← Go back May 05, 2023
Manappuram Finance Shares Fall As ED Freezes Assets Worth Rs 143 CroreShares of Manappuram Finance Ltd. fell after the Directorate of Enforcement (ED) froze assets worth Rs 143 crore.Assets of managing director V.P. Nandakumar were frozen in the form of bank balance under the Prevention of Money Laundering Act (PMLA), 2002,The measure was taken after various incriminating documents were found and seized in raids conducted at 6 premises in Thrissur, Kerala belonging to the company and its managing director, according to a notification by the ED.Shares of the company declined 10.9% to Rs 106.2 apiece as of 10:00 a.m. on Friday compared to a 0.35% fall in the benchmark NSE Nifty 50.Total traded quantity so far in the day stood at 18.5 times the 30-day average volume.Of the 19 analysts tracking the stock, 17 maintain a 'buy,' one suggests a 'hold,' and one suggests a 'sell,' according to Bloomberg data.The average 12-month consensus price target implies a potential upside of 38%.Source: Bloomberg, Exchange filing!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rTVS Motor Shares Hit All-Time High As It Reports Record Revenue And Profit In FY23Shares of TVS Motor Co. rose to an all-time high of Rs 1,234.95 on Friday after the company's fourth quarter net profit grew as average selling prices increased despite muted sales growth.TVS Motor Co. also reported record revenue and profit during FY23. The cumulative electric vehicle sales crossed more than one lakh units in the same period. The company's net profit rose 49% year-on-year to Rs 410.3 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 360 crore consensus estimate of analysts tracked by Bloomberg. In the quarter ended March, the company's overall sales rose 1.4% year-on-year to 8.56 lakh units. Two-wheeler sales inched up 3% to 8.15 lakh units, while sales in the three-wheeler segment fell 30% to 41,774 units.Strong growth in the domestic market was offset by weak exports due to worsening demand in overseas markets. Domestic volumes rose 26%, while exports crashed 41%.Stock Market Live: Sensex, Nifty Decline As HDFC Twins, Infosys, Asian Paints Drag TVS Motor Company Q4 FY23 (Consolidated, YoY)Revenue up 21.96% at Rs 8,031.40 crore (Bloomberg estimate: Rs 6580.05 crore)Ebitda up 26.95% at Rs 1,053.89 crore (Bloomberg estimate: Rs 654.45 crore)Ebitda margin at 13.12% vs 12.61% (Bloomberg estimate: 9.9%)Net profit up 21.14% at Rs 336.1 crore (Bloomberg estimate: Rs 359.95 crore)TVS Motor Q4 Results: Profit Surges 49% On Higher Realisations Shares of TVS Motor Co. rose 2.99% to Rs 1,203.95 apiece, as of 10:06 a.m., in trade on Friday compared to 0.33% decline in the benchmark, NSE Nifty 50 Index.The stock rose as much as 5.64% intraday, the most in 14 weeks since Jan. 25, 2023. Total traded volume stood at 12.8 times its 30-day average. The relative strength index was at 69.3.Out of the 46 analysts tracking the company, 31 maintain a 'buy' rating, 11 recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 4.5%.Source: Bloomberg, Exchange filing!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rIndia Benchmark Yield Dips To 7.02%, Further Softening Expected In Near-Term: ExpertsAdani Enterprises Shares Gain As Q4 Net Profit Sees A Two-Fold Jump Shares of Adani Enterprises Ltd. advanced over 2% in early trade on Friday after it reported more than a two-fold rise in its net profit on a year-on-year basis during the quarter ended March 31, 2023.The Gautam Adani-led company posted a 137% rise year-on-year in net profit at Rs 722.48 crore. Analysts polled by Bloomberg estimated the company to reach a top line of Rs 719.40 crore for the period under review.The net profit for the period was impacted by extraordinary items to the tune of Rs 362.32 crore. These include Rs 71.67 crore as expenses for floating an FPO in January and losses incurred at Mundra Solar PV Ltd., a subsidiary of Adani Enterprises, amounting to Rs 309.41 crore after adjusting for an unamortised government grant.Stock Market Live: Sensex, Nifty Decline As HDFC Twins, Infosys, Asian Paints Drag Adani Enterprises Q4 FY23 Highlights (Consolidated, YoY) Revenue jumped 26.06% to Rs 31,346.05 crore.Ebitda soared 184% to Rs 3,587.07 crore, as against an estimate of Rs 1,942.80 crore.Ebitda margin for the period stood at 11.44%, as compared with 5.08% in the corresponding quarter of the previous fiscal.Net profit