Asia-Pacific markets erased gains early on Friday as traders pulled back bets of rate cuts by the Federal Reserve after the initial reaction to softer US inflation data subsided.
The Nikkei 225 was trading 348.25 points or 0.89% lower at 38,572.01, and the S&P ASX 200 was 27.60 points or 0.35% down at 7,853.70 as of 06:43 a.m.
Cleaveland Fed President Loretta Mester, New York Fed President John Williams and Richmond Fed President Thomas Barkin said Thursday, speaking at separate events, inflation is expected to take longer to reach target 2%, Bloomberg reported.
Early Thursday, the Dow Jones Industrial Average touched the historic 40,000 mark to extend an advance that’s been fueled by bets the Federal Reserve will be able to cut rates this year, Bloomberg said.
The S&P 500 Index and Nasdaq Composite declined 0.21% and 0.26%, respectively, as of Thursday. The Dow Jones Industrial Average fell by 0.10%.
Brent crude was trading 0.13% higher at $83.38 a barrel. Gold rose 0.03% to $2,377.56 an ounce.
The GIFT Nifty was trading 18.5 points or 0.08% higher at 22,478.50 as of 06:46 a.m.
India's benchmark equity indices recovered in the last hour of trade and surged to their highest level in seven sessions. The Nifty reclaimed 22,400 for the first time after May 6.
The Nifty ended 203.30 points higher, or 0.92%, at 22,403.85 and the Sensex closed 676.69 points, or 0.93%, up at 73,663.72.
Overseas investors stayed net sellers on Thursday for the eleventh straight day. Foreign portfolio investors offloaded and sold stocks worth Rs 776.49 crore and domestic institutional investors stayed net buyers for fourteen straight sessions and mopped up equities worth Rs 2,127.81 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat against the U.S. dollar at 83.50 on Thursday.
Earnings in Focus
JSW Steel, Zydus Lifesciences, NHPC, Astral, Rail Vikas Nigam, Phoenix Mills, Balkrishna Industries, Global Health, Glaxosmithline Pharmaceutic, Delhivery, Bandhan Bank, Pfizer, Vinati Organics, Poly Medicure, Sobha, Zee Entertainment enterprises, Amber Enterprises, Varroc Engineering, Kirloskar Ferrous Industries, Balrampur Chini Mills, Dhanuka Agritec, Sudarshan Chemical, Godrej Industries, and Shipping Corp of India.
Earnings Post Market Hours
Biocon Q4 FY24 (Consolidated, YoY)
Revenue up 3.8% at Rs 3,917 crore vs Rs 3,774 crore (Bloomberg estimate Rs 3890 crore).
Ebitda down 8.2% at Rs 916 crore vs Rs 997 crore (Bloomberg estimate Rs 818 crore).
Margin at 23.4% vs 26.4% (Bloomberg estimate 21%).
Net profit at Rs 223 crore vs Rs 415 crore, down 46.2% (Bloomberg estimate Rs 164 crore).
Vodafone Idea Q4 FY24 (Consolidated, QoQ)
Revenue fell 0.6% to Rs 10,607 crore vs Rs 10,673 crore (Bloomberg estimate Rs 10,695 crore).
Ebitda down 0.3% to Rs 4,336 crore versus Rs 4,350 crore (Bloomberg estimate Rs 4,321.3 crore).
Margin expands 10 bps to 40.9% vs 40.8% (Bloomberg estimate 40.4%).
Net loss rose to Rs 7,675 crore vs Rs 6,989 crore (Bloomberg estimate Rs 7,701.1 crore).
JK Paper Q4 FY24 (Consolidated, YoY)
Revenue down 1.9% at Rs 1500 crore vs Rs 1,529 crore (Bloomberg estimate Rs 1776 crore).
Ebitda down 18.1% at Rs 310 crore vs Rs 378 crore.
Margin at 20.6% vs 24.7%.
Net profit up 13.6% at Rs 230 crore vs Rs 202 crore (Bloomberg estimate Rs 216 crore).
Kaynes Technology India Q4 FY24 (Consolidated, YoY)
Revenue up 74.8% at Rs 637 crore vs Rs 365 crore (Bloomberg estimate Rs 608 crore).
Ebitda up 60.5% at Rs 95 crore vs Rs 59 crore (Bloomberg estimate Rs 89.78 crore).
