Prime Minister Narendra Modi is set to hold election rallies in Odisha today. NSE has banned trading of five stocks in the F&O segment, including Biocon and Piramal Enterprises. Ztech India has launched its IPO, priced between 104 and 110 per share. Several major companies, such as Adani Transmission and Tata Steel, are reporting their Q4 earnings today. The NTA has rescheduled CUET UG 2024 exams for Kanpur, Delhi, and Silchar centers due to paper distribution issues.
Paytm’s founder and CEO Vijay Shekhar Sharma has informed shareholders that the company’s revenue and profitability will be affected in the short term due to disruptions faced in its business during the fourth quarter. This includes a steady-state impact due to the pause in operations of the Paytm Payments Bank (PPBL) wallet, as well as the suspension of certain payment and loan products. However, Sharma emphasized that many of these products have been restarted or will soon be relaunched.
Shares of Delhivery Ltd. experienced a steep decline of 12% on May 21st, following the release of its Q4 financial results. Despite the company reporting a narrowing loss of ₹68.5 crore compared to the previous year’s ₹159 crore, brokerages have expressed mixed reactions to the performance.
Balkrishna Industries, a renowned tire manufacturer, has witnessed a remarkable 8% surge in its share price, reaching a new 52-week high on May 21. This impressive performance is attributed to the company’s exceptional Q4 earnings, exceeding market expectations. The company reported a substantial 87.4% increase in net profit, amounting to ₹486.8 crore, compared to ₹260 crore in the corresponding period of the previous year. Furthermore, revenue growth stood at ₹2,682 crore, marking a 16% increase from ₹2,317 crore in the same quarter of the previous fiscal year.
Shares of Bharat Electronics Ltd (BEL) surged over 9% on May 21, 2023, after the company reported better-than-expected Q4 earnings. The company’s gross profit margin has remained strong over the past three quarters, averaging 48.5%. This, coupled with a 225% year-over-year increase in other income, led to a 17% to 21% beat on PAT (profit after tax) estimates.
In a mark of respect for the late Iranian President Ebrahim Raisi, India has declared a one-day state mourning on May 21st. Meanwhile, Prime Minister Narendra Modi is scheduled to engage with 25,000 women in Kashi during a conference. Several listed companies, including BHEL and JKTyres, will be announcing their Q4 earnings today. To combat the intense heatwave, Punjab schools will remain closed from May 21st to June 30th. Additionally, Riyadh is preparing to host the World Annual General Assembly of aviation leaders from May 21st to 23rd.
Tata Motors shares witnessed a steep decline of 8-9% following the announcement of disappointing March quarter earnings. The company’s market capitalization dropped significantly, impacting both BSE Sensex and NSE Nifty firms. Tata Motors’ weak sales outlook for commercial vehicles and Jaguar’s contracting order book further contributed to investor concerns.
Dr Reddy’s Laboratories reported a 36% year-over-year increase in net profit for Q4, but the share price dropped 5% today. The company saw a 3% sequential decrease in net profit, and brokerages attributed the strong gross margin and operational performance to Revlimid sales. Analysts project that upcoming R&D costs and a weak US launch pipeline may impact the company’s earnings growth and EBITDA margin in the coming fiscal year.
ICICI Bank’s shares experienced a significant rise of over 2% on Monday after the company announced an 18.5% growth in its consolidated net profit for the March quarter, which stood at ₹ 11,672 crore. This increase was primarily driven by a reduction in provisions.
For the fiscal year 2023-24, the bank’s standalone net profit grew from ₹ 31,896 crore to ₹ 40,888 crore. The stock reached its 52-week high on both the BSE and NSE, climbing by 2.51% and 2.44% respectively to ₹ 1,135.
The bank’s core net interest income also showed an increase of 8.1% to ₹ 19,093 crore, driven by a 16.8% growth in loans. However, this growth was partially offset by a compression in net interest margin.
Furthermore, the bank reported a notable reduction in provisions, which fell by more than half to ₹ 718 crore for the quarter. The gross non-performing assets ratio also improved from 2.30% in December 2023 to 2.16%.
Indian Hotels share price witnessed a significant drop of over 4% on Thursday following the release of its March quarter results. Despite reporting a 29.36% increase in consolidated profit to 438.33 crore, the hospitality chain’s total expenses also rose, leading to a decline in share value. The company’s revenue increased to 1,951.46 crore from 1,654.54 crore in the same quarter last year. analysts remain cautious, with Angel One suggesting immediate support at 580 and predicting further selloffs if that level is breached. Nuvama Institutional Equities maintains a “hold” rating but raises its target price to 578, valuing Indian Hotels at 26x FY26E EBITDA. Antique Stock Broking also maintains a “hold” rating and a target price of 500, valuing the company at 24x EV/EBITDA on FY26E EBITDA.