rose twofold, growing 137% to Rs 722.48 crore as compared with an estimate of Rs 719.40 crore.Adani Enterprises Q4 Results: Net Profit Rises 137%, Revenue Jumps 26%“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses," said Gautam Adani, chairman of Adani Group.HDFC Bank To Replace HDFC In MSCI Global Standard Index After MergerShares of Adani Enterprises Ltd. rose 0.29% to Rs 1,916.8 apiece, as of 9:36 a.m., in trade on Friday compared to 0.4% decline in the benchmark, NSE Nifty 50 Index. The stock rose as much as 2.29% intraday, the most since Thursday, May 4. Total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 55.7. One analyst tracking the company maintains a 'buy' rating, on the stock, as per the Bloomberg data. Source: Bloomberg, Exchange filing!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rApple CEO Sees India At ‘Tipping Point’ As China Pivot QuickensBroader Markets Outperform Larger PeersThe broader market indices opened higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.17%, whereas S&P BSE SmallCap Index was higher by 0.31%. Seven out of the 20 sectors compiled by BSE declined, while 13 advanced in trade.The market breadth was skewed in the favour of the buyers. About 1,484 stocks rose 770 declined, and 96 remained unchanged on the BSE.Source: BSETop Movers On The Nifty 50 IndexHDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and Asian Paints Ltd. were negatively adding to the change.Whereas, ICICI Bank Ltd., L&T Ltd., Axis Bank Ltd., SBI, and ITC Ltd. were positively contributing to the change in the Nifty 50 Index. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Open Lower: Opening BellIndian equity benchmarks opened lower on Friday after scaling a month's high in trade on Thursday. Asian markets and U.S. futures rose as investors looked beyond further stress among regional American banks to the prospect of Federal Reserve reversing its policy tightening campaign.Stocks in Hong Kong opened higher while Australian stocks erased a morning decline, tracking gains in U.S. futures after New York benchmarks closed lower Thursday. Bourses in Japan and South Korea were closed for a holiday.Another round of trading halts in the financial industry hit U.S. lenders including Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment.Apple Inc. rose in late hours after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark.At pre-open, the S&P BSE Sensex Index was doen 586 points or 0.95% at 61,163.41 while the NSE Nifty 50 Index was lower by 139 points or 0.76% at 18,117.30.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Decline In Pre-Open TradeAt pre-open, the S&P BSE Sensex Index was down 586 points or 0.95% at 61,163.41 while the NSE Nifty 50 Index was lower by 139 points or 0.76% at 18,117.30.Source: BloombergTech Mahindra To Acquire An Additional 29% Stake In TechM Arabia From Midad Co.Tech Mahindra will increase its stake in Tech Mahindra Arabia from 51% to 80% for a consideration of up to $11.1 million (approx. Rs 90.68 crore). TechM Arabia is a joint venture between Tech Mahindra and Midad Company, holding 51% and 49% stakes, respectively. The acquisition is expected to be completed by July 31, 2023.Source: Exchange filingGlobal CuesU.S. Dollar Index at 101.2U.S. 10-year bond yield at 3.38%Brent crude up 0.40% to $72.79 per barrel Nymex crude up 0.45% at $68.87 per barrel SGX Nifty down 0.21% at 18,247.5 as of 8:15 a.m. Bitcoin up 1.35% at $29,272.83Asia Stocks Face Headwinds From US Local Bank Rout: Markets WrapInsider TradingSom Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 1.09 lakh shares on May 4.Coforge: Promoter Hulst B.V sold 21.50 lakh shares on May 2.Rajnish Wellness: Promoter Rajnish Kumar Singh bought 39.87 lakh shares on May 4.RBI Must Stand Its Ground Against EU Regulators On Clearing CorporationsBulk DealsUgro Capital: Chhattisgarh Investments sold 10.25 lakh shares (1.32%) at Rs 190.17 apiece.Government Brings Finance Professionals Of Clients Under Anti-Money Laundering LawStocks To Watch: Adani Enterprises, Hero MotoCorp, Tata Power, TVS Motor, Britannia Industries, Ceat, MaricoManappuram Finance: The enforcement directorate has frozen the company’s assets worth Rs 143 crore following searches at six premises belonging to the firm and its managing director, VP Nandakumar, the probe agency said in a statement.Bank of India/Future Lifestyle Fashions: The National Company Law