Margin at 14.9% vs 16.3% (Bloomberg estimate 14.8%).
Net profit up 96.9% at Rs 81 crore vs Rs 41 crore (Bloomberg estimate Rs 64.06 crore).
Krishna Institute of Medical Sciences Q4 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 634 crore vs Rs 576 crore (Bloomberg estimate Rs 653 crore).
Ebitda down 2.6% at Rs 159 crore vs Rs 163 crore (Bloomberg estimate Rs 170 crore).
Margin at 25.1% vs 28.3% (Bloomberg estimate 26.1%).
Net profit down 27.5% at Rs 71 crore vs Rs 99 crore (Bloomberg estimate Rs 85.33 crore).
Prince Pipes and Fittings Q4 FY24 (YoY)
Revenue down 3.2% at Rs 740 crore vs Rs 764 crore (Bloomberg estimate Rs 691 crore).
Ebitda down 37.8% at Rs 92 crore vs Rs 148 crore (Bloomberg estimate Rs 93 crore).
Margin at 12.5% vs 19.4% (Bloomberg estimate 13.4%).
Net profit down 42% at Rs 55 crore vs Rs 94 crore (Bloomberg estimate Rs 53 crore).
Endurance Technologies Q4 FY24 (Consolidated, YoY)
Revenue up 20.2% at Rs 2,685 crore vs Rs 2,234 crore (Bloomberg estimate Rs 2,613 crore).
Ebitda at Rs 389 crore vs Rs 285 crore, up 36.5% (Bloomberg estimate Rs 320 crore).
Margin at 14.5% vs 12.8% (Bloomberg estimate 12.13%).
Net profit up 54% at Rs 210 crore vs Rs 136 crore, (Bloomberg estimate Rs 160 crore).
Container Corporation of India Q4 FY24 (Consolidated, YoY)
Revenue up 6.4% at Rs 2,325 crore vs Rs 2,184 crore.
Ebitda up 11.3% at Rs 498 crore vs Rs 448 crore.
Margin at 21.4% vs 20.5%.
Net profit up 13.7% at Rs 318 crore vs Rs 279 crore.
Triveni Turbine Q4 FY24 (Consolidated, YoY)
Revenue up 23.9% at Rs 458 crore vs Rs 370 crore (Bloomberg estimate Rs 478 crore).
Ebitda up 35.4% at Rs 90 crore vs Rs 66 crore (Bloomberg estimate 19.3%).
Margin at 19.6% vs 17.9% (Bloomberg estimate Rs 92 crore).
Net profit up 37% at Rs 76 crore vs Rs 56 crore (Bloomberg estimate Rs 75.4 crore).
Eclerx Services Q4 FY24 (Consolidated, QoQ)
Revenue up 1.8% at Rs 767 crore vs Rs 753 crore (Bloomberg estimate Rs 759 crore).
EBIT down 6.7% Rs 162 crore vs Rs 174 crore (Bloomberg estimate Rs 181 crore).
EBIT margin at 21.1% vs 23.1% (Bloomberg estimate 23.85%).
Net profit down 6.6% at Rs 130 crore vs Rs 139 crore (Bloomberg estimate Rs 140 crore).
Crompton Greaves Consumer Electricals Q4 FY24 (Consolidated, YoY)
Revenue up 9.5% at Rs 1,961 crore vs Rs 1,791 crore (Bloomberg estimate Rs 121 crore).
Margin at 10.4% vs 11.8% (Bloomberg estimate Rs 196 crore).
Ebitda down 3.7% at Rs 204 crore vs Rs 211 crore (Bloomberg estimate 10%).
Net profit up 1.4% at Rs 133 crore vs Rs 132 crore (Bloomberg estimate Rs 1953 crore).
Restaurant Brands Asia Q4 FY24 (Consolidated, YoY)
Revenue up 16.2% at Rs 597 crore vs Rs 514 crore (Bloomberg estimate Rs 590 crore).
Ebitda at Rs 69 crore vs Rs 27 crore (Bloomberg estimate Rs 58.5 crore).
Margin at 11.6% vs 5.3% (Bloomberg estimate 9.9%).
Net loss of Rs 92 crore vs loss of Rs 80 crore (Bloomberg estimate Net loss of Rs 54.4 crore).
