Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.34% lower at 18,288.50, signalling that Dalal Street was headed for negative start on Friday.
Japanese shares were trading higher with the Nikkei 225 index rising 0.83% and the Topix gaining 0.56%. Meanwhile, Chinese markets were down with the CSI 300 index falling 0.655 and the Hang Seng trading 0.24% lower.
Indian rupee weakened by 11 paise to 82.09 against the US dollar on Thursday.
FII/DII Trading Data
Tata Motors, Hindustan Petroleum Corporation (HOCL), Hindustan Aeronautics (HAL), Cipla, Polycab India, Indraprastha Gas, Sharda Cropchem, Colgate-Palmolive (India), Manappuram Finance, Kirloskar Ferrous Industries, Laxmi Organic Industries, Greaves Cotton, Sapphire Foods India, Solara Active Pharma Sciences, VST Tillers Tractors, Butterfly Gandhimathi Appliances, Ethos, Aarti Pharmalabs, Alembic, Cholamandalam Financial Holdings, Great Eastern Shipping Co, Honda India Power Products, Indian Overseas Bank, Infobeans Technologies, Kennametal India, Max Financial Services, Pix Transmissions, Rane Holdings, and Shree Renuka Sugars will report their quarterly earnings.
Stocks in News Today
Oil & Natural Gas Corporation (ONGC): The state-owned company has discovered crude oil and natural gas in two blocks in Mumbai offshore, reported PTI. The discoveries, which have been named ‘Amrit’ and ‘Moonga’, were made in the blocks that the company won in recent open acreage licensing rounds. The company said the detailed assessment of the discoveries is in progress.
Siemens: The company recorded 38.8% year-on-year growth in consolidated profit at Rs 471.8 crore for quarter ended March FY23, driven by healthy growth in revenue. Consolidated revenue from operations grew 27.8% to Rs 4,858 crore compared to year-ago period. Ebitda was up 32.34% YoY at Rs 621.2 crore in the reported quarter. The company booked new orders of Rs 31,151 crore in Q2FY23, including order of Rs 25,455 crore for the 9000 HP locomotive project. The board reappointed Sunil Mathur as managing director and chief executive officer for five years, effective Jan. 1, 2023. It also reappointed Daniel Spindler as chief financial officer for one year, effective Aug. 1, 2023.
Mahindra & Mahindra (M&M): The automaker registered a 18.54% jump year-on-year in production volumes during April at 58,644 units, while sales increased 40.86% to 60,481 units compared to the corresponding months of last year. Exports slumped 32.93% YoY to 1,813 units.
Eicher Motors: The company reported a 48.5% year-on-year growth in consolidated profit at Rs 905.6 crore for quarter ended March FY23, driven by higher sales. Consolidated revenue from operations in Q4 grew by 19.1% to Rs 3,804.3 crore compared to year-ago period. Ebitda rose 23% YoY to Rs 933.7 crore in Q4FY23. The board has recommended a final dividend of Rs 37 per share, and approved a cash outlay towards capex of more than Rs 1,000 crore for FY24.
Jay Bharat Maruti: The joint venture company owned by JBM Group and Maruti Suzuki India, will be setting up two new manufacturing plants in Haryana and Gujarat to cater to the requirements of its key customer Maruti Suzuki in both the regions. These plants will be commissioned at Kharkhoda, Sonipat in Haryana and SMG Suppliers’ Park in Gujarat. The company will invest Rs 300-350 crore in a phased manner.
Deepak Nitrite: The company’s consolidated revenues was up 4.75% YoY at Rs 1,961.36 crore in Q4FY23. Ebitda fell 15.2% YoY at Rs 347.96 crore in Q4FY23. Consolidated net profit fell 12.48% YoY to Rs 233.86 crore in Q4FY23. The board recommended a dividend of Rs 7.50 per share for the fiscal 2023.
DCW: The chemical manufacturing company said its board has re-appointed Pramodkumar Shriyansprasad Jain as Chairman and Managing Director for three years, with effect from November 1, 2023. The board also re-appointed Krishnamoorthy Krishnan as an Independent Director for five years with effect from May 22.
GMR Airports Infrastructure: Passenger traffic at five airports managed by the company increased 33% year-on-year to 97.67 lakh during April. Meanwhile, aircraft movement at these airports saw 22% rise to 64,600 during last month.
Reliance Industries/Bharti Airtel/Vodafone Idea: As per TRAI data, Reliance Jio added 10.05 lakh subscribers, while Bharti Airtel gained 9.83 lakh users in February. Meanwhile, Vodafone Idea lost 10.26 lakh subscribers during the said month. Meanwhile, Airtel’s board will meet on May 16 to consider and approve dividend for the financial year 2022-23, along with the financial results for the quarter and year ended March 31.
HDFC Bank: The Mumbai bench of NCLT admitted insolvency plea by HDFC Bank against Eurolife Healthcare over a default of Rs 45.11 crore.
IPCA Laboratories: The Mumbai bench of NCLT approved the merger of Ramdev and Tonira Exports with the company.
KPI Green Energy: KPIG Energia, a wholly owned subsidiary of the company, won a commercial order for a 35 MW power plant from Creative Technologies. It also commissioned a 7.2 MW wind-solar hybrid power project for Nouveau Jewellery, Surat.
ITI: The company has allotted 1.13 crore shares at Rs 94.61 apiece to the central government in lieu of capital grant worth Rs 107 crore.
Mangalore Chemicals & Fertilizers: The company’s revenue was up 61.87% YoY at Rs 1,163.62 crore in Q4FY23. Ebitda surged 427.85% YoY to Rs 127.95 crore in Q4FY23. Net profit soared 1844.99% to Rs 67.88 crore in Q4FY23. The company recommended a dividend of Rs 1.50 per share for the fiscal ended March 31.
Zensar Technologies: The company’s consolidated revenue fell 0.89% QoQ at Rs 1,212.60 crore in Q4FY23. Operating profit was up 26.64% QoQ at Rs 140.7 crore in Q4FY23. Consolidated net profit rose 55.82% QoQ at Rs 119.2 crore in Q4FY23. The company announced a final dividend of Rs 3.50 per share for the fiscal 2023.
Gujarat State Petronet: The company’s consolidated revenue was down 14.43% YoY at Rs 4,270.16 crore in Q4FY23. Consolidated net profit fell 15.12% YoY at Rs 542.81 crore. Ebitda fell 14.63% YoY to Rs 862.78 crore in the quarter under review. The board has approved a dividend of Rs 5 per share for the fiscal 2023.
South Indian Bank: The lender said its standalone net interest income was up 43.4% YoY at Rs 857.18 crore in Q4FY23. Its net profit rose 22.74% YoY to Rs 333.89 crore in Q4FY23. Net NPA ratio stood at 1.86% in Q4FY23 as against 2.26% in the preceding quater.