Despite overnight weakness in the US, equity benchmark indices are aiming for a neutral to positive opening on Friday. According to the SGX Nifty, which was quoted at 17,668 levels, the Nifty index could open approximately 30 points higher.
Overnight, the Dow Jones declined 0.33 percent, while the S&P 500 and Nasdaq fell 0.6% and 0.8%, respectively, in response to disappointing earnings from Tesla.
This morning, Asia-Pacific markets traded unevenly. The Nikkei 225 and Topix indices rose marginally, whereas the S&P 200, Kospi, and Hang Seng indices declined by up to 1%.
In the meantime, here are some stocks to monitor today:
Reliance Industries, Aditya Birla Money, Hindustan Zinc, Tejas Networks, Bheema Cements, Metalyst Forgings, Rajratan Global Wire, and Wendt (India) are reporting their Q4 earnings today.
HCLTech: For Q4 FY23, HCLTech reported better-than-expected results. The company reported a quarterly net profit of Rs 3,983 crore. This was up 10.8 percent from the previous year. The sequential profit decline was 2.8%. Quarterly revenue increased 17.7% year-over-year to Rs 26,606 crore, but revenue growth was stagnant sequentially.
Cyient: In Q4 FY23, Cyient Ltd reported a net profit of Rs 163 crore, up 5.5% year-over-year. The net profit increased by 4.5% sequentially. The revenue from operations in the fourth quarter increased by 30 percent year-over-year to Rs 1,751.4 crore.
Aditya Birla Group (ABG) chairman Kumar Mangalam Birla has been reinstated as a non-independent and non-executive additional director at Vodafone Idea, pending shareholder approval.
Sterling & Wilson Renewable Energy: For the fourth quarter ending March 31, 2023, the company reported a consolidated loss of Rs 417.5 crore. The company reported a net loss of Rs 126,300 million during the same period last year. In Q4 FY23, the company’s revenue from operations decreased by 91.7% to Rs 88.4 crore.
ICICI Prudential Life Insurance: The insurer reported a 27% increase in net profit for the January-March quarter of FY23, aided by a significant increase in the value of new business (VNB). In Q4 FY23, the quarterly net profit was Rs 235 crore, compared to Rs 185 crore in the prior-year period.
Contrary to expectations, the new business premium (NBP) of life insurance companies fell 12.62 percent year-over-year (YoY) in March 2023, owing to a decline of over 30 percent in the premiums of the Life Insurance Corporation (LIC) of India, albeit from a high base.
Suven Pharmaceuticals: The Competition Commission of India (CCI) announced on Thursday that it has approved Berhyanda Ltd.’s purchase of a 76.10 percent stake in Suven Pharmaceuticals Ltd. Berhyanda Ltd. is a wholly-owned subsidiary of Berhyanda Midco Ltd., an Advent International Corporation affiliate.
On April 19, Greenpanel Industries resumed manufacturing operations at its MDF facility in Rudrapur, Uttarakhand. On April 1, the facility was halted for routine maintenance.
Rail Vikas Nigam/Siemens: The consortium of Rail Vikas Nigam and Siemens received two orders from Gujarat Metro Rail for phases 1 and 2 of the Surat and Ahmedabad metros, respectively. Siemens’ portion of the order is $6.7 billion.
India Grid Trust: The company announced that the International Finance Corporation (IFC) has purchased Rs 1,140 crore worth of listed NCDs from IndiGrid. The NCDs were priced at a competitive, fixed rate for their entire 18-year term. In FY24, IndiGrid intends to use this debt to finance its forthcoming refinancing opportunities.
In Q4 FY23, Oberoi Realty’s booking value increased from Rs 632 crore to Rs 6,023 crore. From January 1, 2023, to March 3, 2023, Oasis Realty sold 63 units to Oberoi Realty with a total booking value of Rs 3,403 crore.
The company’s board of directors has approved borrowing up to Rs 2,000 crore for Laxmi Organic.
Finolex Cables: The manufacturer of electrical and telecommunication cables would establish a plant at the Urse facility in Pune to manufacture optical fibre preforms and increase its fibre draw capacity. The facility, which will have an initial production capacity of 100 metric tonnes of preforms, will be constructed at a cost of Rs 290 crore and will be wholly financed by internal accruals.
Oricon Enterprises: The company has reached an agreement with the Labour Union, and as a result, it will resume manufacturing of crowns and pillow-proof headwear at its Murbad Plant on a phased basis beginning on April 22.
The company has entered into a legally binding joint venture agreement with NYMWAG CS to manufacture goods waggons and/or their components.