The stocks of Life Insurance Corporation of India Ltd., Natco Pharma Ltd. and Lakshmi Machine Works Ltd. will be in focus after they announced their quarterly earnings on Monday. In addition, Aditya Birla Fashion and Retail Ltd., Indian Railway Catering and Tourism Corporation Ltd. and Brigade Enterprises Ltd. will be in the spotlight as they announce their quarterly results.
The board of Adani Energy Solutions Ltd. approved a fund raise of Rs 12,500 crore through qualified institutional placement or other permissible modes on May 27.
Honasa Consumer Ltd., a holding company of Mamaearth, has announced the acquisition of CosmoGenesis Labs, a cosmetic formulation and development company.
Benchmarks in Asia-Pacific markets were trading slightly lower as investors exercised caution before release of a slew of economic data from the region.
The Nikkei 225 was 41.39 points or 0.11% lower at 38,858.63, and the S&P ASX 200 was 0.90 points or 0.01% down at 7,787.40 as of 06:36 a.m.
Inflation data from Japan, Australia, and euro region are scheduled to be released later this week.
Financial markets in the U.S. were closed on Monday for Memorial Day.
Brent crude oil contract for delivery in July was trading 0.04% lower at $83.06 per barrel as of 06:40 a.m. Gold was trading 0.01% lower at $2,350.76.
The GIFT Nifty was trading 3 points or 0.01% higher at 23,028.50 as of 06:41 a.m.
India's benchmark stock indices ended marginally lower on Monday after hitting record highs, tracking losses in shares of Reliance Industries, ITC and Mahindra & Mahindra. The NSE Nifty 50 closed 24.65 points or 0.11% lower at 22,932.55, and the S&P BSE Sensex settled 19.89 points or 0.03% down at 75,390.50.
During the day, the Nifty rose as much as 0.67% to 23,110.80, while the Sensex jumped 0.79% to 76,009.68.
Overseas investors in Indian equities remained net sellers for the second straight session. Foreign portfolio investors offloaded stocks worth Rs 541.2 crore, while domestic institutional investors turned net buyers after a day of selling and mopped up equities worth Rs 922.6 crore, according to provisional data from the NSE.
The Indian rupee weakened by 5 paise to close at 83.14 against the U.S. dollar.
Earnings in Focus
Indian Railway Catering and Tourism Corporation, Prestige Estates Projects, Aditya Birla Fashion and Retail, Brigade Enterprises, Campus Activewear, Capacite Infraprojects, Deccan Cements, Dreamfolks Services, EIH, Engineers India, EPACK Durable, Essar Shipping, Exicom Tele-Systems, Exxaro Tiles, Finotex Chemical, Gensol Engineering, General Insurance Corporation of India, Goodluck India, Hind Rectifiers, Imagicaaworld Entertainment, Ingersoll-Rand (India), J. Kumar Infraprojects, Man Industries, Medplus Health Services, Mirza International, MMTC, Monte Carlo Fashions, MTAR Technologies, NBCC (India), Orissa Minerals Development Company, Apeejay Surrendra Park Hotels, PTC Industires, Popular Vehicles and Services, Ramco Industries, Responsive Industries, RITES, RR Kabel, Salzer Electronics, Supriya Lifesciences, TCPL Packing, TTK Prestige, Veranda Learning Solutions, Vibhor Steel Tubes, and Wockhardt
Earnings Post Market Hours
Life Insurance Corporation of India Q4 FY24 (Standalone, YoY)
Net premium income up 15.6% at Rs 1.52 lakh crore
Net profit up 2.5% at Rs 13,763 crore
APE grew 11% to 21,180 crore
VNB margins at 17.2% versus 19.2% YoY
Indian embedded value rose 25% to Rs 7.27 lakh crore
Board recommends final dividend of Rs 6 per share.
Lakshmi Machine Works Q4 FY24 (Consolidated, YoY)
Revenue down 25.5% at Rs 971 crore vs Rs 1,303 crore (Bloomberg estimate Rs 1,252 crore).
Ebitda down 37.9% at Rs 73 crore vs Rs 118 crore (Bloomberg estimate Rs 120 crore).
Margin at 7.6% vs 9.1% (Bloomberg estimate 9.6%).
Net profit down 29.9% at Rs 66 crore vs Rs 94 crore (Bloomberg estimate Rs 91 crore).
Board recommends dividend of Rs 75 per share.
Natco Pharma Q4 FY24 (Consolidated, YoY)
Revenue up 19% at Rs 1,068 crore vs Rs 898 crore (Bloomberg estimate Rs 952 crore).
Ebitda up 46.7% at Rs 497 crore vs Rs 339 crore.
Margin at 46.6% vs 37.8%.
Net profit up 40.1% at Rs 386 crore vs Rs 276 crore (Bloomberg estimate Rs 338 crore).
Lumax Auto Technologies Q4 FY24 (Consolidated, YoY)
Revenue up 53.5% at Rs 757 crore vs Rs 493 crore (Bloomberg estimate Rs 819 crore).
Ebitda up 62.2% at Rs 92 crore vs Rs 57 crore (Bloomberg estimate Rs 124 crore).
Margin at 12.1% vs 11.5% (Bloomberg estimate 15.2%).
Net profit at Rs 51 crore vs Rs 24 crore (Bloomberg estimate Rs 47 crore).
