Except for Japan’s Nikkei, all other Asian stock indexes were higher on Thursday morning after US consumer prices rose less than expected in April.
In mainland China, the Shanghai Composite edged higher, Hong Kong’s Hang Seng was up 0.22%, while the Hang Seng Technology Index was up 1.5% in early trade. The Nikkei 225 fell 0.15% in Japan, while South Korea’s Kospi rose 0.5%. At 7:45 am, the SGX Nifty was 18,399, up 40 points.
Adani Group: Adani Enterprises Ltd, Adani Group’s flagship company, said on Wednesday that it would hold a board meeting on May 13 to consider raising funds through a share issue. Two other group companies, Adani Green Energy and Adani Transmission, will also consider raising funds on the same day.
Hero MotoCorp: Hero Electric and Okinawa Scooters have informed the Center that they did not breach any guidelines, according to a Business Standards report that allegedly failed to comply with localisation norms to apply for subsidies under the FAME II scheme.
KPI Green Energy: The company has received a new order for a 35 MW capacity solar power plant from the Captive Power Producer (CPP) division to replace the previous order for a 33 MW capacity solar power plant from the CPP division.
Bajaj Electricals: A board of directors meeting is scheduled to be held on May 23 to consider and approve the proposal of raising funds through the non-public issuance of securities. The board will also approve the financial results and dividend, if any, for the March quarter of FY23 (Q4FY23).
Sanofi India: Sanofi India’s board of directors has approved the spin-off of its consumer health business into a wholly-owned subsidiary Sanofi Consumer Healthcare India Limited (SCHIL), to “unlock and maximise” its presence in the pharmaceutical and consumer healthcare sectors’ business potential.
Jindal Stainless: The Jindal Stainless board of directors will meet on Wednesday, May 17, to consider and approve the financial results for the fourth quarter of FY23 and to approve in principle the raising of funds through a private placement of bonds or by any other means.
FMCG stocks: According to NIQ (formerly NielsenIQ), India’s fast-moving consumer goods (FMCG) rebounded after six quarters and grew at 3.1% in January-March. In its forecast, NIQ said that despite global uncertainties, India’s FMCG market growth is forecast at 7-9% for the full year 2023.
CSB Bank: The bank notified, through an exchange of documents, that BK. Divakara will resign as Chief Financial Officer (CFO) after the close of business hours on June 4, 2023. Satish Gundewar will take over as Chief Financial Officer and Key Management effective June 5, 2023.
Rail Vikas Nigam Ltd: Rail Vikas Nigam Limited (RVNL) has received the Letter of Acceptance (LOA) from the Mumbai Metropolitan Region Development Authority (MMRDA) for Mumbai Metro Line 2B.
Zydus Lifesciences: The company has received an Establishment Inspection Report (EIR) from the US FDA for inspection at its manufacturing facility in Moraiya, Ahmedabad. The audit ended with zero observations.
Rattanindia Enterprises: The board of directors has approved raising Rs 1,000 crore by issuing securities through qualified institutional placement or any other permissible means.
Dr Reddy’s Labs: Hyderabad-based Dr Reddy’s Laboratories (DRL) posted a nine-fold year-on-year increase in net profit to Rs 959 crore in the fourth quarter of the current fiscal. The company’s revenue rose 16% to Rs 6,296.8 crore.
L&T: On Wednesday, the country’s largest infrastructure company, Larsen & Toubro, reported a 10% rise in its consolidated net profit to Rs 3,987 crore in Q4FY23. The company reported a 10% year-on-year increase in revenue to Rs 58,335 crore. However, those numbers were lower than Street estimates.
Gujarat Gas: City gas distributor Gujarat Gas’ Q4FY23 stand-alone net profit fell 16% to Rs 369 crore from Rs 444 crore a year earlier. Operating income for the January-March quarter was Rs 4,073.82 crore, down 14% year-on-year. The board has declared a dividend of Rs 6.65 per share.
Escorts Kubota: Escorts Kubota on Wednesday reported a 13.9% rise in consolidated net profit at Rs 216.5 crore in Q4FY23. Consolidated operating income rose 17.4% to Rs 2,214.5 crore, but Ebitda fell to Rs 233.2 crore.
Godrej Consumer Products: The FMCG company posted a profit after tax (PAT) of Rs 452 crore for the March quarter on Wednesday, up 24.5% from Rs 363 crore in the same period last year. Revenue was up 9% yearly, while Ebitda was up 37%.
Sagar Cements: Sagar Cements reported a consolidated net profit after tax of Rs 97.98 crore in Q4FY23, compared to a loss of Rs 19.15 crore last year. The company’s consolidated total revenue stood at Rs 802.58 crore, up about 59% year-on-year.
P&G Hygiene and Health: The FMCG company reported a 60% jump in profit to Rs 165.02 crore in the third quarter, compared to a net profit of Rs 103 crore last year. Its total revenue slipped 8 per cent to Rs 897.5 crore.
Relaxo Footwear: Relaxo Footwear on Wednesday posted a 9.6% rise in fourth-quarter revenue to Rs 765 crore as demand for its shoes and slippers remained strong despite high raw material costs. However, its net profit was unchanged at Rs 63 crore, with the margin slipping 73 basis points to 8.3%.