Stocks to watch: Shares of firms like HCL Tech, Nestle, Vedanta, Hindustan Zinc, ICICI Prudential, and others will be in focus on Thursday’s trade.
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The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,683, up 18 points or 0.10% from the previous close.
Results on April 21 and April 22
Reliance Industries (RIL) is going to be in focus ahead of its quarterly and full-year earnings on April 21. Aditya Birla Money, Hindustan Zinc, Tejas Networks, Bheema Cements, Metalyst Forgings, Rajratan Global Wire, and Wendt (India) will also release their quarterly earnings scorecard on the same day.
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ICICI Bank will be in action ahead of its quarterly and full-year numbers on April 22. Along with that, Yes Bank, Macrotech Developers, CE Info Systems, Star Housing Finance, and Nath Bio-Genes (India) will also be announcing their numbers on the same day.
Nestle India: Shares of Nestle India will trade ex-dividend on Friday with respect to the Rs 27 dividend announced earlier.
ICICI Prudential Life Insurance: ICICI Prudential Life on Thursday reported a 27.2% jump in net income at Rs 235 crore for the March quarter as it earned near record margin from the new policies sold. For the full year, the company booked a net income of Rs 811 crore, which was 7.6% more than what it had earned in the previous fiscal at Rs 754 crore. The bottom line was also boosted by the company achieving its stated target of doubling the value of its new business delivering Rs 2,765 crore from its FY19 level by a wide margin.
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Vedanta: Billionaire businessman Anil Agarwal-owned Vedanta Ltd, the promoter of Hindustan Zinc Ltd, has pledged 2.44% more shares of the latter as collateral to avail a term loan of Rs 1,500 crore. With this, the portion of HZL stake pledged by Vedanta has risen to 91.35% or about 59.3% of the company’s overall shares. HZL intends to use the loan for capital expenditure, debt repayment, and operational expenses, according to a regulatory filing. The latest pledge of 103.24 million promoter shares has increased the total amount of HZL’s shares pledged to 59.3% from 55.87% in March 2022.
Cyient: Engineering and information technology firm Cyient Ltd on Thursday reported a bigger-than-expected rise in fourth-quarter revenue, aided by a strong services deal pipeline. The company’s consolidated revenue from operations rose 48.3% to 17.51 billion rupees ($213.22 million) for the three months ended March 31, beating analyst expectations of 17.29 billion rupees, according to Refinitiv IBES data. Revenue from the services segment was at 14.48 billion rupees, up from 9.84 billion rupees a year earlier.
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Cholamandalam Investment and Finance: Cholamandalam Investment and Finance Company on Thursday announced its maiden public issue of debt sales worth Rs 5,000 crore in multiple tranches with an opening issue pegged at Rs 1,000 crore. Cholamandalam Finance said the move is to diversify its funding source which currently is heavily skewed towards banks. The Rs 1,000-crore first tranche will open on April 25 and close on May 9, offering an annual coupon of up to 8.40% for 60 months and 8.25% for 22 months.
Reliance Industrial Infra: Reliance Industrial Infrastructure Limited on Thursday reported its financial results for March ended quarter and the entire fiscal year 2022-23. The company’s total income, in consolidated terms, during the quarter and the entire financial year was Rs 2080 lakh and Rs 8093 lakh, up 1% on a quarterly basis and steady for entire fiscal, it said in a release. Further, its net profit during the quarter and the entire year was Rs 1154 lakh and Rs 1756 lakh, up 983% and 110% respectively.
India Grid Trust: India Grid Trust on Thursday said it has raised Rs 1,140 crore through long-term non-convertible debentures from International Finance Corporation. “India Grid Trust (IndiGrid) is the first infrastructure investment trust in the power transmission sector. India Grid Trust has announced that IFC (International Finance Corporation) has subscribed to a listed NCD (non-convertible debenture) issuance of IndiGrid, aggregating to Rs 1,140 crore,” the company said in a statement.
TTK Healthcare: Pharmaceutical company TTK Healthcare on Thursday said that it has received the necessary approvals to delist its equity shares from the NSE and BSE. The floor price for the delisting offer was fixed at Rs 1,051.31 per share, reflecting a discount of around 20%. Recently, Sunil Singhania-owned Abakkus on Friday acquired stake in TTK Healthcare via open market transactions. Sunil Singhania led asset management firm Abakkus Asset Manager LLP bought 131,788 equity shares of TTK Healthcare at an average price of Rs 911.08 apiece.
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Network18 Media: Kevin Vaz, the head of network entertainment channels at Disney Star, has quit the company after a 26-year stint. Vaz is likely to join Viacom18 Media as its chief executive officer, replacing Jyoti Deshpande, two people with knowledge of the development said. A close confidant of former Walt Disney Co. Asia Pacific president and Star and Disney India chairman Uday Shankar, Vaz is likely to head the entire TV and digital portfolio for Viacom18, except sports, which is under Anil Jayaraj, one of the persons said.
Tirupati Forge: Tirupati Forge Ltd., a producer of carbon steel forged flanges, forged components, and automotive parts, informed the exchanges that it has been given the go-ahead to provide forgings and machined parts by reputable Indian major firms which will allow the company to contribute an additional growth rate of approximately 30% to its turnover from this financial year. The company previously disclosed to the exchanges that it has planned to launch new products in the oil and gas sector with a focus on the American market.
HCL Technologies: HCL Technologies beats estimates in terms of profitability for the fourth quarter of FY23. The company garnered a consolidated net profit of Rs 3,983 crore in Q4FY23 compared to a profit of Rs 3,593 crore a year ago same period, registering a growth of 10.85%. However, sequentially, the PAT dropped by 2.8% from ₹4,096 crore in Q3 of FY23. The company’s EBIT came in at Rs 4,836 crore, accounting for 18.1% of revenue in Q4FY23. The operating profit was down by 7.5% QoQ, however, it saw a growth of 18.8% YoY.
