PremiumAmidst mixed global cues and directionless trading, the markets surged in the final hour after remaining flat for most of the session. Investors remained cautious in today's session and mostly decided to wait and watch. However, sustained FPI inflows and positive expectations on the macroeconomic trends kept them cautiously optimistic.
Indian shares ended with gains after trading flat for most of the session. Investors remained cautiously opitmistic which was aided by broad-based gains across sectors, on improved global cues after U.S. lawmakers reached a tentative debt ceiling deal over the weekend.
The blue-chip Nifty 50 index gained 35 points to close at 18,633, while the benchmark S&P BSE Sensex climbed 122 points to end the day at 62,969. Sensex had touched the 63,000 mark intraday a few minutes before closing. Only seven of the 15 broad-based Nifty sectoral indices ended in the green.
ITC topped the stock charts as it jumped more than 2%. Bajaj Finserv, HDFC Life and Axis Bank were other prominent gainers. Hindalco, Adani Enterprises and Tata Steel dropped around 1.5% each.
At the sectoral level, most sectors ended around yesterday's mark with marginal gains or losses. Media, Private Bank and FMCG climbed around 0.5% each, while Finance, Bank and IT indices also ended in the green. Metal shed 0.9%.
Asian shares were mixed in directionless trading Tuesday following a US holiday, as optimism about a deal on the US debt was dented by worries about the regional economy.
Japan's Nikkei share average advanced for a fourth straight session on Tuesday amid optimism for increased investment in the country's semiconductor industry. The Nikkei recovered from early declines to close up 0.3%. The broader Topix slid 0.07%.
China and Hong Kong stocks closed almost flat on Tuesday as investors remained cautious ahead of China's May manufacturing data. China's blue-chip CSI300 Index and the Shanghai Composite Index were up 0.1%. Hong Kong's benchmark Hang Seng Index edged up 0.2%, while the China Enterprises Index gained 0.5%.
European stocks slipped on Tuesday, dented by uncertainty on whether Congress will clear a U.S. debt ceiling deal and avert a catastrophic default.
UK's FTSE 100 opened lower on Tuesday after a long weekend, with investors avoiding big bets on fresh worries over the U.S. debt deal, while advertising firm WPP logged its best day in over three weeks on its partnership with chipmaker Nvidia.
India's defence exports have reached an all-time high, surging from Rs. 686 Crore in FY 2013-14 to approximately Rs. 16,000 Crore in FY 2022-23.
Ministry of Information and Broadcasting informed in a press release that this surge, a 23-fold increase, highlights India's significant advancement in the global defence manufacturing industry. (Read More)
S Ranganathan, Head of Research at LKP Securities: On a day when the Volatility Index dropped below 12, it was an eventful trading session today as the month of May has witnessed cash market volumes surging towards a six-month high as the return of FII's pepped up domestic investors in search of Alpha in a month which defied the usual ' Sell in MAY and Go Away ' rhetoric. As markets shrugged away inflation, supply-chain disruptions and a slowdown in certain discretionary spends, buoyant FII inflows of ₹450bn since April has powered the Bank Nifty to its yearly-high today ahead of the MSCI rejig tomorrow. The sight of 63K on the BSE SENSEX today was indeed music to Bulls who made Hay in May.
The new-age tech stocks, including Zomato, Paytm, Policybazaar and Nykaa, have shown improvement in performances, with most of them achieving break-even at operating levels. However, lingering concerns persist regarding their valuations, given the absence of visibility of near-term profitable growth.
Upon their debut on the exchanges, these stocks were greeted with substantial optimism, which transformed into a distressing reality for investors. The continued uncertainty revolves around the elevated valuations assigned to these stocks, despite a sharp slump from their listing prices.
Since their listing, these stocks have seen a significant erosion in their market value, primarily driven by persistent losses, global tech meltdown, sky-high valuations and specific challenges faced by the respective companies (Read More)
India's aviation watchdog has put on hold requests from lessors to repossess planes from airline Go First as the carrier's bankruptcy process imposes a freeze on assets which supersedes such requests, it said in a court filing.
