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PremiumInvestors cheered the better-than-expected quarterly earnings reports from Reliance and ICICI Bank which lifted the mood of the market. Earnings reports from heavyweights in the next few days and global cues will continue to steer the market.
Indian shares rose around 0.7% on Monday led by financials and banking stocks after improved quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd let investors shrug off concerns of a lacklustre earnings season.
The Nifty 50 closed at 17,743, which is a gain of 120 points, while the S&P BSE Sensex added 401 points to close above 60,000, at 60,056. Eleven of the 15 Nifty sectoral indices ended higher in today's session.
Most sectoral indices ended in the green with Bank, Finance and Realty jumping more than a per cent with the PSU Bank index gaining more than 2%. Pharma and Media shed around a per cent each. Auto too ended in the red with minor losses.
Among stocks, HDFC Life and Tata Consumer products gained 6.4% and 4.8%, respectively. Wipro, Axis Bank, and ICICI Bank also jumped more than 2% each. Dr Reddy's, IndusInd Bank, and Cipla were the biggest laggards.
Asian stock markets were mixed Monday ahead of a U.S. economic update this week that is expected to show growth slowing.
Japan's Nikkei share average trimmed some early gains on Monday, as the mood turned more cautious in the afternoon session, with investors casting an eye ahead to corporate earnings and a central bank meeting due later in the week.
The Nikkei ended the day up 0.1% after paring gains in the afternoon session. The broader Topix rose 0.11% to 2,037.34, also well back from the morning's highs.
Mainland China stocks fell for the fourth session in a row on Monday along with Hong Kong stocks, weighed down by lingering concerns over the sustainability of the economic recovery, despite more bullish forecasts from global banks.
China's blue-chip CSI300 Index dropped 1.2% to a one-month low, while the Shanghai Composite Index fell 0.8%. Hong Kong's benchmark Hang Seng lost 0.6%.
European shares fell on Monday, tracking losses in Asian markets as investors awaited more economic data this week and earnings from some of the highest-valued U.S. companies, along with major European banks and consumer companies.
London's FTSE 100 fell in early trade as a weak demand outlook for crude dragged energy stocks, while a fall in metal prices pressured industrial miners on the commodity-heavy index.
Indian private lender IndusInd Bank reported a bigger-than-expected rise in fourth-quarter profit on Monday, helped by strong loan growth and drop in provisions for bad loans.
The Mumbai-based lender's standalone net profit, which excludes results of unit Bharat Financial Inclusion, jumped 50% to 20.41 billion rupees ($249.02 million) in the quarter ended March 31.
Analysts on average expected a profit of 19.9 billion rupees, as per Refinitiv IBES data.
Provisions dropped 29.5% to 10.30 billion rupees, the company said in an exchange filing.
Loan demand for many Indian banks have seen double-digit growth even as the country's central bank persistently raised interest rates. (Reuters)
op cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called "crypto winter" is over.
Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered's head of digital assets research Geoff Kendrick said in a note.
"While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer," Kendrick wrote.
Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded. (Reuters)
A majority of railway stocks such as Ircon International Ltd, Rail Vikas Nigam Ltd (RVNL), Indian Railway Finance Corporation Ltd (IRFC) rose sharply in on Monday. A majority of these scrips saw an upward movement on Monday, rising up to 10 per cent.
The shares of Rail Vikas Nigam Ltd (RVNL) was trading at nearly 11 per cent high at 2:36 pm at ₹86.56. The scrip hit a record high of ₹87.50 on Monday.
While, that of Ircon International jumped 10.28 per cent to hit a day high of ₹69.65, was currently trading 6.57 per cent higher at ₹67.30. The shares of IRFC was trading 4.46 per cent higher at ₹29.30.
- Chinese stocks posted their biggest two-day loss this year as geopolitical tensions and signs of an uneven recovery spurred traders to pare exposure ahead of the Golden Week holiday.
