Stocks to watch: Shares of firms like Wipro, ICICI Bank, Hindustan Zinc, Torrent Power, RIL, and others will be in focus on Monday’s trade.
The Nifty futures contract traded on the Singapore Exchange indicates a positive start for domestic equities. The contract was trading at 17,680, up 41 points or 0.23% from the previous close.
Earnings today: IndusInd Bank, Persistent Systems, Bank of Maharashtra, Tata Teleservices, Century Textiles, Tamilnad Mercantile Bank, Mahindra Logistics, IIFL Securities, among others will post the January-March quarter (Q4FY23) results.
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Reliance Industries: The conglomerate posted higher-than-expected net profit in Q4FY23, buoyed by drop in raw material prices, and saving on tax expenses. Consolidated net profit jumped 19.1 per cent year-on-year (YoY) to Rs 19,299 crore, as against Street estimates of Rs 17,850 crore. Revenues, too, rose 2.7 per cent YoY to Rs 2.13 trillion, during the quarter.
ICICI Bank: The private sector lender recorded its highest-ever quarterly profit of Rs 9,211 crore in Q4FY23, up 30 per cent YoY, on the back of impressive margin expansion. Net interest income (NII), too, expanded 40.2 per cent to Rs 17,667 crore in Q4FY23.
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YES Bank: The private sector lender saw a 45 per cent YoY decline in net profit to Rs 202 crore in Q4FY23, due to doubling of provisions. NII, further, grew 15.4 per cent in the March quarter to Rs 2,105 crore on the back of a 0.30 per cent expansion in the net interest margin.
Wipro: The IT services firm is reconsidering a buy back proposal of equity shares, and the final decision will be taken on April 26-27. The outcome of the board meeting will be announced on April 27, the same day when the company will announce its Q4FY23, and FY23 results.
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Hindustan Zinc: The company reported 11.78 per cent fall in its consolidated net profit at Rs 2,583 crore in Q4FY23, on account of higher expenses. Total income, too, declined 2.3 per cent YoY to Rs 8,863 crore from Rs 9,074 crore, in the year-ago period. Expenses, meanwhile, were 13. per cent YoY higher at Rs 5,358 crore in Q4FY23.
Torrent Power: The company incorporated a wholly-owned subsidiary, Torrent Urja Pvt 10 (TU10) for generating and transmission of power. That apart, the subsidiary will also be involved in distribution, purchase, procurement, sale, trading, import, export, or otherwise deal in all forms of electrical power, and energy.
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Ajmera Realty: The realty firm’s subsidiary Shree Yogi Realcon has acquired a land parcel of 5,017 square meters from Tata Communications in a bidding process for Rs 76 crore. The acquisition is aimed at residential development of one, two, and three BHK, with estimated gross value of Rs 550 crores.
Ami Organics: The specialty chemical firm approved acquisition of 55 per cent partnership interest in Baba Fine Chemicals, a specialty chemical company focused on custom synthesis and manufacturing of intermediates. This acquisition heralds AMI Organics’ foray into the high entry barrier semiconductor industry.
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Macrotech Developers: The realty firm reported best-ever annual pre-sales for FY23 at Rs 12,064 crore, up 34 per cent YoY. While revenue from operations rose 3 per cent YoY to Rs 9,470 crore, adjusted EBITDA declined 8 per cent YoY to Rs 2,970 crore for FY23.
Maharashtra Seamless: The company bagged Rs 262 crore order from ONGC, in order to supply seamless tubing pipes, and accessories. The delivery locations are Gujarat, Rajasthan, West Bengal, Assam, and Tripura.
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CE Info Systems: The company saw 27 per cent YoY growth in revenues to Rs 73 crore in Q4FY23, whereas total income jumped 21 per cent YoY to Rs 83 crore, during the March quarter. The board also approved a dividend of Rs 3 per share for FY 22-23, subject to shareholders’ approval.
Sun Pharma: USFDA directs the company to take certain corrective actions at the Mohali facility before releasing further final product batches into the US.
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HDFC Bank: HDFC Bank has received some clarifications regarding its merger with HDFC from the Reserve Bank of India. The clarifications are related to lending, investments, CLR, loan against shares and certain regulatory requirements.