Go Airlines (India) Ltd filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Pratt, part of Raytheon Technologies, says the claims are without evidence.
In granting protection, the Indian tribunal ordered a freeze on Go First's assets even though some lessors had already terminated leases and placed requests with the aviation regulator to repossess more than 40 planes. (Read More)
Aurobindo Pharma's share price jumped over 7 per cent to hit their fresh 52-week high of ₹654.95 in intraday trade on BSE on Tuesday (May 30). The stock opened almost flat at ₹611.25 against the previous close of ₹611.20 and rose to its one-year peak of ₹654.95.
The stock has been on a roll this year, rising nearly 40 per cent against a 3 per cent gain in the benchmark Sensex.
After market hours on May 27, Aurobindo Pharma reported a 12.2 per cent year-on-year (YoY) fall in its Q4FY23 consolidated net profit at ₹505.9 crore. Its profit stood at ₹576.1 crore in the corresponding quarter a year ago. (Read More)
China and Hong Kong stocks closed almost flat on Tuesday as investors remained cautious ahead of China's May manufacturing data.
** China's blue-chip CSI300 Index and the Shanghai Composite Index were up 0.1%.
** Hong Kong's benchmark Hang Seng Index edged up 0.2%, while the China Enterprises Index gained 0.5%.
** China's factory activity likely contracted further in May, a Reuters poll showed on Monday, adding to pressures facing the world's second-biggest economy amid an uneven economic recovery from the COVID-19 pandemic. The official manufacturing Purchasing Managers' Index (PMI) will be released on Wednesday. (Reuters)
Jubilant Pharmova Ltd on Tuesday announced leadership changes and board composition with Priyavrat Bhartia being appointed as Managing Director with incumbent Co-Chairman & Managing Director Hari S Bhartia deciding to step down as part of its succession planning strategy.
Hari S Bhartia has decided to step down from the position of Managing Director of the company effective closing business hours of May 31, 2023 and he shall continue as Co-Chairman, Non-Executive Director on the board of the company, Jubilant Pharmova said in a regulatory filing.
Further, the company said Priyavrat Bhartia, son of Chairman Shyam S Bhartia, will take over as Managing Director effective June 1, 2023. He has been a non-executive director since May 2017, it added. (PTI)
The cash-strapped airlines Go First on Tuesday said that extended its flight cancellation until 4 June, 2023, due to 'operational reasons'. It had earlier announced the suspension of flight operations until May 30, pushing it now by five more days.
In an announcement issued online, the airline said all Go First flights scheduled till June 4, 2023, have been cancelled. Go First said that full refund will be issued to the original mode of payment shortly.
The airline has already stopped issuing tickets and temporarily ceased operations on May 3. (Read More)
The Reserve Bank of India (RBI) wants to expand the ongoing pilot of the Central Bank Digital Currency (CBDC) and incorporate various use cases and features in 2023-24.
In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India (RBI) aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features."
“Taking forward digitisation efforts announced in the Union Budget 2022-23, the Reserve Bank introduced its Central Bank Digital Currency (CBDC) in phases during the year, with the launch of pilots for Digital Rupee (e`) in the wholesale and retail segments on November 1, 2022 and December 1, 2022, respectively," said RBI. (Read More)
In the Asian trading session, Brent oil, along with other commodities, experienced a decline amidst a prevailing risk-off sentiment. The market sentiment overshadowed the positive developments surrounding the progress made towards a US debt-ceiling agreement.
The global benchmark for oil approached the $76 per barrel mark, facing downward pressure as the value of the dollar strengthened. This upward trend in the currency diminished the appeal of commodities, including oil and copper, for investors. Additionally, a key indicator of Chinese stocks indicated the potential for entering a bear market, partly due to a sluggish economic recovery.
Ujjivan Small Finance Bank shares shot up today after the small finance bank informed Indian bourses that Reserve Bank of India ((RBI) has withdrawn the nominee director from SFB's board.
