Indian equity indices ended with significant gains on Thursday. The Nifty scaled above the 17,900 level after hitting the intraday low of 17,797.90 in early trade. Baring the Nifty FMCG index, all the sectoral indices on the NSE closed in green. Trading was volatile today due to expiry of April 2023 futures and options (F&O) contracts.
As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 348.80 points or 0.58% to 60,649.38. The Nifty 50 index rose 101.45 points or 0.57% to 17,915.05.
In the broader market, the S&P BSE Mid-Cap index gained 0.52% while the S&P BSE Small-Cap index advanced 0.62%.
The market breadth was strong. On the BSE, 2,034 shares rose and 1,453 shares fell. A total of 127 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.95% to 11.43.
IPO Update:
The initial public offer (IPO) of Mankind Pharma received bids for 35.91 crore shares as against 2.80 crore shares on offer, according to stock exchange data at 15:24 IST on Thursday (27 April 2023). The issue was subscribed 12.81 times.
The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index rose 1.53% to 442.60, extending gains for the fourth straight session. The index rallied 4.51% in four trading sessions.
Macrotech Developers (up 4.02%), Prestige Estates Projects (up 2.3%), Phoenix Mills (up 1.89%), Godrej Properties (up 1.8%), Indiabulls Real Estate (up 1.41%) , DLF (up 1.28%), Sobha (up 1.13%), Oberoi Realty (up 0.91%), Brigade Enterprises (up 0.14%) advanced.
Earnings Impact:
Hindustan Unilever (HUL) declined 1.39%. The FMCG major reported 9.67% rise in standalone net profit to Rs 2,552 crore on 10.98% increase in turnover to Rs 14,638 crore in Q4 FY23 over Q4 FY22. HUL delivered underlying volume growth of 4%. Growth was competitive with more than 75% of the business winning market shares, said the company.
Bajaj Finserv advanced 1.90% after the company reported 31.41% jump in consolidated net profit to Rs 1,768.95 crore on a 25.25% increase in total income to Rs 23,624.95 crore in Q4 FY23 over Q4 FY22.
Bajaj Finance gained 2.39% after the company reported 30% rise in consolidated net profit to Rs 3,158 crore on a 32% increase in total income to Rs 11,363 crore in Q4 FY23 as compared with Q4 FY22. Loan losses and provisions amounted to Rs 859 crore (up 22% YoY). The company stated that it holds a management and macro-economic overlay of Rs 960 crore as of 31 March 2023.
The company booked 7.56 million new loans during Q4 FY23, which is higher by 20% as compared with 6.28 million in Q4 FY22.Assets under management (AUM) grew by 29% Rs 2,47,379 crore as of 31 March 2023 from core AUM (i.e. AUM excluding short term IPO financing receivable) of Rs 1,92,087 crore as of 31 March 2022. AUM growth in Q4 FY23 was highest ever at Rs 16,537 crore.
SBI Life Insurance Company gained 2.10% after the life insurer's net profit increased 15.6% to Rs 776.85 crore on 6.43% rise in total income to Rs 22,805.40 crore in Q4 FY23 over Q4 FY22.
L&T Technology Services (LTTS) jumped 8.16% after the company reported a 1.98% rise in consolidated net profit to Rs 309.60 crore on 2.32% increase in revenue from operations to Rs 2,096.20 crore in Q4 FY23 over Q3 FY23. As compared to Q4 FY22, the company's net profit and revenue surged by 18.2% and 19.4%, respectively.
IIFL Finance rose 1.81%. The diversified NBFC reported a 28.61% year-on-year growth in consolidated net profit at Rs 412.74 crore in Q4 March FY23. On a consolidated basis, total income for the quarter rose 17.74% to Rs 2,276.01 crore on year-on-year basis in Q4FY23. The microfinance loan AUM stood at Rs 9,786 crore, up 59% y-o-y and 25% q-o-q, as at 31 March 2023.
Voltas dropped 5.41% after the company reported 21.2% decline in net profit to Rs 143.92 crore from Rs 182.70 crore in Q4 FY23 over Q4 FY22. Total income increased by 11% year on year to Rs 3,003.46 crore during the quarter.
Syngene International rallied 4.17% after the company's consolidated net profit increased by 21% to Rs 178.7 crore in Q4 FY23 from Rs 147.8 crore in Q4 FY22. Revenue from operations rose by 31% YoY to Rs 994.4 crore during the quarter.
Oracle Financial Services Software (OFSS) added 0.90% after the company reported a consolidated net income to Rs 479.3 crore in Q4 FY23, which is higher by 10% as compared with Rs 4,373 recorded in Q3 FY23. Total revenues increased by 1% QoQ to Rs 1,470.5 crore in the fourth quarter.
UTI Asset Management Company (UTI AMC) declined 1.21%. The asset manager reported 58.7% jump in consolidated net profit to Rs 85.70 crore in Q4 FY23 from Rs 53.99 crore posted in Q4 FY22. Total revenue from operations declined marginally on year on year basis to Rs 300.69 crore during the quarter ended 31 March 2023. The total assets under management for UTI AMC stood at Rs 15,55,995 crore. Meanwhile, the board recommended a final dividend of Rs 22 per equity share FY23.
Coforge gained 2.76%. The company reported 49.69% decline in consolidated net profit to Rs 114.80 crore in Q4 FY23 as compared with Rs 228.20 crore in Q3 FY23. Revenue from operations increased by 5.56% to Rs 2,170 crore in Q4 FY23 as against Rs 2,055.80 crore posted in corresponding quarter last year.
Shoppers Stop advanced 4.32% after the company reported consolidated net profit of Rs 14.26 crore in Q4 FY23 as compared with net loss of Rs 15.85 crore recorded in Q4 FY22. Meanwhile, the board has approved the re-appointment of Venugopal Gopal as managing director designated as managing director and chief executive officer (CEO) for a further period of 3 years from 6 November 2023 to 5 November 2026 (both days inclusive).
Chennai Petroleum Corporation surged 13.80% after the company's standalone net profit increased marginally to Rs 1,004.19 crore in Q4 FY23 as against Rs 994.42 crore recorded in Q4 FY22. Net sales grew by 9.72% to Rs 18,008.89 crore in the quarter ended 31 March 2023 from Rs 16,413.57 crore recorded in the corresponding quarter previous year.
Swaraj Engines rallied 4.28% after the company's consolidated net profit jumped 59.9% to Rs 34.96 crore in Q4 FY23 as compared with Rs 21.86 crore in Q4 FY22. Revenue from operations stood at Rs 359.79 crore in Q4 FY23, registering the growth of 48.5% as against Rs 242.35 crore posted in corresponding quarter last year.
Global Markets:
Most of the shares in Europe and Asia advanced on Thursday
Investors focus on the Bank of Japan's first policy meeting led by new BOJ governor Kazuo Ueda.
Ueda is expected to maintain the ultra loose monetary policy of predecessor Haruhiko Kuroda for now, but expectations are that he will plot a path out of this policy in the future, as per reports.
US stocks ended mixed on Wednesday as banking fears eclipsed Big Tech earnings on Wall Street. Ongoing congressional wrangling over raising the federal debt ceiling also added to investor anxieties.
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