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CORPORATE AND ECONOMY NEWS

* Bharat Petroleum Corporation Q4 FY23 (Consolidated, YoY): Revenues up 8% at Rs 1,33,419.56 crore, Ebitda up 85.42% at Rs 11,084.79 crore, Ebitda margin at 9.38% vs 5.73% and Net profit up 168.46% at Rs 6,870.47 crore. The company will pay a dividend of Rs 4 per share for the fiscal 2022-23, subject to shareholders’ approval.

* Shree Cement Q4 FY23 (Consolidated, YoY): Revenue up 16.86% at Rs 5,100.19 crore, Ebitda down 3.22% at Rs 889.20 crore, Ebitda margin at 17.43% vs 21.05% and Net profit down 20% at Rs 525.77 crore. The board declared an interim dividend of Rs 55 per share for the fiscal 2023. The record date for the dividend is June 1 and it will be paid from June 13.

* Finolex Industries Q4 FY23 (Consolidated, YoY): Revenues down 28.44% at Rs 1,141.06 crore, Ebitda down 17.85% at Rs 217.43 crore, Ebitda margin at 19.06% vs 16.6% and Net profit down 66.37% at Rs 166.5 crore. The company had benefited from exceptional gains to the tune of Rs 376.06 crore in the year-ago period. The board declared a final dividend of Rs 1.50 per share for the fiscal 2023.

* PB Fintech Q4 FY23 (Consolidated, QoQ): Revenues up 42.45% at Rs 869.09 crore, Ebitda loss of Rs 85.55 crore vs Rs 150.73 crore Ebitda loss and Net loss narrows to Rs 9.34 crore vs Rs 87.62 crore loss.

* SJVN Q4 FY23 (Consolidated, YoY): Revenues up 55.93% at Rs 503.77 crore, Ebitda up 116.71% at Rs 308.94 crore, Ebitda margin at 61.33% vs 44.13% and Net profit up 129.77% at Rs 17.21 crore. The company declared a final dividend of Rs 0.62 per share for the fiscal 2023.

* Gujarat Alkalies and Chemicals Q4 FY23 (Consolidated, YoY): Revenue down 0.29% at Rs 1,138.12 crore, Ebitda down 30.76% at Rs 242.58 crore, Ebitda margin at 21.31% vs 30.69% and Net profit down 67.81% at Rs 71.04 crore. The board recommended a dividend of Rs 23.55 per share for the fiscal 2023.

* XPRO India Q4 FY23 (Consolidated, YoY): Revenue down 12.98% at Rs 124.27 crore, Ebitda up 11.79% at Rs 19.25 crore, Ebitda margin at 15.49% vs 12.06% and Net profit down 75.54% at Rs 4.27 crore. The board recommended a dividend of Rs 2 per share for the fiscal ended March 2023.

* HEG Q4 FY23 (Consolidated, YoY): Revenue down 8.35% at Rs 616.88 crore, Ebitda down 21.1% at Rs 123.78 crore, Ebitda margin at 20.07% vs 23.31% and Net profit down 21.21% at Rs 89.23 crore. The board has recommended a final dividend of Rs 42.50 per share.

* Indiabulls Housing Finance Q4 FY23 (Consolidated): Interest income down 11.43% at Rs 1,692.55 crore (YoY), Net profit down 14.39% at Rs 262.61 crore (YoY), GNPA ratio at 3.71% vs 4.49% (QoQ) and NNPA ratio at 2.48% vs 2.97% (QoQ).

* Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio gained 3.05 million subscribers, whereas Bharti Airtel added 1.03 million users in March, as per TRAI data. Vodafone Idea lost 1.21 million users during the month.

* JSW Steel: The resolution plan of company’s subsidiary JSW Steel Coated Products for National Steel and Agro Industries has been approved by the NCLT. The company has also signed an MOU with JFE Steel, Japan to set up a cold rolled grain oriented electrical steel manufacturing joint venture in India.

* Coal India: The Joint Bipartite Committee for the Coal Industry signed the National Coal Wage Agreement for the period five years, effective July 1, 2021. The company has made provisions to the tune of Rs 9,252.24 crore for this effect for 21 months from July1, 2021 to March 31, 2023. The final impact of this is not likely to be significant.

* ITI: The Company has received an advance purchase order worth Rs 3,889 crore from BSNL for planning, engineering, supply, installation, commissioning and AMC of 4G network for 23,633 sites in west zone of BSNL Network.

* Torrent Power: The board of the company will consider raising Rs 3,000 crore via private placement of non-convertible debentures, along with the financial results for the March quarter and a final dividend for financial year 2022-23.

GLOBAL MARKETS

Global Market Update

Stock futures were modestly higher on Monday after a key debt ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy, even though the two did not strike a deal. Futures tied to the Dow Jones Industrial Average added 88 points, or 0.2 percent. S&P 500 and Nasdaq-100 futures each also gained about 0.3 percent. During the previous close, Dow Jones ended 140 points lower at 33,286, whereas S&P 500 closed 0.65 points higher at 4,192 and NASDAQ closed at 12,720.

Crude Oil

Oil prices traded either side of unchanged on Monday as the market waited for news on the US debt ceiling talks and as a stronger dollar offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures for July delivery rose 63 cents, or 0.8 percent, to $76.19 a barrel. West Texas Intermediate (WTI) crude for June delivery rose 54 cents, or 0.7 percent, to $72.09, while the July contract, which will become the front-month after Monday’s close, rose 32 cents to $72.00.

SGX Nifty

The SGX Nifty indicates a positive start for the broader index with a gain of 29 points on Tuesday. SGX futures stood at 18,365.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened flat on Monday at 18201, made a high of 18335, made a low of 18179, and closed on a positive note at 18314 levels. For the day, support for the Nifty exists at 18180 and 18000 levels, whereas resistance for the Nifty stands at 18400 and 18460 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Monday at 43935, made a high of 44027, made a low of 43685, and closed on a negative note at 43885 levels. For the day, support for Bank Nifty exists at 43500 and 43000 levels, whereas resistance for Bank Nifty stands at 44200 and 44500 levels.

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