The stocks of BPCL Ltd., Abbott India Ltd. and Mahanagar Gas Ltd. will be in focus after it announced its quarterly earnings on Thursday. In addition, Tata Motors Ltd., Eicher Motors Ltd. and Cipla Ltd. will be in the spotlight as it announces its quarterly results.
Paytm has refuted media reports on its lending partners invoking loan guarantees due to repayment defaults. The company acts as a distributor of loans and does not provide a first-loss default guarantee or other loan guarantees to its lending partners, it said.
Bharti Enterprises Ltd. has sold 38.5 lakh shares of ICICI Lombard General Insurance Co. for Rs 663 crore in the open market on Thursday. ICICI Bank Ltd., Morgan Stanley Asia Singapore Pte and Goldman Sachs Singapore Pte, among others, bought the shares.
Benchmarks in the Asia-Pacific region extended gains to the second day as higher than expected initial jobless claims in the U.S. fuelled hopes the Federal Reserve will cut rates soon.
The Nikkei 225 was trading 654.92 points or 1.72% higher at 38,728.90, and the S&P ASX 200 was trading 38.20 points or 0.49% up at 7,759.80 as of 06:37 a.m.
Number of people filing for initial unemployment benefits in the U.S. rose 22,000 to seasonally adjusted 231,000 in the week ended May 4, marking the highest level since last August. A Bloomberg survey forecasted 212,000 claims for the week.
The S&P 500 Index and Nasdaq Composite rose by 0.27% and 0.51%, respectively, as of 11:25 a.m. New York time. The Dow Jones Industrial Average rose by 0.85%.
Brent crude was trading 0.38% higher at $84.20 a barrel. Gold rose 0.16% to $2,350.11 an ounce.
The GIFT Nifty was trading 35 points or 0.16% higher at 22,163.50 as of 06:40 a.m.
India's benchmark stock indices recorded their worst fall since January, tracking declines in shares of heavyweights HDFC Bank Ltd., Larsen & Toubro Ltd., and Reliance Industries Ltd.
Market capitalisation of the Nifty Total Market, which tracks the performance of 750 stocks listed on the NSE, fell Rs 6.7 lakh crore in Thursday's crash, according to data on the NSE.
The NSE Nifty 50 ended 345 points, or 1.55%, lower at 21,957.50, and the S&P BSE Sensex settled 1,062.22 points, or 1.45%, down at 72,404.17.
Overseas investors in Indian equities remained net sellers on Thursday for the sixth consecutive session, as the sell-off hit a new high in nearly a month. Foreign portfolio investors offloaded stocks worth Rs 6,994.9 crore—the highest since April 12, and domestic institutional investors remained net buyers for the 13th day and mopped up equities worth Rs 5,642.5 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at Rs 83.51 against the US dollar.
Earnings in Focus
Tata Motors, Eicher Motors, Cipla, Bank of Baroda, ABB India, Union Bank of India, Polycab India, Bank of India, Thermax, Kalyan Jewellers, Aarti Industries, Cholamandalam Financial Holdings, Dr Lal Pathlabs, Piramal Pharma, Finolex Industries, Fine Organics Industries, Sapphire Foods, Syrma SGS Technology, V.I.P Industries, Dilip Buildcon, Ami Organics, TCI Express, Sharda Cropchem, Punjab and Sind Bank, Great Eastern Shipping, Neuland Laboratories.
Earnings Post Market Hours
BPCL (Standalone, QoQ)
Revenue up 1.62% at Rs 1,16 lakh crore vs Rs 1,15 lakh crore (Bloomberg estimate Rs 1.21 lakh crore).
Ebitda up 47.97% at Rs 9,213 crore vs Rs 6,226 crore (Bloomberg estimate Rs 8766 crore).
Margin up 251 bps at 7.9% vs 5.39%, (Bloomberg estimate 7.3%).
Net profit up 24.34% at Rs 4224 crore vs Rs 3397 crore (Bloomberg estimate Rs 5,342 crore).
Board recommended final dividend of Rs 21 per share.
Bonus issue in the ratio of 1:1.
Note: Exceptional item of Rs 1798 crore.
Abbott India (Consolidated, YoY)
Revenue up 7.14% at Rs 1439 crore vs Rs 1343 crore (Bloomberg estimate Rs 1476 crore).
Ebitda up 17.71%at Rs 330 crore vs Rs 280.35 crore (Bloomberg estimate Rs 351 crore).
Margin up 205 bps at 22.93% vs 20.87% (Bloomberg estimate 23.8%).
Net profit up 24.04% at Rs 287.06 crore vs Rs 231.42 crore (Bloomberg estimate Rs 278 crore).
Recommended final dividend of Rs 410 per share.
Relaxo Footwears (YoY)
Revenue down 2.3% At Rs 747.2 crore Vs Rs 764.9 crore (Bloomberg estimate Rs 797 crore.
Ebitda up 2.1% At Rs 120.4 crore Vs Rs 117.9 crore (Bloomberg estimate Rs 124 crore).
Margin At 16.1% Vs 15.4% (Bloomberg estimate 15.6%).
Net profit down 3% at Rs 61.4 crore vs Rs 63.3 crore (Bloomberg estimate Rs 59.62 crore).