Ujjivan Small Finance Bank share price today opened with upside gap and went on to hit intraday high of ₹36.75 apiece on NSE, which is its new 52-week high as well. While ascending to its new 52-week high, Ujjivan Small Finance Bank shares logged an intraday gain of over 7.50 per cent. (Read More)
Global Health | Positive surprises continue
Result Update BUY INR 665 - Cyndrella Carvalho
Medanta’s 4Q earnings surprised positively driven by better EBITDA margins and higher other income coupled with lower tax rate. Medanta has delivered Revenue/EBITDA/PAT CAGR of 36%/79%/237% respectively over FY21-23. We see new hospitals contribute 33% to revenues in FY23 (vs. 10% in FY19). The new hospitals have ramped-up exceptionally well lending a strong support to overall earnings growth which we expect to sustain. They continue to optically lower the overall ARPOB and occupancy level over the next two years as we see addition of nearly 600 beds. We remain conservative on our margin assumptions due to (1) cost increases amid bed additions; (2) payer mix normalising in Patna and Lucknow; and (3) Noida launch by end of FY25. However, we expect the benefit of recent price hikes to fully reflect in FY24. Matured hospitals posted 26%YoY growth in FY23 and we expect double digit growth to sustain in FY24/25 as there is expansion of capacities for mother & child, oncology etc. and new doctor additions. Noida (FY25 end) and Indore (FY27) remain on track thereby providing future revenue visibility. We continue to believe that Medanta’s consistent earnings growth with margin expansion will drive consensus earnings upgrade. We increase our FY24/25 earnings by 19%/20% to factor in lower interest costs, faster Patna ramp up, price hikes and higher EBITDA contribution from Lucknow. We increase our multiple to 20x (vs. 19x earlier) given the robust cashflow, continuing earnings momentum and scope for potential inorganic acquisitions to derive a Mar’24 Price Target of INR 665. Maintain BUY.
Archean Chemical Industries | Bromine demand outlook buoyant; maintain BUY
Result Update BUY INR 810 - Krishan Parwani
Archean’s 4QFY23 EBITDA was 4% below our expectation but 1% ahead of consensus estimates. The miss was primarily on account of slightly lower improvement in bromine sales volume. However, higher industrial salt realisation surprised us positively. This was on account of contract revision (likely with its long-term partner Sojitz) with effect from Jan’23. Going forward, the management expects bromine prices to stabilise around the current price of USD 4/kg. We have a similar view given pre-Covid bromine price was ~USD 3.5-4.0/kg. On the bromine demand front, the outlook is buoyant. Besides, the company’s plan to commercialise bromine derivatives in the beginning of 2HFY24 remains on track. We continue to like the bromine derivatives story offering 36% EPS CAGR over FY23-26E (even after baking in normalised bromine prices). We maintain BUY with a Jun’24 TP of INR 810/share (based on 12X Jun’25E EPS).
Rolex Rings | Tepid demand environment impacts exports
Result Update BUY INR 2,500 - Sandeep Tulsiyan
Rolex Rings results were below expectations. Net sales were up 4% YoY, 10% below JMFe, given a sharper than expected slowdown in exports. Segment wise, demand in bearing rings segment was healthy, while auto component faced some challenges, due to tepid demand situation in international geographies. Gross margins declined by 900bps YoY to 45.3%, given a mix of higher raw material cost (high cost inventory) and adverse sales mix as exports have much higher margins vs domestic bearing ring sales. Given lower gross margins, EBITDA margins came in at 21.6% (160 bps lower than JMFe), leading to a 2% decline in EBITDA to INR646mn (17% lower vs JMFe). Management expects to see an improvement in margins, driven by normalisation of mix and reduction in power costs (captive solar plants). They guided for revenue growth of 15% in FY24 and 20-25% in FY25, on the back of addition of new customers and recovery in exports. We expect ROLEXRIN to clock sales/EPS CAGR of 18%/17% over FY23-25E as we expect a) increase in wallet share with customers, b) transition to EVs to provide next leg of growth and c) new customer additions. We maintain BUY with TP of INR 2,500 (25x FY25E EPS).
