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Business News/ Markets / Live Blog/  Sensex climbs 180 pts, Nifty up 50 pts; PSU Bank lags; Auto, Energy shine
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Sensex climbs 180 pts, Nifty up 50 pts; PSU Bank lags; Auto, Energy shine

Share Market Close: Indices ended in the green amidst volatility as investors awaited the US inflation data scheduled for today. Sensex closed below 62k and Nifty just above 18,300. IndusInd and HDFC Life gained, while UPL and Dr Reddy shed. PSU Bank lagged; Auto, Energy and Media remained stable. 

Stock Market Today: Focus remain on US inflation data and domestic earnings reportsPremium
Stock Market Today: Focus remain on US inflation data and domestic earnings reports

Markets remained volatile on Wednesday as the PSU Bank index put a huge drag. Investors awaited the US inflation report that is scheduled to be released today to get a clue on Fed's future course of action on interest rate hikes.  Talks over the US debt ceiling are adding to caution in the market. 

10 May 2023, 03:38:13 PM IST

Indices end in green ahead of US inflation data as Sensex and Nifty climb around 0.3% in today's session

Benchmark indices Sensex and Nifty remained volatile for the whole session but ended around 0.3% higher amid weak trends in the global markets. The investors decided on a wait-and-watch approach ahead of US inflation data scheduled to be released later today.

The 30-share BSE Sensex climbed 180 points to close at 61,940. The NSE Nifty gained 50 points and closed at 18,315. Eleven of the 15 broad Nifty sectoral indices ended in the green in today's session.

IndusInd, HDFC Life, Powergrid and Tata Motors gained in today's trading, while UPL dropped more than 2% and ended as one of the biggest laggards for the second day in a row. Dr Reddy's Laboratories also shed more than a per cent in today's session.

PSU Bank shed around a per cent and was the biggest loser. Metal also ended in the negative zone. Auto, Energy and Media gained reasonably in today's session.

Global shares declined in muted trading Wednesday as investors awaited an upcoming report on inflation in the United States, an important indicator for where interest rates and global growth might go in the coming months.

Japan's Nikkei share average dropped from a 16-month peak on Wednesday, as cautious investors took profits. At the same time, domestic earnings continued to produce outsized winners and losers. The Nikkei ended down 0.41%, while the broader Topix fell 0.55%.

Chinese stocks extended declines on Wednesday after a disappointing April trade data, and as many traders cautiously awaited the latest U.S. inflation report.

China's blue-chip CSI 300 Index dropped 0.95%, while the Shanghai Composite Index fell 1.4%. Hong Kong's Hang Seng Index lost 0.72%, and the Hang Seng China Enterprises Index declined 1.01%.

European shares inched higher as Credit Agricole gained after posting upbeat earnings, while investors were on tenterhooks ahead of U.S. inflation data.

UK stocks edged up as investors refrained from making big bets ahead of inflation data in the United States, while aerospace firm Melrose rose to its highest in more than three years after forecasting sales in line with expectations.

Sensex at Close
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Sensex at Close
10 May 2023, 03:26:13 PM IST

Industry body urges Sebi to provide easy exit for small companies to delist from CSE

Industry body PHDCCI has urged capital market regulator Sebi to provide an early and easy process for small firms that wish to delist shares from Calcutta Stock Exchange.

In a representation to Sebi earlier this month, the chamber has recommended a "single window system" or "one-time settlement scheme" for small companies wishing to regularize their functionality on CSE.

The chamber argued that smaller companies may not have the financial resources to comply with certain regulations and may face greater challenges in meeting regulatory requirements.

An “amnesty scheme" or “minimum penalty" or “waiver" could help alleviate some of these challenges and encourage more companies to comply with regulations and also for the sake of the interest of shareholders, leading to erosion of capital of the small companies, PHDCCI said.

The chamber claimed that CSE is a non-trading exchange but is collecting listing fees every year from the companies that were listed decades ago. (PTI) 

10 May 2023, 03:13:54 PM IST

OTPless hires BharatPe’s Anubhav Mathur as CTO, other key executives

OTPless, the SaaS-based identity management platform, has appointed former BharatPe executives to key leadership positions. The company has hired a new Chief Technology Officer (CTO), Chief Product Officer (CPO), and Chief Sales Officer (CSO) from BharatPe.

OTPless, the startup founded by Bhavik Koladiya, the founder of BharatPe, has announced the appointment of key executives. Anubhav Mathur has been appointed as the Chief Technology Officer (CTO), Pawan Pathak as the Chief Product Officer (CPO), and Sahil Chawla as the Chief Sales Officer (CSO). The less-than a-year-old company shared this information in a statement. (Read More)

10 May 2023, 03:09:03 PM IST

Back Sanofi India Q4: Net profit down 20% to ₹190.4 cr, revenue up 4%

Sanofi India on Wednesday reported a decline of 20.1 per cent in net profit to 190.4 crore, This is against a net profit of 238.4 crore in the corresponding quarter last fiscal.

The revenue from operations rose by 4.2 per cent to 736.5 crore in the quarter under review from 707 crore in the year-ago period, said Sanofi India in its regulatory filing.

