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PRE-MARKET REPORT
The Indian equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday following weakness in global peers.
Gift Nifty was trading around the 22,365 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended Wednesday’s choppy session mixed, weighed down by an uptick in Treasury yields amid ongoing corporate results announcements.
The Dow Jones Industrial Average declined 42.77 points, or 0.11%, to 38,460.92. The S&P 500 rose 1.08 points, or 0.02%, to 5,071.63, while the Nasdaq Composite gained 16.11 points, or 0.10%, to close at 15,712.75.
Asian markets traded lower on Thursday tracking overnight movement on Wall Street ahead of key economic data releases.
Japan’s Nikkei 225 declined 1.2%, while the Topix fell 0.65%. South Korea’s Kospi dropped 1%, while the Kosdaq was marginally lower. Hong Kong’s Hang Seng index futures indicated a weak opening.
STOCKS TODAY
Hindustan Unilever: The FMCG major has recorded standalone net profit at Rs 2,406 crore for the quarter ended March FY24, falling 5.7 percent over the year-ago period, impacted by weak topline as well as operating numbers. Revenue from operations fell 0.2 percent on-year to Rs 14,857 crore for the quarter, with volume growth of 2 percent. EBITDA fell 1 percent year-on-year to Rs 3,435 crore, with the margin declining 20 basis points at 23.1 percent in Q4 FY24, hit by higher advertising and promotion expenses, though there was a lower raw material cost on a year-on-year basis. The board has recommended a final dividend of Rs 24 for FY24.
Kotak Mahindra Bank: The Reserve Bank of India barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing supervisory concerns over its technology platforms. The actions followed an RBI examination of the bank’s IT systems over the last two years and the bank’s continued failure to address concerns. The ban will not impact existing customers, and Kotak can continue to provide services to them, including its credit card customers.
Axis Bank: The private sector lender has reported a standalone net profit of Rs 7,130 crore for the March FY24 quarter, against a loss of Rs 5,728.4 crore in the corresponding period of the last fiscal, despite elevated provisions for bad loans. Net interest income grew by 11.5 percent year-on-year to Rs 13,089 crore for the quarter, with a net interest margin of 4.06 percent. Asset quality improved with the gross NPA declining 15 bps sequentially to 1.43 percent and the net NPA falling 5 bps QoQ to 0.31 percent in Q4 FY24.
LTIMindtree: The IT services company recorded a consolidated net profit of Rs 1,100.7 crore for the March FY24 quarter, declining 5.9 percent compared to the previous quarter, with weak topline and operating numbers. Revenue from operations during the quarter at Rs 8,893 crore fell by 1.4 percent on a sequential basis, while revenue in dollar terms as well as in constant currency terms fell 1.3 percent each QoQ. The company has seen a 30 bps sequential decline in EBITDA margin at 17.3 percent and a 70 bps fall in EBIT margin at 14.7 percent for the quarter.
AU Small Finance Bank: The bank recorded a net profit of Rs 370.7 crore for the March FY24 quarter, falling 12.7 percent compared to the same period in the previous fiscal year due to a one-time exceptional impact of Rs 77 crore toward Fincare merger-related expenses and higher provisions for bad loans. Net interest income grew by 10 percent year-on-year to Rs 1,337 crore for the quarter. Asset quality saw improvement, with the gross NPA declining 31 bps QoQ to 1.67 percent and the net NPA falling 13 bps to 0.55 percent for the quarter.
Dalmia Bharat: The company recorded a consolidated net profit of Rs 320 crore for the quarter ended March FY24, falling sharply by 47.4 percent compared to the same period in the previous fiscal year, partly impacted by weak operating numbers. Also, the base in Q4 FY23 was high due to the share of profit in associate and joint ventures. Revenue from operations grew by 10 percent YoY to Rs 4,307 crore for the quarter, with volume growth at 18.5 percent.
Rail Vikas Nigam: The state-owned entity has emerged as the lowest bidder for a project worth Rs 239 crore from Southern Railway. The company will provide an automatic block signaling system in Jolarpettai junction to erode the junction of Salem division in Southern Railway.
Macrotech Developers: The real estate developer has reported a consolidated net profit of Rs 665.5 crore for the quarter ended March FY24, declining 10.6 percent compared to the year-ago period despite higher topline and operating numbers, impacted by tax costs. Revenue from operations grew by 23.4 percent YoY to Rs 4,018.5 crore for the quarter.
Results on April 25: Bajaj Finance, IndusInd Bank, Nestle India, Tech Mahindra, Vedanta, ACC, L&T Technology Services, AAVAS Financiers, Coromandel International, Cyient, Glenmark Life Sciences, Himadri Speciality Chemical, Laurus Labs, Mphasis, Olectra Greentech, Schaeffler India, Tanla Platforms, Tata Teleservices (Maharashtra), UTI Asset Management Company, and Zensar Technologies will release quarterly earnings on April 25.