As a result of poor global signals, it is expected that the major benchmark indexes will continue their decline from yesterday when trading begins this morning. The SGX Nifty June futures were quoted at 18,345 at 7:30 in the morning, implying an initial down tick of perhaps 30 odd points.
The US financial markets closed on a negative note yesterday after Fitch Ratings put the United States’ AAA rating on a negative watch list. In their statement, Fitch Ratings said that the continuing talks about the debt limit have increased the chances that the government might miss payments on some of its commitments. This caused the markets to close on a negative note yesterday.
Watch for earnings from the following companies: AIA Engineering, Ashapura Minechem, Aster DM Healthcare, Balmer Lawrie, Bharat Dynamics, Bharat Gears, Dhanuka Agritech, Dredging Corporation of India, eClerx, Emami, Esab India, FDC, GSFC, Heritage Foods, Hindustan Oil Exploration, Vodafone Idea, Indian Energy Exchange (IEX), IFCI, Igarashi Motors, Ingersoll Rand, I
Life Insurance Corporation of India (LIC): The insurance giant announced a year-on-year (YoY) growth in standalone net profit for Q4FY23 of 466 percent, to a total of Rs 13,421 crore. However, net premium income was down 8.3 percent to 1.31 trillion rupees, and first-year premium income also reported a fall of 12.3 percent to 12,811 crore rupees.
Hindalco’s consolidated net profit increased by 37% year over year to a total of Rs 2,411 crore in the company’s fiscal year 23 fourth quarter. The revenue for the fourth quarter was almost the same as the previous quarter, which was 55,857 crore.
FSN E-Commerce Ventures (Nykaa): The firm recorded a decrease in its net profit of 71.8 percent year over year to Rs 2.4 crore for the quarter that ended in March 2023, compared with Rs 8.50 crore for the quarter that ended in March 2022. Despite this, revenue from operations increased by 33.7 percent year over year to a total of 1,302 crore. The company’s fashion division saw a decrease in demand, and at the same time, the company’s expenditures increased due to rising material and staff prices.
National Aluminium Company (Nalco) reported a decrease in quarterly net profit of 51.7 percent to 459 crore, compared to 1,025.46 crore in the same quarter of the previous fiscal year. The total revenue came in at Rs 3,726.76 crore, which was 17% lower than the previous year.
Brigade Enterprises has revealed that it had a net profit of 63.09 crore Indian rupees during the fiscal quarter that ended in March 2023. In contrast, the firm reported a loss of 11.63 crore rupees in terms of its net income. However, total revenue fell from 964.72 crore to 872.11 crore throughout the course of the year.
IT: Analysts at S&P Global Ratings anticipate that Indian information technology companies may face a slowdown in sales of five percent by the end of FY25. It is expected that the income will be impacted due to worries over the macroeconomy as well as a cautious attitude towards investing discretionarily in information technology (IT).
Adani Group: According to sources in the investment banking industry, GQG Partners, the Abu Dhabi Investment Authority, International Holding Company, and the Hinduja conglomerate are among the well-known investors that have expressed an interest in taking part in the share sale plan being considered by Adani Group companies. If successful, the plan could raise as much as Rs 29,000 crore.
In the meantime, a separate development reveals that the group is investigating the possibilities of making an investment of up to $3 billion in maritime and renewable energy projects located in Vietnam.
Oil India reported a net profit of Rs 1,788.28 crore for the fourth quarter of FY23, an increase of 9.7 percent as compared to the net profit of Rs 1,630.01 crore reported during the same time period in the previous fiscal year. At Rs 6,075.55 crore, the total revenue saw a year-over-year increase of 22.2 percent.
ICRA: The consolidated net profit of rating agency ICRA increased by 14.5 percent year over year to Rs 38.6 crore in Q4FY23. This increase was supported by a 16.4 percent gain in revenue, which totaled Rs 109.1 crore.
Trident: The business recorded a decrease in net profit of 28.4 percent, coming in at Rs 129.70 crore in Q4FY23 as opposed to Rs 181 crore in Q4FY22. In comparison to the previous year, total revenue was lower by 15.2 percent, falling from 1,853.07 crore to 1,570.97 crore.
When compared to the net profit of Rs 187.98 crore that was recorded in Q4FY22, Ashok Buildcon reported a more than twofold increase in its Q4FY23 net profit of Rs 434.76 crore. The annual revenue was up 27.4% year over year, reaching a total of 2,067.88 crore.
RattanIndia Enterprises: The firm has significantly expanded its presence in the area by opening two new dealerships in the city of Mumbai, which marks a considerable extension of its footprint in the region.
Titagarh Waggons reported a decrease in quarterly net profit of 19.6 percent year-over-year, reaching Rs 53 crore for the quarter that ended in March 2023. The total revenue, on the other hand, increased by a factor of more than two to reach Rs 982.53 crore, up from Rs 426.33 crore.
Delta Corporation and Indiabulls Housing Finance are the only two companies that fell under the F&O trading prohibition on Thursday.