India’s growth momentum is likely to sustain in 2023-24 in an atmosphere of easing inflationary pressures, sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains, said the Reserve Bank of India (RBI) in its Annual Report FY23 released Tuesday.
The Indian economy exhibited robust resilience in 2022-23 amidst a global turmoil following the war in Ukraine, and recorded a growth of 7%, the highest among major economies in the world. (Read More)
Brokerage firm Motilal Oswal Financial Services, which had maintained a 'buy' call on the stock after the Q4FY23 numbers, has downgraded the AU Small Finance Bank stock to a 'neutral' with a target price of ₹830 highlighting factors such as moderating loan growth and the rising cost of funds.
The brokerage firm said AU Small Finance Bank’s stock delivered healthy returns over the past two months, particularly after RBI approved the re-appointment of Sanjay Agarwal as MD and CEO of the bank. (Read More)
In a recent annual report released on Tuesday, the Reserve Bank of India (RBI) revealed a substantial increase in its net income for the fiscal year 2022/23. The central bank's earnings surged to 2.35 trillion rupees ($28.4 billion), surpassing the previous year's figure of 1.6 trillion rupees. This growth was primarily attributed to higher gains in foreign exchange transactions.
According to the report, the RBI recorded an impressive gain of 1.03 trillion rupees through foreign exchange dealings during the year. This notable achievement bolstered its financial standing and has enabled the bank to augment the size of its contingency fund.
Moreover, the balance sheet of the RBI expanded by 2.5% during the financial year, reaching a total of 63.45 trillion Indian rupees.
Inox Wind share price jumped over 8% on Tuesday's trade after the company bagged a repeat order of 150 MW from NTPC Renewable Energy Ltd. Inox Wind shares opened at an intraday low of ₹137.90 per share on the BSE and were trading at ₹144.80 per share at 10:34 IST, close to their intraday high of ₹146.60.
The company in an exchange filing said that NTPC Renewable Energy, is a wholly subsidiary of NTPC Green Energy, NTPC's renewable energy arm. The project will be carried out in the state of Gujarat. With this order, Inox Wind has received a total of 550 MW from NTPC to date. (Read More)
Himanshu Binani - Research Analyst, Prabhudas Lilladher Pvt Ltd on Chambal Fertilizers & Chemicals (CHMB IN): Rating: HOLD | CMP: Rs286 | TP: Rs300
Q4FY23 Result Update - FY23 an aberration impacted by lower subsidy
Quick Pointers:
§ 4QFY23/FY23 subsidy receipts at Rs55.2bn/Rs212.2bn, up 50%/103% YoY.
§ Inventory provision of ~Rs2bn in 4Q and ~Rs4.5bn in FY23 impacted profitability.
We trim our FY24/25E EPS estimates by 14%/15% each and downgrade our rating to ‘HOLD’ from ‘BUY’ with revised TP of Rs300 (based on 9XFY25 EPS) (Rs360 earlier) citing a) flat volume growth and lower margin visibility from Non-urea traded business; b) expectations of another round of NBS subsidy reduction from Govt. in 2HFY24, amid a falling RM cost scenario; and c) limited growth visibility in urea business. Chambal Fertilizers (CHMB) reported disappointing results with Revenue/EBITDA/PAT growth of 9%/-70%/-50% YoY lower than our and consensus estimates. Despite revenues up 9% YoY to Rs35.9bn, margins were severely impacted led by provisions of ~Rs2.0bn of high cost inventory in 4Q’23 (for FY23 provisions of ~Rs4.5bn).
Going forward, management alluded that most provisions for high cost inventory are largely behind, however they remained cautious on further cut in subsidy rates during 2HFY24. Further, robust subsidy disbursement from Govt. in FY23 coupled with falling RM cost scenario will likely keep working capital at comfortable levels along with healthy balance sheet. However, lack of earnings growth visibility in core business and delayed capacity expansion in TAN business (3QFY26) may keep stock performance under check. Downgrade to ‘HOLD’.
