Adani Group, Tata Motors, DMart, PVR Inox, RVNL are in Focus

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Like its Asian counterparts, the SGX Nifty hovered at lower levels in early trade on Monday. It was down around 38 points at 18,286 at 7:35 am.

Elsewhere in Asia, concerns about the US debt ceiling, disappointing economic data and an election result in Thailand kept investors on edge. Australia’s S&P/ASX 200 was down 0.15%, along with South Korea’s Kospi and Kosdaq, which lost 0.45% and 1.69%, respectively. However, Japan’s Nikkei 225 gained 0.4%.

Domestically, wholesale inflation data and fourth-quarter earnings will guide the indices.

Adani Enterprises, Adani Transmission: Two companies in the Adani group have announced plans to raise up to Rs 21,000 crore from the market. Adani Transmission said its board had approved a plan to raise up to Rs 8,500 crore from the stock market, while Adani Enterprises said its board had approved a plan to raise up to Rs 12,500 crore through a QIP.

Adani Green Energy: The renewable energy company rescheduled a May 13 board meeting to May 24, citing “certain exigencies”. A board of directors meeting is planned to consider and approve the fundraising proposal. Meanwhile, Adani Transmission, Adani Total Gas and Adani Green will exit the ASM (Additional Supervisory Measures) framework on Monday.

SpiceJet: Following Wilmington Trust SP Services, Sabarmati Aviation Leasing and Falgu Aviation Leasing, another lessor, GY Aviation Lease, has approached aviation regulator DGCA to write off two more of the airline’s Boeing 737-8s.

Kirloskar Ferrous Industries: The company has informed the exchange that its mini-blast furnace at Hiriyur, Karnataka state, has resumed commercial operations on May 11, 2023, following the completion of routine maintenance works.

Narayana Hrudalaya: The Company’s Board of Directors will meet on Friday, May 19, 2023, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2023; a dividend proposal for FY23. It is planned to raise funds by issuing debt securities in one or multiple tranches using private placement.

Birla Corporation: Wholly-owned subsidiary RCCPL Pvt Ltd has acquired limestone mining rights over 889.76 hectares in Katni, Madhya Pradesh, for a consideration of Rs 5,155.49 crore under a tripartite agreement with the Madhya Pradesh government and Sanghi Infrastructure.

Rail Vikas Nigam: The Rail Vikas Nigam-SCC Infrastructure joint venture has received a letter of award for a project worth Rs 2,248.94 crore to plan, design and construct major canals and structures in Rajasthan. RVNL has a 51% stake in the joint venture.

Vedanta: The company approved $296 million in capital expenditures for Cairn’s oil and gas business. In addition, Sonal Shrivastava is appointed Chief Financial Officer effective June 1, 2023, Navin Agarwal is appointed full-time director from August 1, 2023, to July 31, 2028, and Priya Agarwal as non-executive director May 17, 2023, to May 16, 2028.

Hero MotoCorp: India’s largest two-wheeler company has announced a partnership with Motosport SA to sell and service its motorcycles and scooters in Costa Rica.

Avenue Supermarts: On Saturday, Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, reported a 7.81% rise in its consolidated net profit to Rs 460.1 crore for the fourth quarter ended March 31, 2023. Its operating income rose in the quarter, rising 20.57% to Rs 10,594.11 crore.

Tata Motors: Tata Group posted a net profit of Rs 5,408 crore in Q4FY23 compared to a net loss of Rs 1,033 crore in the same quarter of FY22, with consolidated revenue up 35% year-on-year to Rs 1.059 trillion. The fourth quarter was one of the company’s strongest, with consolidated revenue topping Bloomberg estimates of Rs 1.02 trillion, Ebitda at Rs 1.41 trillion and a net reduction in auto debt of Rs 13,800 crore.

DLF: After going public on Friday, real estate giant DLF reported a 40% jump in its consolidated net profit to Rs 570 crore in Q4FY23, compared to Rs 405 crore a year earlier. The company’s operating income fell 5.9% to Rs 1,456.06 crore in Q4FY23.

Dish TV: Direct-to-home company Dish TV India Ltd reported a consolidated net loss of Rs 1,720.62 crore for the fourth quarter ended March 31, 2023, mainly due to impairment and deferred tax liabilities. Its operating income fell 21.45% to Rs 504.82 crore.

Affle (India): The company reported total revenue of Rs 373.34 crore in Q4FY23, up 8.4% from Rs 344.39 crore in the same period last year. On the other hand, the company’s net profit fell about 9% year-on-year to Rs 62.4 crore during the period under review.

Sonata Software: The IT company posted a net profit of Rs 113.8 crore, down 3.3% sequentially from the after-tax profit of Rs 117.7 crore in the December 2022 quarter. Also, consolidated revenue is Rs 1,913.5 crore, down 15.4% QoQ from Rs 2,260.8 crore.

Navin Fluorine: The chemical company posted an 81.4% rise in net profit to Rs 136.4 crore compared to Rs 75.2 crore last year. Revenue for the period under review rose by 70.5%, while Ebitda stood at Rs 201.8 crore.

Colgate Palmolive India: The oral care product maker’s profit rose 2.3% year-on-year to Rs 316.2 crore in the March quarter of FY23, hit by higher tax costs and exceptional loss. However, operating income for the quarter rose 3.8% to Rs 1,350.63 crore compared to the same period last year.

Hindustan Petroleum Corporation: The oil marketing company reported a quarterly standalone profit of Rs 3,223 crore in the March quarter ended FY23, up 80% year-on-year, driven by healthy operating performance. Revenue (including GST) for the quarter was Rs 1.14 trillion, up 8.7% from last year. Separately, the company said it would create a wholly-owned subsidiary to bring together all green and emerging business opportunities under one umbrella.

APL Apollo Tubes: The company’s net profit rose 14.27% year-on-year to Rs 201.82 crore, missing Bloomberg’s estimate of Rs 210.17 crore. Its operating income also fell short of Bloomberg’s estimate of Rs 4,621.62 crore at Rs 4,431.09 crore (up 5% year-on-year).

Indraprastha Gas: The city gas distributor posted a net profit of Rs 329.13 crore, down 8% from Rs 363.08 crore a year earlier. The company’s operating income stood at Rs 3,687.2 crore, a massive 53% year-on-year increase.

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