Weak global signals and the March quarter earnings season will likely keep markets range-bound on Thursday. The SGX Nifty was quoted at 17,795 at 7:35 am, down more than 30 points.
Globally, US markets were mixed overnight, with the Nasdaq Composite closing 0.4% higher. Conversely, the Dow Jones S&P 500 fell 0.6%.
Maruti Suzuki: The auto major’s net profit rose 42% year-on-year to Rs 2,670 crore in the January-March quarter (Q4FY23) as sales recovered and supply chain hurdles eased. The company more than doubled its profit for the full year (FY23) to Rs 8,211 crore compared to last year.
Bajaj Finance: The company’s consolidated net profit rose 30% YoY to Rs 3,158 crore in Q4FY23 on higher net interest income (NII). The board has recommended a dividend of Rs 30 per share for FY23 at a face value of Rs 2 per share, subject to shareholder approval.
SBI Life: The company reported a 15% year-on-year increase in net profit to Rs 777 crore in Q4FY23. Net premiums in Q4FY23 also rose 14% YoY to Rs 19,897 crore compared to Rs 17,434 crore in Q4FY22.
L&T Technology: The company’s operating income rose to Rs 2,096.2 crore in Q4FY23, compared to Rs 1,756.1 crore a year earlier. Net profit also grew 15%, 18.1%, to Rs 310.9 crore in Q4FY23 from Rs 263.2 crore in Q4FY22.
Poonawalla Fincorp: The company doubled its net income to Rs 181 crore (up 103%) in the March quarter, driven by higher loan sales and improved asset quality. Also, record spending in the quarter jumped 151% to Rs 6,371 crore.
Abbott India: The pharmaceutical giant has recalled a batch of its popular thyroid disease drug “Thyronorm” due to a dosage labelling error but said there were no quality issues. The mislabelled batches were invoiced in Madhya Pradesh and Telangana states.
HDFC Life: The private insurer posted a net profit of Rs 358.6 crore in Q4FY23, slightly higher than the Rs 357.5 crore in the same period last year. Net premiums also rose 36% YoY to Rs 19,426.57 crore in Q4FY23 from Rs 14,289.66 crore in Q4FY22.
Infosys: The IT services giant signed a deal with Walmart Business Technologies to help the retailer use technology solutions to simplify the experience for customers and store associates.
HCL Technologies: Global pigments and chemicals manufacturer Heubach Group chooses IT expertise to drive its digital transformation agenda, which includes deploying a hybrid cloud, cybersecurity solutions, end-user services and a secure network across 11 countries.
Union Bank of India: Board approved capital raising of Rs 10,100 crore. It plans to raise up to Rs 8,000 crore through a public issue, rights issue or private placement, including private placement in a qualified institutional placement (QIP).
Tata Power: S&P’s Global Ratings has upgraded Tata Power’s rating to ‘BB+’ with a stable outlook.