Adani Total, RIL, TaMo, ONGC, Vedanta, Mankind are in Focus

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Asian stock indexes were mainly subdued on Friday as market sentiment remained tepid. At 7:35 am, the SGX Nifty was at 18,284, down 66 points.

Back home, the Consumer Price Index (CPI)-inflation figures will be in focus today, along with the results for Q4FY23.

Adani Group: Index provider MSCI said on Thursday that two Adani Group companies, Adani Total Gas and Adani Transmission, would not be eligible for its global index. Separately, Abu Dhabi International Holding Company (IHC) has confirmed that it has no intention of participating in any potential equity or bond sales by India’s Adani Group.

MSCI rejig: MSCI increased its weights to Max Healthcare, Hindustan Aeronautics (HAL) and Sona BLW. Also, Maruti Suzuki, ONGC, UltraTech Cement, InterGlobe Aviation and Zomato increased their weightings in the MSCI index.

Reliance Industries, Hero Moto: MG Motor, owned by Chinese auto giant SAIC, may be looking to sell a majority stake in its Indian auto business. According to reports, it is in “advanced negotiations” with suitors, including Reliance Industries, Hero Group, Premji Invest and JSW Group.

ONGC: Oil and Natural Gas Corporation (ONGC) said on Thursday that it had made two oil and gas discoveries offshore Mumbai. The blocks, dubbed ‘Amrit’ and ‘Moonga’, are about 100 km and 30 km, respectively, from the landing site and are within blocks the company has won over the past few years under the new Open Land Licensing Policy (OALP).

Mankind Pharma: The newly listed pharmaceutical company has confirmed that the Income Tax Department searched certain premises/plants related to the company and some of its subsidiaries. Officials from the company and its subsidiaries are cooperating with officials from the Income Tax Department and are responding to their questions. There was no impact on our results of operations, it said in an exchange filing.

Bharti Airtel, Vodafone Idea: India’s largest telecom operator, Reliance Jio, added about 1 million mobile subscribers in February, bringing its total wireless subscribers to 42.71 crore subscribers, compared to 42.61 crore in January, according to data released by the Telecom Regulatory Authority of India (Trai). Sunil Mittal-led Bharti Airtel added 982,000 mobile subscribers in February, while Vodafone Idea lost 2 million subscribers in the wireless category.

M&M: Total production by the Mahindra group of companies rose about 18.5% to 58,644 units in April, compared to 49,472 units a year earlier. Meanwhile, total sales rose 41% year-on-year to 60,481 vehicles, of which 1,813 were exported (down from 2,703 a year earlier).

Zuari Industries: The company has informed the exchange that it has partially resumed operations at the sugar mill, disrupted by a severe pipe leak in the 150 TPH boiler on March 31, 2023. Crush rates of ~50,000 metric tons per day are at the sugar mills, while the distillery has been operating at around 40% load (SO KLPD).

NBCC: The company has already packed work orders worth Rs 264 crore. Also, it secured gross business orders of Rs 1,264.48 crore in April 2023.

South Indian Bank: South Indian Bank (SIB) on Thursday reported a 23% rise in net profit to Rs 334 crore in Q4FY22-23 financial year (Q4FY23), compared to Rs 272 crore in the same period in 2021-22. The Thrissur-based bank posted a 95% jump in operating profit to Rs 562 crore in Q4FY23. The bank’s chairman, Salim Gangadharan, said the bank had received several applications for a new managing director and chief executive officer and had assessed and shortlisted several candidates.

GMR Airports Infrastructure: Passenger traffic at the five airports managed by the company rose 33% year-on-year to 97.67 lahks in April. Meanwhile, aircraft movements at those airports rose 22% to 64,600 last month.

Eicher Motors: Royal Enfield motorcycle maker Eicher Motors posted consolidated profit after tax of Rs 905.6 crore in Q4FY23, up 48.42% YoY and 22.24% QoQ. The company’s board has recommended a final dividend of Rs 37 per equity share for FY23.

Ujjivan Small Finance Bank: Ujjivan Small Finance Bank reported on Thursday that its March quarter net profit more than tripled to Rs 309.5 crore, boosted by higher core income and a write-back of provisions. The Bengaluru-based bank posted a net profit of Rs 1,099 crore for FY23, compared to a loss of Rs 414 crore a year earlier.

Deepak Nitrite: The company posted a 12.5% ​​year-on-year increase in net profit at Rs 233.9 crore in Q4FY23. Ebitda, however, fell 15.2% to Rs 348 crore.

Siemens: It posted a 61.9% rise in consolidated net profit to Rs 516 crore in the March quarter, mainly due to higher revenue. Revenue from continuing operations was Rs 4,401 crore, up 28.8% YoY.

Asian Paints: Asian Paints’ third-quarter net profit rose 45.1% to Rs 1,234 crore on Thursday as it saw improved margins. The company’s net sales for the quarter stood at Rs 8,751 crore, up 10.9% year-on-year, with double-digit volume and value growth in decorative and non-auto-industrial businesses.

Gujarat State Petronet: The company reported total revenue of Rs 4,460.34 crore for the year to March 2023, down 13% from the Rs 5,117.26 crore posted last year. The company posted a net profit of Rs 372.9 crore in Q4FY23, down 14% year-on-year.

Balrampur Chini: Standalone net profit at Balrampur Chini Mills fell 13% to Rs 251 crore in the quarter ended March 31, compared with Rs 289 crore a year earlier. Standalone operating income rose 17% to Rs 1,492 crore.

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