The operating profit, i.e., earnings before interest and tax, depreciation and amortization (EBITDA) was up by 18.2 per cent to 230 crore as against 194.5 crore in the year-ago period, while the EBITDA margin came in at 31.2 per cent as against 27.5 per cent in the year-ago period. (Read More)

10 May 2023, 02:39:21 PM IST

Pakistan Default Risk Grows as Khan Arrest May Delay IMF Deal

Pakistan is edging closer to a default as political unrest sparked by the arrest of former prime minister Imran Khan is set to delay an International Monetary Fund bailout.

“It looks increasingly difficult for Pakistan to avoid a default in the absence of fresh funding support coming in," said Eng Tat Low, an emerging-market sovereign analyst at Columbia Threadneedle Investments in Singapore.

“I am also growing more skeptical whether an IMF deal is going to come through. Their heavy debt amortization against precarious reserves would suggest default is imminent," he added.

Violent protests erupted in Pakistan on Tuesday with dozens injured across several cities and demonstrators attacking military buildings after Khan was arrested. The 70-year-old politician is due to face an anti-graft tribunal on Wednesday amid heightened security. (Bloomberg)

10 May 2023, 02:38:47 PM IST

JSW Steel’s crude steel production up 7% YoY in April

JSW Steel on Wednesday reported standalone crude steel production of 1.7 million tonne for the month of April 2023, up 7% year-on-year.

According to the company’s filing, JSW Steel’s steel production stood at 1.66 MT in the corresponding period last year.

Flat steel production was at 1.39 MT, indicating a 16% YoY growth from 1.2 MT a year ago, while long steel production witnessed a decline at 0.3 MT, which is 9% lower than last year. (Read More)

10 May 2023, 02:13:57 PM IST

Go First says NCLT order on its plea for insolvency proceedings is a historic ruling

Budget airline Go First on Wednesday said the National Company Law Tribunal's order of admitting its plea for insolvency is a "historic ruling".

The budget airline on last Thursday had filed a petition with the National Company Law Tribunal (NCLT), seeking protection under bankruptcy law. It had also sought an interim moratorium to prevent the seizure of its 26 aircraft by aircraft lessors.

After the NCLT decision, Go First Chief Executive Officer Kaushik Khona said, "This is a historic ruling as an application of insolvency has been admitted so fast. The order prevents a viable airline from becoming an unviable one. The purpose of IBC has always been revival."

Earlier, the NCLT bench comprising Justice Ramalingam Sudhakar and technical member LN Gupta announced the order, stated, "We appoint Abhilash Lal as IRP (Insolvency Resolution Professional). Suspended board of directors will cooperate with the IRP." (ANI)

10 May 2023, 02:10:32 PM IST

India on path to become third largest economy, says MSME minister; urges industry to keep on investing

Union MSME minister Narayan Rane on Wednesday urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy.

He made the remarks at 'GIC 23 Intergovernmental Connect' organised by Inventivepreneur Chamber of Commerce and Industry (ICCI) in association with the Ministry of Micro, Small & Medium Enterprises (MSME) here.

"From 10 largest in 2014, India today is 5th largest economy. Only Japan and Germany are ahead of us. We will become the 3rd largest by 2030 as envisioned by our prime minister," he said addressing around 200 delegates from across the globe at the event.

The minister further said that immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country.

The country will see various industrial parks across various locations and the investors can explore business opportunities in this area, he said. (PTI)

10 May 2023, 01:47:20 PM IST

Media index gains in an otherwise lacklustre trading day; most stocks in the index in green

Media Index
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Media Index
10 May 2023, 01:45:56 PM IST

ONDC an immediate threat to Zomato? Here's what brokerage firm Motilal Oswal says

Brokerage firm Motilal Oswal Financial Services believes direct ordering is not a major concern for the food delivery business. However, ONDC (Open Network for Digital Commerce) is a potential threat to Zomato only if it meaningfully scales up across categories. The brokerage firm hinted that it is early to assess the impact of ONDC on Zomato.

"We do not perceive direct ordering as a major concern for the industry. However, we see ONDC as a potential threat to Zomato only if it meaningfully scales up across categories, allowing it to achieve greater efficiency compared to the walled gardens. At its current scale, we do not have enough evidence to alter our base case for Zomato," Motilal Oswal said in a report. (Read More)

10 May 2023, 01:25:13 PM IST

Shipping Corporation of India shares jumped 8.7% to hit an intraday high of ₹102.83 apiece on the BSE

Shares of Shipping Corporation of India rallied over 8% Wednesday led by strong financial performance in the quarter ended March 2023. The stock jumped 8.7% to hit an intraday high of 102.83 apiece on the BSE.

Shipping Corporation Of India on Tuesday posted a net profit of 376.9 crore for Q4FY23, registering a sharp jump of 154% from 148 crore in the corresponding quarter last fiscal.