Tribunal admitted the plea of the Bank of India to initiate insolvency proceedings against Future Lifestyle Fashions on an alleged default of Rs 495.91 crore.Indraprastha Gas: The company signed a memorandum of understanding with diversified renewable energy firm ACME to set up infrastructure for supplying green hydrogen.Zydus Lifesciences: The company received approval from the U.S. FDA to manufacture and market Sucralfate tablets used to treat and prevent ulcers in the intestines.SBI Life Insurance Company: The board approved extending the term of Mahesh Kumar Sharma as managing director and chief executive officer of the company up to Sept. 30, subject to approvals from the regulator, the Insurance Regulatory and Development Authority of India, and shareholders.ICICI Prudential Life Insurance Company: Insurance regulator IRDAI approved the appointment of Anup Bagchi as the executive director and chief operating officer of the company from May 1 and as managing director and CEO of the company from June 19.Raymond: During its meeting scheduled for May 9, the board of the company will also consider raising Rs 2,200 crore via non-convertible debentures in two or more tranches for repayment of external debt.Sterlite Technologies: The board will take up, among other things, the proposal to raise funds by issuing equity shares or other securities convertible into equity shares or a combination thereof by way of a further public offer, rights issue, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, qualified institution placement, preferential issue, or any other permitted method.PNB Housing Finance: The board approved the allotment of 9.06 crore rights equity shares at a price of Rs 275 apiece.Aditya Birla Fashion and Retail: India Ratings and Research has upgraded its ratings on the company's term loans, long-term fund-based working capital, and non-convertible debentures to ‘IND AA+’ from ‘IND AA’, keeping the outlook stable.Lessors Oppose Go First's Insolvency PleaQ4 Earnings Results TodayBritannia Industries, Bharat Forge, Federal Bank, Marico, Gujarat Fluorochemicals, Alembic Pharmaceuticals, Piramal Enterprises, Blue Dart Express, Ajanta Pharma, Equitas Small Finance Bank, DCB Bank, Stylam Industries, Go Fashion India, Tatva Chintan Pharma Chem, KFin Technologies, Artemis Medicare Services, Tata Investment Corporation, Sundaram-Clayton!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rA 40% Earnings Downgrade Awaits Indian Stocks, BofA SaysEarnings FineprintAdani Enterprises Q4 FY23 (Consolidated, YoY)Revenue up 26.06% at Rs 31,346.05 croreEbitda up 184.14% at Rs 3,587.07 crore (Bloomberg estimate: Rs 1,942.80 crore)Ebitda margin at 11.44% vs 5.08%Net profit up 137.41% at Rs 722.48 crore (Bloomberg estimate: Rs 719.40 crore)The board recommended a dividend of Rs 1.20 per share for the fiscal 2023. It also approved the reappointment of Gautam Adani as executive chairman for five years, effective Dec. 1, 2023.Hero MotoCorp Q4 FY23 (Consolidated, YoY)Revenue up 12.51% at Rs 8,434.28 croreEbitda up 31.34% at Rs 1,124.2 croreEbitda margin at 13.33% vs 11.42%Net profit up 31.7% at Rs 805.12 crore (Bloomberg estimate: Rs 736.2 crore)The board recommended a final dividend of Rs 35 per share for the fiscal 2023.Tata Power Company Q4 FY23 (Consolidated, YoY)Revenue up 4% at Rs 12,453.76 crore (Bloomberg estimate: Rs 13,222.72 crore)Ebitda up 3.2% at Rs 1,927.71 crore (Bloomberg estimate: Rs 1,829.07 crore)Ebitda margin at 15.5% vs 15.6% (Bloomberg estimate: 13.8%)Net profit up 48.5% at Rs 938.81 crore (Bloomberg estimate: Rs 693.80 crore)The board approved a dividend of Rs 2 per share for the year ended March 31, 2023.TVS Motor Company Q4 FY23 (Consolidated, YoY)Revenue up 21.96% at Rs 8,031.40 crore (Bloomberg estimate: Rs 6580.05 crore)Ebitda up 26.95% at Rs 1,053.89 crore (Bloomberg estimate: Rs 654.45 crore)Ebitda margin at 13.12% vs 12.61% (Bloomberg estimate: 9.9%)Net profit up 21.14% at Rs 336.1 crore (Bloomberg estimate: Rs 359.95 crore)Ceat Q4 FY23 (Consolidated, YoY)Revenue up 11% at Rs 2,875 crore (Bloomberg estimate: Rs 2,904.41 crore)Ebitda up 96% at Rs 367.81 crore (Bloomberg estimate: Rs 295.46 crore)Ebitda margin 13% Vs 7% (Bloomberg estimate: 10.2%)Net profit up 5x at Rs 132.42 crore (Bloomberg estimate: Rs 83.63 crore)The board approved a final dividend of Rs 12 per share for the fiscal ended March 31, 2023.Blue Star Q4 FY23 (Consolidated, YoY)Revenue up 16.4% at Rs 2,623.83 crore (Bloomberg estimate: Rs 2,535.31 crore)Ebitda up 25.34% at Rs 179.17 crore (Bloomberg estimate: Rs 172.49 crore)Ebitda margin at 6.83% vs 6.34% (Bloomberg estimate: 6.8%)Net profit up 195.76% at Rs 225.25 crore (Bloomberg estimate: Rs 104.80 crore)The board approved a final dividend of Rs 12 per share for the year ended March 2023. It also approved issue of bonus shares in 1:1 ratio.United Breweries Q4 FY23 (Consolidated, YoY)Revenues up 3.32% at Rs 1,765.88 crore (Bloomberg estimate: Rs 1,702.60 crore)Ebitda down 79.49% at Rs 53.63 crore (Bloomberg estimate: Rs 192.50 crore)Ebitda margin at 3.04% vs 15.3% (Bloomberg estimate: 11.3%)Net profit down 94% at Rs 9.81 crore (Bloomberg estimate: Rs 126.3 crore)The board approved a dividend of Rs 7.50 per share for financial year 2022-23.Sundram Fasteners Q4 FY23 (Consolidated, YoY)Revenue up 8.07% at Rs 1,447.95 crore (Bloomberg estimate: Rs 1,478.63 crore)Ebitda up 18.5% at Rs 226.97 crore (Bloomberg estimate: Rs 50.63 crore)Ebitda margin at 15.68% vs 14.3% (Bloomberg estimate: 3.4%)Net profit up 18.61% at Rs 126.36 crore (Bloomberg estimate: Rs 136.07 crore)The board declared a second interim dividend of Rs 3.06 per share for the fiscal 2023, with the record date set as May 16, 2023.360 ONE WAM Q4 FY23 (Consolidated, YoY)Revenues up 7.29% at Rs 479.91 crore (Bloomberg estimate: Rs 428.5 crore)Ebitda up 43.18% at Rs 270.65 crore (Bloomberg estimate: Rs 237.30 crore)Ebitda margin at 56.4% vs 42.26% (Bloomberg estimate: 55.4%)Net profit down 6.05% at Rs 155.45 crore (Bloomberg estimate: Rs 203.10 crore)The board approved first interim dividend of Rs 4 per share for the financial year 2022-23, and the record date has been fixed as May 12, 2023.Aptus Value Housing Finance India Q4 FY23Net profit up 23% at Rs 135.30 crore (YoY) (Bloomberg estimate: Rs 135.65 crore)GNPA ratio at 1.15% vs 1.44% (QoQ)NNPA ratio at 0.86% vs 1.08% (QoQ)The board approved the second interim dividend of Rs 2 per share for the fiscal 2023. The record date for the dividend has been fixed at May 12, 2023. The company will raise Rs 1,000 crore via non-convertible debentures.The board has approved the appointment of M Anandan as executive chairman. It also appointed P Balaji as managing director for five years and John Vijayan Ravappa as chief financial officer. All appointments come into effect from May 4, 2023 and are subject to shareholders’ approval.Bombay Dyeing and Manufacturing Co. Q4 FY23 (Consolidated, YoY)Revenue up 12.07% at Rs 670.17 croreEbitda loss of Rs 95.33 crore vs Ebitda profit of Rs 69.99 croreNet loss widened to Rs 246.09 crore from loss of Rs 41.74 croreIndia Benchmark Yield Dips To 7.02%, Further Softening Expected In Near-Term: ExpertsSGX Nifty Signals Muted Open For BenchmarksAsian markets had a weak start on Friday after a rout in regional banks rattled Wall Street, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve rate cuts.Australian shares opened lower, while equity futures for Hong Kong stocks were little changed. Japanese markets are closed for a holiday. U.S. futures climbed during early Asian trading after the S&P 500 fell 0.7% Thursday, its fourth daily decline, while the Nasdaq dropped 0.4%.Another round of trading halts in the financial industry hit U.S. lenders, including Western Alliance Bancorp, PacWest Bancorp, and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment. Wall Street’s fear gauge, the Cboe Volatility Index, spiked to hit the key 20 mark.The yield on the 10-year Treasury note in the U.S. was trading at 3.38%. Crude oil prices were trading below the $73 mark, while Bitcoin advanced to trade above the $29,000 level.At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.21% at 18,247.5.Domestic benchmarks—the BSE Sensex and the NSE Nifty 50—closed at their highest levels in a month on Thursday.The Indian rupee ended its three-day decline against the U.S. dollar after the Fed announced a 25-basis-point hike and signalled a rate pause in the future.Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,414.7 crore. On the other hand, domestic institutional investors turned buyers, snapping their two-day selling streak, and bought stocks worth Rs 441.6 crore, the NSE data showed.Stock Market Today: All You Need To Know Going Into Trade On May 5. Read more on Markets by BloombergQuint.
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