Intellect Design Arena (Consolidated, QoQ)
Revenue down 3.27% at Rs 614 crore vs Rs 634 crore (Bloomberg estimate Rs 631 crore).
EBIT up 4.65% at Rs 101 crore vs Rs 96.67 crore (Bloomberg estimate Rs 100 crore).
Margin up 124 bps at 16.48% vs 15.23%, (Bloomberg estimate 15.89%).
Net profit down 13.58% at Rs 73.35 crore vs Rs 84.88 crore (Bloomberg estimate Rs 90.77 crore).
Mahanagar Gas (Consolidated, QoQ)
Revenue up 2.76% at Rs 1,613 crore vs Rs 1569 crore (Bloomberg estimate Rs 1,547 crore).
Ebitda down 11.95% at Rs 395 crore vs Rs 449 crore, (Bloomberg estimate Rs 421 crore).
Margin down 410 bps at 24.49% vs 28.6%, (Bloomberg estimate 27.2%).
Net profit down 20.46% at Rs 252 crore vs Rs 317 crore, (Bloomberg estimate Rs 297 crore).
Recommended final dividend of Rs 18 per share.
Hikal (Consolidated, YoY)
Revenue down 5.72% at Rs 514 crore vs Rs 545 crore.
Ebitda up 7.32% at Rs 94.46 crore vs Rs 88.01 crore.
Margin up 223 bps at 18.37% vs 16.14%.
Net profit down 5.63% at Rs 33.97 crore vs Rs 36 crore.
VST Tillers Tractors (Consolidated, YoY)
Revenue down 15.25% at Rs 273 crore vs Rs 323 crore.
Ebitda down 15.25% at Rs 39.83 crore vs Rs 54.55 crore.
Margin down 234 bps at 14.56% vs 16.9%.
Net profit down 13.44% at Rs 34.75 crore vs Rs 40.15 crore.
Stocks to Watch
One 97 Communications: Paytm has refuted media reports on its lending partners invoking loan guarantees due to repayment defaults. The company acts as a distributor of loans and does not provide a first-loss default guarantee or other loan guarantees to its lending partners.
Brigade Enterprises: The company will develop a residential project in Bengaluru, with a gross development value of Rs 660 crore.
Adani Enterprises: The company’s Mauritius-based arm Adani Global acquired a 49% stake in UAE-based Sirius Digitech for $24,500.
Shyam Metallics: The company's stainless steel sales in the month of April was at 6,886 per tonne, up 33.7% from the previous year. Aluminum foil sales also went up 22.1% at 1,338 tonnes and Pellet sales was at 50,557 tonnes, down 62.2% YoY.
Tata Steel: The company increases its stake in the arm of Indian Steel & Wire to 98.61%.
Life Insurance Corp: The company received GST, interest and penalty order worth Rs 127 crore including interest of Rs 114 crore.
Solara Active: The company will raise Rs 450 crore via a rights issue.
Also Read: Paytm Refutes Reports On Lending Partners Invoking Loan Guarantees Due To Repayment Default
IPO Offering
TBO Tek: The public issue was subscribed to 4.15 times on day 2. The bids were led by institutional investors (0.17 times), non-institutional investors (8.19 times), retail investors (10.01 times) and portion reserved for Employees (6.55 times).
Aadhar Housing Finance: The public issue was subscribed to 1.48 times on day 2. The bids were led by institutional investors (2.05 times), non-institutional investors (1.94 times), retail investors (0.94 times) and portion reserved for Employees (3.59 times).
Block Deals
ICICI Lombard Insurance: Bharti Enterprises sold 38.5 lakh shares (0.75%) at Rs 1722.5 apiece, while ICICI Bank bought 21 lakh shares (0.42%), Axis Mutual Fund bought 4 lakh shares (0.08%), Morgan Stanley Asia Singapore Pte bought 4.5 lakh shares (0.09%), Goldman Sachs Singapore Pte bought 2.25 lakh shares (0.04%), Blackstone Aqua Master Sub-Fund bought 0.75 lakh shares (0.01%) and among others at Rs 1722.5 apiece.
Bulk Deals
Nilkamal: Seetha Kumari bought 0.78 lakh shares (0.52%) at Rs 1870.2 apiece.
Trading Tweaks
Moved into short-term ASM framework: Allsec Technologies, Cartrade Technolgies, Future Consumer,
Ex/record dividend: Aptech, HDFC Bank, Transformers and Rectifiers, Bank of Maharastra, Ramkrishna Forgings, UCO Bank, DCB Bank.
F&O Cues
Nifty May futures down by 1.43% to 22072.85 at a premium of 115.35 points.
Nifty May futures open interest up by 20.14%.
Nifty Bank May futures down by 1.05% to 47,688 at a premium of 180.1 points.
Nifty Bank May futures open interest up by 11.04%.
Nifty Options May 16 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 21,000.
Bank Nifty Options May 15 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 45,000.
Securities in ban period: Aditya Birla Fashion, Balrampur Chini Mills, Canara Bank, GMR Infra, Vodafone Idea, PNB, Piramal Enterprises, Sail, Zee Entertainment Enterprise.
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