Global mood improved overnight as leaders in the US assured there won’t be a debt default. Thus, the Nasdaq closed 1.28 per cent higher, the Dow Jones gained 1.24 per cent, and the S&P 500 rose 1.19 per cent.
Here is a list of stocks that will be in focus today:
State Bank of India, ITC, InterGlobe Aviation, Zydus Lifesciences, UNO Minda, United Spirits, Ramco Cements, Arvind, PI Industries, Gland Pharma, Transport Corporation of India, Tata Elxsi, Gulf Oil Lubricants India, Bata India, RITES, Sumitomo Chemical India, PNB Housing Finance, Syrma SGS Technology, Krishna Institute of Medical Sciences, Clean Science and Technology, Shalby, Container Corporation of India, LT Foods, GAIL (India), Gujarat Narmada Valley Fertilizers & Chemicals, GR Infraprojects, Hindustan Construction Co, Hindustan Foods, IG Petrochemicals, Jet Airways (India), Likhitha Infrastructure, PTC India Financial Services, PSP Projects, Sharda Motor Industries, Tasty Bite Eatables, Thomas Cook (India), Transpek Industry, Trident, Ujjivan Financial Services, Universal Cables, Vindhya Telelinks.
MTAR Technologoies: The company, on Wednesday, reported Q4FY23 net profit at Rs 31.07 crore, up 56.89 per cent from Rs 19.80 crore reported last year. Its net sales jumped a massive 99.23 per cent to Rs 196.40 crore vs Rs 98.58 crore in March 2022. Ebitda, too, registered a gain of 79 per cent year-on-year (YoY).
MM Forgings: Its net profit jumped 310.5 per cent to Rs 30.6 crore in the recently concluded quarter as against PAT of Rs 7.5 crore in Q4FY22. Total income increased 20 per cent YoY to Rs 393 crore.
Thermax: The sustainable energy solutions provider posted a better-than-expected jump of 52 per cent in fourth-quarter net profit on Wednesday, helped by a 16 per cent rise in sales. Consolidated net profit rose to Rs 156 crore for the quarter from Rs 103 crore reported a year earlier.
JK Tyre: The net profit of the company surged to Rs 111.56 crore in Q4FY23 from Rs 38.22 crore reported last year. It beat Bloomberg estimate of Rs 79.2-crore profit. Its total revenue was up 10 per cent YoY to Rs 3,632.47 crore; Ebitda gained 65 per cent YoY to Rs 376.2 crore; and Ebitda margin expanded to 10.45 per cent vs 6.9 per cent YoY.
GIC Housing Finance: The company has posted net profit of Rs 52.33 crore for Q4FY23, up 7 per cent as against net profit of Rs 49 crore reported last year. Its total income stayed steady at Rs 287.40 crore vs Rs 289.95 crore last year.
GlaxoSmithKline Pharmaceuticals: The drug firm reported a 9 per cent YoY decline in net profit at Rs 190 crore for the fourth quarter that ended March 31, 2023. Its total revenue stood at Rs 787.5 crore, down 2.7 per cent against Rs 809.6 crore in the corresponding period of the preceding fiscal.
News-based reactions
HDFC Bank: The Reserve Bank of India has given approval to SBI Funds Management Ltd to acquire up to 9.99 per cent stake in HDFC Bank. SBIFML has been advised by the RBI to acquire the shareholding in the Bank within a period of six months i.e. by November 15, 2023.
Indiabulls Real Estate: The Board of Directors of the company has decided to challenge the NCLT (Chandigarh Bench) order by filing an appeal before the National Company Law Appellate Tribunal, New Delhi.
Separately, the company Board has approved the appointment of Manish Kumar Sinha as the Chief Financial Officer of the company, w.e.f. May 17, 2023, in place of Saurabh Garg.
SpiceJet: The Supreme Court on Wednesday gave SpiceJet time till July 18 to pay the settlement amount to Credit Suisse in the $24-million dispute. Credit Suisse told the court that while SpiceJet had made some payments, an outstanding amount of around $4.4 million is yet to be paid.
REC, Power Finance Corporation: Fitch has reaffirmed rating on both these companies with ‘Stable’ outlook and ‘BBB-‘ for Long Term Issuer Default Rating.
Jindal Saw: The Board of Directors has approved, in-principle, to dispose off (either by way of sale or liquidation) Green Ray Holdings Limited, United Kingdom (subsidiary of the Company) along with its step down subsidiary, Derwent Sand SARL, Algeri.
Lemon Tree Hotels: The Company has signed a License Agreement for 82 room property in Gomti Nagar, Lucknow, Uttar Pradesh under the Company’s brand ‘Lemon Tree Premier’. The property is expected to be operational by August, 2026.