The CSI 300 benchmark closed 1.2% lower to breach a key technical level, led by declines in technology and materials shares. That added to a 2% drop on Friday.
Geopolitical tensions are at the top of investors’ minds as the Biden administration plans to limit investments in key parts of China’s economy. Sentiment had already been fragile over the economic recovery, and the threat of a new Covid wave is adding to the edginess of traders. (Bloomberg)
Indian companies "sometimes" face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India's oil secretary Pankaj Jain said on Monday.
"Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service," Jain told reporters on the sidelines of an event.
In case of Russian oil priced above the cap, the companies on their own manage to find alternative mechanisms to settle payments, he said, adding most Russian oil supplies to India are made at below the price cap level. (Reuters)
Private sector lender Tamilnad Mercantile Bank (TMB) on Monday posted a 11.45 per cent rise in its net profit for the fourth quarter ended March 2023 at ₹253 crore, helped by decline in bad loans.
In a regulatory filing, the bank had earned a net profit of ₹227 crore for the year-ago period. Total income during the quarter rose to ₹1,204 crore, from ₹1,200 crore a year ago.
The board of directors have recommended a dividend of 100 per cent of which 50 per cent has already been paid in March 2023 as interim dividend, it said. (Read More)
Gold prices in India have soared to the highest ever, damping the outlook for demand in the world’s second-biggest consumer.
That was especially apparent during the day of Akshaya Tritiya at the weekend, which is considered one of the most auspicious times of the year to buy gold by the nation’s majority Hindu population.
“Purchases were obviously improved" at the weekend compared with the past couple of months, said Chirag Sheth, principal consultant at Metals Focus Ltd. But while sales were likely higher in value than at the same time last year, they would be lower in volume, Sheth said. (Read More)
Consultants and service providers in the country have urged the government to stop routing domestic foreign currency deals via the US banking system, in order to avoid transaction fees and save foreign currency.
Rather such domestic deals involving foreign currencies such as the US dollar should be routed through the Reserve Bank of India.
At present a transaction fee is levied on US dollars transactions within the country.
For example, a payment in US dollars from Delhi to even nearby Faridabad from one entity to the other in the current dispensation, is required to be undertaken through the US banking system.
"This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system. (PTI)
JM Financial Home Loans Limited on Monday announced it is engaged with Indostar Capital Finance for preliminary discussions to explore various potential strategic options.
The considerations include the combination and listing of the retail mortgage portfolio of JM Financial and the home finance business of Indostar Home Finance Private Limited including other mortgage-backed businesses of Indostar, it said on Monday.
JM Financial has a long-term strategic interest in the home loan and such mortgage-backed businesses and it looks forward to scaling these businesses to the next phase of its growth, The discussions are currently at a preliminary stage and non-binding in nature, it said in a release.
"The discussions are currently at a preliminary stage and non-binding in nature. Any transaction concerning JM Financial and Indostar will be subject to satisfactory due diligence, negotiation of commercial terms, execution of definitive agreements and receipt of all relevant regulatory and other approvals," it added. (ANI)
India reported 7,178 covid cases and 16 deaths in the last 24 hours, the union health ministry data said on Monday. While the daily positivity rate has reached 9.16%, the weekly positivity rate stood at 5.41 %.
Active covid cases have reached 65,683. In the last three years of the pandemic, India has reported to more than 44.9 million cases and 531345 covid related deaths.
Karnataka reported 2330 active covid cases, Kerala 16973 active cases, Maharashtra 6055 active cases, Gujarat 1879 cases, Delhi recorded 5578 cases, Tamil Nadu 3671 active cases; Himachal Pradesh 1495 cases, Haryana 5405 cases, Chhattisgarh 3083 cases, Rajasthan 3780 and Uttar Pradesh 4624 cases so far. (Read More)
Oberoi Realty Ltd saw stellar bookings in the March quarter (Q4FY23), with pre-sales, or bookings, worth ₹6,023 crore compared with ₹632 crore in Q3, the Mumbai-focused real estate developer said in an operational update. The firm sold 207 units in Q4, an increase from 181 units in the previous quarter. However, the sharp increase in pre-sales was largely the result of one-off transactions.