The company’s revenue from operations increased by 8.3% to 1,418.1 crore during the quarter under review from 1,309 crore, YoY. (Read More)

10 May 2023, 01:21:52 PM IST

India’s top high streets offer $2 bn potential consumption, Bengaluru leads the pack

India’s top 30 high streets, or market locations, account for an estimated $2 billion in potential consumption in the current financial year, according to a report by real estate consulting firm Knight Frank India in association with Phygital Retail Convention 2023, released on Wednesday.

This represents 19% of the potential consumption of $11 billion projected for operational shopping mall stock in FY 2023-24. Bengaluru has emerged as a city with the best high-street shopping experience with four of its markets topping the list of India’s top ten high-street locations.

Knight Frank’s study ranked Bengaluru’s MG Road as the top high street in India, followed by Somajiguda in Hyderabad, Linking Road in Mumbai, and South Extension in Delhi. The research covered 30 high streets across the country’s top eight markets, which collectively have 13.2 million sq ft of high street stock spread across 4,875 retail stores. The firm assessed these markets based on convenience factors such as access, parking facilities, and a diverse assortment of retailers. (Read More)

10 May 2023, 12:58:26 PM IST

Nexus Select Trust REIT IPO: Issue subscribed 11% on Day 2 so far; Non Institutional Investors portion booked 25%

Nexus Select Trust REIT Ltd initial public offer (IPO) has been subscribed 11% on Day 2, as per NSE data at 12:30 IST.

According to NSE data, the non-QIB portion (NII, HNIs, retail and corporate) was subscribed 25%, and Qualified Institutional Buyers (QIB) portion has not received any subscriptions until now.

The company has received bids for 2,12,34,150 units against 18,52,63,050 units on offer, according to NSE data.

The issue that opened for subscription on Tuesday, May 9, and closes on Thursday, May 11. For the proposed IPO, the company has set the price range at 95 to 100 per equity share.

(The company raised nearly 1,440 crore on Monday through its anchor book, which a total of 16 institutional investors completely subscribed to. (Read More

10 May 2023, 12:44:50 PM IST

Kansai Nerolac brushes up strategy to beat competiton blues

Paint manufacturer Kansai Nerolac Ltd reported decent earnings for the March quarter (Q4FY23), with increased traction across segments resulting in a 14% year-on-year (y-o-y) growth in standalone revenue to Rs1,610 crore, surpassing consensus estimates. Easing raw material costs contributed to a sequential expansion of 136 basis points (bps) in gross margins to 31.6%. On a year-on-year basis, gross margins improved by over 300bps. One basis point is 0.01%.

"We expect margin improvement to continue as higher cost inventory has been mostly used and the demand environment has been steady. We estimate 330bps margin expansion and 38.6% profit after tax CAGR over FY23-25 on a depleted base," said a Prabhudas Lilladher report. CAGR is compound annual growth rate. (Read More)

10 May 2023, 12:30:55 PM IST

India, Canada aim to seal trade pact this year

India and Canada aim to seal an initial agreement this year to increase their trade and expand investment while setting out a mechanism to deal with disputes, they said in a statement on Wednesday.

India's Commerce and Industry Minister Piyush Goyal met his Canadian counterpart, Mary Ng, in Ottawa on Monday, along with business leaders.

"The EPTA would cover, among others, high-level commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement," they said in a joint statement, referring to their early progress trade agreement.

They said they would like to finalise a memorandum of understanding on their cooperation this year.

The two countries last year relaunched negotiations on a comprehensive economic partnership agreement. (Reuters)

10 May 2023, 12:30:29 PM IST

Tata Motors share price touches new 52-week high on third day; here's why

Tata Motors share price touched a new 52-week high for the third straight trading session on Wednesday, continuing its upward trend. Shares of the Rekha Jhunjhunwala-backed company opened at 508 apiece, up 0.9% higher than the previous of 503.65 apiece on NSE. Shares of the company touched an intraday high of 512.90 and low of 505.20.

The stock has been rising steadily since March 29, and on April 10 it opened with a large gap up following the auto major's group global sales rising 8% in January-March 2023. Since that time, the stock has been on an uptrend towards setting new 52-week highs. The stock has gained 23.82% since, March 29. (Read More)

10 May 2023, 12:04:14 PM IST

NCLT admits Go Air insolvency plea; moratorium kicks in

The principal bench of the National Company Law Tribunal on Wednesday admitted low-cost airline Go First's plea for insolvency. The move triggers an immediate moratorium on the airline's assets.

The Wadia Group-backed airline had filed for insolvency on 2 May citing financial losses to the tune of 10,800 crore in revenues and additional expenses due to faulty engines supplied by US-based Pratt & Whitney.

