Stock Market Today: Sensex, Nifty Fall The Most In Seven Weeks As HDFC Twins Drop On MSCI Update

Overseas investors in Indian equities remained net buyers for the seventh day in a row on Friday.

Foreign portfolio investors mopped up equities worth Rs 777.68 crore, according to data from the National Stock Exchange.

Domestic institutional investors turned sellers after a day and sold stocks worth Rs 2198.77, the NSE data showed.

Foreign institutions have remained net sellers and have offloaded Rs 39,318.07 crore worth of stocks so far in 2023.

Indian equity benchmarks ended with losses on Friday as heavyweights HDFC twins were dragged the indices after MSCI said it will add HDFC Bank Ltd. to MSCI Global Standard Indices after the merger with HDFC Ltd. The inclusion will lead to no incremental inflows, but slight outflow of up to $200 million, according to a Nuvama Alternative & Quantitative Research.

Despite falling on Friday, the headline indices were largely unchanged and ended mixed for the week as Nifty advanced while Sensex declined. Banks, NBFCs, media fell in trade whereas, auto and consumer durable shares advanced. Nifty closed below 18,100-level, whereas Sensex dropped to 61,100-mark. The indices fell the most in over seven weeks since March 13, 2023.

Asian stocks were mixed and the dollar weakened, as investors weighed the prospect of the Federal Reserve reversing its policy-tightening campaign ahead of the U.S. jobs data due later Friday.

European stocks were steady as they headed for the worst weekly decline in seven on another busy day of earnings. Adidas AG was among the leading gainers after the sportswear company’s first-quarter results beat estimates.

U.S. equity futures edged higher as investors awaited jobs data for clues on the strength of the economy. PacWest Bancorp jumped as much as 26% in premarket trading, leading a rebound across regional banking stocks. Apple Inc. rose in late hours on Thursday after reporting earnings.

The S&P BSE Sensex Index closed down 695 points or 1.13% at 61,054.29 while the NSE Nifty 50 Index was lower by 187 points or 1.02% at 18,069.

HDFC Bank Ltd., HDFC Ltd., Infosys Ltd., IndusInd Bank Ltd., and Kotak Mahindra Bank Ltd. were negatively adding to the change.

Whereas, ITC Ltd., ICICI Bank Ltd., Titan Co., L&T Ltd., and Maruti Suzuki India Ltd., were positively contributing to the change in the Nifty 50 Index.

The broader market indices were ended lower; S&P BSE MidCap Index was down by 0.50%, whereas S&P BSE SmallCap Index was lower by 0.39%.

Thirteen out of the 19 sectors compiled by BSE declined, while six sectors advanced in trade.

The market breadth was skewed in the favour of the sellers. About 1,498 stocks rose 2,014 declined, and 128 remained unchanged on the BSE.

The headline indices ended the week largely unchanged, on a mixed note. Sensex logged weekly losses of 0.10%, whereas Nifty advanced 0.02%.

Last week, S&P BSE Sensex Index advanced 2.44%, and the NSE Nifty 50 Index was up 2.50%.

Sectorally, Nifty Auto Index, Nifty Midcap 100 Index and Nifty FMCG Index led the pack this week, while Nifty Bank Index, Nifty Media Index and Nifty PSU Bank Index were the worst performer of the week.

Nifty 500 stocks hitting 52-week low, intraday.

• NII up 80.3% at Rs 600.71 crore vs Rs 333.20 crore (YoY)

• Net Profit up 67% at Rs 902.61 crore vs Rs 540.54 crore (YoY)

• GNPA at 2.36% vs 2.43% (QoQ)

• NNPA at 0.69% vs 0.73% (QoQ)

• The board has recommended a final dividend of Rs 1/share for FY23.

Source: Exchange fling

• Revenue rose 2% to Rs 3,629 crore Vs Rs 3,573 crore [BBG Estimate: Rs 2,728 crore]

• Net Profit fell 43% to Rs 135.5 crore vs Rs 235.7 crore [BBG Estimate: Rs 286 crore]

• EBITDA fell 21% to Rs 438.5 crore Vs Rs 554 crore [BBG Estimate: Rs 547 crore]

• EBITDA margin stood at 12.1% Vs 15.5% [BBG Estimate: 20.1%]

Source: Exchange filing

• SJVN Green Energy bags Rs 600 crore order from Rajasthan Urja Vikas Nigam for setting up of 100 MW of connected solar PV power plant.

