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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.29% higher at 18,284, signalling that Dalal Street was headed for positive start on Thursday.
Asian equities were trading higher, tracking Wall Street overnight, on renewed hoped over US debt-ceiling negotiation. The Nikkei 225 index rose 1.37%, the Topix gained 0.93%. The CSI 300 index was up 0.28% and the Hang Seng jumped 1.37%.
Indian rupee fell 18 paise to 82.38 against the US dollar on Wednesday.
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State Bank of India, ITC, InterGlobe Aviation (IndiGo Airlines), PI Industries, Tata Elxsi, Thomas Cook (India), Transport Corporation of India, Container Corporation of India, Zydus Lifesciences, UNO Minda, United Spirits, Ramco Cements, Arvind, Gland Pharma, Gulf Oil Lubricants India, Bata India, RITES, Sumitomo Chemical India, PNB Housing Finance, Syrma SGS Technology, Krishna Institute of Medical Sciences, Clean Science and Technology, Shalby, LT Foods, GAIL (India), Gujarat Narmada Valley Fertilizers & Chemicals, GR Infraprojects, Hindustan Construction Co, Hindustan Foods, IG Petrochemicals, Jet Airways (India), Likhitha Infrastructure, PTC India Financial Services, PSP Projects, Sharda Motor Industries, Tasty Bite Eatables, Transpek Industry, Trident, Ujjivan Financial Services, Universal Cables, Vindhya Telelinks will report their quarterly earnings today.
Stocks in News Today
HDFC Bank: The Reserve Bank of India (RBI) has granted approval to SBI Funds Management for acquiring up to 9.99% stake in HDFC Bank. The RBI has advised SBI Funds Management to acquire the major shareholding in the bank within a period of six months i.e. by November 15, 2023.
JSW Steel: The steel producer has been declared as a preferred bidder for the composite licence of an unexplored iron ore mine — Surjagad 4 iron ore block in Gadchiroli district in Maharashtra. The auctions were held by the Maharashtra government on May 12. The highest final offer price by the company to become a “preferred bidder” is 131.05% of the average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Maharashtra from time to time.
NHPC: The company received letter of intent from Gujarat Urja Vikas Nigam for 200 MW capacity Solar Power Project within 600 MW Gujarat State Electricity Corporation’s solar park at Khavda. The estimated financial implication for project will be Rs 1,007.60 crore.
Jindal Stainless: The company’s consolidated revenue rose 0.4% to Rs 9,765.08 crore in Q4FY23. Ebitda fell 19% YoY to Rs 1,143.93 crore in Q4FY23. Consolidated net profit was down 19.96% YoY at Rs 716.29 crore in Q4FY23. The board has recommended a final dividend of Rs 1.50 per share for fiscal 2023, with a total outgo of Rs 123.52 crore. It also approved raising Rs 5,000 crore via debt.
Vedant Fashions: Promoter Ravi Modi Family Trust plans to sell up to 1.69 crore equity shares of Vedant Fashions or 7% stake, with an option to additionally sell 69.87 lakh shares or a 2.88% stake. The offer-for-sale issue will open on May 18 for non-retail investors, and May 19 for retail investors. The floor price for the offer will be Rs 1,161 per share.
ICICI Prudential Life Insurance Company: The life insurer appointed Dhiren Salian as chief financial officer with effect from May 18 due to early retirement of Satyan Jambunathan from the post.
KPI Green Energy: The company has completed charging of 9.4 MW wind-solar hybrid project for Greenlab Diamonds. It has also received approval of Chief Electrical Inspector for commissioning the project.
Bharat Heavy Electricals (BHEL): The company has given Jai Prakash Srivastava additional charge of the post of director (finance) for one year, effective April 18, 2023 to April 17, 2024. It also appointed Krishna Kumar Thakur as director (human resources) for a period of five years from the date of assumption of charge.
Lemon Tree Hotels: The hotel chain operator has signed a Licence Agreement for an 82-room property in Lucknow, Uttar Pradesh under the company’s brand ‘Lemon Tree Premier’. The property is expected to be operational by August 2026. Subsidiary Carnation Hotels will be operating this property.