A moratorium indicates a period during which the norms do not allow any judicial proceedings for the recovery, sale, or transfer of assets. This also restricts the termination of essential contracts against the corporate debtor. (Read More)

10 May 2023, 12:02:39 PM IST

Noon Update: Indice trades flat amidst volatility as the PSU Bank index puts a drag on the market 

Sensex at Noon
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Sensex at Noon
10 May 2023, 11:50:02 AM IST

PL Stock Report on Mahanagar Gas (MAHGL IN), Pidilite Industries (PIDI IN) and Westlife Foodworld (WLDL IN) 

Amnish Aggarwal - Head of Research, Prabhudas Lilladher Pvt Ltd on Westlife Foodworld (WLDL IN): Rating: ACCUMULATE | CMP: Rs768 | TP: Rs800

Q4FY23 Result Update - On track but expect back-ended returns

Quick Pointers:

§ Dine-in sales momentum remains strong up 38% in 4Q23

§ WFL to add 40-45 new stores in FY24 and 580-630 by CY27

We cut our FY24/25 EPS estimates by 12.7%/8.4% and rating to Accumulate on account of 1) 9/14 lesser stores than estimates in FY24/25 2) 30bps lower margin expansion in FY24 and 3) 50/120bps higher tax rates in FY24/25. WFL’s reported strong 14% SSSG in a challenging operating environment for discretionary/QSR spends. Gross margins have moved up with pass through of price hikes (7% for 12 months) coupled with sourcing benefits. WFL continues to gain market share across territories with menu innovations like Fried Chicken (South India), Gourmet Burgers and limited time offerings like Big Mac, Piri Piri McSpicy range. On-Premise continues to gain momentum with 38% higher sales with off-premise holding up with 5% higher sales.

We remain positive on the structural story for Westlife given 1) guidance of 580-630 stores by CY27 (40/45 in FY24) 2) excitement created with limited time launches (Big Mac, Piri Piri McSpicy range) 3) increased traction on fried chicken & new launches like chicken wings (additional Rs10mn of AUV/store) 4) strong start in Tier2/3 with growth being 1.5x than metros and 5) likelihood of gradual increase in royalty beyond 5% after FY26. We estimate Sales/EPS CAGR of 17.7%/33.3% over FY23-25. We rollover and assign DCF based target price of Rs800 (Rs806 earlier). Accumulate for LT Gains although near term upside seems capped post sharp run up recently.

Avishek Datta - Research Analyst, Prabhudas Lilladher Pvt Ltd on Mahanagar Gas (MAHGL IN): Rating: BUY | CMP: Rs1,074 | TP: Rs1,260

Q4FY23 Result Update - Falling gas cost brightens outlook

Quick Pointers:

§ Higher Q4 EBIDTA at Rs12.8/scm owing to 13%QoQ decrease in gas cost drive earnings beat.

§ 7% week to week increase in vehicle conversion post Rs8 cut in retail prices to Rs79/kg in Apri23.

We increase our FY24/25E estimates by 14.2%/12.6% to factor in higher margins, given benign gas price outlook. Mahanagar Gas (MAHGL) Q4 results came high, due to higher than expected margins at Rs12.8/scm vs Rs10.2/scm. We believe MAHGL will benefit from lower gas prices in the near term given 1) implementation of Mr Kirit Parekh committee report with suggested price cap of USD6.5/mmbtu towards domestic gas used for priority sectors like CGD and fertilizer and 2) Higher allocation of HPHT (0.19mmscmd) which replaced imported spot LNG. MAHGL remains a play on increased gas usage from rising vehicles and PNG penetration. We like the business because of its dominating share in growing markets of Mumbai and its suburbs. Reiterate ‘BUY’ with a TP of Rs1,260 ( 1,103).

Amnish Aggarwal - Head of Research, Prabhudas Lilladher Pvt Ltd on Pidilite Industries (PIDI IN): Rating: HOLD | CMP: Rs2,472 | TP: Rs2,589

Q4FY23 Result Update - Steady growth and margin expansion ahead

Quick Pointers:

§ Spot VAM prices at USD1100/ton, 4Q usage at USD1300/ton (USD2000/ton in 3Q), Margins expected to improve in FY24 to a band of 20-24%.

§ Demand outlook steady in domestic markets, exports weak

We are retaining Hold rating on PIDI and estimate 37% EPS CAGR over FY23-25 given 1) soft VAM prices USD1100/ton which will enable 850bps gross margin expansion over FY23-25 2) demand green shoots in rural India and 3) expected pick up in premiumisation on hopes of moderation in prices. Long term demand trends remain favorable with 1) pick up in real estate, infra, repair & renovation activity 2) sustained launch of innovations across segments 3) targeted increase in ratio of Pioneer and Growth categories from current 33% to 50% over next 3 years and 4) gains from deeper distribution reach in rural India and small towns. We rollover and assign a DCF based target price of Rs2589 (Rs2500 earlier). We expect steady returns given PE of 51.9xFY25 EPS. Higher than expected growth and margins can provide upside risk to our estimates. Retain Hold.

10 May 2023, 11:26:30 AM IST

Govt gives time till May 31 for Goods Transport Agencies to opt for GST payment

The government has extended the deadline to May 31 for Goods Transport Agencies to exercise the option of paying GST on forward charge basis for current fiscal.

Under GST, Goods Transport Agencies have the option to collect and pay GST on forward charge basis. If they do not opt to do so, the liability to pay the tax gets transferred to the recipient of the service, under reverse charge mechanism.