• The order is secured on a "Build Own and Operate" basis at Rs 2.62 per unit under open competitive tariff bidding process.

• Project is expected to reduce about 2.87 lakh tonnes of carbon emission.

Source: Exchange filing

• ITC has acquired 39.42% stake in Sproutlife Foods for a total consideration of Rs 175 crore.

• ITC bought about 2,443 equity shares and 7,215 compulsorily convertible preference shares of Sproutlife Foods, both having a face value Rs 10 each.

Source: Exchange filing

Indian equity benchmarks were trading lower through midday on Friday as heavyweights HDFC twins were dragging the indices after MSCI said it will add HDFC Bank Ltd. to MSCI Global Standard Indices after the merger with HDFC Ltd. The inclusion will lead to no incremental inflows, but slight outflow of up to $200 million, according to a Nuvama Alternative & Quantitative Research.

NBFCs, media and private banking sectors fell in trade whereas, auto and psu banking shares advanced. Nifty was trading below 18,200-level, whereas Sensex dropped to 61,200-mark.

Asian stocks were mixed and the dollar weakened, as investors weighed the prospect of the Federal Reserve reversing its policy-tightening campaign ahead of the U.S. jobs data due later Friday.

U.S. and European equity futures, and stocks in Hong Kong and Australia advanced. Mainland China shares were lower. Bourses in Japan and South Korea were closed for a holiday.

Apple Inc. rose in late hours on Thursday after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark.

As of 12:05, the S&P BSE Sensex Index was down 581 points or 0.94% at 61,167.86 while the NSE Nifty 50 Index was lower by 151 points or 0.83% at 18,104.95.

HDFC Bank Ltd., HDFC Ltd., Infosys Ltd., Bharti Airtel Ltd., and Tata Steel Ltd. were negatively adding to the change.

Whereas, ICICI Bank Ltd., L&T Ltd., Tita Co., Axis Bank Ltd., and ITC Ltd., were positively contributing to the change in the Nifty 50 Index.

The broader market indices were trading lower; S&P BSE MidCap Index was down by 0.46%, whereas S&P BSE SmallCap Index was lower by 0.48%.

Fifteen out of the 20 sectors compiled by BSE declined, while five advanced in trade.

The market breadth was skewed in the favour of the buyers. About 1,368 stocks rose 1,939 declined, and 148 remained unchanged on the BSE.

Shares of United Breweries Ltd. declined after its net profit plunged 94% in the fourth quarter ended March.

United Breweries Q4 FY23 (Consolidated, YoY)

• Revenues up 3.32% at Rs 1,765.9 crore (Bloomberg estimate: Rs 1,702.6 crore)

• Ebitda down 79.49% at Rs 53.6 crore (Bloomberg estimate: Rs 192.5 crore)

• Ebitda margin at 3.04% vs 15.3% (Bloomberg estimate: 11.3%)

• Net profit down 94% at Rs 9.81 crore (Bloomberg estimate: Rs 126.3 crore)

• The board approved a dividend of Rs 7.50 per share for financial year 2022-23.

Shares of the company declined 1.64% to Rs 1,406.70 as of 10:39 a.m., compared to a 0.29% decline in the benchmark Nifty 50.

Of the 12 analysts tracking the stock, six maintained 'buy', three maintained 'hold', while one maintained 'sell', as per Cogencis data. The remaining three analysts kept a neutral stance between 'buy' and 'hold'.

Source: Cogencis, Exchange filing

Shares of CEAT Ltd. were trading higher on Friday after the company posted a better-than-expected jump in net profit for the fourth quarter of FY23.

CEAT Q4 FY23 (Consolidated, YoY)

• Revenue is up 11% at Rs 2,875 crore (Bloomberg estimate: Rs 2,904.41 crore).

• Ebitda is up 96% at Rs 367.81 crore (Bloomberg estimate: Rs 295.46 crore).