Analysts at Motilal Oswal Financial Services Ltd noted that around 100 units of the 207 units-Worli project, part of the 360-west venture, were sold by the joint venture entity, in which Oberoi Realty remains a member. This involved transferring 63 units to Oberoi Realty for ₹3,403 crore and selling 37 units to third parties for ₹2,000 crore to ₹2,100 crore (Read More)
SBI Securities, the trading and investment arm the State Bank of India, in FY 22, reported total revenue of 830.86 cr, while in FY 23, the revenue increased to 1203.14 cr, with a growth rate of 44.8%. The net profit also increased from 233.01 cr in FY 22 to 308.04 cr in FY 23, with a growth rate of 32.2%.
The company said the results demonstrate the company's strong growth and commitment to providing top-notch services to its clients.
Looking at a 5-year horizon i.e., compared to FY’17-18, the net profit has grown by 307.5% and total income has grown by 236.5%. The company said this excellent financial performance can be attributed to the company's strategic initiatives, innovative product offerings, and a robust business model.
Indian steel maker Tata Steel Ltd on Monday said it initiated trial for injecting hydrogen gas at its blast furnace in the company's flagship plant, in a move to reduce metallurgical coke usage and cut carbon emissions.
The company commenced the trial injection at the plant in the eastern city of Jamshedpur, using 40% of the injection systems on Sunday, Tata Steel said in a statement.
"This is the first time in the world that such a large quantity of hydrogen gas is being continuously injected in a blast furnace," the company, which aims to become net zero by 2045, said. (Read More)
Avishek Datta - Research Analyst, Prabhudas Lilladher Pvt Ltd on Reliance Industries (RIL IN): Rating: BUY | CMP: Rs2,349 | TP: Rs2,822
Q4FY23 Result Update - Higher margins drive O2C profits
Quick Pointers:
§ Aggressive growth plans to drive consumer business (Retail and Jio).
§ High gas volumes along with recovery in petrochem to drive near term profits.
Reliance Industries (RIL) Q4 results were ahead of our estimates, led by strong rebound in polymer margins (up 4-25% QoQ over naphtha) and polyester margins (up 6%QoQ) along with sustained strength in refining and lower tax rate (3.9%). While Retail segment saw muted EBIDTA growth (2.4% QoQ) led by more than 966 store addition, Jio’s EBIDTA growth of 1.7% QoQ was due to near flat tariffs (+0.3% QoQ) and net subscriber addition of 6.4m (+1.5%QoQ). We continue to remain impressed with RIL’s vertical growth given 1) likely recovery in petrochemicals business, after facing a volatile last year 2) ramp-up of KGD6 gas volumes to 30mmscmd (Q4: 20mmscmd) 3) continued rollout of 5G services possibly aiding ARPU growth, as data usage increases and 4) continued retail store addition along with launch of FMCG & beauty products. However, weakening global economy has dragged down refining margins (current diesel/ATF spreads at ~USD12/bbl vs Q4 avg of ~USD26/bbl) will be a cause of worry. We change our FY24-25E standalone earnings by 0.8/0.2% and retain ‘BUY’ with a PT of Rs2,822 (Rs2,827 earlier) to factor in higher Jio debt.
Anand Rathi on Mankind Pharma
All set for strong differentiation pipeline. Being the second company to launch Dydroboon (Rs1.5bn sales in FY22), Mankind plans to develop and launch such new chemical entities. GPR119, an anti-diabetic molecule is in phase-I clinical trials. The company is on track to developing several anti-allergic and anti-cancer biosimilars.