Indian Railway Catering and Tourism Corporation or IRCTC share price today witnessed sell-off pressure despite reporting strong Q4 results 2023. IRCTC share price today opened with a downside gap and went on to hit intraday low of ₹627.30 apiece on NSE, logging near 3 per cent dip from its Monday close of ₹645.75 per share on NSE.
According to stock market experts, this dip in IRCTC share price should be seen as buying opportunity by positional investors as IRCTC Q4 results in 2023 is in sync with market expectations. So, profit booking in IRCTC share triggered soon after stock market's opening today. They said that IRCTC share price has strong support placed at ₹605 apiece levels. Experts maintained that ITCTC shares have resistance at ₹650 and on breaching this hurdle, it may become bullish for short to medium term and go up to ₹727 apiece levels. (Read More)
Shares of Hikal surged over 12 per cent in early deals on BSE on Tuesday (May 30), a day after the company released its March quarter scorecard which showed healthy year-on-year (YoY) growth in the company's profit, thanks to softening of raw material prices and operational improvement initiatives. The stock opened nearly 5 per cent higher at ₹296.10 against the previous close of ₹283.15 on BSE and rose over 12 per cent to the level of ₹317.65 within the first 10 minutes of trade.
The small-cap pharmaceutical firm reported a 73.75 per cent YoY jump in standalone net profit for Q4FY23 at ₹36.07 crore. In the same quarter last year, the company's profit was ₹20.76 crore.
Total revenue from operations rose 8.55 per cent YoY to ₹545.29 crore from ₹502.35 crore in the corresponding quarter last year. (Read More)
China and Hong Kong stocks fall on Tuesday's session as investor sentiment remained cautious ahead of China's May manufacturing data.
China's blue-chip CSI300 Index fell 0.8% by the lunch break, while the Shanghai Composite Index dropped 0.7%.
Hong Kong's benchmark Hang Seng Index and the China Enterprises Index were both down 1.0%.
China's factory activity likely contracted further in May, a Reuters poll showed on Monday. This added to the pressures facing the world's second-biggest economy amid an uneven economic recovery from the COVID-19 pandemic. The official manufacturing Purchasing Managers' Index (PMI) will be released on Wednesday.
Sobha Ltd share price surged over 9% in early morning deals on Tuesday after the real estate developer reported strong earnings for the quarter ended March 2023. The stock price jumped as much as 9.33% to an intraday high of ₹554.90 apiece on the BSE.
The real estate developer Sobha reported a consolidated net profit of ₹48.6 crore in Q4FY23, registering a massive growth of 242% from ₹14.20 crore in the corresponding quarter of last fiscal.
The company’s revenue from operations increased 70.3% YoY to ₹1,210 crore driven by higher sales, the highest ever collections and healthy customer deliveries. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Nifty has gained 2.5%, so far this month, and is now just 290 points away from a new all-time high. The market in this rally has been driven by liquidity, mainly from FPIs who have invested ₹33625 crores through the exchanges and an additional ₹5480 crores through the primary market accounting for a massive total investment of ₹39105 crores through 29th May (Source: NSDL). India has again become a preferred choice of FPIs.
So long as this foreign portfolio liquidity remains strong the market will remain resilient. The underlying market momentum indicates an uptrend that can take the market higher. But investors need not expect a sustained sharp rally since valuations don’t warrant that and profit booking will exert selling pressure.
Long-term investors should remain invested in high quality financials, automobiles and construction-related segments since the prospects of these segments remain good even after the run up in stock prices.
Adani Transmission share price fell over 3% on Tuesday's trade following its Q4FY23 earnings number. Adani Transmission shares began trading on the BSE at ₹832.35 per share, the same as the previous closing. During Q4FY23, the company's profit after tax increases by 70% to ₹389.5 crore, while revenue grewby a single digit.
According to analysts, as of now there are not seeing any major traction in this counter, overall the prices are in a range where strong support is seen around 750 whereas 900 is a resistance. (Read More)
HCL Technologies Ltd has sued Atos SE in a US court, accusing the French IT services company of copyright infringement on two of the eight products it had bought from International Business Machines Corp. The Noida-based company is seeking $132.4 million in damages from Atos, a copy of its court petition showed. Last month, HCL America, a unit of HCL Technologies, filed the case in a court in Texas demanding a jury trial, as it alleged that Atos continues to sell Portal Enable and Web Content Manager, together called DX and Domino software.