• Ebitda margin was 13% vs. 7% (Bloomberg estimate: 10.2%).

• Net profit is up fivefold at Rs 132.42 crore (Bloomberg estimate: Rs 83.63 crore).

• The board approved a final dividend of Rs 12 per share for the fiscal ended March 31, 2023.

The stock was trading 3.99% higher at Rs 1,721.95 apiece, compared to a 0.42% decline in the benchmark Nifty 50 as of 9:47 a.m.

The total traded quantity so far in the day stood at 14.8 times the 30-day average volume. The relative strength index stood at 76, indicating that the stock may be overbought.

Of the 24 analysts tracking the stock, 15 maintained 'buy,' three suggested 'hold,' and six recommended 'sell,' according to Bloomberg data.

The average of the consensus price targets implies a potential downside of 1.8% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of Blue Star Ltd. rose over 4% in trade on Friday after the company ended the fiscal year - 2023 on a strong note with record revenue and profits and a robust carried forward order book.

The company's net profit rose 196% year-on-year to Rs 225.25 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 104.80 crore consensus estimate of analysts tracked by Bloomberg.

Company's March quarter revenue was up 16.4% to Rs 2,623.83 crore compared with Rs 2,254.21 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 2,535.31 crore.

The board also approved a bonus issues of about 9.63 crore shares in 1:1 ratio for a security premium of Rs 210.15 crore. After the issuance of bonus shares, the paid-up share capital of the company will double to Rs 38.53 crore. The bonus shares shall be dispatched within two months from the date of the board approval or by July 3, 2023.

The carried forward order book for the fiscal ended March 31, grew by 55% to a record Rs 5,042.27 crore, compared to Rs 3,253.30 crore in the previous fiscal.

Commenting of the yearly and quarterly performance, the Vice Chairman and Managing Director, Vir S. Advani said, “We are delighted to report record financial performance in FY23."

"Blue Star is in its 80th year of operations, and as in the past, it has not only reinvented itself post the pandemic, but has emerged stronger," he added.

Blue Star Q4 FY23 (Consolidated, YoY)

• Revenue up 16.4% at Rs 2,623.83 crore vs Rs 2,254.21 crore (Bloomberg estimate: Rs 2,535.31 crore)

• Ebitda up 25.34% at Rs 179.17 crore vs Rs 142.95 crore (Bloomberg estimate: Rs 172.49 crore)

• Ebitda margin at 6.83% vs 6.34% (Bloomberg estimate: 6.8%)

• Net profit up 195.76% at Rs 225.25 crore vs Rs 76.27 crore (Bloomberg estimate: Rs 104.80 crore)

• The board approved a final dividend of Rs 12 per share for the year ended March 2023. It also approved issue of bonus shares in 1:1 ratio.

Shares of Blue Star Ltd. rose 0.80% to Rs 1,448.25 apiece, as of 10:45 a.m., in trade on Friday compared to 0.22% decline in the benchmark, NSE Nifty 50 Index.

The stock rose as much as 4.26% intraday, the most since May 2, 2023. Total traded volume stood at 9.9 times its 30-day average. The relative strength index was at 48.9.

Out of the 23 analysts tracking the company, 18 maintain a 'buy' rating, five recommend a 'hold' on the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 2.6%.

Source: Bloomberg, Exchange filing

Shares of Manappuram Finance Ltd. fell after the Directorate of Enforcement (ED) froze assets worth Rs 143 crore.

Assets of managing director V.P. Nandakumar were frozen in the form of bank balance under the Prevention of Money Laundering Act (PMLA), 2002,

The measure was taken after various incriminating documents were found and seized in raids conducted at 6 premises in Thrissur, Kerala belonging to the company and its managing director, according to a notification by the ED.

Shares of the company declined 10.9% to Rs 106.2 apiece as of 10:00 a.m. on Friday compared to a 0.35% fall in the benchmark NSE Nifty 50.

Total traded quantity so far in the day stood at 18.5 times the 30-day average volume.

Of the 19 analysts tracking the stock, 17 maintain a 'buy,' one suggests a 'hold,' and one suggests a 'sell,' according to Bloomberg data.

