 per share for the fiscal ended March 2023.
Avenue Supermarts (D-Mart): The retailer said its consolidated revenue was up 21% YoY at Rs 10,594.11 crore in Q4FY23 as against Rs 8786.45 crore in the year-ago period. Consolidated net profit was up 8% YoY at Rs 460.13 crore in Q4FY23.
Hero MotoCorp: The two-wheeler maker has announced partnership with Motosport SA in Costa Rica to boost its presence in Central America. As an exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in the country, Motosport SA will play a key role in the rapid expansion of Hero’s network in Costa Rica.
DLF: The real estate major has reported a massive 40.6% year-on-year growth in consolidated profit at Rs 570 crore for quarter ended March FY23 driven by strong operating margin performance as there was fall in raw material cost and other expenses. However, revenue for the quarter dropped 6% to Rs 1,456 crore compared to same period last year.
Colgate Palmolive India: The toothpaste maker said its consolidated revenue rose 3.79% YoY at Rs 1,350.63 crore in Q4FY23. Ebitda climbed 5.23% YoY at Rs 451.9 crore in Q4FY23. Consolidated net profit fell 2.27% YoY at Rs 316.22 crore in Q4FY23. The board declared the second interim dividend of Rs 21 per share for fiscal 2023. The record date for the dividend has been fixed as May 20, and it will be paid on and from June
Hindustan Petroleum (HPCL): The PSU’s consolidated revenue rose 10.67% YoY to Rs 1.08 lakh crore in Q4FY23. Ebitda surged 82.83% YoY at Rs 5,129.74 crore in Q4FY23. Consolidated net profit jumped 78.77% YoY at Rs 3,608.32 crore in Q4FY23. Separately, it said the company will incorporate a wholly owned subsidiary to consolidate all green and emerging business opportunities under one umbrella. The company is also exploring options to unlock value in lubricant business, including carving out.
Adani Transmission: The board approves Rs 8,500 crore qualified institutional placement. The fundraise is subject to the receipt of the necessary approvals including the approval of the members of the company and other regulatory, statutory approvals, as may be required. The board will also seek shareholder approval for the fundraise.
Adani Enterprises: The flagship company of Adani Group will be in focus as the board of directors has approved raising of funds up to Rs 12,500 crore via qualified institutional placement (QIP). The board will also seek approval of the shareholders for the said issuance.
Adani Green Energy: The board meeting to consider a proposal for raising funds, scheduled on May 13 has been postponed to May 24.
Rail Vikas Nigam: A Rail Vikas Nigam-SCC Infrastructure joint venture received the letter of award for a project worth Rs 2,248.94 crore to plan, design and construction of main canal and structures to provide Irrigation facility to 41,903 hectares for Upper High-Level Canal of Mahi Bajaj Sagar Project in Banswara, Rajasthan. RVNL has 51% share in the joint venture.
Vedanta: The company approved capital expenditure of $296 million in Cairn Oil and Gas operations. It appointed Sonal Shrivastava as the chief financial officer, effective June 1, 2023. It also reappointed Navin Agarwal as whole-time director from Aug. 01, 2023 to July 31, 2028, and Priya Agarwal as non-executive director from May 17, 2023 to May 16, 2028.
Mahindra CIE Automotive: The company invested Rs 4.16 crore into associate Clean Max Deneb Power LLP to source green energy on captive basis. The company has invested 8.36 crore in Clean Max Deneb, representing 26% of the latter’s total capital.
Birla Corporation: Subsidiary RCCPL has acquired the mining rights comprising of 889.760 hectares at Katni, Madhya Pradesh pursuant to a Tripartite Agreement executed with Government of Madhya Pradesh and Sanghi Infrastructure MP Limited. RCCPL has acquired 100% equity shares of Sanghi Infrastructure MP Limited. Accordingly, Sanghi has become a wholly owned subsidiary of RCCPL and a step down wholly owned subsidiary of Birla Corporation.
Indian Overseas Bank (IOB): The lender said its standalone net interest income was up 41.41% YoY at Rs 2,276.11 crore in Q4FY23. Standalone net profit was up 17.69% YoY at Rs 650.07 crore in Q4FY23. Net NPA ratio at end of March 2023 quarter stood at 1.83% as against 2.43% in the year-ago period. IOB’s board approved raising Rs 2,000 crore during financial year 2023-24—Rs 1,000 crore e through issue of equity shares, and another Rs 1,000 crore through Basel III compliant Tier II bonds.
Indraprastha Gas: The company’s consolidated revenue was up 53.28% at Rs 4,061.63 crore in Q4FY23. Ebitda fell 6.83% YoY to Rs 466.28 crore in Q4FY23. Consolidated net profit fell 7.76% YoY to Rs 397.51 crore in Q4FY23.
Great Eastern Shipping: The company said that its consolidated revenue jumped 58.92% YoY to Rs 1,455.98 crore in Q4FY23. Ebitda was up 119.39% to Rs 847.04 crore in Q4FY23 over Q4FY22. Consolidated net profit was up 282.04% YoY to Rs 721.94 crore in Q4FY23. The board declared a fourth interim dividend of Rs 9 per share, with a total outgo of Rs 128.49 crore for the year ended March 2023.
APL Apollo Tubes: The company’s consolidated revenue was up 5.13% at Rs 4,431.09 crore in Q4FY23. Ebitda climbed 21.34% YoY at Rs 322.90 crore in Q4FY23. Consolidated net profit rose 14.27% to Rs 201.82 crore in Q4FY23. The board recommended a final dividend of Rs 5 per share for the financial year 2022-23.
Canara Bank: The Reserve Bank of India imposed a penalty of Rs 2.92 crore penalty on Canara Bank on regulatory violations.
Sun Pharmaceuticals: The company received tentative approval from U.S. FDA for its linagliptin tablets
Indian Railways Finance Corporation: The company will consider and approve market borrowing programme for the financial year 2022-23 on May 24.
Punjab National Bank: The lender will consider on May 19 raising equity capital through issue of equity shares to eligible employees under employee stock purchase scheme.
Dish TV India: The company’s consolidated revenue was down 21.45% YoY at Rs 504.82 crore in Q4FY23. Ebitda fell 95.73% YoY at Rs 15.04 crore in Q4FY23. Consolidated net loss narrowed to Rs 1,720.62 crore in Q4FY23 from Rs 2,031.99 crore loss in the year-ago period.
Kennametal India: The company’s revenue rose 4.07% YoY to Rs 255.7 crore in Q4FY23. Ebitda was down 28.4% YoY at Rs 30.5 crore in the quarter under review. Net profit fell 42.01% YoY to Rs 15.6 crore in Q4FY23. The board declared an interim dividend of Rs 20 per share for the fiscal 2023, with record date fixed as May 25.