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Business News/ Markets / Live Blog/  Sensex, Nifty close flat; Dr Reddy, L&T lag; Adani Ent gains
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Sensex, Nifty close flat; Dr Reddy, L&T lag; Adani Ent gains

Share Market Close: Benchmark indices ended flat with a minor fall despite most sectors closing in the green. Consumer Durable, Bank and Realty sectors gained, while Pharma and Metal fell. L&T and Dr Reddy's dropped sharply; Adani stocks, Asian Paints and HUL jumped. 

Stock Market Today: US inflation figures may bring more optimism among investors (PTI)Premium
Stock Market Today: US inflation figures may bring more optimism among investors (PTI)

Markets remained cautiously optimistic about the US inflation data; however, a few disappointing quarterly results by heavyweights dragged their stock prices and kept the indices flat for most of the session. Investors hope that lower inflation numbers will give the Fed less incentive to resort to further rate hikes. 

11 May 2023, 03:39:56 PM IST

Indices end flat despite overall optimism as investors sold stocks with disappointing quarterly results 

The key benchmarks of the domestic equity markets ended flat amid the improved market sentiment after the news of ease in the April inflation of the US. However, a few stocks with disappointing quarterly results dragged the market with indices experiencing a minor fall.

BSE Sensex dropped 35 points to close at 61,904 and NSE Nifty shed 18 points to end just below 18,300 on Thursday. Twelve of the 15 broad Nifty sectoral indices ended in the green in today's session.

Most sectoral indices ended in the green but none of them registered any major gains except Consumer Durables which climbed 0.9%. Pharma shed more than a per cent. Metal also ended on the negative side with a marginal fall.

Among stocks, Adani Enterprises jumped 5%, Asian Paints 3.3%, HUL and Adani Ports around 2.5% and led the Nifty stock charts. Dr Reddy and L&T shed 6.9% and 5%, respectively, following their disappointing quarterly results.

Asian stocks had a mixed day. Most Japanese shares fell on Thursday as investors pulled back after recent gains and took stock of a mixed bag of corporate earnings ahead of a high-profile Group of Seven nations meeting.

The benchmark Nikkei gauge ended almost flat, inching 0.02% at the close. Of the index components, 137 stocks declined, while 85 rose and three were flat. The broader Topix edged down 0.14%.

China and Hong Kong stocks closed lower on Thursday as slow consumer inflation and deepening factory gate deflation data suggested an uneven recovery and stoked deflation worries.

China's blue-chip CSI 300 Index edged down 0.2% at close, while the Shanghai Composite Index dropped 0.3%. Hong Kong's Hang Seng Index slipped 0.1%, and the Hang Seng China Enterprises Index edged up 0.2%.

European shares rose on Thursday, with media and travel stocks in the lead, as signs of easing U.S. inflation offered some relief to investors worried about the impact of the Federal Reserve's tight monetary policy.

UK's blue-chip FTSE 100 index was slightly up on Thursday, helped by gains in shares of export-oriented firms as the pound declined ahead of the Bank of England's (BoE) monetary policy decision.

Sensex at Close
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Sensex at Close
11 May 2023, 03:27:20 PM IST

Aditya Birla Q4 Results: Net profit rises 35% to ₹608 crore, NBFC loan book grows 46%

Aditya Birla Capital announced its Q4FY23 results reporting a net profit of 608 crore, registering a growth of 35 per cent compared to 450 crore in the corresponding period last year. The revenue of the financial services company came in at 9,146 crore in the fourth quarter, reporting a growth of 31 per cent, compared to 6,962 crore in the year-ago period.

As part of the company's NBFC business, the loan book grew by 10 per cent sequentially and 46 per cent year-on-year to 80,556 crore as of March 31, 2023, backed by 57 per cent year-on-year growth in loans to retail, small, and medium enterprises and high net worth individuals (HNI) customers. (Full Story)

11 May 2023, 03:20:35 PM IST

FASTag toll connections improve 22% on a YoY basis, Motilal Oswal Financial Services

According to Motilal Oswal Financial Services, FASTag toll collections continue to gain traction in the month of April. The collection improved to INR 51.5 bn in April 2023, up 1.5%, from INR 50.7 bn in March 2023 on a month-on-month basis. On a YoY basis, the collections improved by 22% when compared to INR 42.2 bn in April 2022. The trend clearly indicated that FASTag toll collections are improving gradually and steadily.

11 May 2023, 03:09:53 PM IST

ChatGPT Faces More Scrutiny From EU Lawmakers in AI Proposal

OpenAI’s ChatGPT and Google’s Bard may be asked to follow stricter rules to operate in the European Union after the bloc took a step toward new regulations for artificial intelligence.

