Bajaj Auto, Nestle India, Nykaa, IndusInd Bank, Welspun are in Focus

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Amid mixed global cues and quarterly results from Indian companies, the domestic market may be on a winning streak for a fourth straight day.

At 7:30 am, the SGX Nifty Index started at 17,792, up more than 33 points.

Globally, US markets were mixed overnight as they await earnings reports from big tech companies. The Dow and S&P 500 closed higher, while the Nasdaq Composite fell 0.2%.

IndusInd Bank: The lender’s standalone net profit rose 50% year-on-year to Rs 2,040 crore in Q4FY23, compared to Rs 1,361 crore in Q4FY22. Apart from this, the board has also recommended a dividend of Rs 14 per share. Meanwhile, net interest income (NII) rose 17% year-on-year to Rs 17,592 crore in the quarter.

Nykaa: The company has appointed technical, financial, business and marketing leaders to guide growth. P Ganesh has been appointed Chief Financial Officer (CFO), while Rajesh Uppalapati has been appointed Chief Technology Officer (CTO). The move comes after the company saw five high-profile employees leave.

HDFC Bank: The company group received approval from the Monetary Authority of Singapore to acquire a stake in Griha Pte. Griha Pte, a wholly owned subsidiary of HDFC Investments, is a boutique private equity fund manager focused on Indian real estate private equity investments.

Tata Motors: The automaker has signed an agreement with the Kendriya Police Kalyan Bhandar (KPKB) to provide vehicles at special rates to more than 34 lakh police officers nationwide.

Bharti Airtel: The telecom operator has signed an agreement with Secure Meters to deploy Narrowband Internet of Things (NB-IoT) services to provide electricity to 1.3 million homes in Bihar through smart meter solutions.

Welspun India: The board of directors will consider the proposal to buy back the company’s equity shares at its meeting scheduled for April 27, 2023. The board meeting outcome will be communicated to the exchanges after the meeting.

Mahindra Lifespace: The real estate firm has been awarded a project to rebuild Mumbai’s housing society with an estimated revenue potential of Rs 850 crore. Management said the project is estimated to herald a revenue potential of around Rs 850 crore.

Sunteck Realty: The real estate company reported a 23% year-on-year rise in sales bookings at Rs 1,602 crore in FY23. On the other hand, collections in FY23 reached Rs 1,250 crore, up 19% YoY.

YES Bank: The lender plans to acquire a microfinance institution (MFI) within 18 months and open 150 branches in peri-urban and rural areas by FY24. In FY23, the bank added 83 new branches, bringing the number of branches to 1,192, of which 450 are located in semi-urban and rural areas.

IPCA Laboratories: The board approved the acquisition of 33.38% of the paid-up share capital of Unichem Laboratories for Rs 1,034 crore from one of the promoter shareholders of Unichem Laboratories. Ipca bought the stake at Rs 440 per share.

Tata Steel: The steelmaker is experimenting with hydrogen injection in blast furnaces at its Jamshedpur plant to reduce carbon emissions by lowering coke rates. The trial began on Sunday and will last four or five days.

S Chand and Company: The edu-content company is acquiring a stake in test preparation startup ixamBee (AToZLearn Edutech Private Limited). Management said the synergy with ixamBee will help meet the aspirations of the country’s future workforce through high-quality content development and marketing.

Tamilnad Mercantile Bank: The bank posted an 11% rise in net profit at Rs 253 crore in the fourth quarter of FY23, compared to Rs 227 crore in the same period in FY22. NII also grew 8% YoY to Rs 527 crore in Q4FY23.

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