The average 12-month consensus price target implies a potential upside of 38%.

Source: Bloomberg, Exchange filing

Shares of TVS Motor Co. rose to an all-time high of Rs 1,234.95 on Friday after the company's fourth quarter net profit grew as average selling prices increased despite muted sales growth.

TVS Motor Co. also reported record revenue and profit during FY23. The cumulative electric vehicle sales crossed more than one lakh units in the same period.

The company's net profit rose 49% year-on-year to Rs 410.3 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 360 crore consensus estimate of analysts tracked by Bloomberg.

In the quarter ended March, the company's overall sales rose 1.4% year-on-year to 8.56 lakh units. Two-wheeler sales inched up 3% to 8.15 lakh units, while sales in the three-wheeler segment fell 30% to 41,774 units.

Strong growth in the domestic market was offset by weak exports due to worsening demand in overseas markets. Domestic volumes rose 26%, while exports crashed 41%.

TVS Motor Company Q4 FY23 (Consolidated, YoY)

• Revenue up 21.96% at Rs 8,031.40 crore (Bloomberg estimate: Rs 6580.05 crore)

• Ebitda up 26.95% at Rs 1,053.89 crore (Bloomberg estimate: Rs 654.45 crore)

• Ebitda margin at 13.12% vs 12.61% (Bloomberg estimate: 9.9%)

• Net profit up 21.14% at Rs 336.1 crore (Bloomberg estimate: Rs 359.95 crore)

Shares of TVS Motor Co. rose 2.99% to Rs 1,203.95 apiece, as of 10:06 a.m., in trade on Friday compared to 0.33% decline in the benchmark, NSE Nifty 50 Index.

The stock rose as much as 5.64% intraday, the most in 14 weeks since Jan. 25, 2023.

Total traded volume stood at 12.8 times its 30-day average. The relative strength index was at 69.3.

Out of the 46 analysts tracking the company, 31 maintain a 'buy' rating, 11 recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 4.5%.

Source: Bloomberg, Exchange filing

Shares of Adani Enterprises Ltd. advanced over 2% in early trade on Friday after it reported more than a two-fold rise in its net profit on a year-on-year basis during the quarter ended March 31, 2023.

The Gautam Adani-led company posted a 137% rise year-on-year in net profit at Rs 722.48 crore. Analysts polled by Bloomberg estimated the company to reach a top line of Rs 719.40 crore for the period under review.

The net profit for the period was impacted by extraordinary items to the tune of Rs 362.32 crore. These include Rs 71.67 crore as expenses for floating an FPO in January and losses incurred at Mundra Solar PV Ltd., a subsidiary of Adani Enterprises, amounting to Rs 309.41 crore after adjusting for an unamortised government grant.

• Revenue jumped 26.06% to Rs 31,346.05 crore.

• Ebitda soared 184% to Rs 3,587.07 crore, as against an estimate of Rs 1,942.80 crore.

• Ebitda margin for the period stood at 11.44%, as compared with 5.08% in the corresponding quarter of the previous fiscal.

• Net profit rose twofold, growing 137% to Rs 722.48 crore as compared with an estimate of Rs 719.40 crore.

“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses," said Gautam Adani, chairman of Adani Group.

Shares of Adani Enterprises Ltd. rose 0.29% to Rs 1,916.8 apiece, as of 9:36 a.m., in trade on Friday compared to 0.4% decline in the benchmark, NSE Nifty 50 Index. The stock rose as much as 2.29% intraday, the most since Thursday, May 4.

Total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 55.7. One analyst tracking the company maintains a 'buy' rating, on the stock, as per the Bloomberg data.

Source: Bloomberg, Exchange filing

The broader market indices opened higher and outperformed the larger peers; S&P BSE MidCap Index was up by 0.17%, whereas S&P BSE SmallCap Index was higher by 0.31%.

Seven out of the 20 sectors compiled by BSE declined, while 13 advanced in trade.

The market breadth was skewed in the favour of the buyers. About 1,484 stocks rose 770 declined, and 96 remained unchanged on the BSE.

