Mixed global trends are likely to keep the Sensex and Nifty volatile on Wednesday. At 7:45 am, the SGX Nifty was down 40 points to 18,290.
Japan’s Nikkei gained 0.6% in Asia, while South Korea’s Kospi gained 0.4%. However, the Mainland China, Hang Seng, and Straits Times Index fell 0.4-0.7%.
Bharti Airtel: The telecom service provider reported after the market close on Tuesday that its revenue for the quarter ended March 31 rose 14.3% to Rs 36,009 crore from Rs 31,500 crore in the same period in 2021-22. Its India business reported a 12.2% rise in revenue to Rs 25,250 crore for the quarter. Elsewhere, Bharti Airtel reported a 49.2% rise in its consolidated net profit to Rs 3,005.6 crore.
LIC Housing Finance: The housing finance company reported a 5.5% year-on-year rise in its consolidated net profit to Rs 1,180.3 crore in Q4FY23. Its net interest income (NII) rose 22.1% to Rs 1,990.3 crore in the March quarter. The board has recommended a dividend of Rs 8.5 per share.
Indian Oil Corporation: The state-run oil marketing company posted a 54.8% year-on-year rise in net profit to Rs 10,289.8 crore in the March quarter on higher refining margins.
V-Mart Retail: The retail company posted a total revenue of Rs 601.44 crore for the March quarter, up 30% year-on-year. However, it posted a net loss of Rs 36.95 crore for the period, compared to a net loss of Rs 2.61 crore reported last year.
Triveni Turbine: The company’s net profit rose 68.2% year-on-year to Rs 55.51 crore for the period ended March 31, 2023, compared to a net profit of Rs 33.01 crore posted last year. Its total revenue also rose 54% year-on-year to Rs 382.24 crore during the period.
CreditAccess Grameen: Microfinance lender CreditAccess Grameen on Tuesday reported an 86% rise in net profit to Rs 297 crore in the March quarter, compared with Rs 159 crore a year earlier. Net interest income rose 33% year-on-year to Rs 690 crore from Rs 520 crore.
Jindal Steel and Power: JSPL’s consolidated net profit fell 69.5% year-on-year to Rs 465.66 crore in the January-March quarter from Rs 1,527.04 crore a year earlier.
Oberoi Realty: On Tuesday, property developer Oberoi Realty posted a consolidated net profit of Rs 480 crore for the March quarter. This represents a 106% increase from Rs 232 crore a year ago, the company statement said. The company’s consolidated operating income rose by 16.76% to Rs 961 crore compared to Rs 823 crore a year earlier.
JK Paper: The company reported a 66.6% rise in consolidated net profit to Rs 283.5 crore in Q4FY23, driven by strong revenue growth. Consolidated operating income for the quarter was Rs 1,806.99 crore as against Rs 1,430.87 crore in the same period last year.
Paras Defence and Space Technologies: It posted a net profit of Rs 10.76 crore for the quarter ended March 2023, up 4.5% from Rs 10.30 crore last year. The company’s total revenue rose 5% year-on-year to Rs 65.85 crore.
Vodafone Idea: Vodafone Group Plc said it valued its investment in Vodafone Idea Ltd at zero, suggesting the UK-based telecom operator has no intention of salvaging its joint venture in India. “The group is no longer recording a further loss share from VIL,” Vodafone Group Plc said in its preliminary FY23 results statement released on Tuesday.
Adani Group: The Supreme Court will hear a batch of Public Interest Litigation (PIL) on Wednesday seeking to investigate the Adani Group-Hindenburg reporting issue and Sebi’s request for an extension of time to file the report, ANI reported. On Monday, the Supreme Court suspended hearings on Sebi’s request for a six-month extension to complete the investigation in the Hindenburg Research report.
Paytm: Paytm’s parent company One 97 Communications Ltd on Tuesday appointed senior vice-president Bhavesh Gupta as president and chief operating officer (COO) of the fintech major.
Hero MotoCorp, Bajaj Auto: According to reports, the Ministry of Heavy Industries is seeking to reduce the subsidy for electric two-wheelers under the FAME II scheme to Rs 10,000 per kW from the existing Rs 15,000 per kW. In addition, the maximum cap of the subsidy is also expected to be reduced from the current 40% to 15% of the MRP.
Another report said the savings from the subsidy cap could be used to provide an additional allocation worth Rs 1,500 crore for the FAME II program in the current financial year.
Tata Consumer Products: Tata Consumer Products said in an exchange filing that it will delist its global depositary receipts (GDRs) from the London Stock Exchange and the Luxembourg Stock Exchange from June 23 this year.
MRF: The tyre maker informed bourses on Tuesday that it has entered into a purchase agreement with First Energy 4 Private Limited to purchase solar energy and will acquire up to a 19.10% paid-up stake in the company, which will be held in the power purchase agreement within the validity period.
Hero MotoCorp: Hero MotoCorp has launched an all-new version of the XPulse 200 4V, which complies with stricter emission standards, at a starting price of Rs 1.43 lakh (ex-showroom, Delhi). 200 cc adventure bike with onboard diagnostics (OBD-II) and E20-compliant engine. The two trims are priced at Rs 1.43 lakh and Rs 1.5 lakh respectively.
KPI Green Energy: The company has received a commissioning certificate for the 7.27 MWdc solar power project from the Gujarat State Energy Development Agency through KPI Green Energy and 2.91 MWdc’s wholly-owned subsidiary KPIG Energia Private Limited.
LTIMindtree: LTIMindtree has partnered with Tricentis to launch Rely, a comprehensive assurance and compliance services platform for S/4HANA projects.