Back
PremiumInvestors remained cautious ahead of some of the major Q4 earnings such as HCL Tech, ICICI Bank, RIL, Yes Bank, and Tata Communications among others. Global inflation remains a concern as traders widely expect the Fed to raise rates again at its next meeting in May which might push the already sluggish economy into recession.
Indian shares slipped for 3rd day in a row on Wednesday dragged by information technology (IT) stocks as sentiment remained weak after a lacklustre start to the quarterly earnings season.
The Nifty 50 fell 40 points to close at 17,618, while the S&P BSE Sensex lost 160 points to end at 59,567. Eleven of the 15 Nifty sectoral indices ended in the red in today's session.
Metal remained the only sector to have made any reasonable gains in today's session. IT, Media and PSU bank dragged the most as all these sectors fell around a per cent each.
Infosys, HCL Tech and IndusInd Bank were among the biggest laggards with each dropping more than 2%, while SBI Life and NTPC shed just below 2% each. Divi's Lab and BPCL topped the Nifty stocks chart as they gained around 2%.
Asian stocks sagged in cautious trade on Wednesday as expectations for an imminent peak in the Federal Reserve's interest rate cycle edged ahead of U.S. banking sector concerns.
Japan's Nikkei share average ended lower on Wednesday, snapping an eight-day rally, dragged down by heavyweight technology stocks as investors took a breather. The Nikkei index edged down 0.18%, after closing at its highest close since Aug. 22 on Tuesday.
Hong Kong and Mainland China stocks closed with a loss on Wednesday following an anaemic lead from Wall Street, with traders weighing the outlook for the Federal Reserve's interest rate hiking drive.
The Hang Seng Index shed 1.37%. The Shanghai Composite Index gave up 0.68%, while the Shenzhen Composite Index on China's second exchange fell 0.57%.
European shares fell on Wednesday, as investors scrutinised UK inflation data and corporate earnings while awaiting euro zone March inflation data for more clues on European Central Bank’s monetary tightening path.
Britain's FTSE 100 slipped on Wednesday, snapping an eight-day rally as consumer prices fell less than expected, boosting bets for one more rate hike from the Bank of England (BoE) at its May monetary policy meeting.
The Singapore bourse informed its trading members in a circular that NSE IFSC-SGX Connect at International Financial Service Center in GIFT City will become operational on 3 July after the transition of SGX Nifty derivatives to NSE IFSC.
SGX Nifty, which opens at 6:30 am IST, is used as an early indicator of how the stock market in India might open at 9:15 am every day.
The development will enable investors to trade in dollar-denominated Nifty futures contracts available on the SGX in Gujarat International Finance Tec-City or GIFT City. (Read More)
Stockbroking firm, Angel One on Wednesday halted its 9 consecutive days winning streak and tumbled by at least 3%. The stock is in focus amidst Q4 earnings where it recorded healthy growth across operating parameters. The stock rallied by nearly 12% before correcting. Brokerages have maintained 'Buy' recommendations on the stock.
AngelOne stock is trading at ₹1,262.65 apiece, down by ₹35.70 or 2.75% on BSE. The stock was near its day's low of ₹1,260 apiece.
Dinesh Thakkar, Chairman & Managing Director said, "Investments in augmenting technology and talent pool will continue at Angel One, thus enabling the business to reach its aspiration of being the most trusted fintech brand, empowering a billion lives, leveraging the power of data and technology." (Read More)
BNP Paribas on Auto sector: March global trends: Demand tailwinds emerging - Auto sales up y-y across all markets; luxury industry mixed.
Auto volumes across major developed countries showed a sharp y-y recovery in March 2023. The industry’s y-y volume growth in the EU, the UK and the US was strong at c19%, while the luxury segment (+c27%) saw stronger growth. The luxury segment outperformed the industry y-y in all the markets that we track, except the UK.
The consumer sentiment, which is a strong lead indicator of demand in our view, continued to see a strong m-m recovery in the EU, the UK and the US. Similarly, used car prices in the US, also an indicator of the health of the demand in our view, saw a strong m-m growth in February 2023, after having stabilised at a high base in recent months. Used car prices sustaining at a multi-decade high is an indication of strong underlying demand support and is positive for pricing for OEMs, in our view. TrueCar expects the average transaction price (ATP) in the US to be up 5.6% y-y and flat m-m, which is in line with US/European OEMs’ expectations for the year. We are also closely monitoring the recent price wars in China, especially in the EV space, and any potential fallout from recent financial services industry stress and see them as key near-term risks to watch out for.