Companies creating “foundational models" should be required to produce risk assessments, summarize copyrighted material used to train the models and make sure users know when they’re interacting with AI or watching a deepfake, parliamentarians in the EU’s internal market and justice committees agreed Thursday. They also voted to ban the real-time use of AI for identifying people in public.

The majority of lawmakers, 84, voted for the additional controls in a vote on the EU’s Artificial Intelligence Act, while seven voted against and 12 abstained. (Bloomberg)

11 May 2023, 03:00:04 PM IST

Businesses with more than ₹5 crore sales have to generate e-invoices

Businesses with 5 crore to 10 crore sales will have to generate e-invoices for business-to-business transactions as part of a government move to capture a large volume of data on economic transactions and to check whether GST has been paid by those in the value chain.

The government has been lowering the threshold for eligible entities for e-invoicing in phases, beginning with entities with more than 500 crore turnover in October 2020. Now the threshold is 10 crore and the new threshold of 5 crore will be effective from 1 August, showed an official order from the Central Board of Indirect Taxes and Customs (CBIC) issued late on Wednesday. (Read More)

11 May 2023, 02:50:34 PM IST

Metal index drags despite Adani Enterprises shining as most stocks trade in the red in today's session

Metal Index
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Metal Index
11 May 2023, 02:35:17 PM IST

Dr Lal PathLabs Q4 Earnings: Net profit falls 7.5% YoY to ₹56.7 crore; revenue increases 1.1% to 491 crore

Dr Lal PathLabs reported a net profit of 56.7 crore in the quarter ended March 2023, registering a fall of 7.5% from 61.3 crore in the corresponding quarter of last year.

The company’s revenue from operations during Q4FY23 increased marginally by 1.1% to 491 crore from 485.5 crore, YoY.

On the operating front, earnings before interest, depreciation and amortization (EBITDA) decreased 4.5% to 115.6 crore from 121.1 crore, while EBITDA margin also contracted by 140 bps to 23.5% from 24.9%. (Read More)

11 May 2023, 02:16:52 PM IST

SpiceJet to revive grounded fleet with $50 million ECLGS funds; says it has no intentions of filing for insolvency

Budget carrier SpiceJet on Thursday announced that it has initiated the process of reviving its grounded fleet with the $50 million funds received by the company from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.

Despite recent developments in the Indian aviation market, SpiceJet has assured that it has no intentions of filing for insolvency and is focused on its business. SpiceJet is actively engaging with investors to raise funds and put itself back on track, it said in a regulatory filing. (Read More)

11 May 2023, 02:14:30 PM IST

GoFirst Insolvency: NCLAT to hear SMBC Aviation Capital's plea tomorrow

The National Company Law Appellate Tribunal (NCLAT) hear the plea filed by Go First aircraft lessor, SMBC tomorrow, May 12, Friday. SMBC Aviation Capital moved the National Company Law Appellate Tribunal (NCLAT) on Thursday challenging the National Company Law Tribunal (NCLT)'s order which admitted the GoFirst airlines' insolvency process.

The NCLT on Wednesday admitted Go First's plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under a moratorium from recovery by lessors and lenders, according to the news agency ANI. (Read More)

11 May 2023, 01:49:58 PM IST

Tariff hike to help DTH operators log 6-8% revenue growth in FY24: Report

The latest tariff hike by India’s direct-to-home (DTH) operators are likely to help them log a 6-8% growth in revenue to 19,500 crore in fiscal 2024, according to analytics firm Crisil. This would account for around 95% of the pre-pandemic fiscal 2020 levels.

However, net subscriber growth is anticipated to remain stagnant in the medium term due to the rising popularity of digital platforms, Doordarshan Free Dish, and competition from cable providers.

The ongoing recovery in the DTH sector comes after the amended New Tariff Order implementation on 1 February 2023, leading to tariff hikes. Over the past three fiscals, there was a regulatory constraint on hiking tariffs even as subscriptions declined. (Read More)

11 May 2023, 01:35:34 PM IST

A Cash Crunch Is Pushing Up Funding Costs in India Deterring More RBI Hikes: Bloomberg

A cash crunch-driven surge in funding costs in Indian money market to a five-week high may deter the nation’s central bank from hiking benchmark policy rates.

The weighted average call rate, an overnight funding cost rate the central bank monitors, was at 6.78% on Wednesday, above the upper band of the Reserve Bank of India’s interest rate corridor, of 6.75%.

