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CORPORATE AND ECONOMY NEWS

* ONGC Q4 FY23 (Consolidated, YoY): Revenues up 5.2% at Rs 1,64,066.72 crore, EBITDA down 14.05% at Rs 20,996.73 crore, EBITDA margin at 14.57% vs 18.11% and Net profit down 52.73% at Rs 5,701.46 crore. On standalone basis, the company incurred a loss of Rs 247.70 crore compared with Rs 8,859.54 crore a year ago, on account of provisions to the tune of Rs 9,235.11 made towards disputed taxes. The company declared a dividend of Rs 0.5 per share for the fiscal 2023.

* Bharat Heavy Electricals Q4 FY23 (Consolidated, YoY): Revenue up 2.05% at Rs 8,226.99 crore, Ebitda down 14.39% at Rs 986.15 crore, Ebitda margin at 11.99% vs 14.29% and Net profit down 33.04% at Rs 611 crore. The board recommended a final dividend of Rs 0.40 per share for fiscal 2023.

* NCC Q4 FY23 (Consolidated, YoY): Revenue up 42.32% at Rs 4,949.03 crore, Ebitda up 72.26% at Rs 464.61 crore, Ebitda margin at 9.39% vs 7.76% and Net profit down 13.21% at Rs 202.97 crore. The company made provision to the tune of Rs 14.37 crore for obligation on sale of investment. Sanjay Pusarla has been appointed chief financial officer, effective June 1, in place of K Krishna Rao. The board approved a dividend of Rs 2.20 per share.

* Chambal Fertilisers and Chemicals Q4 FY23 (Consolidated, YoY): Revenue up 8.81% at Rs 3,598.67 crore, Ebitda down 69.17% at Rs 111.44 crore, Ebitda margin at 3.1% vs 10.93% and Net profit down 61.45% at Rs 93.98 crore. The board recommended a final dividend of Rs 3 per share.

* PNC Infratech Q4 FY23 (Consolidated, YoY): Revenue up 3.54% at Rs 2,304.85 crore, Ebitda down 14.52% at Rs 410.61 crore, Ebitda margin at 17.82% vs 21.58% and Net profit down 40.94% at Rs 145.98 crore. The board recommended a dividend of Rs 0.50 per share for fiscal 2023.

* Maharashtra Seamless Q4 FY23 (Consolidated, YoY): Revenues up 14.31% at Rs 1,632.86 crore, Ebitda up 85% at Rs 321.42 crore, Ebitda margin at 19.68% vs 12.16% and Net profit down 5.94% at Rs 372.69 crore. The company declared Rs 83.17 crore as provisions written back due to amalgamation. Deferred tax outgo for the period also jumped to Rs 11.47 crore, compared with Rs 5.14 crore in the year-ago period. The board recommended a dividend of Rs 5 for the fiscal 2023.

* Karnataka Bank Q4 FY23 (Standalone): Net interest income up 31.01% at Rs 860.05 crore (YoY), Net profit up 171.38% at Rs 353.75 crore (YoY), GNPA ratio at 3.74% vs 3.28% (QoQ) and NNPA ratio at 1.7% vs 1.66% (QoQ). Operating profit before provisions and contingencies increased to Rs 685.76 crore, against Rs 380.12 crore in the year-ago period. Meanwhile, tax expense came down to Rs 78.75 crore, compared with Rs 153.86 crore. The board recommended a dividend of Rs 5 per share for fiscal 2023.

* Reliance Industries: Reliance Consumer Product, the FMCG arm of the company, partnered with U.S.-based General Mills to launch international corn chips snacks brand Alan’s Bugles in India.

* Tata Motors: Moody’s Investor Service changed outlook for the company to positive from outlook over robust credit metrics and affirmed its B1 rating.

* RITES and Power Finance Corporation: RITES and Power Finance Corporation signed an MoU to explore avenues of mutual collaboration for consultancy works in transport and logistics, energy, water and sanitation, communication, social and commercial infrastructure.

* HDFC: Market regulator SEBI has granted final approval for the proposed change in control of HDFC Capital Advisers in its capacity of an investment manager of the HCARE Funds and investment manager cum sponsor of HDFC Build Tech Fund.

* Lupin: The Company received approval from Health Canada to market generic version of tiotropium bromide inhalation powder under the name Spiriva for treatment of chronic obstructive pulmonary disease in Canada.

GLOBAL MARKETS

Global Market Update

Stocks jumped Friday as traders grew hopeful that lawmakers will reach a deal to raise the US debt ceiling, avoiding a potentially catastrophic default. The Dow Jones Industrial Average climbed 328.69 points, or 1 percent to settle at 33,093.34. The S&P 500 gained 1.3 percent to close at 4,205.45, and the Nasdaq Composite advanced 2.2 percent to 12,975.69. Intel and American Express rose 5.8 percent and 4.1 percent, respectively to lead the Dow higher. The S&P 500 tech and consumer discretionary sectors popped more than 2 percent each. The Nasdaq notched its fifth straight weekly gain, rising 2.5 percent. The S&P 500 also posted a one-week advanced, advancing 0.3 percent. The Dow was the laggard this week, losing 1 percent.

Crude Oil

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9 percent, higher at $76.95 a barrel. U.S. West Texas Intermediate closed up 84 cents, or 1.2 percent, to $72.67 a barrel.

SGX Nifty

The SGX Nifty indicates a positive start for the broader index with a gain of 83 points on Monday. SGX futures stood at 18,632.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Friday at 18368, made a high of 18509, made a low of 18333, and closed on a positive note at 18499 levels. For the day, support for the Nifty exists at 18300 and 18200 levels, whereas resistance for the Nifty stands at 18600 and 18700 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 43765, made a high of 44068, made a low of 43589, and closed on a positive note at 44018 levels. For the day, support for Bank Nifty exists at 43800 and 43500 levels, whereas resistance for Bank Nifty stands at 44150 and 44500 levels.

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