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Market Updates

The markets are expected to open flat or marginally positive, as trends in the SGX Nifty indicate a mildly positive start for the broader index after Nifty closed 5 points higher at 17,624 on thursday.

Suven Pharmaceuticals:

The Competition Commission of India has approved acquisition of 76.1% stake of the company by Berhyanda.

India Grid Trust:

International Finance Corporation has subscribed to a listed NCD issuance of the company, worth Rs 1,140 crore.

Laxmi Organic Industries:

The board approved the proposal to raise funds through equity and/or debt, as well as borrow Rs 2,000 crore.

Rail Vikas Nigam/Siemens:

The consortium of Rail Vikas Nigam and Siemens has received two separate orders from Gujarat Metro Rail, for phase 1 of Surat Metro and phase 2 of Ahmedabad Metro. Siemens share in the order is Rs 678 crore.

Finolex Cables:

The company will set up a plant in its Urse facility in Pune at a cost of Rs 290 crore to produce optical fibre preforms with initial capacity of 100 tonnes.

Q4 Earnings Results:

HCL Technologies Q4 FY23 Revenues were down 0.35% at Rs 26,606 crore , EBIT was down 7.5% at Rs 4,836 crore with EBIT margin at 18.18% vs 19.58% previous year. Net profit was down 2.76% at Rs 3,983 crore. The board recommended an interim dividend of Rs 18 per share.

ICICI Prudential Life Insurance Company Q4 FY23 Revenue was down 17% at Rs 11,500 crore. Net profit rose 26% at Rs 235 crore , VNB was up 27.8% at Rs 2,765 crore (full year) VNB margin at 32% Vs 28% (full year).

Sterling and Wilson Renewable Energy Q4 FY23 Revenue was down 91.74% at Rs 88.43 crore with Ebitda loss of Rs 352.12 crore vs Ebitda loss Rs 124.24 crore previous year. Net loss for the compnay doubled to Rs 421.11 crore.

Q4 Results Today:

Reliance Industries, Hindustan Zinc, Tejas Networks, Tanfac Industries, Wendt (India), Rajratan Global Wire.

Ex-Dividend Today:

NESTLE INDIA LTD: Final Dividend of Rs. - 75.00 per share & Interim Dividend of Rs. - 27.00 per share.

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