The higher overnight rate is almost equivalent to a rate hike, even though the RBI paused in the April policy, according to Kaushik Das, chief India economist at Deutsche Bank AG. That may mean there is no justification for more hikes with the April inflation print also likely to sharply ease, Das said.

Excess cash that banks park with the RBI has dwindled to 788 billion rupees, from as high as 9 trillion rupees in 2022, driving up the funding costs. However, the liquidity crunch may ease soon as the central bank’s dollar purchases in the forex market is adding cash and its dividend payment to the government is due. (Bloomberg)

11 May 2023, 01:29:05 PM IST

Dividend stock: BPCL share price hits 52-week high after giving 3% dividend yield in 2022

Bharat Petroleum Corporation Ltd or BPCL share price climbed to a new 52-week high during the early morning session on Thursday. After hitting an intraday high of 374.90 apiece on NSE, BPCL share price today hit a 52-week high third day in a row. The dividend stock that has given a dividend yield to the tune of 3% in 2022 had hit the 52-week high on Friday despite a sell on Dalal Street. (Read More)

11 May 2023, 01:12:11 PM IST

Hindustan Copper plans to raise around ₹548 crore

State-owned Hindustan Copper on Thursday said it plans to raise around 548 crore through various financial routes.

A proposal in this regard will be taken up at the company's board meeting next week on May 19, 2023.

In a regulatory filing, the company said its board will consider the "recommendation for seeking approval of shareholders to raise funds by issue of equity shares through qualified institutional placement method to the extent of 9,69,76,680 equity shares of face value of 5 each of the company in one or more tranches".

The board will also seek approval of shareholders to offer, issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis up to 500 crore, it said. (PTI)

11 May 2023, 12:57:04 PM IST

Ajmera Realty Q4 FY'23: Sales value up 95% YoY, PAT up 58% YoY, and PAT margin expansion by 75% YoY

Ajmera Realty & Infra India Ltd announced its financial results for the fourth quarter that ended 31st March 2023 today. Key Highlights for FY23:

⦁ Sales Value increased by 95% YoY to INR 842 crore

⦁ Sales Volume grew by 50% YoY to 3,70,219 lakh Sq. ft.

⦁ Collections increased by 35% YoY to INR 532 crore

⦁ PAT increased by 58% YoY to INR 72 crore, with PAT Margin at 16%

⦁ Debt decreased by 7% YoY to INR 776 crore

⦁ Launched 2 projects for a Gross Development Value of around INR 1650 crore

⦁ Acquired land with a Gross Development Value of around INR 550 crore

11 May 2023, 12:53:58 PM IST

China says it will resolutely object if U.S. curbs investment in semiconductor industry

China will resolutely object if the U.S. restricts its firms from investing in Chinese semiconductor industry, said Shu Jueting, a spokesperson at China's commerce ministry on Thursday.

Shu said at a news briefing that such U.S. behaviors will affect companies' normal operation and damage the international economic and trade order. (Reuters)

11 May 2023, 12:43:52 PM IST

Consumer Durable index remains stable in today's session as most stocks in the index trade in the green

Consumer Durable
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Consumer Durable
11 May 2023, 12:42:12 PM IST

RIL share price can rise up to 20% going ahead, global brokerages said. Here's why

Reliance Industries' share price can witness a sharp upside of 25% led by a recovery in petchem business amid a sustainable competitive advantage on scale economics, cost leadership, and financial strength, global brokerages said.

Shares of billionaire Mukesh Ambani-led energy-to-digital conglomerate have remained largely flat in the last one year, underperforming the benchmark Nifty that rallied over 12% during the period. However, brokerages expect this underperformance to narrow and see a sharp upside to the stock.

“Recent weakness in refining margins on indifferent global dd and sharply higher Russian exports should reverse on improving Chinese dd, better EU enforcement of Russian product import ban and a normal US driving season," global brokerage Jefferies said in a note. (Read More)

11 May 2023, 12:22:17 PM IST

Govt waives duty and agri cess on crude soya bean, sunflower oil imports under tariff rate quota till June 30

The finance ministry has exempted imports of crude soya bean and sunflower oils from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions.

The duty exemption is applicable only for importers holding TRQ (Tariff Rate Quota) licence for 2022-23 fiscal.

Under TRQ, a certain volume of imports are allowed at relatively low tariffs. Once the volume limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).