To opt for paying Goods and Services Tax (GST) under forward charge basis at the rate of 12 per cent (with input tax credit) and 5 per cent (without ITC benefits) in a fiscal, a Goods Transport Agency (GTA) has to fill a form (Annexure V) by March 15 of the preceding financial year.

In an amendment to the GST Act, the finance ministry in May said "the option for the Financial Year 2023-2024 (by a GTA) shall be exercised on or before the 31st May". (PTI)

10 May 2023, 11:19:15 AM IST

UPL continues to drag for the second session in a row after a disappointing quarterly result; sheds 2%

UPL
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UPL
10 May 2023, 11:14:22 AM IST

JSW Infrastructure files for IPO, to raise ₹2,800 crore

JSW Infrastructure, the ports business of the JSW Group, on Wednesday filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).

“The ports business of Sajjan Jindal-led JSW Group plans to raise up to 2,800 crore through the IPO route, which will be used to retire its debt as well as to fund its capacity expansion projects," said people in the know, who did not want to be identified.

The JSW Infrastructure IPO is the third public listing by the JSW Group and comes 13 years after the listing of JSW Energy in January 2010. (Read More)

10 May 2023, 10:50:38 AM IST

Indian market outlook: Time to look at Indian market; long-term prospects good for IT, says Franklin Templeton

While the Indian market has been underperforming its top global peers this year so far, analysts at Franklin Templeton believe the situation appears to be changing and investors are taking another look at Indian equities thanks to the country's resilient economy and slightly comfortable valuation of stocks after the recent underperformance.

In a note on May 9, Sukumar Rajah, Senior Managing Director and Director of Portfolio Management at Franklin Templeton Emerging Markets Equity underscored that the Indian economic outlook remains bright while the outlook for some of the top economies appears gloomy. (Read More)

10 May 2023, 10:49:51 AM IST

FMCG index remains stable when most other sectors are trading lower in today's session

FMCG
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FMCG
10 May 2023, 10:43:03 AM IST

‘Baseless and misleading,’ GSI rejects media reports on lithium reserve found in Rajasthan

Rejecting the media reports claiming the discovery of a giant lithium reserve in Rajasthan, the Geological Survey of India (GSI) said that reports of large lithium reserves being identified in the state were ‘baseless’.

The survey organisation said the reports claiming the discovery of a new lithium reserve which can meet 80 per cent of India's energy demand were “baseless".

The reports published in various newspapers regarding the discovery of large lithium reserves by the Geological Survey of India, in Degana area, Nagaur district of Rajasthan are “completely baseless and misleading". (Read More)

10 May 2023, 10:16:53 AM IST

JM Financial recommendations on ABB India, Blue Star, Westlife Foodworld - BUY

JM Financial research report recommends BUY for the following companies:

ABB India | Strong execution continues to drive growth

Result Update BUY INR 4,100

ABB India reported a strong beat on expectations. Net sales were up 23% YoY (10% above JMFe), while EBITDA reported strong growth of 52% YoY (15% above JMFe). Sales growth largely came from Electrification (EL) and Motion (MO) segment, leveraging its robust order book and execution. Revenue in EL segment grew by 16% YoY, given its robust backlog, additionally MO segment growth was led by a resurgent traction converter business, growing 36% YoY. Process Automation (PA) grew by 23% YoY, given milestone-based execution of project orders. Operating margins were 60bps higher than expectations at 11.8% (+230bps YoY), on account of better capacity utilisation and favourable mix. Order inflows are up 36% YoY at INR31.3bn, led by robust order inflows across segments, while OB stood INR71.7bn (0.8x TTM sales), +37% YoY. We remain positive on the growth story given a) expansion in lower tier cities to pace up the growth, b) utilisation of robust cash balance (c.INR40bn) for organic and inorganic acquisitions and c) improvement in margins over the past few quarters to c.12% (1QCY23) vs average range of 6-8% in CY18-20. Further, ABB Global reported healthy order inflows growth (+9% YoY on a comparable base) and anticipates growth of 10% in CY23 with improvement in EBITDA margins. We maintain BUY rating with revised TP of INR4,100, based on 65x CY24E EPS.

Blue Star | Paving way for future growth

Result Update BUY INR 1,600

Blue Star 4QFY23 results were below JMFe, although better vs BBG consensus. Net sales grew by 16% YoY, in line with estimates, while EBITDA was 7% lower vs our estimates (INR 1.8bn, +25% YoY). Unitary Products segment registered a robust growth of 22% YoY to INR12.7bn, 5% above estimates. Further, we attended the analyst meet and the key takeaways are as follows: a) Management targets to maintain growth in EMP segment through expansion in product portfolio and channel expansion with key focus on lower tier cities, b) Increased focus on international markets by consolidating position in the MEA region and making an entry in North America and Europe markets, c) pushing affordable RAC range in North India to gain market share (current share at 13.5%), d) deepen distribution reach and increase customer touch points to 10k by FY24 from 8k currently and f) Capex likely to be in the range of INR2.5-3bn over next two years for expansion of capacities in Sri City. Management highlighted that they intend to grow faster than market which is likely to clock 20% growth over Jan-Jun’23 period and intends to retain margin of 8-8.5% and 6-6.5% in Unitary Products and EMP segments respectively. We maintain BUY rating with revised TP of INR1,600.