Focus on acquisitions, expanding its chronic therapies. Sales of chronic therapies (33% of FY22 revenues) clocked an 18% CAGR over FY20-22, outpacing the IPM’s 11%. The recently acquired pharma formulations (transplants, oncology) from Panacea Biotec, and Daffy (derma) & Combihale (respiratory) from Dr Reddy’s would boost growth. Further growth would be led by launches in SGLT2 inhibitors, gliptins, cardiac, anti-epileptic, anti-depressant anxiolytics.
Strengthening position in class I cities. Mankind explores potential to grow operations in class I cities (~53% of domestic sales vs the IPM’s 64%), which grew a 22% CAGR over FY20-22 outpacing the IPM’s 10%. This will be strengthened by the recently launched specialty categories in cardio-diabetology, cardio-vasculars, respiratories, transplants, and oncology.
Financials. FY22 revenue grew 25%, volume-driven (17ppts), price hikes (4% ppts) and launches (4ppts), while 9M FY23 growth was 9%. Lower GMs and high costs led to a 23% EBITDA margin in 9M FY23 (FY22: 25.6%). The 9M FY23 EPS slid 20% y/y to Rs25 (FY22: Rs36). FCF was Rs6.3bn in 9M FY23 (vs a negative Rs14.2bn in FY22 due to acquisitions).
Valuation. At the high (Rs1,080) of the issue price band, the stock is valued at ~30x FY22 EPS of Rs36. Pharma companies quote at an average P/E of 25x/22x FY24e/FY25e. We expect the company’s strong set of brands, focused approach to its chronic portfolio via recent acquisitions, launches and differentiated pipeline products to be key positives. Risks: Addition of NLEM lists, rise in raw material prices.
Shree Yogi Realcon Private Limited, a 100% subsidiary of Ajmera Realty & Infra India Limited (ARIIL) (BSE: 513349, NSE: AJMERA), has acquired a land parcel admeasuring 5017 sq. mt. from Tata Communications Limited in a bidding process for a total consideration of INR 76 crores, on payment of earnest money. The acquisition is intended for the residential development offering 1/2/3 BHK, with an estimated gross sales value of INR 550 crores.
Located in Vikhroli East, the upcoming project location is located along the eastern express highway and within walking distance of the nearest Vikhroli railway station.
E-commerce major Nykaa has appointed Rajesh Uppalapati as the Chief Technology Officer, the company said in an official statement. The company welcomed several new senior leaders across technology, finance, business, and marketing to spearhead its next phase of growth.
The Falguni Nayar-led beauty, wellness and fashion products e-commerce site Nykaa has also appointed P Ganesh as the Chief Financial Officer. He brings with him over 27 years of diverse experience in financial reporting, business finance, taxation, investor relations, banking, M&A and Corporate Law, serving as the CFO across companies such as TAFE Group, Pidilite Industries, Godrej Group, Glenmark Pharmaceuticals. (Read More)
LKP Securities recommends Buy for ICICI Bank following its Quarterly earning results - Current Market Price ( ₹) 886 - 12 M Price Target ( ₹) 1,058 - Potential upside (%) 20: Interest rate tailwind continues to benefit; yet another strong quarter
Outlook & Valuations
We expect its loan book to grow at CAGR of 20% over FY23-26E, led by technology initiatives. The credit cost normalization is underway. We estimate return ratio ROA/ROE of 2.1% and 16.6% in FY24E. We value the standalone entity with 2.7xFY25E BVPS ( ₹392) and of investment in subsidiaries and JVs ( ₹122 per share); we arrive at a target price of ₹1,058. We recommend BUY with a potential upside of 20%.
The Indian rupee rose marginally to the U.S. dollar on Monday, while other Asian currencies declined on weak risk appetite and a lower probability of the U.S. Federal Reserve cutting rates later this year.
The rupee was at 82.0650 to the dollar by 10:14 a.m. IST, compared with 82.09 in the previous session.
Meanwhile, the offshore Chinese yuan declined to 6.9125 to the dollar, its lowest in almost a month, while the Korean won dropped 0.6%. The dollar index rose to 101.80.