Astrazeneca Pharma (YoY)
Revenue up 34.6% at Rs 383 crore vs Rs 285 crore.
Ebitda down 17.6% at Rs 49 crore vs Rs 60 crore.
Margin at 12.9% vs 21%.
Net profit up 129% at Rs 39 crore vs Rs 17 crore.
Gujarat Mineral Development Corporation Q4 FY24 (Consolidated, YoY)
Revenue down 20.8% at Rs 751 crore vs Rs 948 crore.
Ebitda down 47.3% at Rs 205 crore vs Rs 390 crore.
Margin at 27.4% vs 41.1%.
Net profit down 53.2% at Rs 207 crore vs Rs 442 crore.
Sumitomo Chemical India Q4 FY24 (Consolidated, YoY)
Revenue up 3.5% at Rs 674 crore vs Rs 652 crore (Bloomberg estimate Rs 651 crore).
Ebitda up 73.9% at Rs 140 crore vs Rs 81 crore (Bloomberg estimate Rs 101 crore).
Margin at 20.8% vs 12.4% (Bloomberg estimate 15.5%).
Net profit up 52.4% at Rs 110 crore vs Rs 72 crore (Bloomberg estimate Rs 80 crore).
Elgi Equipments Q4 FY24 (Consolidated, YoY)
Revenue up 3.6% at Rs 866 crore vs Rs 836 crore (Bloomberg estimate Rs 920 crore).
Ebitda down 1.7% at Rs 125 crore vs Rs 127 crore (Bloomberg estimate Rs 144 crore).
Margin at 14.5% vs 15.2% (Bloomberg estimate 15.7%).
Net profit down 55.2% at Rs 76 crore vs Rs 170 crore (Bloomberg estimate Rs 110 crore).
National Aluminium Company Q4 FY24 (Consolidated, YoY)
Revenue down 2.5% at Rs 3,579 crore vs Rs 3,671 crore (Bloomberg estimate Rs 3,924 crore).
Ebitda up 44.4% at Rs 1,108 crore vs Rs 767 crore (Bloomberg estimate Rs 843 crore).
Margin at 30.9% vs 20.9% (Bloomberg estimate 21.5%).
Net profit at Rs 997 crore vs Rs 495 crore (Bloomberg estimate Rs 552 crore).
Stocks to Watch
HPCL: The board recommended a bonus issue of 1 share for every 2 shares held.
Asian Paints: The Singapore-based arm signed a pact to acquire a 24.3% stake in SCIB for Rs 34.42 crore. Arm APIPL to hold an 85.6% stake in SCIB post-stake acquisition.
Jyoti Structures: The company rights have been subscribed by 207%, with the company receiving applications worth Rs. 361.66 crores pursuant to its rights issue as against an issue size of Rs. 174.63 crores.
Adani Energy: The board approved a fund-raising plan for an aggregate amount not exceeding Rs 12,500 crore through QIP or another permissible mode.
Praveg: The company bought a 51% stake in Abhik Advertising and Bidhan Advertising.
Diamond Power Infrastructure: Founder Monarch Infraparks and GSEC will sell a 2.44% stake each in the company via OFS on May 28 and 29. The company has set the OFS floor price at Rs. 855 per share.
ZF Commercial Vehicle: The company has partnered with IIT Madras to forge a pioneering partnership to build global mobility digital infrastructure.
IPO Offering
Awfis Space Solutions: The public issue was subscribed to 108.56 times on day 4. The bids were led institutional investors (129.81 times), non-institutional investors (129.81 times), retail investors (54.58 times), and portion reserved for employees (25.2 times).
Block Deals
Nazara Technologies: Plutus Wealth Management LLP bought 48.84 lakh shares (6.66%) at Rs 620.5 apiece, while Mitter Infotech LLP sold 48.84 lakh shares (6.66%) at Rs 620.5 apiece.
Lumax Auto Technologies: Albula Investment Fund Ltd sold 6.06 lakh shares (0.88%) at Rs 478 apiece, while Amara Partners Growth Fund I bought 6.06 lakh shares (0.88%) at Rs 478 apiece.
Bulk Deals
Ganesha Ecosphere: Essel Industries sold 1.35 lakh shares (0.62%) at Rs 1150.14 apiece.
Insider Trade Details
Wonderla Holidays: Promoter Priya Sarah Cheeran Joseph bought 24,000 shares on May 23.
Gokul Agro Resources: Promoter Ritika Infracon bought 35,000 shares on May 24.
Trading Tweaks
Price Band Change from 20% to 10%: Bharat Dynamics.
Ex/record dividend: Trident, CMS Info System.
Moved out of short-term ASM framework: Honeywell Automation India, Ram Ratna Wires.
F&O Cues
Nifty May futures down by 0.08% to 23,001.1 at a premium of 68.65 points.
Nifty May futures open interest down by 0.24%.
Nifty Bank May futures up by 0.59% to 49,335 at a premium of 53.2 points.
Nifty Bank May futures open interest down by 8.6%.
Nifty Options May 30 Expiry: Maximum Call open interest at 24,000 and Maximum Put open interest at 23,000.
Bank Nifty Options May 29 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 48,000.
Securities in ban period: Biocon, GNFC, Hindustan Copper, Vodafone Idea, and Piramal Enterprises.
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