Source: BSE

HDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and Asian Paints Ltd. were negatively adding to the change.

Whereas, ICICI Bank Ltd., L&T Ltd., Axis Bank Ltd., SBI, and ITC Ltd. were positively contributing to the change in the Nifty 50 Index.

Indian equity benchmarks opened lower on Friday after scaling a month's high in trade on Thursday.

Asian markets and U.S. futures rose as investors looked beyond further stress among regional American banks to the prospect of Federal Reserve reversing its policy tightening campaign.

Stocks in Hong Kong opened higher while Australian stocks erased a morning decline, tracking gains in U.S. futures after New York benchmarks closed lower Thursday. Bourses in Japan and South Korea were closed for a holiday.

Another round of trading halts in the financial industry hit U.S. lenders including Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment.

Apple Inc. rose in late hours after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark.

At pre-open, the S&P BSE Sensex Index was doen 586 points or 0.95% at 61,163.41 while the NSE Nifty 50 Index was lower by 139 points or 0.76% at 18,117.30.

At pre-open, the S&P BSE Sensex Index was down 586 points or 0.95% at 61,163.41 while the NSE Nifty 50 Index was lower by 139 points or 0.76% at 18,117.30.

Source: Bloomberg

• Tech Mahindra will increase its stake in Tech Mahindra Arabia from 51% to 80% for a consideration of up to $11.1 million (approx. Rs 90.68 crore).

• TechM Arabia is a joint venture between Tech Mahindra and Midad Company, holding 51% and 49% stakes, respectively.

• The acquisition is expected to be completed by July 31, 2023.

Source: Exchange filing

• U.S. Dollar Index at 101.2

• U.S. 10-year bond yield at 3.38%

• Brent crude up 0.40% to $72.79 per barrel

• Nymex crude up 0.45% at $68.87 per barrel

• SGX Nifty down 0.21% at 18,247.5 as of 8:15 a.m.

• Bitcoin up 1.35% at $29,272.83

• Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 1.09 lakh shares on May 4.

• Coforge: Promoter Hulst B.V sold 21.50 lakh shares on May 2.

• Rajnish Wellness: Promoter Rajnish Kumar Singh bought 39.87 lakh shares on May 4.

• Ugro Capital: Chhattisgarh Investments sold 10.25 lakh shares (1.32%) at Rs 190.17 apiece.

• Manappuram Finance: The enforcement directorate has frozen the company’s assets worth Rs 143 crore following searches at six premises belonging to the firm and its managing director, VP Nandakumar, the probe agency said in a statement.

• Bank of India/Future Lifestyle Fashions: The National Company Law Tribunal admitted the plea of the Bank of India to initiate insolvency proceedings against Future Lifestyle Fashions on an alleged default of Rs 495.91 crore.

• Indraprastha Gas: The company signed a memorandum of understanding with diversified renewable energy firm ACME to set up infrastructure for supplying green hydrogen.

• Zydus Lifesciences: The company received approval from the U.S. FDA to manufacture and market Sucralfate tablets used to treat and prevent ulcers in the intestines.

• SBI Life Insurance Company: The board approved extending the term of Mahesh Kumar Sharma as managing director and chief executive officer of the company up to Sept. 30, subject to approvals from the regulator, the Insurance Regulatory and Development Authority of India, and shareholders.

• ICICI Prudential Life Insurance Company: Insurance regulator IRDAI approved the appointment of Anup Bagchi as the executive director and chief operating officer of the company from May 1 and as managing director and CEO of the company from June 19.

• Raymond: During its meeting scheduled for May 9, the board of the company will also consider raising Rs 2,200 crore via non-convertible debentures in two or more tranches for repayment of external debt.

• Sterlite Technologies: The board will take up, among other things, the proposal to raise funds by issuing equity shares or other securities convertible into equity shares or a combination thereof by way of a further public offer, rights issue, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, qualified institution placement, preferential issue, or any other permitted method.

• PNB Housing Finance: The board approved the allotment of 9.06 crore rights equity shares at a price of Rs 275 apiece.

