Benchmarks in Asia-Pacific markets rose on risk-on sentiment after U.S. inflation data assured market participants the Federal Reserve is likely to ease monetary condition soon.
The Nikkei 225 was 247.04 points or 0.64% higher at 38,632.77, and the S&P ASX 200 was 98.90 points or 1.28% higher at 7,852.60 as of 06:41 a.m. The KOSPI index was 40.18 points or 1.47% up at 2,770.52.
On sequential basis, the U.S. Consumer Price Index slowed to 0.3% in April, from 0.4% in the preceding month. The sequential figure is less than 0.4% analysts estimated in a Bloomberg's survey.
The U.S. CPI came at 3.4% on year in April from 3.5% from 3.4% in March, which is what a Bloomberg survey forecasted.
Wall Street traders sent stocks up and bond yields slumping as a slowdown in inflation reinforced bets the Federal Reserve will be able to start cutting interest rates as early as September, reported Bloomberg.
The S&P 500 Index and Nasdaq Composite rose by 1.17% and 1.40%, respectively, as of Wednesday. The Dow Jones Industrial Average rose by 0.88%.
Brent crude was trading 0.48% higher at $83.23 a barrel. Gold was higher by 0.38% at $2,394.95 an ounce.
The GIFT Nifty was trading 7.5 points or 0.03% higher at 22,380.00 as of 06:48 a.m.
Snapping a three-day winning streak, India's benchmark indices ended lower, weighed by losses in shares of heavyweights HDFC Bank Ltd. and Tata Motors Ltd.
The NSE Nifty 50 ended 17.30 points, or 0.08%, lower at 22,200.55, and the S&P BSE Sensex closed 117.58 points, or 0.16%, down at 72,987.03. Intraday, the Nifty rose 0.36% to 22,297.55.
Overseas investors stayed net sellers on Wednesday for the tenth straight day. Foreign portfolio investors offloaded stocks worth Rs 2,832.8 crore; domestic institutional investors stayed net buyers for the 17th day and mopped up equities worth Rs 3,788.4 crore, the NSE data showed.
The Indian rupee closed flat at 83.50 against the U.S. dollar.
Earnings in Focus
Mahindra and Mahindra, Gail India, Solar Industries, Info Edge India, Vodafone Idea, Container Corp of India, Biocon, Motherson Sumi Wiring India, Endurance Technologies, Ratnamani Metals and Tubes, Crompton Greaves Consumer, Triveni Turbine, Kaynes Technology, Krishna Institute of Medical, V-Guard Industries, Eclerx Services, Prism Johnson, Prince Pipes and Fittings, Wonderla Holidays, JK Paper, Sansera Engineering, Restaurant Brands Asia, Harsha Engineers International, Avalon Technologies, Indoco Remedies, TCNS Clothing, Akzo Nobel India, Caplin Point Laboratories, and Infibeam Avenues.
Earnings Post Market Hours
Jindal Stainless Q4 FY24 (Consolidated, YoY)
Revenue down 3.2% at Rs 9,454 crore vs Rs 9,765 crore (Bloomberg estimate Rs 9,605 crore).
Ebitda down 9.5% at Rs 1,035 crore vs Rs 1,144 crore (Bloomberg estimate Rs 1,061 crore).
Margin at 10.9% vs 11.7% (Bloomberg estimate 11%).
Net profit down 30% at Rs 501 crore vs Rs 716 crore (Bloomberg estimate Rs 578 crore).
Dixon Technologies Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 52% to Rs 4,658 crore vs Rs 3,065 crore (Bloomberg estimate: Rs 5,040 crore).
Ebitda rose 19.2% to Rs 243 crore vs Rs 204 crore (Bloomberg estimate: Rs 201 crore).
Ebitda margin 5.2% vs 6.7% (Bloomberg estimate: 4%).
Net profit up 20.7% to Rs 97 crore vs Rs 81 crore (Bloomberg estimate: Rs 102 crore).
Mankind Pharma Q4 FY24 (Consolidated, YoY)
Revenue up 19% to Rs 2,441 crore versus Rs 2,053 crore (Bloomberg estimate: Rs 2,438 crore).
Ebitda rose 42.5% to Rs 591 crore versus Rs 415 crore (Bloomberg estimate: Rs 566 crore).
Ebitda margin expanded 400 basis points to 24.2% versus 20.2% (Bloomberg estimate: 23.2%).
Net profit up 62.3% to Rs 477 crore versus Rs 294 crore (Bloomberg estimate: Rs 384 crore).