Breweries and Distilleries major, United Breweries traded in the green after parent Heineken N.V. on Wednesday said India's business revenue grows by high-single-digit organically in the first quarter of 2023. This was supported by volume growth and pricing. Kingfisher Ultra and Heineken Silver boosted premium portfolio performance.
In its press release, Heineken said, "In India, net revenue (beia) grew by a high-single-digit organically, driven by volume growth and pricing. Beer volume grew by a mid-single-digit, led by Kingfisher."
Further, it added, "the premium portfolio grew in the high-teens, led by Kingfisher Ultra and Heineken Silver." (Read More)
The establishment of an "Expansion and Growth Committee" has been announced by Anmol India Ltd. The Committee's task will be to look into potential new markets for steel and chemical-related products such iron ore, iron pellets, and met coke.
The company added, “By exploring new opportunities in the steel and chemical-related products markets and leveraging synergies with our existing client base, we aim to broaden our business horizons and solidify our position as a major player in the global trading arena." (Read More)
Adani Green Energy Ltd (AGEL) on Wednesday said it has received a recognition for conserving water against consumption.
"AGEL has been certified Water Positive by DNV, an independent global assurance agency. The verification statement signifies that AGEL's water conservation is greater than consumption," a company statement said.
DNV conducted qualitative and quantitative assessment of water balance index for AGEL's operational sites having greater than 200 MW capacity in Tamil Nadu, Rajasthan, Karnataka, Gujarat and Andhra Pradesh.
As per the assessment, the water balance index is 1.12 (positive), surpassing its target to become net water neutral by FY25, way ahead of time. (PTI)
Luxury carmaker Audi India on Wednesday said its sales witnessed over two-fold jump at 1,950 units in the January-March quarter this year as compared with the same period last year.
The company had sold 862 units in the first quarter of 2022.
"Our product line-up boasts of sixteen models and we currently have the strongest ever SUV portfolio contributing to over 60 per cent of our total sales," Audi India head Balbir Singh Dhillon said in a statement.
The newly launched Q3 and Q3 Sportback are witnessing strong demand from across the country, he added.
"We are on a growth path and are confident of a bullish performance through the year 2023," Dhillon noted.
The company said it also continues the expansion of its pre-owned car business, Audi Approved: plus, in India. (PTI)
Corporate funding in the global solar sector increased 11 per cent year-on-year (y-o-y) to USD 8.4 billion in January-March period of 2023, according to a Mercom Capital report.
Corporate funding includes venture capital, debt and public market financing.
"The investments in the solar sector bucked the trend in Q1 despite tough economic conditions. The Inflation Reduction Act in the US is a significant driver for investments in solar. The fundamentals are solid, driven by strong demand for the energy transition worldwide, especially in Europe and the United States," said Raj Prabhu, CEO of Mercom Capital Group.
Total corporate funding into the solar sector in the first quarter of 2023 calender year came to USD 8.4 billion compared to USD 5.4 billion in the fourth quarter of 2022. Funding increased 11 per cent y-o-y compared to USD 7.5 billion raised in Q1 2022, the report said. (PTI)
General insurance company, ICICI Lombard on Wednesday shed more than 4% on exchanges after brokerages trimmed their target price for the company following Q4 numbers. This is despite brokerages retaining their view on the company for going ahead. ICICI Lombard sustained its growth in Q4FY23 and also reaffirmed its future guidance.
At the time of writing, ICICI Lombard's share price traded at ₹1083.15 apiece down by ₹47.40 or 1.2% on BSE. The stock was near its day's low of ₹1,080.80 apiece.
Also, the stock was just a couple of rupees away from its 52-week low mark of ₹1,049.10 apiece. (Read More)
Indian iron ore miner NMDC Ltd said on Wednesday it is exploring lithium reserves 124.3 miles (about 200 km) off Perth, Australia.
"We are in the process of exploring in Australia but we can't give a timeline when we would be able to start the mining," D K Mohanty, director of production at NMDC, told reporters on the sidelines of an industry conference. (Reuters)
In the current trading session on the BSE, the stock price of Tata Steel increased by 1.30% to reach ₹109 compared to the previous day's closing price of ₹108.90.
The stock has experienced a lot of fluctuations over the past six months.
