U.S. stocks braved a fresh spell of volatility as traders pondered upon the prospects of a soft landing. The S&P 500 was down 0.5%, while the tech-heavy Nasdaq 100 declined 0.4% by mid-day in New York. Meanwhile, the yield on 10-year Treasuries declined one basis point to 3.91%.
Crude price increased 1.3%, while gold prices fell 0.8%. Bitcoin declined 0.2%, trading below the $24,000 level.
On the day of monthly F&O expiry, domestic benchmark indices Sensex and Nifty closed marginally lower after struggling with volatility throughout the session on Thursday.
Rupee extended gains from the opening trade to close higher against the U.S. dollar, snapping a two-day fall.
Axis Bank: The lender sees reasonable possibility of completing the acquisition of India consumer business from Citibank NA and NBFC consumer business from Citicorp Finance (India) by March 1, 2023.
Rail Vikas Nigam: The company received letter of award for a project worth Rs 196.77 crore in Bhopal region of MP Madhya Kshetra Vidyut Vitaran Company Ltd.
Zee Enterprises: Appellate tribunal NCLAT has listed the plea challenging insolvency proceedings against the company on Friday for hearing. The National Stock Exchange has excluded the company from the futures and options segment following the bankruptcy board’s move to admit it for insolvency proceedings.
Isgec Heavy Engineering: The company received an order from a major steel company for seven waste heat recovery boilers for its DRI sponge iron kiln.
Adani Transmission: Fitch Ratings affirmed the ‘BBB-‘ ratings on the $400 million senior secured notes issued by the restricted group of the company, with outlook at stable.
Mahindra Lifespace Developers: Arvind Subramanian has resigned from the position of managing director and chief executive officer of the company, with effect from close of business on May 22, 2023, to pursue personal interests. Amit Kumar Sinha assume the office from May 23 for a period of five years.
Alkem Laboratories: The company submitted a detailed corrective and preventive action plan to the US FDA against one observation issued by the regulator after inspecting the company’s Indore plant in July. The inspection has now been closed.
Bharat Forge: The Company has decided to house all its defense related investments under subsidiary KSSL for a better strategic alignment, transferring its stake in another subsidiary Aeron.
West Coast Paper Mill: The contract workers’ strike was called off and production at the paper and paper board division at the company’s Dandeli facility was restarted with marginal production loss.
Revenue down 2.33% at Rs 671.9 crore (Bloomberg estimate: Rs 705.67 crore)
Ebitda up 31.21% at Rs 166.9 crore (Bloomberg estimate: Rs 178.47 crore)
Ebitda Margins at 24.84% vs 18.5% (Bloomberg estimate: 25.3%)
Net profit up 44.8% at Rs 130.9 crore (Bloomberg estimate: Rs 161.8 crore)
The company recommended a final dividend of Rs 194 per share and a second special dividend of Rs 183 per share.
Revenue up 18% at Rs 524.6 crore
Ebitda up 36.2% at Rs 76.8 crore
Ebitda margins at 14.64% vs 12.69%
Net profit up 42% at Rs 55.9 crore
The board recommended a dividend of Rs 15 per share.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.