"There are no major indicators of a trend for the USD/INR," said Anindya Banerjee, head research - fx and interest rates.
"Unless some unforeseen trigger emerges ahead of the U.S. Fed meeting next week, we could see rangebound price activity." (Reuters)
Credit Suisse said on Monday 61 billion Swiss francs ($68 billion) left the bank in the first quarter, shedding light on the scale of the bank run that caused the 167-year-old institution to crumble and forced its state-engineered rescue.
The bank reported results for what is likely to be the last time, as its shotgun marriage with rival Swiss bank UBS , is expected to be completed soon.
Tesla has begun producing in Shanghai a version of the Model Y to be sold in Canada this year, the first time it will ship cars to North America from China, according to a person with direct knowledge of the plan and a production memo seen by Reuters.
The move would connect Tesla's biggest and most cost-efficient factory in the world to North America, its largest market. The Model Y is the electric vehicle (EV) maker's best-selling model globally.
Over the weekend, Tesla posted on its website that it would offer a new, cheaper version of its Model Y in Canada, a rear-wheel drive variant of the SUV-styled crossover priced C$10,000 ($7,377.90) lower than the long-range version of the vehicle available in that market.
Tesla's website showed that customers in Canada could take delivery of the new version of the Model Y between May and July. (Reuters)
Wipro's stock price increased by nearly 2% following the announcement that the company's board would consider a share buyback proposal on April 27.
The shares of Wipro were trading at ₹372, which indicated a 1.5% rise in the stock price on Monday, at the Bombay Stock Exchange (BSE).
The stock price gained the attention as the company's board is set to consider a share buyback proposal along with the disclosure of the company's March quarter results. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market is poised for a positive breakout from the recent narrow range of 17600-17800. Three factors have the potential to facilitate this breakout: one, excellent Q4 results from ICICI Bank, two, better-than-expected Q4 results from Reliance and three, RBI’s approval for merger of HDFC in HDFC Bank - granting some of their important requests - thereby facilitating the merger by July. These four stocks accounting for 33.2 %weightage in Nifty will impart resilience to the market.
However, this is not sufficient to push the market into a new bull orbit. That will have to wait for favourable global cues, particularly the US inflation print and the Fed’s response.
Meanwhile, investors can use the subdued market trend, particularly days of market correction, to buy the high-quality potential winners for impressive returns when the market eventually rallies.
For the year ending March 31, 2023, Star Housing Finance Limited, a home loan firm with an emphasis on rural areas, had a strong performance. The gross loan book as of March 31, 2023, broadened YoY by 136.33%, edging closer to the Rs. 250 Cr threshold over the fiscal year 2022–2023 while its Q4FY23 GNPA and NNPA were at 1.68% and 1.25%, respectively. Star Housing Finance said its AUM reached ₹246 Cr during FY2022-23 as compared to ₹104.08 Cr during FY2021-22, representing a YoY gain of 137%.
The company's total income for the 12-month period ended March 31, 2023, grew by 92.32% YoY to ₹37.24 Cr from ₹19.36 Cr in Q4FY22, while its net expenses were ₹29.22 Cr in Q4FY23 from ₹18.04 Cr in Q4FY22. Star Housing Finance said its disbursements stood at ₹186.79 Cr during the quarter ended March 2023 as against ₹36.57 Cr during the quarter ended March 2022, up by 410% YoY. (Read More)
Subscription for the initial public offering (IPO) of Retina Paints Ltd began on 19th April 2023 and it is going to end on 24th April 2023 i.e. today. As per Retina Paints IPO subscription status, the public issue, which is proposed for listing on BSE SME exchange, has been subscribed 2.31 times whereas its retail portion has been subscribed 2.22 times. Meanwhile, grey market sentiments have also gone bullish on the public issue. According to market observers, shares of Retina Paints Ltd are available at a premium of ₹4 in grey market today.
