L&T, SpiceJet, SCI, Apollo Tyres, Tata Steel are in Focus

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The SGX Nifty pointed to a solid start for the exchange on Wednesday. At 7:45 am, the index was trading at 18,349.5, up 38.5 points. 

Meanwhile, other Asian indexes were weak ahead of US inflation data and fears a first US government default. In Australia, the S&P/ASX 200 fell 0.17%, Japan’s Nikkei 225 lost 0.41%, and South Korea’s Kospi lost 0.19%.

Overnight, all three major US indexes fell, with the S&P 500 down 0.46% and the Nasdaq Composite down 0.6%. The Dow Jones Industrial Average fell less, falling just 0.17%.

SpiceJet: In a major blow, the lessor has approached aviation regulator DGCA (Directorate General of Civil Aviation) to write off three of the airline’s aircraft. Many low-cost airline planes have been grounded for various reasons.

Adani Group: A six-member panel of experts set up by the Supreme Court following the release of Hindenburg’s report on the Adani Group reportedly submitted a sealed report to the Supreme Court on May 8. The matter has been listed for hearing at CJI DY Chandrachud on May 12.

Tata Steel, JSW Steel: Fitch Ratings affirmed Tata Steel’s long-term issuer default rating at ‘BB+’ with a positive outlook, while JSW Steel’s rating was ‘BB’ with a stable outlook.

PTC India: Markets watchdog Sebi has issued a legal notice to state-owned PTC India and its financial services arm, PTC India Financial Services (PFS), seeking an explanation for alleged corporate governance lapses, Reuters reported. These companies have 21 days to respond to notices of reasons for the show. However, the companies have yet to confirm this development.

Varun Beverages: The company has invested 26.34% of the equity capital in Huoban Energy 7 Private Limited, a special-purpose company dedicated to providing solar energy to consumers in Maharashtra.

Greaves Cotton: Greaves Cotton Limited has completed the first stage acquisition of a 60% interest in Excel Controlinkage Private Limited (on a fully diluted basis).

Pearl Global: Pearl Global (HK) Limited, a wholly-owned subsidiary of the company, has agreed to acquire the remaining 20% ​​stake in Hong Kong Pearl Grass Creations Limited, an overseas offline subsidiary.

Rattanindia Enterprises: On May 9, the company’s board of directors approved the issuance of securities through Qualified Institutional Placement (QIP) or any other permitted means of financing for a total amount not exceeding Rs 1,000 crore.

HPCL: Life Insurance Corporation (LIC) said on Tuesday that its stake in state-owned Hindustan Petroleum had surpassed 5%. In a regulatory filing with the stock exchange, LIC said the shares were acquired through open market purchases in the ordinary trading course.

AKI India: The company’s board of directors reviewed and approved the company’s equity split/subdivision, which was adjusted from Rs 10 each to the face value of Rs 2 per share.

SRF: The cost of setting up the aluminium foil production facility may rise to Rs 530 crore from a previous estimate of Rs 425 crore, the company has learned through an exchange filing. This was due to changes to machine configurations to improve output, product mix and quality, and higher civil and preoperative expenses.

Lupin: Mumbai-based pharmaceutical giant Lupin posted a 12% year-on-year sales growth in Q4FY22-23, posting a post-tax profit of Rs 242.4 crore, compared with a loss of Rs 511.9 crore in the same period last year. Revenue growth was driven by solid API business performance and sales growth in the US and domestic markets.

Shipping Corporation of India: The state-owned company posted a net profit of Rs 376.9 crore in Q4FY24, compared to a net profit of Rs 148 crore reported in the corresponding period of the previous fiscal year. While revenue rose 8.3% year-on-year to Rs 1,418.1 crore, Ebitda rose 42% to Rs 464.5 crore. Ebitda’s margin also increased from 25% year-on-year to 32.8%.

Nazara Technologies: Nazara Technologies posted an 18% rise in consolidated profit to Rs 2.6 crore for the quarter ended March 2023, while operating income rose 65% year-on-year to Rs 289.3 crore. The company has announced that it will increase its stake in Nextwave Multimedia Private Limited, developer of the famous World Cricket Championship, from 52.38% to 71.88%, strengthening its ownership.

Nuvoco Vistas: The building materials company posted a consolidated net profit of Rs 201.06 crore for Q4FY23. Its net consolidated income stood at Rs 2,930.96 crore, down 0.32% from Rs 2,940.26 crore last year.

Apollo Tyres: Apollo Tyres on Tuesday reported a nearly four-fold jump in consolidated net profit to Rs 427.4 crore in the March quarter from a year earlier. Operating income rose 12% year-on-year to Rs 6,247 crore.

Godrej Agrovet: The company’s net profit fell 74.6% to Rs 31 crore in Q4FY23 compared to Rs 122 crore a year earlier. For the quarter ended March, the company posted total revenue of Rs 2,095 crore, down 0.7% from Rs 2,080 crore in the same period last year.

Latent View Analytics: The company reported total revenue of Rs 156.106 crore for March 31, 2023, up 24.5% from the Rs 125.356 crore reported last year. The company posted a net profit of Rs 34.21 crore, down 4% year-on-year.

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