Westlife Foodworld (WLDL IN): 4QFY23 | SSSG & GM progression remain healthy

Result Update BUY INR 900

Westlife’s 4QFY23 revenue growth was below our optimistic expectations, primarily on account of lower sales per store & store additions which along with higher overhead costs (one-time bonus payout) resulted in operating performance being below our expectations. On the positive side, SSSG of 14% remains healthy and we believe it is likely to be ahead of peers in QSR space, with continued growth in Dine-in consumers which is commendable given the noise around moderation in QSR categories seen post festive period. Input cost inflation also remains stable thereby providing comfort on gross margin trajectory going ahead too, which along with steady uptick in ADS should help drive overall earnings trajectory. Westlife’s successful initiatives around portfolio expansion (McCafe, McChicken, Premium burgers) which allow it to play across day part/occasions along with its omni-channel capabilities, we believe, are key reasons for its superior delivery on key metrics. We remain believers in Westlife’s capabilities to capitalise on QSR opportunity. Maintain our BUY rating on the stock.

10 May 2023, 10:10:39 AM IST

Dr Reddy's shares trades flat on Wednesday's early session ahead of Q4 numbers; check details

Dr Reddy's share price trades flat ahead of its Q4FY23 (January-March) results on Wednesday. The stock opened at the intraday high level of 4,931.50 per share on NSE.

Dr Reddy's Laboratories is anticipated to release a good set of financial results for the quarter ended March 31, 2023. According to Zed Business Research, the pharmaceutical business is expected to record a 13% year-over-year (YoY) increase in its consolidated revenue to 6,174 crore from 5,475 crore logged in Q4FY2023. (Read More)

10 May 2023, 09:49:24 AM IST

IndusInd Bank gains more than a per cent in early trading and leads the Nifty and BSE Sensex stock charts 

IndusInd Bank
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IndusInd Bank
10 May 2023, 09:40:28 AM IST

Geojit Financial Services on today's market: Important from the market perspective will be the CPI data from the US expected today

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Since bulls are in control of the market now, it is possible that this rally can take the market towards the Nifty all-time- high of 18887, which is only 3% away. The main driving force of this rally is the sustained FII buying for the last nine trading days with cumulative buying of 15767 crores. This sudden change in FII strategy has also triggered some short covering, which has assisted the bulls.

The market will be closely watching the Karnataka exit poll results this evening. A congress victory in the elections is unlikely to impact the market much, but an unexpected setback to the BJP may slightly impact near-term sentiments. More important from the market perspective will be the CPI data from the US expected today. If the disinflation trend continues that would be a shot in the arm for equity markets globally.

10 May 2023, 09:37:20 AM IST

Lupin shares down over 1% on Wednesday's early trade following Q4FY23 results; check details

Lupin share price fell 1.5% on Wednesday's early following Q4FY23 results. The pharma major on Tuesday, reported a consolidated net profit of 246.7 crore in the fourth quarter of FY23, which is attributable to the owners of the company. Lupin shares opened at intraday high of 750 per share on NSE.

The most recent PAT compares to a net loss of 344.27 crore in the fourth quarter of FY22. On an annual basis, the company experiences revenue growth in the double digits. Lupin's Q4 PAT did, however, decline by 25.3% compared to the December 2022 quarter's net profit of 330.43 crore. (Read More)

10 May 2023, 09:30:10 AM IST

PSU Bank continues to drag for 3rd session as it sheds more than a per cent in early trading with all stocks in the red

PSU Bank
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PSU Bank
10 May 2023, 09:26:51 AM IST

PTC India inks pact with Brookfield Renewables to purchase 100 MW solar power

Power trading solutions provider PTC India on Tuesday said it has signed an agreement with Brookfield Renewables for purchase of 100 MW solar power on a long term basis.

Brookfield Renewables is developing a 400 MW solar power project in Bikaner solar park in Rajasthan.

"PTC India has executed a Memorandum of Understanding (MoU) with Brookfield Renewables for purchase of 100 MW solar power on a long-term basis," PTC India said in a release.

The agreement includes an option to increase the power capacity to 200 MW at the time of project commissioning based on mutual confirmation by the two parties.

PTC India will market the power to various utilities and commercial and industrial consumers.

Under this arrangement, PTC India will provide Brookfield Renewables with an assured tariff and payment security. (PTI)

10 May 2023, 09:25:29 AM IST

Indices start strong as Sensex adds 150 pts at open and Nifty gains 50 pts; IndusInd and Tata Motors shine

Sensex at open
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Sensex at open
10 May 2023, 09:07:20 AM IST

India Post looks to onboard ONDC platform; inks MoU with CAIT, Tripta Technologies

India Post on Tuesday inked a pact with the Confederation of All India Traders (CAIT) and Tripta Technologies for providing logistics support to small traders, and outlined plans to onboard the ONDC platform as a logistics service provider.

India Post signed an MoU with the Confederation of All India Traders (CAIT) and Tripta Technologies in the presence of Minister of State for Communications Devusinh Chauhan on Tuesday.