Gold rate today opened lower on Multi Commodity Exchange (MCX) and hit two months low during early morning deals on Tuesday. Gold price today on MCX opened at ₹59,401 per 10 gm levels and went on to hit an intraday high of ₹59,415 levels within a few minutes of commodity market opening. However, profit booking was soon triggered and the yellow metal tumbled and hit an intraday low of ₹59,395 per 10 gm levels during early morning deals. In the international market, gold price was down to the tune of 0.12 per cent at around $1,941.50 per ounce levels.
Silver prices today feel the heat of selling pressure and hit an intraday low of ₹70,837 per kg levels whereas it made an intraday high of ₹71,000 during early morning session. In the international market, the white metal price lost 0.35 per cent in the international market and hit $23.06 per ounce levels. (Read More)
Rail Vikas Nigam Limited (RVNL) announced its Q4FY23 results on May 26, reporting a consolidated net profit of ₹359.3 crore, down five per cent, compared to ₹378 crore in the corresponding period last year. The railway PSU's revenue from operations in the January-March quarter came in at ₹5,719.8 crore, registering a decline of 11 per cent, compared to ₹6,437.5 crore in the year-ago period.
The company's board recommended a final dividend of ₹0.36 per share, i.e., 3.60 per cent on the paid-up equity share capital for the financial year 2022-23, upon the approval of shareholders. The dividend will be paid within 30 days from the date of its declaration at the company's meeting. (Read More)
India's assets are expected to gain a larger share in investor portfolios due to the country's projected robust economic growth and increasing population over the next decade, according to Amundi Asset Management.
“Investors’ attention should be turning to India," Monica Defend, head of Amundi Institute, wrote in a note dated May 26. Apart from its demographics, “India has all the necessary components to become a key engine for global growth."
As reported by Bloomberg, India will play a significant role in global growth, contributing up to 15% in 2023. The country's economy is expected to outperform both emerging and developed market peers, with an average annual expansion rate of 5.2% over the next ten years. (Read More)
Indian Railways catering services provider, IRCTC earned a net profit of ₹278.8 crore in the fourth quarter of FY23, rising by 30.4% from a profit of ₹214 crore witnessed in the same quarter a year ago. IRCTC posted double-digit growth across key parameters on a year-on-year basis and also recommended a dividend of 100% for its shareholders.
Revenue from operations jumped by 39.7% to ₹965 crore in Q4FY23, as against ₹691 crore in Q4 of the previous fiscal.
On segment-wise performance, revenue from catering business stood at ₹395.77 crore in Q4FY23, as against ₹266.19 crore in Q4FY22 -- registering a growth of 48.67%. Revenue from Rail neer jumped by 34.35% to ₹73.36 crore in Q4FY23 versus ₹54.60 crore a year ago same quarter. (Read More)
Adani Ports, Apollo Hospitals, AstraZeneca Pharma, Kalyani Forge, Mankind Pharma, Suzlon Energy, and Welspun Corp will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)
Vaishali Parekh has recommended three day trading stocks for today. Here we list out full details in regard to those intraday stocks to buy today:
1] Voltas: Buy at ₹825, target ₹860, stop loss ₹812;
2] IRCTC: Buy at ₹645, target ₹672, stop loss ₹634; and
3] Jindal Steel: Buy at ₹531, target ₹552, stop loss ₹523. (Read More)
New Delhi Television Limited (NDTV) has been shortlisted for short-term Additional Surveillance Measure Framework Stage – 1, with effect from May 30, according to a circular released by the National Stock Exchange (NSE). The other stock that has been brought under the short-term ASM framework is Manaksia Coated Metals & Industries, with effect from the same date above.