A total of 3.85 lakh shares were traded, resulting in a turnover of ₹4.17 crore. The market capitalization of the Tata Group company was ₹1.33 lakh crore.
Meanwhile, Bloomberg reported that Tata Steel Ltd. is in talks to raise as much as $400 million, according to people familiar with the matter, in what could become the company’s first green loan. (Read More)
As the earnings season gets underway, companies have also started to report their shareholding pattern for the March 2023 quarter.
Among these companies is a chemical firm. The latest shareholding filing of this company revealed that ace investor Sumeet Nagar’s fund - Malabar India Fund Limited - has increased stake in the company during the quarter under review.
This stock is now a big part of Sumeet Nagar’s portfolio. The company in question is from the smallcap space with a marketcap of ₹11.2 billion (bn) – Ganesh Benzoplast. (Read More)
Gold prices in domestic and international markets edged lower on Wednesday as traders assessed chances of the US Federal Reserve raising interest rates just once more in May before pausing. Markets are pricing an 86 per cent chance the Fed raises rates by 25 basis points at the May meeting, and are winding back expectations of cuts later in the year – moves that have put the brakes on US dollar selling.
Gold futures on Multi Commodity Exchange (MCX) for June 2023 expiry were trading at ₹60,140 per 10 gm, down ₹0.58 per cent in trade today. Meanwhile, silver futures were trading at ₹74,525, down or 0.96 per cent. (Read More)
Akshay Tiwari, research analyst, Religare Broking on Polycab India Q3FY23 Result Update: Healthy volumes and margin expansion paves growth momentum - ACCUMULATE
CMP (Rs) 2,800 - Target Price (Rs) 3,146 - Potential Upside 12.3%
Positive industry growth outlook coupled with Polycab’s strong brand equity, healthy free cash generation and stable return ratios makes it one of our preferred picks in the sector. We estimate Polycab to register a Revenue/EBITDA/PAT CAGR of 16.8%/25.3%/27.3% over FY22-25E led by both wires & cables and the FMEG business. Hence, we recommend a Accumulate on the stock with a revised target price of Rs. 3,146 valuing the company at 27x on FY25E EPS.
Debt-ridden Pakistan has shared its plan with the IMF to secure an additional USD 3 billion to meet the mandatory financing assurances laid by the global lender for it to release the country's stalled bailout plan, it emerged on Wednesday.
The Washington-based global lender had asked Pakistan to arrange USD 6 billion in external financing but so far only USD 3 billion were arranged after Saudi Arabia agreed to provide USD 2 billion and the UAE pledged USD 1 billion. The USD 6 billion gaps had been worked out on the premise that Pakistan’s current account deficit would remain around USD 7 billion in the current fiscal year ending on June 30, The Express Tribune newspaper reported on Wednesday.
The Pakistan Muslim League-Nawaz (PML-N) led coalition government has informed the International Monetary Fund (IMF) about its plan to secure a USD 450 million worth second Resilient Institutions for Sustainable Economy (RISE-II) budget support loan, it said. (PTI)
Tesla Inc. has cut the price of several of its models yet again in a further sign Chief Executive Officer Elon Musk is willing to sacrifice the electric carmaker’s profitability in the face of rising interest rates that may dent consumer demand.
The Austin, Texas-based automaker said on its website that the price of its Model Y long-range all-wheel drive model will decrease by 5.6% to $49,990 while the price of the Model Y performance will drop by 5.2% to $53,990. The cost of a Model 3 rear-wheel drive will be cut by 4.7% to $39,990.
It’s the second price cut this month as the automaker seeks to stoke demand after several quarters of disappointing deliveries. The company is in the rare position among EV makers of having big profit margins to work with, as incumbents including Ford Motor Co. and newer entrants like Rivian Automotive Inc. and Lucid Group Inc. struggle to make money at lower volumes. (Bloomberg)
The Infosys share price today opened marginally lower at ₹1,257.60 but extended losses to fall to a low of ₹1,238.70. The stock has been falling since the start of this week after the IT giant posted weak Q4 earnings on April 13. The stock market was shut on April 14 on account of Mahavir Jayanti.
At 10.45 am, the Infosys shares were down ₹20.45, or 1.62%, at ₹1,240.50.