Berger Paints India Q4 FY24 (Consolidated, YoY)
Revenue up 3% Rs 2,520 crore vs Rs 2,444 crore.
Ebitda down 4.8% at Rs 351 crore vs Rs 369 crore.
Margin at 13.9% vs 15.1%.
Net profit up 20% Rs 223 crore vs Rs 186 crore.
Pricol Q4 FY24 (Consolidated, YoY)
Revenue up 11.6% at Rs 584 crore vs Rs 523 crore.
Ebitda up 20.7% at Rs 74 crore vs Rs 61 crore.
Margin at 12.7% vs 11.7%.
Net profit up 39.3% at Rs 42 crore vs Rs 30 crore.
Titagarh Rail Systems Q4 FY24 (Consolidated, YoY)
Revenue up 8% at Rs 1,052 crore vs Rs 974 crore (Bloomberg estimate Rs 1,122 crore).
EBITDA up 25.7% at Rs 120 crore vs Rs 95 crore (Bloomberg estimate Rs 123 crore).
Margin at 11.4% vs 9.8% (Bloomberg estimate 11%).
Net profit up 63.7% at Rs 79 crore vs Rs 48 crore (Bloomberg estimate Rs 78.4 crore).
NLC India Q4 FY24 (Consolidated, YoY)
Revenue down 31% at Rs 3,541 crore vs Rs 5,134 crore.
Ebitda down 65% at Rs 602 crore vs Rs 1,722 crore.
Margin at 17% vs 33.5%.
Net profit down 86.4% at Rs 114 crore vs Rs 837 crore.
Redington Q4 FY24 (Consolidated, YoY)
Revenue up 2.7% at Rs 22,433 crore vs Rs 21,849 crore (Bloomberg estimate Rs 24,021 crore).
Ebitda down 15.4% at Rs 459 crore vs Rs 543 crore (Bloomberg estimate Rs 534 crore).
Margin at 2% vs 2.5% (Bloomberg estimate 2.2%).
Net profit down 1.4% at Rs 324 crore vs Rs 328 crore (Bloomberg estimate Rs 329 crore).
CMS Info Systems (Consolidated, YoY)
Revenue up 25.1% at Rs 627 crore vs Rs 501 crore (Bloomberg estimate Rs 621 crore).
Ebitda up 7.8% at Rs 155 crore vs Rs 144 crore (Bloomberg estimate Rs 159 crore).
Margin at 24.8% vs 28.8% (Bloomberg estimate 25.7%).
Net profit up 14.4% at Rs 91 crore vs Rs 80 crore, (Bloomberg estimate 94 crore).
Moil Q4 FY24 (YoY)
Revenue down 3% at Rs 416 crore vs Rs 428 crore (Bloomberg estimate Rs 360 crore).
Ebitda down 3.2% at Rs 128 crore vs Rs 133 crore (Bloomberg estimate Rs 110 crore).
Margin at 30.8% vs 31% (YoY) (Bloomberg estimate 30.6%).
Net profit up 12.6% at Rs 91 crore vs Rs 81 crore (Bloomberg estimate Rs 80 crore).
Indian Energy Exchange (Consolidated, YoY)
Revenue up 13.3% at Rs 121 crore vs Rs 107 crore (Bloomberg estimate Rs 128 crore).
Net profit up 9.5% at Rs 97 crore vs Rs 88 crore (Bloomberg estimate Rs 98 crore).
LIC Housing Finance (Standalone, YoY)
Total income up 8.1% at Rs 6,937 crore vs Rs 6,415 crore.
Net profit down 7.6% at Rs 1,091 crore vs Rs 1,180 crore (Bloomberg estimate Rs 1172 crore).
NCC Q4 FY24 (Consolidated, YoY)
Revenue at up 31% Rs 6,485 crore vs Rs 4,949 crore.
Ebitda at Rs 551 crore vs Rs 465 crore, up 18.5%.
Margin at 8.5% vs 9.4%.
Net profit at Rs 239 crore vs Rs 203 crore, up 17.6%.
Pitti Engineering Q4 FY24 (Consolidated, YoY)
Revenue up 32.5% at Rs 328 crore vs Rs 248 crore.
Ebitda up 20% at Rs 49 crore vs Rs 41 crore.
Margin at 14.8% vs 16.4%.
Net profit up 62.5% at Rs 40 crore vs Rs 25 crore.