Market observers went on to add that Retina Paints IPO GMP today is ₹4, which means grey market is expecting that Retina Paints IPO listing price would be around ₹34, which is more than 13 per cent higher from its fixed price band of ₹30 per share. (Read More)
Adani Ports and Special Economic Zone, a subsidiary of the troubled Adani Group in India, has announced a buyback program of specific debt securities on Monday. This move is aimed at partially repaying loans that are due in 2024.
Adani Ports has revealed in a filing to the stock exchange that it has issued a tender for up to $130 million in unpaid debt.
The company is taking this step to enhance investor confidence, as the Adani Group's shares were badly affected earlier this year following a negative report by a U.S. short-seller. (Read More)
One of the leading global generic pharmaceutical companies, Sun Pharma will be halting the release of batches from the Punjab-based Mohali facility to the US market. However, the halt is temporary and in line with corrective actions guided by the US healthcare regulator FDA.
In its regulatory on Sunday, Sun Pharma informed that it has received a letter titled “Consent Decree Correspondence/Non-Compliance Letter" from the US FDA.
Through the letter, the US FDA guided the company to take certain corrective actions at the Mohali facility before releasing further final product batches into the US. (Read More)
Realty firm Macrotech Developers on Saturday reported 39 per cent increase in consolidated net profit at ₹744.36 crore for March quarter and announced issue of bonus shares to shareholders in ratio of 1:1.
Its net profit stood at ₹535.46 crore in the year-ago period, Macrotech Developers said in a regulatory filing.
Macrotech Developers sells properties under the Lodha brand and is one of the leading real estate companies in India.
Total income fell to ₹3,271.71 crore in January-March 2022-23 from ₹3,481.92 crore in the corresponding period of the previous year.
Net profit fell to ₹486.63 crore in 2022-23 from ₹1,202.37 crore in the previous year, due to provision of ₹1,177.39 crore for doubtful receivables/advances.
Total income rose to ₹9,611.16 crore in the last fiscal from ₹9,525.59 crore in 2021-22. (PTI)
STOCK IN FOCUS
UNO Minda (CMP 513) - We expect positive traction in automobile production to continue with semiconductor shortage easing out and healthy order book in FY24E, to act as a key driver for the company. Moreover, higher content per vehicle, value addition on the back of premiumization, capacity addition of high-margin segments would be the key triggers for UNOMINDA’s revenue growth outperformance and healthy earnings growth going forward. Therefore, we believe it to continue trading at premium valuation over medium term. We have a BUY rating on UNOMINDA, with a Target Price of Rs650.
Intraday Picks
UPL (PREVIOUS CLOSE: RS735) BUY
For today’s trade, long position can be initiated in the range of Rs727-732 for the target of Rs747 with a strict stop loss of Rs722.
BHARTIARTL (PREVIOUS CLOSE: RS765) BUY
For today’s trade, long position can be initiated in the range of Rs757-762 for the target of Rs780 with a strict stop loss of Rs750.
AXISBANK (PREVIOUS CLOSE: RS864) BUY
For today’s trade, long position can be initiated in the range of Rs855-860 for the target of Rs888 with a strict stop loss of Rs848.
IndusInd Bank, Persistent Systems, Bank of Maharashtra, Mahindra Logistics, and Century Textiles will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC supply cuts.
Brent crude slipped 48 cents, or 0.6%, to $81.18 a barrel by 0045 GMT while US West Texas Intermediate crude was at $77.39 a barrel, down 48 cents, also 0.6% lower.
Both contracts fell more than 5% last week, their first weekly drop in five, as U.S. implied gasoline demand fell from a year ago, fuelling worries of a recession at the world's top oil consumer. (Read More)
The Board of Directors of Bank of Maharashtra in its board meeting today i.e. on 24 April is aimed to raise capital for FY24 of up to ₹7,500 crore.
The fundraising is aimed through various modes including follow-on-public offer, Qualified Institutional Placement(QIP), preferential issue, etc. The bank may also seek to raise capital through the issue of BASEL III or other such securities based on the methods approved in the meeting.