Indian food delivery firm Zomato Ltd said on Wednesday most stores of its grocery unit Blinkit had resumed operations after being shut following wage protests, sending shares of the company up as much as 5%. The disruptions have no material impact on the operations and financial performance of the company, Zomato said in a regulatory filing. (Reuters)
The three-day initial public offering (IPO) of Delhi-based drug maker Mankind Pharma will open for public subscription on 25 April and close on 27 April, according to the red herring prospectus (RHP).
The bidding for anchor investors will open on 24 April. Credit of equity shares will be on 8 May and the stock is expected to be listed on both NSE and BSE on 9 May.
The price band for the IPO is yet to be announced. (Read More)
Indian ride-hailing startup BluSmart is seeking to challenge Uber and Ola for market share in the country with bets on an all-electric taxi fleet and an aggressive bid to lure disgruntled passengers and drivers from the incumbents.
A clean energy push by Prime Minister Narendra Modi's government is expected to significantly change India's transport industry in years ahead, with major implications for ride-hailing firms.
For dominant players Uber and SoftBank-backed Ola, a full shift to electric vehicles (EVs) is likely to be a massive undertaking that would come as both companies struggle with driver retention and customer satisfaction issues.
As a new entrant, BluSmart is looking to seize the moment by beating its combustion engine-powered rivals on electrification, cleanliness and reliability through direct management of its fleet and drivers. For starters, drivers cannot cancel bookings received on their BluSmart app.
"BluSmart has cracked quality of service with clean cars which are on time. Having your own fleet allows you to do that," said Jasmeet Khurana who leads a mobility decarbonisation initiative at the World Economic Forum (WEF). "It used the transition to electric to get its foot in the door." (Reuters)
India is on its way to become the world’s most populous country, overtaking China with almost 3 million more people in the middle of this year, data released on Wednesday by the United Nations showed.
The demographic data from the United Nations Population Fund’s (UNFPA) “State of World Population Report, 2023" estimates India’s population at 1,428.6 million or 1.4286 billion against 1.4257 billion for China.
The United States is a distant third, with an estimated population of 340 million, the data showed. The data reflects information available as of February 2023, the report said.
Population experts using previous data from the UN have projected India would go past China this month. But the latest report from the global body did not specify a date for when the change would take place. (Reuters)
India on 19 April saw a rise in cases with a total of 10,542 cases in 24 hours registered as per the data shared by the Health Ministry. This rise in cases came a day after the country reported 7,633 cases.
With this, the active in the country now stands at 63,562. A total of 38 deaths were recorded in last 24 hours, with this the total deaths in the country stands at 531190. India's recovery rate stands at 98.67 percent.
Under the nationwide vaccination drive, a total of 220.66 crore doses have been administered so far. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Rumours of overhaul of capital gains tax led to selling in the market during the afternoon session. With the government clarifying that there is no such proposal this rumour has been laid to rest. For the near-term, there are no triggers that can take the market sharply up or down. So expect a brief consolidation phase for the market. Within this consolidation phase there will be impressive moves in individual stocks. In the results expected this week the best performance is likely to come from ICICI Bank. HCL Tech is unlikely to disappoint like Infosys. RIL’s results will be good but unlikely to surprise the market. Investors should closely watch the results that surprise on the upside along with positive management commentary. Such stocks will remain resilient even in a weak market.
According to the Global Unicorn Index 2023 by Hurun, Swiggy, a foodtech platform, Dream11, a fantasy gaming company, and BYJU'S, an ed-tech decacorn are India's top unicorns.
The report, released on Tuesday, indicates that India continues to be the world's third-largest country with the highest number of unicorns, following the US and China.
BYJU'S is also one of the top 10 unicorn startups worldwide that experienced a significant increase in valuation since the pre-COVID-19 era, with a valuation of $22 billion. (Read More)
Oil was steady as investors weighed signs of shrinking US crude stockpiles against concerns over the demand impact from further monetary tightening by the Federal Reserve.
West Texas Intermediate traded near $81 a barrel after closing little changed on Tuesday. The industry-funded American Petroleum Institute reported crude inventories at the storage hub at Cushing, Oklahoma, dropped again last week, according to people familiar with the data. If confirmed by government figures later Wednesday, it will be the longest run of declines in more than a year.
Oil has rebounded after tumbling to a 15-month low in mid-March following turmoil in the banking sector, but the prospect of more action from the Fed is hanging over the market. Federal Reserve Bank of Atlanta President Raphael Bostic said he favors raising interest rates one more time and then holding them above 5% for some time to curb inflation. (Bloomberg)
The board of the country's biggest lender State Bank of India (SBI) on Tuesday said it proposes to raise USD 2 billion (about ₹16,000 crore) from bonds to fund its global operations.
