Adani Group, UltraTech, Auto, Sugar, ONGC, Blue Star are in Focus

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As overseas Nifty futures indicate, the market will likely start today’s trading session positively. At 7:30 am, SGX Nifty May futures were quoted at 18,238, having opened more than 100 points higher.

Adani Group: Shares of the Gautam Adani-led companies may come into focus amid reports that Sebi may approach the central government or law enforcement agencies to obtain foreign jurisdiction in the Adani-Hindenburg case.

Auto stocks: TVS Motor reported a strong 29% year-on-year sales growth in April 2023, the fastest growth among local automakers. Hero MotoCorp’s sales fell 3.1% year-over-year. Tata Motors’ monthly sales fell 4% to 68,514 units in April. Maruti sales rose 6.5% year-on-year to 160,000 units.

Reliance: A meeting of the company’s creditors and shareholders is likely to be held today to consider and approve the proposed plan of arrangement between Reliance Industries and Reliance Strategic Investments. After the demerger, Reliance Strategic Investments will be renamed Jio Financial Services and may be listed on the stock exchange.

ONGC, Oil India: The government has cut the windfall tax on domestically produced crude oil from Rs 6,4000 per ton to Rs 4,100 per ton.

UltraTech Cement: The company’s net profit fell 36.1% year-on-year to Rs 1,670.10 crore in the fourth quarter ended March 2023, compared to Rs 2,613.75 crore in the same period last year. However, total revenue rose 17.7% YoY to Rs 18,562.38 crore.

Adani Green Energy: Adani Group of Companies reported a 319% year-on-year rise in net profit to Rs 507 crore from Rs 121 crore a year earlier. Revenue rose 78% to Rs 2,598 crore from Rs 1,461 crore.

Sugar stocks: The centre may impose a blanket ban on sugar exports as prices rise after lower-than-expected production in the 2022-23 season.

NDTV: The Adani-owned media company reported a 97.6% plunge in fourth-quarter net profit. Net revenue fell to Rs 0.60 crore in the quarter ended March 2023 from Rs 24.16 crore in the quarter ended March 2022. Revenue fell 35.5% YoY to Rs 66.96 crore.

SBI Card: The company reported a 2.6% year-on-year increase in net profit to Rs 596 crore in Q4FY23, driven by higher finance and operating costs. Total revenue rose 30% year-on-year to Rs 3,917 crore.

L&T Finance Holdings: The retail-focused bank reported fourth-quarter consolidated net income rose 46% year-on-year to a consolidated net income of Rs 501 crore, boosted by faster growth and higher margins in its high-yielding retail business.

Blue Star: The company’s board of directors will consider proposing a bonus issue on May 4.

Aarti Drugs: The company’s consolidated net profit rose 1.6% year-on-year to Rs 56.18 crore in Q4FY23, while total revenue rose 6.6% to Rs 743.28 crore.

Patanjali Foods: The company has signed a non-binding Memorandum of Understanding (MoU) with the Telangana government to set up a food processing plant in Nalgonda district with a capital investment of Rs 1,050 crore.

GHCL: The company’s net profit fell 16.2% year-on-year to Rs 218.31 crore in Q4FY23 from Rs 260.61 crore in Q4FY22. However, total revenue rose by 7.9% to Rs 1,141.25 crore.

RBL Bank: The private bank reported a 37% year-on-year rise in net profit to Rs 271.05 crore for the quarter ended March 2023. Total revenue rose 20% to Rs 3,170.32 crore.

IDFC First Bank: The bank’s board has approved a debt borrowing scheme of up to Rs 5,000 crore. Meanwhile, the bank’s fourth-quarter net income rose more than 134% year-on-year to Rs 802.62 crore, helped by a 45.3% surge in total revenue to Rs 7,821.83 crore.

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