Through a notification, the finance ministry allowed imports of crude soya bean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ licence holders for FY23 up to the June 30, 2023. (PTI)

11 May 2023, 12:01:05 PM IST

Noon Update: Pharma and Healthcare sectors keep Sensex and Nifty flat despite most sectors gaining in today's session

Sensex at Noon
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Sensex at Noon
11 May 2023, 11:56:05 AM IST

SoftBank Vision Fund Loses $32 Billion on Weak Startup Values

SoftBank Group Corp.’s Vision Fund unit reported a record annual loss after a recent global stock market rebound failed to outweigh three straight quarters of hefty writedowns.

The Vision Fund unit lost ¥4.3 trillion ($32 billion) in the year ended March, compared with a ¥2.6 trillion loss the previous year. It was the segment’s biggest loss since founder Masayoshi Son launched his first Saudi and Abu Dhabi-backed fund in 2017.

The Nasdaq 100 index, a benchmark for tech stock performance, rallied 20% during the March quarter, lifting share prices for some of SoftBank’s biggest investments. Coupang Inc. gained around 9% and Didi Global Inc. about 20% during the period. But most of the Vision Fund portfolio firms are still reeling from the brunt of last year’s stock market collapse.

Many of the privately-held companies that SoftBank’s invested in are not yet profitable, while the IPO market remains lackluster. “I remain cautious about the rest of the year, and private companies could continue to drag down valuations," said Victor Galliano, an independent analyst who publishes on Smartkarma. (Bloomberg)

11 May 2023, 11:35:20 AM IST

Hindalco sheds 3% in today's trading and is one of the biggest laggards in Nifty after its subsidiary announced its quarterly results on Wednesday

Hindalco-backed Novelis posted a net income attributable to common shareholders of $156 million down by 27% YoY in the fourth quarter of FY23. Also, adjusted EBITDA and net sales declined by 6% and 9% YoY. Overall, the company's performance is in line with estimates. Following Novelis earnings, Hindalco continues to be a preferred pick in the metal space. In Q4FY23, Novelis' net income decreased 27% versus the prior year to $156 million in the fourth quarter of fiscal year 2023.

Hindalco
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Hindalco
11 May 2023, 11:33:25 AM IST

Nexus Select Trust REIT IPO: GMP to subscription status. Apply or not?

The initial public offer of India's first retail REIT opened for subscription on 9th May 2023 and it will remain available for subscription till 11th May 2023 i.e. today. As per the Nexus Select Trust REIT IPO subscription status, by 10:16 AM on day 3 of bidding, the public offer has been subscribed 0.66 times whereas the QIB portion has been subscribed 0.17 times and other categories have been subscribed 1.25 times. According to market observers, shares of Nexus Select Trust REIT are available at a premium of 4 in the grey market today.

As per the market observers, Nexus Select Trust IPO grey market premium (GMP) today is 4, which is s 0.50 higher than its Wednesday close of 3.5 per share GMP. Market experts believe that the continuous rise in the stock market's key benchmark indices are the reason for the grey market remaining positive on this India's first retail REIT IPO but the dull response by investors to the public issue may improve on the final day of subscription. (Read More)

11 May 2023, 11:19:32 AM IST

Angel One registers 46.6% YoY growth in client base; retail market share expands by 245 bps 

Fintech company Angel One Limited (formerly known as Angel Broking Limited) achieved a year-on-year growth of 46.6% in its client base, reaching 14.13 million as of April 2023. The company acquired 0.38 million new clients in the first month of the current financial year.

Angel One said that its overall average daily turnover reached 21.98 trillion, marking a growth of 131.9% YoY. It processed 68.28 million orders in April’23, and the average client funding book recorded 10.99 billion. The company’s retail market share expanded by 245 bps YoY to 23.8%.

11 May 2023, 11:05:08 AM IST

Apple Is Now the Only Major Phone Brand Without a Foldable

 Apple Inc. is now alone among global smartphone brands without a foldable device in its portfolio, putting it on the sidelines of a trend that promises to generate tens of billions of dollars in coming years.

With Alphabet Inc.’s Google launching the Pixel Fold at an event Wednesday, every major brand running the Android operating system has now adopted the form factor. And though Apple began early work on a foldable iPhone years ago, it’s shown little interest in racing a product to market.

The approach isn’t unusual for Apple, which often takes its time and then jumps into an established category with a more polished product. That was the case with the iPhone itself in 2007. The company also has less incentive to tinker with its current iPhone lineup since it dominates the market for premium smartphones.