The board of the bank on Tuesday approved the proposal to raise fund in "single or multiple tranches up to USD 2 billion ...through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2023-24," SBI said in a regulatory filing.
Last month, SBI raised ₹3,717 crore by issuing a Tier 1 bond at a coupon rate of 8.25 per cent. (PTI)
STOCK IN FOCUS
Apollo Tyres (CMP 332): In view of the strong volume growth ahead, healthy export potential, regular price hikes, structural positives in European operations and comfortable valuation, we have BUY on APTY with a Target Price of Rs380, valuing the stock at a P/E multiple of 13x.
Intraday Picks
BHARTIARTL (PREVIOUS CLOSE: RS760) BUY
For today’s trade, long position can be initiated in the range of Rs750-755 for the target of Rs780 with a strict stop loss of Rs744.
ONGC (PREVIOUS CLOSE: RS160) SELL
For today’s trade, short position can be initiated in the range of Rs161-163 for the target of Rs157 with a strict stop loss of Rs165.
SIEMENS (PREVIOUS CLOSE: RS3316) SELL
For today’s trade, short position can be initiated in the range of Rs3330-3360 for the target of Rs3230 with a strict stop loss of Rs3385.
Rohan Shah, head technical analyst at Stoxbox: The U.S. equities closed flat on Tuesday, S&P500 and Nasdaq closed with minor gains of 0.09% and 0.03% respectively, while Dow Jones closed marginally lower at 0.03%. Yields on the government, breaks three days winning streak and ended the session with small loss, the yield on the benchmark 10-year U.S. Treasury note fell to 3.579%, from 3.602%.
Indian equities closed mixed on Tuesday, Nifty dipped 47 points or 0.26%. Nifty opened the session on a bullish note but failed to capitalise it's gains and slipped lower to close in red for second consecutive session. However, in the last 2 sessions of decline, index has managed to defend 17600 mark, thus in near term, 17600 to act as an intermediate support, followed by 17450. On the higher side, 17860 to act a critical resistance (50% retracement level of its prior whole decline), breakout above the same, will open the way for 17980-18100. Nifty Bank closed flat at 0.01%. Broader market continued its upward momentum, outperforming the benchmark index, Nifty Mid cap & Nifty Small cap rallied 0.76% and 0.29% respectively. Sectoral indices closed mixed. NiftyPharma and NiftyHealthcare were among the major advancers which were up by 1.64% and 1.23% respectively. Whereas NiftyConsrdurbl & NiftyFinservice were among the top losers which declined 0.36% and 0.33% respectively.
The markets are likely to witness a muted opening; SGX Nifty trading down by 8 points compared to previous closing.
Meta Platforms Inc. is set to commence companywide layoffs on Wednesday as it restructures teams and works toward founder Mark Zuckerberg’s goal of greater efficiency.
The Facebook parent company notified managers to prepare to announce job cuts on Wednesday, via a memo seen by Bloomberg News. It indicates Facebook, WhatsApp, Instagram and Reality Labs — which houses the firm’s virtual reality efforts and Quest hardware — will all be impacted. The move is part of a cost-cutting push that will eventually whittle away 10,000 positions at the company, as announced by Zuckerberg in March. A further round of cuts is set to follow in May. (Read More)
Startup valuations in the private market are beginning to crack as investors save dry powder and deploy cash selectively, multiple investors and investment bankers said. Offers are increasingly made at valuations sharply lower than previous rounds, and all of them do not conclude successfully either.
“Six months ago, founders were keeping value exploration at a later stage with a convertible round. But now, they prefer a clean down round," said Kashyap Chanchani, managing partner of The Rainmaker Group, a homegrown investment bank focused on new-age companies. In a convertible round, startups borrow against bonds that are converted to equity in the future at a valuation that is decided later, whereas, in down rounds, they issue shares at valuations lower than the last round. (Read More)
Global investors are eyeing US earnings reports, with Goldman Sachs issuing disappointing results as its showed traders failed to capitalise on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates. Bank of America Corp rose after profit beat expectations.
Investors are also keeping an eye on the results of regional US banks after three collapsed last month as lenders face pressure from rising interest rates.