The announcement to raise funds has come days after the lender claimed of reporting a credit growth of 29.59 percent at ₹1.75 lakh crore in the January-March period. (Read More)
ICICI Bank has declared its Q4FY23 earnings today. The bank recorded a consolidated net income of ₹53,922.75 Cr during Q4FY23, up by 25.88% YoY from ₹42,834.06 Cr during Q4FY22. ICICI Bank said its net expenses stood at ₹38,716.56 Cr during the quarter ended March 2023 as against ₹31,306.02 Cr during the same quarter of the previous financial year.
The bank's operating profit (Profit before provisions and contingencies) stood at ₹15,206.19 Cr during the quarter under review, up by 31.90% YoY from ₹31,306.02 Cr during the year-ago quarter.
The consolidated net profit of ICICI Bank reached ₹9,122 Cr during Q4FY23, up by 30% from ₹7018.71 Cr in Q4FY22. The EPS of ICICI Bank in Q4FY23 reached ₹13.84 as compared to ₹10.88 stood in the year-ago quarter. (Read More)
Reliance Industries (RIL) has posted an 18.3 per cent jump in its profit after tax to ₹21,327 crore for the quarter ended March 31, 2023, against ₹18,021 crore in the year-ago period.
According to a statement from RIL, gross revenue went up 2.8 per cent to ₹239,082 crore in the reviewed quarter, against ₹232,539 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 21.8 per cent to ₹41,389 crore from ₹33,968 crore in the year-ago period.
Depreciation of the company surged 43.2 per cent to ₹11,456 crore, against ₹8,001 crore in the corresponding period the previous year. Finance costs went up 33.1 per cent to ₹4,769 crore from ₹3,584 in the year-ago period. The capital expenditure for the year ended March 31, 2023, was ₹141,809 crore.
The company said it achieved a record annual consolidated profit after tax at ₹74,088 crore in FY23 against ₹65,009 crore in FY22, which is up 14 per cent year-on-year. (ANI)
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks for today:
1] VRL Logistics: Buy at ₹644, target ₹670, stop loss ₹634;
2] Mazagon Dock: Buy at ₹740, target ₹775, stop loss ₹725; and
3] Mahindra CIE Automotive: Buy at ₹373, target ₹387, stop loss ₹367. (Read More)
Wipro will be considering a proposal for the buyback of equity shares of the company this week. The IT giant's board of directors will be holding a two-day meeting to announce the fourth quarter results for FY23 and consider other key developments.
In its regulatory filing on Sunday, Wipro said, "the Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto..., at its meeting scheduled to be held over April 26 -27, 2023."
Wipro is scheduled to announce Q4FY23 numbers on the last day of the meeting which is April 27. The buyback announcement will also take place on this day. (Read More)
Stocks capped a listless day of trading Friday with slight gains for the major stock indexes, closing out a quiet week on Wall Street highlighted by a batch of mostly mixed corporate earnings reports.
The S&P 500, Dow Jones Industrial Average and Nasdaq composite all gained 0.1% after drifting between small gains and losses for most of the day. The indexes each posted a slight loss for the week.
Health care companies and a range of consumer product makers gained ground, tempering losses in banks, technology stocks and elsewhere. Truist Financial and KeyCorp, two of the larger regional banks, were among the biggest decliners in the S&P 500. Truist fell 6% and KeyCorp ended 3.7% lower.
Bond yields held relatively steady. The yield on the 10-year Treasury, which influences mortgage rates and other loans, rose to 3.56% from 3.54% late Thursday.
Trading was muted as investors focused on the latest corporate earnings reports and forecasts in a bid to get a better sense of how companies are handling high inflation, a slowing economy and fears about a recession.
"You have a market that’s in waiting mode," said Quincy Krosby, chief global strategist for LPL Financial. “It’s waiting for a sense of what we’re going to hear from companies." (AP)