• Aditya Birla Fashion and Retail: India Ratings and Research has upgraded its ratings on the company's term loans, long-term fund-based working capital, and non-convertible debentures to ‘IND AA+’ from ‘IND AA’, keeping the outlook stable.

• Britannia Industries, Bharat Forge, Federal Bank, Marico, Gujarat Fluorochemicals, Alembic Pharmaceuticals, Piramal Enterprises, Blue Dart Express, Ajanta Pharma, Equitas Small Finance Bank, DCB Bank, Stylam Industries, Go Fashion India, Tatva Chintan Pharma Chem, KFin Technologies, Artemis Medicare Services, Tata Investment Corporation, Sundaram-Clayton

Adani Enterprises Q4 FY23 (Consolidated, YoY)

• Revenue up 26.06% at Rs 31,346.05 crore

• Ebitda up 184.14% at Rs 3,587.07 crore (Bloomberg estimate: Rs 1,942.80 crore)

• Ebitda margin at 11.44% vs 5.08%

• Net profit up 137.41% at Rs 722.48 crore (Bloomberg estimate: Rs 719.40 crore)

• The board recommended a dividend of Rs 1.20 per share for the fiscal 2023. It also approved the reappointment of Gautam Adani as executive chairman for five years, effective Dec. 1, 2023.

Hero MotoCorp Q4 FY23 (Consolidated, YoY)

• Revenue up 12.51% at Rs 8,434.28 crore

• Ebitda up 31.34% at Rs 1,124.2 crore

• Ebitda margin at 13.33% vs 11.42%

• Net profit up 31.7% at Rs 805.12 crore (Bloomberg estimate: Rs 736.2 crore)

• The board recommended a final dividend of Rs 35 per share for the fiscal 2023.

Tata Power Company Q4 FY23 (Consolidated, YoY)

• Revenue up 4% at Rs 12,453.76 crore (Bloomberg estimate: Rs 13,222.72 crore)

• Ebitda up 3.2% at Rs 1,927.71 crore (Bloomberg estimate: Rs 1,829.07 crore)

• Ebitda margin at 15.5% vs 15.6% (Bloomberg estimate: 13.8%)

• Net profit up 48.5% at Rs 938.81 crore (Bloomberg estimate: Rs 693.80 crore)

• The board approved a dividend of Rs 2 per share for the year ended March 31, 2023.

TVS Motor Company Q4 FY23 (Consolidated, YoY)

• Revenue up 21.96% at Rs 8,031.40 crore (Bloomberg estimate: Rs 6580.05 crore)

• Ebitda up 26.95% at Rs 1,053.89 crore (Bloomberg estimate: Rs 654.45 crore)

• Ebitda margin at 13.12% vs 12.61% (Bloomberg estimate: 9.9%)

• Net profit up 21.14% at Rs 336.1 crore (Bloomberg estimate: Rs 359.95 crore)

Ceat Q4 FY23 (Consolidated, YoY)

• Revenue up 11% at Rs 2,875 crore (Bloomberg estimate: Rs 2,904.41 crore)

• Ebitda up 96% at Rs 367.81 crore (Bloomberg estimate: Rs 295.46 crore)

• Ebitda margin 13% Vs 7% (Bloomberg estimate: 10.2%)

• Net profit up 5x at Rs 132.42 crore (Bloomberg estimate: Rs 83.63 crore)

• The board approved a final dividend of Rs 12 per share for the fiscal ended March 31, 2023.

Blue Star Q4 FY23 (Consolidated, YoY)

• Revenue up 16.4% at Rs 2,623.83 crore (Bloomberg estimate: Rs 2,535.31 crore)

• Ebitda up 25.34% at Rs 179.17 crore (Bloomberg estimate: Rs 172.49 crore)

• Ebitda margin at 6.83% vs 6.34% (Bloomberg estimate: 6.8%)

• Net profit up 195.76% at Rs 225.25 crore (Bloomberg estimate: Rs 104.80 crore)

• The board approved a final dividend of Rs 12 per share for the year ended March 2023. It also approved issue of bonus shares in 1:1 ratio.