The pact facilitates the operationalisation of the 'Bharat EMart' portal, which will provide the facility of pick-up of consignments from the premises of traders and ensure delivery at the doorsteps of the consignees across the country.

An estimated eight crore traders associated with CAIT will be benefitted from the agreement, an official release said.

India Post in the recent past has entered into similar agreements with the Government e-Marketplace (GeM) and Regional Centers of Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) to provide pick-up and delivery of parcels at the doorsteps of the consignees. (PTI)

10 May 2023, 09:03:32 AM IST

Sensex starts flat at preopen session; Adani Ports, RIL, HDFC Bank, Lupin in focus in today's session

Sensex at Preopen
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Sensex at Preopen
10 May 2023, 08:56:24 AM IST

Rupee may fall further ahead of key U.S. inflation data

The Indian rupee is likely to extend losses on Wednesday ahead of crucial U.S. inflation data, having weakened below an important level in the previous session.

Non-deliverable forwards indicate the rupee will open at around 82.08-82.10 to the U.S. dollar compared with 82.0375 in the previous session.

The rupee on Tuesday declined past 81.95-82, a level that traders reckoned was the near-term resistance for the USD/INR pair. Hedging by importers, possible dollar outflow and stop-losses were among the reasons cited by traders for the currency weakening past 82.

"After yesterday's session, you would have to say the bias (on USD/INR) has shifted slightly to the upside," a senior sales official said.

"Today, it will be about how much follow through is there and then obviously the U.S. inflation data will be crucial for the dollar's direction." (Reuters)

10 May 2023, 08:47:28 AM IST

Lupin Q4 results: Firm reports consolidated PAT of ₹247 cr, declared dividend

Pharma major, Lupin earned a consolidated net profit of 246.7 crore in the fourth quarter of FY23, which is attributable to the owners of the company. The latest PAT is against a net loss of 344.27 crore in Q4 of FY22. The company sees double-digit growth in revenue on a year-on-year basis.

However, Lupin's Q4 PAT fell by 25.3% as against a net profit of 330.43 in December 2022 quarter.

The pharma player witnessed strong growth in EBITDA at 615 crore, up by a whopping 117.8% YoY and 13% QoQ. (Read More)

10 May 2023, 08:35:25 AM IST

Mankind’s impressive listing may revive retail interest in IPOs

With Mankind Pharma’s stellar Dalal Street listing, retail interest in Initial Public Offerings (IPO) could be revived after a series of poor listings late last year and early this year, when markets turned volatile due to interest rate hikes in the US and in emerging markets (EMs) like India.

Against the issue’s upper band of 1,080, the stock opened at 1,300, a 20% premium, and closed at 1,422.30, a whopping 31.7% premium. This underlines institutional investors and a large high net worth individuals (HNIs) appetite for the company, which ranks among the top 5 Indian pharma companies by sales. Retail investors usually book profits on listing day or buy if the listing price trades closer to the issue price. (Read More)

10 May 2023, 08:33:04 AM IST

Q4 results today: L&T, Dr Reddys, Escorts, Novartis, Sanofi among others to announce earnings

Despite Mankind Pharma's powerful debut in the stock market and impressive quarterly results of some companies like Apollo Tyres, the market closed flat at 61,761.33. On the other hand, the Nifty 50 ended on a muted note at 18,265.95. Stock market investors will be keenly waiting for the quarterly results of Larsen & Toubro, Godrej Consumer Products, Dr. Reddy Laboratories, and others set to be released on Wednesday.

Other than these companies, Procter and Gambler Hygiene, Gokul Agro, Sagar Cement, Cera Sanitary, BMW Industries, Orchid Pharma, Kabra Extrusion, Venkys, Sagar Cement, Pricol, MAS Financial Services, HG Infra Engineering, Prism Johnson, Cera Sanitary, etc will also announce their results today. (Read More)

10 May 2023, 08:28:40 AM IST

Stocks to Watch: Reliance Industries, Adani Ports, HDFC Bank, Lupin, Vedanta, Tata Motors, Castrol India, Shipping Corporation of India, PTC India, and Apollo Tyres

L&T, Godrej Consumer Products, Dr Reddy's, Bosch, P&G Hygiene, Sanofi India, and Novartis India will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)

10 May 2023, 08:17:01 AM IST

Buy or sell: Vaishali Parekh recommends buying in 3 stocks today: M&M, EIH, and City Union Bank

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher recommends buying the following stocks:

Buy Mahindra & Mahindra at 1245 with a stop loss 1228 and a target price of 1287

Buy EIH Ltd at 188 with a stop loss 185 and a target price of 195

Buy City Union Bank at 138 with a stop loss 135 and a target price of 145. (Read More)

10 May 2023, 08:14:20 AM IST

Vedanta appoints Terry Daly as advisor for semi-conductor business; to provide strategic counsel and inputs

Vedanta Ltd has appointed Terry Daly as an advisor for its semiconductor business, the company announced on Tuesday. Daly will provide strategic counsel and inputs as Vedanta looks to establish a state-of-the-art semiconductor fab unit and semiconductor assembling and testing unit in India.