But Apple could soon find itself years behind rivals in a promising segment. Though foldable phones are still a tiny fraction of the market, they command higher prices and open the door to new features, helping lower-tier brands step up into the premium range. Market observers expect this segment to be the fastest-growing area in an otherwise shrinking smartphone field. (Bloomberg)

11 May 2023, 10:59:31 AM IST

Pharma index falls a per cent in today's trading with Dr Reddy dragging the index the most

Pharma
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Pharma
11 May 2023, 10:57:48 AM IST

Income tax department raids Mankind Pharma's Delhi office, shares fall 5%

India's income tax department is conducting searches at Mankind Pharma Ltd's office in New Delhi, CNBC-TV18 reported on Thursday, citing sources.

The company's shares fell as much as 5.5% on the news, which comes days after the condom maker listed on exchanges with sharp gains.

Further details were not immediately available. Mankind Pharma and the IT department did not immediately respond to Reuters' requests for comment. (Read More)

11 May 2023, 10:39:38 AM IST

Adani group shares rise after Adani Enterprises fund raise bid, Mauritius minister's rebuttal to Hindenburg allegations

Adani Hindenburg saga: After Mauritius Financial Services Minister Mahen Kumar Seeruttun refuting the allegations labelled by the Hindenburg Research report about the shell companies operating in the island nation, Adani groups shares witnessed sharp upside movement during morning deals on Thursday.

All 10 Adani group share prices surged in the opening bell whereas Adani Enterprises share price gained maximum buy adding to the tune of 4 per cent within a few minutes of market opening. Adani Green Energy, Adani Power, Adani Transmission and NDTV followed with near 2 per cent gains in early morning deals on Thursday. Adani Ports' share price ascended over one per cent while Adani Wilmar share price gained around 1.50 per cent. (Read More)

11 May 2023, 10:25:47 AM IST

IndusInd Bank is one of the biggest gainers in stock charts in today's trading as it jumps more than a per cent

INdusInd Bank
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INdusInd Bank
11 May 2023, 10:22:32 AM IST

Bullish on India, expanding in the US, Middle East: Apollo Tyres VC & MD Neeraj Kanwar

Apollo Tyres is bullish on India, which is performing better than the rest of the world, and the company is making the country its export hub as it looks to expand further in the US and the Middle East, according to company's vice chairman and managing director Neeraj Kanwar.

The Indian tyre major, which has entered into mobility services business with the launch of its new venture 'AVOLVE' offering digitised tyre management services for commercial vehicles, sees contribution from exports to increase to 45 per cent of its global revenue by 2025-26 by when it expects to clock USD 5 billion.

"I'm bullish on India. India is one of the world economies which is relatively better than the rest of the world...given the government spend on infrastructure the CV (commercial vehicles) cycle is back. It is on a positive growth. Even the passenger vehicles are back...," Kanwar told PTI here.

However, in Europe the first half of the fiscal year is going to be difficult and challenging, he added.

On the road ahead for Apollo Tyres, he said India is becoming an export hub for the company as it plans to further expand in the US and the Middle East besides other international markets. (PTI)

11 May 2023, 10:06:16 AM IST

L&T's engineering services arm boosts investment in self-driving, EV tech in India for global manufacturers

Larsen & Toubro Ltd.'s engineering services division is increasing its investment in self-driving and electric vehicle technologies, with a focus on leveraging India's expertise as a hub for global manufacturers seeking to expand in this area.

L&T Technology Services Ltd., a company that provides services to clients such as BMW AG and Airbus SE, is aiming for accelerated growth after achieving sales of $1 billion in the fiscal year ending in March, according to CEO Amit Chadha. The firm, which is affiliated with India's largest construction conglomerate, plans to generate revenue of $1.5 billion in the next two years. (Read More)

11 May 2023, 10:02:31 AM IST

PSU Bank gains a per cent in early trading as all the stocks in the index are trading in the green

PSU Bank
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PSU Bank
11 May 2023, 09:41:36 AM IST

FIR against Bharatpe ex-MD Ashneer Grover, family for defrauding the fintech of ₹81 crore

The Economic Offences Wing (EOW) on Wednesday registered an FIR (first information report) against former BharatPe managing director Ashneer Grover, his wife Madhuri Jain Grover, and family members, including Deepak Gupta, Suresh Jain, and Shwetank Jain.

The FIR has been registered against the involved parties under eight sections of serious cognizable criminal offences, including 409 (criminal breach of trust by public servant, or by banker, merchant, or agent), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will etc), 120B (criminal conspiracy), among others. (Read More)

11 May 2023, 09:40:15 AM IST

PL Stock Report - Nazara Technologies (NAZARA IN) and Dr. Reddy's Laboratories (DRRD IN)

Jinesh Joshi - Research Analyst, Prabhudas Lilladher Pvt Ltd on Nazara Technologies (NAZARA IN): Rating: BUY | CMP: Rs566 | TP: Rs804

Q4FY23 Result Update - Near-term headwinds emerge

Quick Pointers:

§ Kiddopia’s subscriber base remains intact at 311,578 despite seasonality with an EBITDA margin of 18.4%.