Medico Remedies, Lakshmi Finance & Industrial Corporation, MBL Infrastructure and Sah Polymers have been shortlisted under the Long-term ASM Framework Stage-I, with effect from May 30, according to a separate circular issued by the stock exchange. (Read More)
HCL Technologies Ltd has sued Atos SE in a US court, accusing the French IT services company of copyright infringement on two of the eight products it had bought from International Business Machines Corp. The Noida-based company is seeking $132.4 million in damages from Atos, a copy of its court petition showed.
Last month, HCL America, a unit of HCL Technologies, filed the case in a court in Texas demanding a jury trial, as it alleged that Atos continues to sell Portal Enable and Web Content Manager, together called DX and Domino software. (Read More)
Adani Transmission's owners earned a consolidated net profit of ₹389.45 crore in the fourth quarter of FY23, registering a growth of 69.62% from ₹229.59 crore in the same quarter a year ago. However, the performance declined by 17.96% from a PAT of ₹474.72 crore in the preceding quarter. The Adani Group-backed company's cash profit surged by 28% YoY to ₹977 crore.
The profitability was supported by a one-time income of ₹148 crore based on a regulatory order in the Transmission business (a net positive impact of ₹21 crore after adjusting for a provision of ₹131 crore (net off tax ₹101 crore)) and aided by a mid-term true-up order by the regulator in AEML. (Read More)
Apple has said that it needs a ‘concrete reason or a legal requirement’ to comply with the Centre’s directive to take down betting apps from its App Store, reported Economic Times.
Apple has not refused to comply with the February order by the ministry of electronics and information technology (MeitY), but it has made it clear that it cannot ‘arbitrarily’ remove the betting apps and make them unavailable in India, reported Economic Times according to sources.
The company said that since the betting apps are valid and legal in other countries, it would be difficult for them to remove them in India. Apple has been asked to look into ways for implementing the order. (Read More)
India Inc has seen earnings for the quarter ended March 2023 in line with street estimates. The banking, automobile and consumption sectors saw strong earnings, while the results of the IT sector were weak.
In the last leg of Q4FY23 earnings season, the companies that will announce their Q4 results on Tuesday include Adani Ports and Special Economic Zone, Bajaj Healthcare, Apollo Hospitals Enterprise, Indiabulls Real Estate, Patanjali Foods, Rashtriya Chemicals & Fertilizers, Mankind Pharma, Mazagon Dock Shipbuilders, Welspun Corp, Torrent Pharmaceuticals, Astrazeneca Pharma India, Birla Tyres and Greenply Industries, among others. (Read More)
Oil and Natural Gas Corp. (ONGC) will spend ₹1 trillion on green initiatives by 2030 to reduce its carbon footprint as part of a broader effort to achieve net-zero emissions by 2038.
ONGC’s chairman and managing director Arun Kumar Singh, told reporters on Monday that the oil explorer has set an ambitious net-zero target and aims to cut both Scope 1 and Scope 2 emissions. Scope 1 emissions are from sources that an organization controls directly, such as fuel used in its operations or in running vehicles, while Scope 2 emissions refer to emissions from, for instance, the electricity it purchases.
According to the company’s presentation, ONGC has a renewable energy portfolio of 189 megawatt (MW) as of FY23, with plans to augment it to 10 gigawatt (GW) by 2030. The energy major plans to venture into offshore wind and green ammonia production, targeting 1 million tonnes per annum (mtpa) of capacity by the same year. “The investments will be in the order of ₹1 trillion," Singh said. (Read More)
European stock indexes edged lower on Monday and euro zone bond yields dropped, but news that the U.S. had reached a debt ceiling deal over the weekend kept Wall Street futures positive.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt.
The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases.
Asian stocks mostly rose, with Tokyo's Nikkei surging to a new 33-year high. But Chinese stocks fell after data showed profits slumping at China's industrial firms.
At 1346 GMT, the MSCI world equity index was up 0.1%. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.2% on the day.
But Wall Street futures rose, with S&P 500 e-minis up 0.2% and Nasdaq e-minis up 0.3%. U.S. and UK markets were closed for public holidays. (Reuters)
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