Honeywell Automation India Q4 FY24 (YoY)
Revenue up 12% at Rs 951 crore vs Rs 850 crore (Bloomberg estimate Rs 993 crore).
Ebitda up 22.4% at Rs 170 crore vs Rs 139 crore (Bloomberg estimate Rs 169 crore).
Margin at 17.9% vs 16.3% (Bloomberg estimate 17%).
Net profit up 32.3% at Rs 148 crore vs Rs 112 crore (Bloomberg estimate Rs 143 crore).
Board recommends final dividend of Rs 100 per share.
Somany Ceramics Q4 FY24 (Consolidated, YoY)
Revenue up 8.6% at Rs 738 crore vs Rs 679 crore (Bloomberg estimate Rs 700 crore).
Ebitda up 30.3% at Rs 79 crore vs Rs 61 crore (Bloomberg estimate Rs 68.37 crore).
Margin at 10.8% vs 9% (Bloomberg estimate 9.8%).
Net profit up 38.9% at Rs 34 crore vs Rs 24 crore (Bloomberg estimate Rs 31.45 crore).
Transport Corporation of India Q4 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 1,078 crore vs Rs 979 crore (Bloomberg estimate Rs 1,071 crore).
Ebitda up 0.5% at Rs 109 crore vs Rs 108 crore (Bloomberg estimate Rs 114 crore).
Margin at 10.1% vs 11% (Bloomberg estimate 10.6%).
Net profit up 25.4% at Rs 103 crore vs Rs 82 crore (Bloomberg estimate Rs 88.23 crore).
Stocks to Watch
Infosys: The company and SAP Emarsys collaborated to deliver an enhanced personalised omnichannel experience for clients.
Star Cement: NCLT approved the amalgamation of 3 units with the arm Star Cement Meghalaya.
Quick Heal Technologies: The company partnered with EET Group for cybersecurity solutions in Europe.
PSP Projects: The company has settled a dispute with Surat Diamond Bourse, agreeing to pay Rs 170 crore in tranches. The total project value for the SBD Project is Rs 1,960 crore, out of which the company has recorded revenue of Rs 1,896 crore and the remaining revenue is to be recorded upon receipt of a certificate from Surat Diamond Bourse.
JK Cement: The Board approved the re-appointment of Raghavpat Singhania as MD for five years, effective June 17, 2025.
TVS Motor Company: The company launches operations in Italy.
Eicher Motors: The company’s unit, VE Commercial Vehicles, enters into a joint venture agreement with Triangle Infotech.
Medi Assist Healthcare Services: The company appointed Sandeep Daga as CFO effective May 17.
Mankind Pharma: The company clarified that the article stating the company’s plan to acquire a stake in Bharat Serum is speculative in nature.
IPO Offering
Go Digit General Insurance: The public issue was subscribed to 0.36 times on day 1. The bids were led non-institutional investors (0.34 times), retail investors (1.44 times).
Block Deal
Cipla: Rumana Hamied sold 49.43 lakh shares (0.61%), Samina Hamied sold 89.54 lakh shares (1.1%), Shirin Hamied sold 63.63 lakh shares (0.78%) at Rs 1,345 apiece, and Okasa Pharma sold 1.89 lakh shares (0.02%). However, ICICI Prudential Mutual Fund bought 55.25 lakh shares (0.68%), Aditya Birla Sun Life Mutual Fund bought 22.96 lakh shares (0.28%), among others, at Rs 1,345 apiece.
Insider Trades
ADF Foods: Promoter Krish Bhavesh Thakkar sold 84,500 shares between May 13 and 14.
Trading Tweaks
Moved out of short-term ASM framework: Premier Explosives,
Moved into short-term ASM framework: D-Link (India), Dynamic Cables, Peninsula Land.
Price Band Change from 20% to 10%: Dynamic Cables.
Ex/record dividend: Tata Consultancy Services.
F&O Cues
Nifty May futures down by 0.13% to 22,287.05 at a premium of 86.5 points.
Nifty May futures open interest down by 4%.
Nifty Bank May futures down by 0.38% to 47,908.55 at a premium of 221.1 points.
Nifty Bank May futures open interest up by 4.47%.
Nifty Options May 16 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 22,000.
Bank Nifty Options May 15 Expiry: Maximum Call Open Interest at 47,700 and Maximum Put open interest at 47,600.
Securities in ban period: Balrampur Chini Mills, Birlasoft, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprise, Sail, and Zee Entertainment Enterprise.
Money Market Update
The Indian rupee closed flat at 83.50 against the U.S dollar.
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