Akzo Nobel India Q4 FY24 (Consolidated, YoY)
Revenue up 2.3% at Rs 973 crore vs Rs 951 crore.
Ebitda up 4.5% at Rs 162 crore vs Rs 155 crore.
Margin at 16.6% vs 16.3%.
Net profit up 13.9% at Rs 109 crore vs Rs 95 crore.
Ratnamani Metals & Tubes Q4 FY24 (Consolidated, YoY)
Revenue down 0.2% at Rs 1,496 crore vs Rs 1,499 crore (Bloomberg estimate Rs 1,493 crore).
Ebitda at Rs 246 crore vs Rs 301 crore, down 18.3% (Bloomberg estimate Rs 237.3 crore).
Margin at 16.4% vs 20% (Bloomberg estimate 15.9%).
Net profit up 0.3% at Rs 193 crore vs Rs 192.6 crore (Bloomberg estimate Rs 54 crore).
Avalon Technologies Q4 FY24 (Consolidated, YoY)
Revenue at Rs 217 crore vs Rs 278 crore, down 20.2% (Bloomberg estimate Rs 229 crore).
Ebitda down 58.1% at Rs 17 crore vs Rs 41 crore (Bloomberg estimate Rs 21.5 crore).
Margin at 7.9% vs 15.1% (Bloomberg estimate 9.4%).
Net profit down 68.9% at Rs 7 crore vs Rs 23 crore (Bloomberg estimate Rs 10.22 crore).
Stocks to Watch
Infosys: The company signs a pact with Telstra for AI-led engineering transformation.
Indoco Remedies: The USFDA successfully completed the inspection of its API Kilo Lab manufacturing facility at Rabale, Navi Mumbai, and Indoco Analytical Solutions division and concluded with zero Form 483 observations.
TVS Supply Chain Solutions: The company partnered with Manchester Metropolitan to lead AI innovation.
GE Power India: The company received a purchase order worth Rs 20 crore from Torrent Power for the repair and service of a steam turbine.
Vedanta: The board approved raising up to Rs 8,500 crore via equity and approved the investment in Vedanta Copper International for setting up a copper rod plant in Saudi Arabia.
Sanghvi Movers: The board approved splitting each share into two.
GMR Airports Infrastructure: The company recorded total passenger traffic at Rs 1.04 crore, up 7% YoY for the month of April and total aircraft movements at 67,267, up 4% YoY.
Garden Reach Shipbuilders & Engineers: The company received 16.5 million orders from the People's Republic of Bangladesh for the procurement of 01 No. Trailing Suction Hopper Dredger with spare parts.
Gail: The company entered into a 14-year charter with CoolCo for an LNG carrier to commence in early 2025. The company has the option to extend the charter by 2 years beyond the 14-year period.
Dixon Technology: The company signed an MoU with Acerpure for the manufacturing of consumer appliance products.
IDBI Bank: RBI has approved the appointment of Pradeep Natarajan as Whole-Time Director, designated as Executive Director for 3 years.
IPO Offering
Go Digit General Insurance: The public issue was subscribed to 0.79 times on day 2. The bids were led institutional investors (0.24 times), non-institutional investors (0.73 times), and retail investors (2.54 times).
Block Deal
Jindal Saw: Cresta Fund sold 20 lakh shares (0.62%), Nippon India Small Cap Fund bought 18 lakh shares (0.56%), Societe Generale bought 2 lakh shares (0.06%) at Rs 541.45 apiece.
Trading Tweaks
Moved out of short-term ASM framework: Automotive Stampings and Assemblies, Dynamic Services & Security, IndoStar Capital Finance.
Moved into short-term ASM framework: Jupiter Wagons, GRP.
Ex/record dividend: Advanced Enzyme Technologies, Craftsman Automation.
Ex/record AGM: Craftsman Automation.
F&O Cues
Nifty May futures up by 0.84% to 22,452.35 at a premium of 48.5 points.
Nifty May futures open interest down by 2.68%.
Nifty Bank May futures down by 0.48% to 48,092.35 at a premium of 115.3 points.
Nifty Bank May futures open interest down by 2%.
Nifty Options May 23 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 20,200.
Bank Nifty Options May 22 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 45,000.
Money Market Update
The Indian currency closed flat against the U.S. Dollar at 83.50 on Thursday.
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