§ EBITDA margin of Animal Jam improves to 11.6% in 4QFY23.

We cut our FY24E/FY25E EPS estimates by 7%/9% amid 1) ban on real money games (RMG) in TN (region contributes ~20% to RMG’s top-line) 2) loss of client in Ad-Tech segment and 3) continued margin pressure in the Nodwin business. While there are near term headwinds we believe benefits of price hike taken in Kiddopia will be evident in FY24E & beyond, as new subscribers come on board while ongoing investment in creating new IPs within Nodwin business (Playground/Valorant/Kingfisher India Premiership etc) can result in non-linear EBITDA growth over time. Further, Nazara has cash balance of Rs6.2bn which can act as growth capital to expand inorganically. Overall, we expect sales/PAT CAGR of 27%/50% respectively over FY23-25E and retain our BUY rating with a DCF based TP of Rs804 (earlier Rs872).

 

Param Desai - Senior Research Analyst, Prabhudas Lilladher Pvt Ltd on Dr. Reddy's Laboratories (DRRD IN): Rating: REDUCE | CMP: Rs4,867 | TP: Rs4,500

Q4FY23 Result Update - Weak base business profitability

Quick Pointers:

§ Profitability was aided by divestment income (Rs2.65bn)

§ US sales was down QoQ on account of lower gRevlimid sales

Dr. Reddy’s (DRRD) Q4FY23 reported profitability was in line with our estimate. Adjusted for one-time divestment income (Rs2.65bn), EBITDA was 20% below our estimates impacted by lower GMs and higher overheads. Our FY24E and FY25E EPS stands reduced by 10% and 6% as we factor in lower margins ex of gRevlimid. We downgrade stock to Reduce from Buy with revised TP of Rs4,500/share (Rs4,900 earlier). At CMP, DRRD is trading at expensive valuations of 24x P/E on FY25E adjusted for gRevlimid. Any big ticket ANDA approvals and sharp recovery in base business margins are key risks to our call.

11 May 2023, 09:35:11 AM IST

L&T stock falls almost 5% in early trading after the co declared its quarterly earnings report on Wednesday 

Larsen & Toubro registered 10% growth each year-on-year in PAT and revenue for the fourth quarter of FY23. Consolidated net profit stood at 3,987 crore in Q4FY23, while revenue stood at 58,335 crore in the quarter. In a meeting held on Wednesday, the company's board declared a dividend of 24 per share. In the March 2022 quarter, the PAT and revenue were at 3,621 crore and 52,851 crore respectively. Meanwhile, EBITDA came in at 6,833 crore, up by 5% in Q4FY23 as against 6,517 crore in the Q4 of FY22.

L&T
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L&T
11 May 2023, 09:25:53 AM IST

Geojit Financial Services views on today's market: FPI inflows will impart resilience to the market even if there is profit booking

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Two important news that market players have been closely monitoring - the US inflation print and Karnataka exit poll results - that came yesterday, are unlikely to impact the market significantly. Both were somewhat on expected lines. The US CPI inflation has eased to 4.9 percent YoY as the markets expected and the exit polls indicate a slight edge for the Congress, which also is not surprising.

The decline in bond yields in the US after the release of inflation data indicates that the market expects the Fed to pause in June.

An important data from the Q4 results yesterday is the robust order inflows for L&T. This indicates that the capex in the economy is gaining momentum. Capital goods segment will do well, going forward.

FPI inflows continue unabated touching 19865 crores in May as per depository data. This will impart resilience to the market even if there is profit booking.

11 May 2023, 09:23:21 AM IST

Indices start in the green as Sensex jumps 100 pts and Nifty 25 pts; Pharma sector drags

Sensex at Open
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Sensex at Open
11 May 2023, 09:14:52 AM IST

Upcoming provision rules cast shadow over Canara Bank outlook

Canara Bank Ltd investors are nervous. The spectre of the potential impact of Expected Credit Loss (ECL) norms is a cause of concern even as March quarter (Q4FY23) results, announced on Monday, were largely in line.

