HDFC Bank, Vedant Fashions, MM Forgings, NDTV are in Focus

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The benchmark S&P BSE Sensex and Nifty50 indices were poised for a solid start on Thursday, buoyed by supportive sentiment globally. At 7:50 am, the SGX Nifty was up 33 points at 18,260.

Global sentiment improved overnight as US leaders assured that there would be no debt default. As a result, the Nasdaq closed 1.28%, the Dow 1.24% and the S&P 500 1.19%.

The Nikkei, Hang Seng, Straits Times and Kospi rose 0.5-1.5% in Asia.

MTAR Technologies: The company on Wednesday posted a net profit of Rs 31.07 crore for Q4FY23, up 56.89% from the Rs 19.8 crore reported last year. Its net sales surged 99.23% to Rs 196.40 crore from Rs 98.58 crore in March 2022. Ebitda also rose 79% year-over-year.

Whirlpool of India: On Wednesday, consumer durables maker Whirlpool India Ltd reported a 24.58% drop in its consolidated net profit to Rs 63.71 crore for the fourth quarter of March 2023. During the current quarter, its operating income fell 2% to Rs 1,672.65 crore from Rs 1,706.91 crore in the same quarter of the previous fiscal.

MM Forgings: Its net profit jumped 310.5% to Rs 30.6 crore in the recently ended quarter, compared with a pre-tax profit of Rs 7.5 crore in Q4FY22. Total revenue rose 20% year-on-year to Rs 393 crore.

Restaurant Brands Asia: RBA, the operator of Burger King in India, posted a narrowed net loss to Rs 79.96 crore in Q4FY23, compared to a year-on-year net loss of Rs 81.54 crore. Its revenue rose 28.55% to Rs 513.95 crore while Ebitda rose 35.4% to Rs 27.4 crore.

Thermax: The sustainable energy solutions provider reported a better-than-expected 52% jump in fourth-quarter net profit on Wednesday, helped by a 16% jump in sales. Consolidated net profit for the quarter rose to Rs 156 crore from Rs 103 crore a year earlier. However, Thermax’s orders for the quarter fell by 34%, or Rs 2,254 crore, as the corresponding quarter a year ago included two very large orders.

JK Tyre: The company’s net profit soared to Rs 111.56 crore in Q4FY23 from Rs 38.22 crore reported last year. It beat Bloomberg’s estimated profit of Rs 79.2 crore. Its total revenue rose 10% YoY to Rs 3,632.47 crore. Ebitda rose 65% YoY to Rs 376.2 crore. Ebitda’s margin widened to 10.45% from 6.9% a year earlier.      

Honeywell Automation India: The company’s revenue rose 27.2% year-on-year to Rs 849.68 crore, missing Bloomberg’s estimate of Rs 910.04 crore. While Ebitda rose 58.99% to Rs 138.8 crore, the profit margin increased from 13.07% to 16.34%. Net profit rose 54.16% to Rs 112.03 crore (Bloomberg estimate: Rs 104.68 crore).

JSW Ispat: On Wednesday, JSW Ispat Special Products Ltd reported an 82.4% year-on-year drop in its consolidated net profit to Rs 0.58 crore. For Q4FY23, total consolidated operating revenue was down 2.3% YoY at Rs 1,649.01 crore.

GIC Housing Finance: The company posted a net profit of Rs 52.33 crore for Q4FY23, up 7% from the Rs 49 crore net profit reported last year. Its total revenue was steady at Rs 287.4 crore compared to Rs 289.95 crore in the previous year.

RailTel Corporation: RailTel, India’s leading telecom infrastructure services provider, has reported its highest-ever operating revenue of Rs 1,964 crore for FY22-2023. In Q4FY23, RailTel achieved a consolidated operating income of Rs 704 crore, up 55% QoQ.

GlaxoSmithKline Pharmaceuticals: The pharmaceutical company reported a 9% year-on-year decline in net profit at Rs 190 crore for the fourth quarter ended March 31, 2023. Its total revenue was Rs 787.5 crore, down 2.7% from Rs 809.6 crore in the same period last year.

New Delhi Television (NDTV): The board has approved a proposal to seek permission from the Ministry of Information and Broadcasting to roll out nine news channels in different Indian languages ​​in stages.

HDFC Bank: The Reserve Bank of India has approved SBI Funds Management Ltd’s acquisition of up to a 9.99% stake in HDFC Bank. The RBI has advised SBIFML to acquire stakes in banks within six months, i.e., by November 15, 2023.

Vedant Fashions: Ravi Modi Family Trust, one of the promoters of Vedant Fashions, plans to sell up to 16.99 million equity shares in the company (7% of the company’s total share capital) on May 18 and May 19, 2023. The floor price for the offer was Rs 1,161 per share, nearly 7% below the close of the stock on the BSE on Wednesday.

Indiabulls Real Estate: The company’s board of directors has decided to appeal to the National Company Law Appellate Tribunal in New Delhi to challenge the order of the NCLT (Chandigarh Tribunal). The Chandigarh bench order blocked the merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited with Indiabulls Real Estate.

Separately, the company’s board of directors has approved the appointment of Manish Kumar Sinha as the company’s chief financial officer, effective May 17, 2023, replacing Saurabh Garg.

NHPC: Gujarat Urja Vikas Nigam Limited (GUVNL) has issued a letter of intent to NHPC Limited to construct a solar power project with a capacity of 200 MW within the 600 MW GSECL Solar Park in Khavda (GSECL Stage-1). The cost of the project is estimated at Rs 1,007.6 crore.

SpiceJet: On Wednesday, the Supreme Court gave SpiceJet until July 18 to pay a settlement to Credit Suisse in the $24 million dispute. Credit Suisse told the court that while SpiceJet had made some payments, about $4.4 million remained outstanding.

Fertiliser stocks: Companies such as Chambal Fertilizers, Gujarat State Fertilisers and Chemicals, Deepak Fertilisers and Petrochemicals, National Fertilisers and Nagarjuna Fertilisers & Chemicals will be in focus today as the Union Cabinet on Wednesday approved a Rs 1.08 trillion subsidy for the ongoing kharif or monsoon season.

Surya Roshni: The company has secured an order of Rs 43.69 crore (inclusive of GST) from IGL to supply 3LPE-coated carbon steel pipes to Indraprastha Gas Limited (IGL) for a city gas distribution project in Delhi NCT.

REC, Power Finance Corporation: Fitch reaffirmed the ratings for both companies with a “stable” outlook and a “BBB-” long-term issuer default rating.

ICICI Prudential Life Insurance: The company has appointed Dhiren Salian as the Company’s new Chief Financial Officer and key management officer, effective immediately.

Jindal Saw: The board has approved in principle the disposal (by way of sale or liquidation) of UK Green Ray Holdings Limited (a subsidiary of the Company) and its subsidiary Derwent Sand SARL, Algeria.

JSW Steel: The company has been declared by the Maharashtra Department of Geology and Mines as the “Preferred Bidder” for the Integrated License for Unexplored Iron Ore Ore (Surjagad 4 Iron Ore Block, Gadchiroli District).

Lemon Tree Hotels: The company has signed a license agreement for the 82-room property in Gomti Nagar, Lucknow, Uttar Pradesh under the corporate brand ‘Lemon Tree Premier’. The property is expected to be operational by August 2026.

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