Indiabulls Real Estate: The real estate firm said the board has approved the appointment of Manish Kumar Sinha as the Chief Financial Officer with effect from May 17. Saurabh Garg has resigned as CFO of the company due to personal reasons.
REC: The power projects finance company has recorded a 33.2% year-on-year growth in consolidated profit at Rs 3,065.4 crore for the quarter ended March FY23, supported by reversal of impairment on financial instruments. Revenue from operations grew by 6.3% to Rs 10,243 crore compared to the year-ago period.
Thermax: The company’s consolidated revenue rose 16.01% YoY to Rs 2,310.82 crore in Q4FY23. Ebitda rose 47.83% YoY to Rs 199.90 crore in Q4FY23. Consolidated net profit was up 52.34% YoY at Rs 156.21 crore in Q4FY23. The board has recommended a dividend of Rs 10 per share for the fiscal 2023, with the record date fixed as July 21.
GlaxoSmithKline Pharmaceuticals: The company’s consolidated revenue was down 3% YoY at Rs 787 crore in Q4FY23. Ebitda was down 3% YoY to Rs 170 crore in Q4FY23. Consolidated net profit fell 89% YoY to Rs 133 crore in Q4FY23. The board has recommended a dividend of Rs 32 per share for the fiscal 2023.
Teamlease Services: The company’s consolidated revenue was up 11.55% YoY at Rs 2,027.27 crore in Q4FY23. Ebitda was down 17.94% YoY at Rs 33.67 crore in Q4FY23. Consolidated net profit was down 22.42% YoY at Rs 23.94 crore in Q4FY23.
Sandur Manganese & Iron Ore: The company’s consolidated revenue was up 56.66% QoQ at Rs 607.71 crore in Q4FY23. Ebitda was up 253.43% QoQ at Rs 235.28 crore in Q4FY23. Consolidated net profit was up 319.92% QoQ at Rs 173.89 crore in Q4FY23. The board recommended a final dividend of Rs 5 per share for the fiscal 2023.
MM Forgings: The company’s consolidated revenue was up 19.97% YoY at Rs 388.3 crore in Q4FY23. Ebitda rose 24.92% YoY at Rs 69.53 crore in Q4FY23. COnsolidated net profit was up 310.59% YoY at Rs 30.63 crore in Q4FY23. The board declared an interim dividend of Rs 6 per share, with the record date fixed as May 29. The dividend will be paid on or before June 15.
Honeywell Automation India: The company’s consolidated revenue was up 27.2% YoY at Rs 849.68 crore in Q4FY23. Ebitda was up 58.99% YoY at Rs 138.8 crore in Q4FY23. Consolidated net profit was up 54.16% YoY at Rs 112.03 crore in Q4FY23. The company announced a dividend of Rs 95 per share for the fiscal ended March 31.
Whirlpool of India: The company’s consolidated revenue was down 2.82% YoY at Rs 1565.23 crore in Q4FY23. Ebitda was down 33.89% YoY at Rs 89.81 crore in Q4FY23. Consolidated net profit was down 30.09% YoY at Rs 55.6 crore in Q4FY23. The board has approved a final dividend of Rs 5 per share for the financial year 2022-23.
Restaurant Brands Asia: The company’s consolidated revenue rose 28.55% YoY to Rs 513.95 crore in Q4FY23. Ebitda was up 35.41% YoY at Rs 27.38 crore in Q4FY23. Consolidated net loss narrowed to Rs 79.96 crore in Q4FY23 as against a net loss of Rs 81.54 crore in the year-ago period.
Vedanta: The company’s board will meet on May 22 to consider the first interim dividend for the fiscal 2023-24. The record date for the dividend, if approved, will be May 30.
Surya Roshni: The company has received an order from Indraprastha Gas for supply 3LPE coated carbon steel pipes. It has also received orders from Indian Oil Corporation and Maharashtra Natural Gas in May for supply of API pipes and GI pipes. The total value of these orders is Rs 62.23 crore.
Godrej Agrovet: The company has collaborated with State Bank of India to launch a finance offering for oil palm farmers.