In the earnings call, the bank’s management said it has assessed about 42,000 crore ECL provisioning over five years, which comes to around 8,000-8,500 crore a year. This is based on the Reserve Bank of India’s (RBI) draft ECL guidelines. Some analysts reckon the estimated amount is higher. Note that higher provisioning could hit the bank’s return ratios. Another concern is that if these norms are implemented, it may warrant capital dilution in the near term. (Read More)

11 May 2023, 09:09:48 AM IST

Vodafone Idea is expected to unveil revival plan in a month: telecom secretary

Vodafone Idea Ltd is expected to unveil a revival plan within a month following the government’s acquisition of equity in the struggling telecom company, telecom secretary K. Rajaraman said in an interview. The return of Aditya Birla group chairman Kumar Mangalam Birla to the board of the telco is a positive step, and Vodafone Idea is in talks with financial institutions to raise the capital needed for the company’s 5G rollout plans, Rajaraman said.

The telecom department is preparing for the next spectrum auction in the second half of FY24, which may include the unsold spectrum from previous auctions and new bands, he said. With regard to satellite communication (satcom) services, he said the government must consider legal factors when allocating airwaves but indicated that if the telecom regulator recommends administrative allocation, the department will consider it. Edited excerpts:

11 May 2023, 09:04:08 AM IST

Sensex jumps at the start of the preopen session; focus on Adani Enterprises, Dr Reddy's and L&T in today's session 

Sensex at Preopens
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Sensex at Preopens
11 May 2023, 08:58:53 AM IST

Uno Minda sues JV partner, Westport Fuel Systems, in Singapore arbitration court for lost business opportunities

Homegrown auto components manufacturer Uno Minda Ltd has initiated arbitration against its joint venture partner, Westport Fuel Systems, alleging violations of their exclusivity agreement over the past three years. At the Singapore International Arbitration Centre, Westport is being sued by the Indian company for damages worth 250 crore.

Uno Minda has claimed that Westport breached the agreement by supplying CNG (compressed natural gas) components directly to other clients, and bypassing the joint venture, that resulted in lost business opportunities, according to a regulatory filing. (Read More)

11 May 2023, 08:46:44 AM IST

Indian rupee may nudge higher after data indicates Fed may pause rate hikes

Indian rupee is poised to open higher on Thursday, after largely in-line U.S. inflation data made it more likely the U.S. Federal Reserve will not raise rates at its next meeting.

Non-deliverable forwards indicate rupee will open at around 81.94 to the U.S. dollar compared with 81.9850 in the previous session. Asian peers were mostly higher, but the offshore Chinese yuan weakened to 6.9450 to the dollar.

"We should open a bit lower (on USD/INR), but difficult to see any major move," a spot trader at a private sector bank said.

"I am watching the yuan and that combined with how (USD/INR) has been, downside looks limited."

The dollar dropped against its major peers, U.S. yields dropped and U.S. equities rose after the U.S. consumer inflation rate rose by 4.9%, the lowest in two years and marking the tenth straight month of decline. Economists polled by Reuters had expected a 5% print. (Reuters)

11 May 2023, 08:38:53 AM IST

Stocks to Watch: Adani Enterprises, Adani Green, Dr Reddy's Lab, L&T, HDFC Bank, Hindalco, Godrej Consumer Products, Escorts Kobuta, Vodafone Idea, and Gujarat Gas

Asian Paints, Eicher Motors, Aditya Birla Capital, Siemens, South Indian Bank, and Gillette India will be among the stocks in focus as they will be declaring their March quarter earnings today. (Read More)

11 May 2023, 08:32:38 AM IST

Dr Reddy’s Laboratories Q4 net profits grow multifold driven by good India and US performance

Dr Reddy’s Laboratories Ltd reported net profits for the March quarter at 959.2 Crore grew more nine folds from 99.6 Crore in the year-old quarter on a favourable base. In the year ago, the net profits had seen the impact of certain one-off (impairment charges to the tune of 751.5 crore). Even adjusted for the same also the net profit would have grown more than 12% year-on-year.

The company’s performance is likely to have been driven by strong growth seen in the key US markets. North American generic sales contributed 40% to overall grew 27 % year-on-year. This primarily was on account of new product launches and favourable forex rate improvement partly offset by price erosion, the company. (Read More)

11 May 2023, 08:30:11 AM IST

L&T announces leadership transition, AM Naik to be Chairman Emeritus

Larsen & Toubro (L&T) in its board meeting held on Wednesday decided to confer the status of Chairman Emeritus on AM Naik after decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on September 30, 2023.

The Board of Directors also appointed SN Subrahmanyan as Chairman and Managing Director with effect from October 1, 2023. He is currently the Chief Executive Officer and Managing Director of the Company.

AM Naik has been with L&T for more than 58 years. The Board highly appreciated Naik's unparalleled contribution to the company and recorded that his stewardship led to an upsurge in shareholder value creation, said the company statement.