David Reed, CEO of Vedanta-Foxconn Semiconductors Limited (VFSL), said, “We are pleased to welcome Terry Daly to our team. As an industry veteran, Terry brings a vast wealth of knowledge and experience in managing several workstreams that are critical for establishing a world-class semiconductor fab." (Read More)

10 May 2023, 08:07:29 AM IST

Shipping Corporation Of India Q4: Net profit at ₹376.9 cr, dividend declared

Shipping Corporation Of India on Tuesday reported a rise of 154 per cent in net profit to 376.9 crore for the quarter ended March 2023. This is against a net profit of 148 crore in the corresponding quarter last fiscal.

The revenue from operations rose by up 8.3 per cent at 1,418.1 crore for the quarter under review as compared to 1,309 crore as per the regulatory filing.

The Board has recommended a dividend of Re 0.44 per equity share of face value of Rs.10 each, i.e., 4.40% per share, subject to the approval of the shareholders. The said dividend if declared would be paid within 30 days from the date of its declaration at the AGM. (Read More)

10 May 2023, 07:56:53 AM IST

Tata Motors weighs dividend for first time since 2016 after Dec quarter turnaround

Tata Motors Ltd may declare a dividend for the first time since 2016, as the company returned to profitability in the December quarter after two consecutive years of losses. The move will be a significant milestone in its turnaround journey, spearheaded by Tata Sons chairman N. Chandrasekaran, who has worked to strengthen, transform and unlock the value of the group’s core businesses, including the flagship Tata Motors and its UK-based subsidiary Jaguar Land Rover.

The company told stock exchanges on 4 May that its board will meet on 12 May to consider declaring dividend for shareholders.

In 2016, Tata Motors last declared dividend of 0.2 a share. (Read More)

10 May 2023, 07:42:53 AM IST

Adani-Hindenburg case: SC to hear SEBI's 6-month extension plea to complete probe on May 12

The Supreme Court will hear the plea by capital markets regulator Securities and Exchange Board of India (Sebi) seeking a six-month extension to complete the probe on Adani Group on May 12, according to CNBC-TV18.

Sebi had asked the apex court for an extension to finish its investigation into allegations levelled by US-based short seller Hindenburg against the conglomerate, noting that Adani Group's complex transactions involving listed, unlisted and offshore entities require deeper investigations. After Sebi's plea to the court, the Gautam Adani-led conglomerate responded saying it is fully cooperating with the probe. (Read More)

10 May 2023, 07:32:21 AM IST

Delhi high court rejects govt plea against RIL regarding a gas dispute in the Krishna Godavari basin

The Delhi high court on Tuesday dismissed a petition filed by the Union government against a consortium led by Reliance Industries Ltd regarding a gas dispute in the Krishna Godavari basin.

The ministry approached the court after an international arbitration panel rejected its fine of $1.55 billion on Reliance Industries and partners BP Plc and Niko Resources for allegedly selling gas that migrated from Oil and Natural Gas Corp Ltd’s (ONGC) KG blocks to their block.

“The inferences are factual conclusions arrived at by the arbitral tribunal, which cannot be second-guessed by this court in the exercise of its powers under Section 34 of the Arbitration & Conciliation Act," the court observed. (Read More)

10 May 2023, 07:21:20 AM IST

NCLT to pronounce order in Go Air insolvency case today; court reserved its order on Thursday

The Delhi bench of the National Company Law Tribunal (NCLT) on Wednesday will pronounce its verdict on a petition filed by Go First seeking the initiation of voluntary insolvency proceedings and imposition of an interim moratorium under the Insolvency and Bankruptcy Code (IBC).

The court had reserved its order in the matter on Thursday.

The Wadia Group-backed low-cost carrier voluntarily filed for insolvency at the NCLT on 2 May after announcing the suspension of flights for 3-4 May. (Read More)

10 May 2023, 07:19:27 AM IST

Wall Street stocks close down on Tuesday as focus shifts to inflation data, debt talks

U.S. stock indexes closed lower on Tuesday as investors grew more cautious ahead of a U.S. consumer price index report and a meeting between U.S. political leaders to discuss the debt ceiling.

Investors will look for clues on whether inflation is continuing to ease following the Labor Department's consumer price index (CPI) report on Wednesday.

Talks over the U.S. debt ceiling are adding to caution in the market as traders were also waiting for an update on plans for the debt ceiling from a meeting between U.S. President Joe Biden, Republican House Speaker Kevin McCarthy and other congressional leaders at the White House.

Worries of a potential government default loom over Washington as early as June 1, if Congress does not act to resolve the deadlock.

"Overall, it's a relatively mild day, but both the debt ceiling as well as the inflation are causing some anxiety," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.

The Dow Jones Industrial Average fell 56.88 points, or 0.17%, to 33,561.81, the S&P 500 lost 18.95 points, or 0.46%, to 4,119.17 and the Nasdaq Composite dropped 77.36 points, or 0.63%, to 12,179.55. (Reuters)

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