Meanwhile, the Indian stock market oscillated in a narrow range and ended marginally lower, in continuation of Monday's decline. We are seeing reactions largely based on earnings, in absence of any major event. Banking and financials hold considerable weight in the benchmark and their resilience indicates further room for upside," said Ajit Mishra, VP - Technical Research, Religare Broking. (Read More)
Vedanta group is expecting to start building its ₹1.5 lakh crore semiconductor plant in October-December this year and producing electronic chips by the first half of 2027, senior company officials said on Tuesday.
Vedanta Semiconductor and Display business, global managing director, Akarsh Hebbar and Vedanta-Foxconn Semiconductors Limited CEO David Reed in a joint interview with PTI said the group has submitted all the technology tie-ups to the government and banks are comfortable in funding the project cost in the ratio of 70 and 30 (from the company) after adjusting subsidy.
"We are planning by the fourth quarter of this year to have the first shovel ceremony. We are working on everything to have revenue by 2027. We would have this start with 5,000 wafers in the first part of 2027. And then, we will incrementally take that up to 40,000 wafers a month," Reed said.
Tata Communications, ICICI Securities, Alok Industries, Mastek, and Artson Engineering will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
Netflix Inc beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges the mature streaming service faces in its pursuit of growth.
The company said it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make improvements, delaying some financial benefits, but said it was pleased with results so far.
As the streaming video pioneer faces signs of market saturation, it is looking to new ways to make money, such as the password crackdown and a new ad-supported service. (Read More)
General insurer ICICI Lombard on Tuesday said its net income jumped almost 40 per cent to ₹437 crore for the March quarter, boosted by the base effect in the year-ago period when it took a heavy hit from the pandemic-related claims.
Premium income just inched up 6.7 per cent in the reporting quarter to ₹4,977 crore, the private sector general insurer said.
For the full fiscal, the ICICI Bank group company's net income grew 36 per cent year-on-year to ₹1,729 crore on a gross written premium of ₹21,025 crore, the chief financial officer and chief risk officer Gopal Balachandran told reporters during an earnings call.
He also said the company grew marginally higher than the industry, which clipped a tad lower at 16.4 per cent for the full fiscal.
Given the massive volatility in the equity markets in February and March, the company's investment gains almost halved to ₹453 crore for the full year from ₹738 crore in FY22, and the same for the reporting quarter declined to ₹159 crore from ₹136 crore. (PTI)
The government has made changes to the windfall tax on domestic crude oil production to simplify the tax system and encourage investments. The revised tax rate is now set at ₹6,400 per tonne.
A windfall tax is a type of tax that the government imposes on certain industries when they make unexpectedly high profits.
The government has raised the Special Additional Excise Duty (SAED) on crude petroleum from zero to ₹6,400 per tonne. This increase will not affect the SAED on petrol and Aviation Turbine Fuel (ATF), which will remain at zero. (Read More)
Vaishali Parekh has recommended three buy or sell stocks for today, here we list out full details in regard to those intraday stocks:
1] Zydus Life: Buy at ₹515, target ₹530, stop loss ₹507;
2] Pidilite Industries: Buy at ₹2432, target ₹2515, stop loss ₹2400; and
3] Jindal Steel: Buy at ₹566, target ₹585, stop loss ₹557. (Read More)
Tata Coffee on Tuesday reported a 19.66 per cent growth in consolidated net profit during the quarter ending March 31, 2023, at ₹48.80 crore compared to the same period of the previous fiscal.
The company's net profit stood at ₹40.78 crore during the corresponding quarter of 2021-22, Tata Coffee said in a regulatory filing.
Consolidated revenue from operations rose by 10.17 per cent to ₹723.01 crore during the quarter under review compared to ₹656.26 crore in the same period of the previous financial year.
For the full year (2022-23), the company posted 77.91 per cent growth in consolidated net profit at ₹262.84 crore compared to ₹147.73 crore in FY22. (PTI)
India’s Tata Steel Ltd. is in talks to raise as much as $400 million, according to people familiar with the matter, in what could become the company’s first green loan.
The debt could have a tenor of about five years and the proceeds would be used for capital expenditure, said the people, who declined to be named because the matter is private. The lenders include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group Inc.
As per sources, no definite conclusion has been reached yet, and the particulars may still be altered. Data compiled by Bloomberg suggest that this would be the first time that Tata Steel receives a green loan. (Read More)