United Breweries Q4 FY23 (Consolidated, YoY)

• Revenues up 3.32% at Rs 1,765.88 crore (Bloomberg estimate: Rs 1,702.60 crore)

• Ebitda down 79.49% at Rs 53.63 crore (Bloomberg estimate: Rs 192.50 crore)

• Ebitda margin at 3.04% vs 15.3% (Bloomberg estimate: 11.3%)

• Net profit down 94% at Rs 9.81 crore (Bloomberg estimate: Rs 126.3 crore)

• The board approved a dividend of Rs 7.50 per share for financial year 2022-23.

Sundram Fasteners Q4 FY23 (Consolidated, YoY)

• Revenue up 8.07% at Rs 1,447.95 crore (Bloomberg estimate: Rs 1,478.63 crore)

• Ebitda up 18.5% at Rs 226.97 crore (Bloomberg estimate: Rs 50.63 crore)

• Ebitda margin at 15.68% vs 14.3% (Bloomberg estimate: 3.4%)

• Net profit up 18.61% at Rs 126.36 crore (Bloomberg estimate: Rs 136.07 crore)

• The board declared a second interim dividend of Rs 3.06 per share for the fiscal 2023, with the record date set as May 16, 2023.

360 ONE WAM Q4 FY23 (Consolidated, YoY)

• Revenues up 7.29% at Rs 479.91 crore (Bloomberg estimate: Rs 428.5 crore)

• Ebitda up 43.18% at Rs 270.65 crore (Bloomberg estimate: Rs 237.30 crore)

• Ebitda margin at 56.4% vs 42.26% (Bloomberg estimate: 55.4%)

• Net profit down 6.05% at Rs 155.45 crore (Bloomberg estimate: Rs 203.10 crore)

• The board approved first interim dividend of Rs 4 per share for the financial year 2022-23, and the record date has been fixed as May 12, 2023.

Aptus Value Housing Finance India Q4 FY23

• Net profit up 23% at Rs 135.30 crore (YoY) (Bloomberg estimate: Rs 135.65 crore)

• GNPA ratio at 1.15% vs 1.44% (QoQ)

• NNPA ratio at 0.86% vs 1.08% (QoQ)

• The board approved the second interim dividend of Rs 2 per share for the fiscal 2023. The record date for the dividend has been fixed at May 12, 2023. The company will raise Rs 1,000 crore via non-convertible debentures.

• The board has approved the appointment of M Anandan as executive chairman. It also appointed P Balaji as managing director for five years and John Vijayan Ravappa as chief financial officer. All appointments come into effect from May 4, 2023 and are subject to shareholders’ approval.

Bombay Dyeing and Manufacturing Co. Q4 FY23 (Consolidated, YoY)

• Revenue up 12.07% at Rs 670.17 crore

• Ebitda loss of Rs 95.33 crore vs Ebitda profit of Rs 69.99 crore

• Net loss widened to Rs 246.09 crore from loss of Rs 41.74 crore

Asian markets had a weak start on Friday after a rout in regional banks rattled Wall Street, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve rate cuts.

Australian shares opened lower, while equity futures for Hong Kong stocks were little changed. Japanese markets are closed for a holiday. U.S. futures climbed during early Asian trading after the S&P 500 fell 0.7% Thursday, its fourth daily decline, while the Nasdaq dropped 0.4%.

Another round of trading halts in the financial industry hit U.S. lenders, including Western Alliance Bancorp, PacWest Bancorp, and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment. Wall Street’s fear gauge, the Cboe Volatility Index, spiked to hit the key 20 mark.

The yield on the 10-year Treasury note in the U.S. was trading at 3.38%. Crude oil prices were trading below the $73 mark, while Bitcoin advanced to trade above the $29,000 level.

At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.21% at 18,247.5.

Domestic benchmarks—the BSE Sensex and the NSE Nifty 50—closed at their highest levels in a month on Thursday.

The Indian rupee ended its three-day decline against the U.S. dollar after the Fed announced a 25-basis-point hike and signalled a rate pause in the future.

Foreign investors were net buyers for the sixth day and bought equities worth Rs 1,414.7 crore. On the other hand, domestic institutional investors turned buyers, snapping their two-day selling streak, and bought stocks worth Rs 441.6 crore, the NSE data showed.