Under Naik's leadership, the statement said both L&T's revenue and market cap grew significantly. (ANI)

11 May 2023, 08:24:17 AM IST

Buy or sell: Vaishali Parekh recommends three stocks to buy today: DCAL, GAIL, and HAL

Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:

1] DCAL: Buy at 124, target 132, stop loss 121;

2] GAIL: Buy at 109, target 115, stop loss 107; and

3] HAL: Buy at 2954, target 3070, stop loss 2910. (Read More)

11 May 2023, 08:22:19 AM IST

Q4 results today: Asian Paints, Eicher, Dr Lal Path Lab, Religare among others to report earnings

Stock market performance on Wednesday was fueled by the mixed reaction of investors who were cautious of US market uncertainties, declining oil prices, bond yields, and bullion. The stock market ended in green at 61,940.20, up by 178.87 points. On the other hand, Nifty 50 jumped by 49.15 points to close at 18,315.10. Investors will be eyeing the quarterly earnings of Asian Paints, Eicher Motors, Gillette India, Dr. Lal Path Labs, South Indian Bank, etc, up for release on Thursday.

Other than these companies, GTL Infra, Ajmera Realty, Mangalore Chemicals, Everest Ind, DCW, Shankara Buildings, CARE Ratings, Paisalo Digital, Neuland Lab, South India Bank, Asian Paints Ltd, Eicher Motors, Everest Industries, Gillette India Limited, Dr. Lal Path Labs, Religare Enterprises, etc will announce their results. (Read More)

11 May 2023, 07:54:31 AM IST

Go First to resume operations from May 24 with a smaller fleet. Details here

Go First is planning to restart its flight services by 24 May, people aware of the airline's plan told Economic Times. Sources said that the airline is planning to restart 23 aircrafts with a smaller operation. Till 2 May, 27 Go First aircrafts were operating.

"It has 51 and 37 departure slots at the main airports of Delhi and Mumbai. There is a plan to resume operation as early as possible but it will be with a truncated schedule," a person aware of the matter was quoted by ET.

Earlier yesterday, the carrier said that it has cancelled all its flights until May 19. Prior to that, the cancellations were till May 12. The airline said a full refund would be issued to the original mode of payment shortly. (Read More)

11 May 2023, 07:53:44 AM IST

Sebi allows direct market access to registered FPIs for participating in ETCDs

In order to promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs), market regulator Securities and Exchange Board of India (Sebi) Wednesday allowed stock exchanges to extend direct market access to registered Foreign Portfolio Investors (FPIs) with immediate effect.

Direct Market Access (DMA) facilitates the clients of a broker to directly access the exchange trading system through the broker's infrastructure to place orders without manual intervention by the broker. (Read More)

11 May 2023, 07:51:37 AM IST

Adani Transmission and Adani Green revive fundraising plan after Adani Enterprises' aborted FPO in February

Three months after it pulled a 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report, Adani Enterprises (AEL) is planning to raise an unspecified amount through the issuance of equity or other eligible securities, the company informed the stock exchanges late on Wednesday evening.

“...a meeting of the board of directors of Adani Enterprises Ltd will be held on Saturday, 13 May 2023 at Ahmedabad, inter alia, to consider and approve the proposal of raising of funds by way of issuance of equity shares or any other eligible securities (“Securities") through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws…," AEL informed the bourses.

The fundraising comes amid the fallout from US-based short seller Hindenburg Research alleging accounting fraud and stock manipulation against the group. Adani Group has denied the allegations, which were made in a report on 24 January, three days before the FPO opening. (Read More)

11 May 2023, 07:24:14 AM IST

FIIs make highest buying of 2023 in 7 trading sessions of May, inflow of ₹11,427 cr in equities; DIIs are net sellers

Foreign institutional investors (FIIs) have made their biggest buying of 2023 in just seven trading sessions of May month. On the other hand, domestic institutional investors (DIIs) are net sellers in Indian equities. On Wednesday, FIIs made their tenth consecutive buying to over 1,833 crore, while DIIs were sellers with an outflow of nearly 790 crore in the day. Sensex and Nifty 50 ended on a positive note despite weak global cues.

As per NSE data, on May 10th trading session, FIIs buying value stood at 8,094.74 crore and selling value at 6,261.61 crore in Indian equities. That being said, they invested a total of 1,833.13 crore in the overall day.

On the contrary, DIIs buy value of 5,061.73 crore was lower than compared to sell value of 5,851.40 crore on Wednesday, resulting in an outflow of 789.67 crore. (Read More)

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