STOCK MARKET

Nykaa, LIC, Adani Group, Hindalco, Nalco are in Focus

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The major benchmarks are likely to extend Wednesday’s losses in opening trade this morning amid weak global signals. At 7:30 am, SGX Nifty June futures were quoted at 18,345, suggesting an open drop of more than 30 points.

US markets closed negative overnight after Fitch put the US’ AAA rating on negative watch, saying ongoing debt-ceiling negotiations raised the risk that the government might not be able to repay some of its debt.

Life Insurance Corporation of India (LIC): The insurance giant reported a 466% year-on-year rise in stand-alone net profit to Rs 13,421 crore in Q4FY23. However, net premiums fell 8.3% to Rs 1.31 trillion; first-year premiums also fell 12.3% to Rs 12,811 crore.

Hindalco: The company’s consolidated net profit rose 37% YoY to Rs 2,411 crore in Q4FY23. Revenue in the fourth quarter was flat at around Rs 55,857 crore.

FSN E-Commerce Ventures (Nykaa): The company reported a 71.8% year-on-year drop in net profit to Rs 2.4 crore in the quarter ended March 2023, compared to Rs 8.5 crore in the quarter ended March 2022. However, operating income increased by 33.7% year-on-year to Rs 1,302 crore. The company’s fashion business saw demand slow; its expenses also surged due to higher material and staff costs.

National Aluminum Company (Nalco): The company posted a 51.7% drop in net profit to Rs 459 crore in Q4FY23 compared to Rs 10,254.6 crore a year earlier. Total revenue also fell 17% year-on-year to Rs 3,726.76 crore.

Brigade Enterprises: The company posted a net profit of Rs 63.09 crore for the quarter ended March 2023. In comparison, the company posted a net loss of Rs 11.63 crore. However, total revenue fell to Rs 872.11 crore from Rs 964.72 crore.

IT: Analysts at S&P Global Ratings believe that the revenues of Indian IT companies may decline by 5% by FY25. Macroeconomic concerns, coupled with caution about discretionary information technology (IT) spending, could weigh on earnings.

Adani Group: Prominent investors such as GQG Partners, Abu Dhabi Investment Authority, International Holdings and Hinduja Group have expressed interest in a stake sale in the Adani group of companies that will raise up to Rs 29,000 crore, investment banking sources said. Meanwhile, in another development, the group is exploring the possibility of investing up to $3 billion in Vietnamese seaports and renewable energy projects.

Oil India: The company posted a 9.7% rise in net profit at Rs 1,788.28 crore in Q4FY23, compared to Rs 1,630.01 crore in the same period last year. Total revenue rose 22.2% year-on-year to Rs 6,075.55 crore.

ICRA: Rating agency ICRA’s consolidated net profit rose 14.5% year-on-year to Rs 38.6 crore in Q4FY23, boosted by a 16.4% rise in revenue to Rs 109.1 crore.

Trident: The company reported a 28.4% drop in net profit to Rs 129.7 crore in Q4FY23 compared to Rs 181 crore in Q4FY22. Total revenue fell 15.2% year-on-year to Rs 1,570.9.7 crore from Rs 1,853.07 crore.

Ashok Buildcon: The company’s net profit more than doubled to Rs 434.76 crore in Q4FY23 compared to Rs 187.98 crore in Q4FY22. Total revenue rose 27.4% year-on-year to Rs 2,067.88 crore.

RattanIndia Enterprises: The company has opened two new dealerships in Mumbai, thereby marking a significant expansion of its footprint in the region.

Titagarh Wagons: The company’s fourth-quarter net profit fell 19.6% year-on-year to Rs 53 crore in the quarter ended March 2023. Total revenue, however, more than doubled to Rs 982.53 crore from Rs 426.33 crore.

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