Results scheduled for April 20th:
On April 20, the upcoming quarterly and full-year earnings reports of Cyient Limited, Orient Green Power, HCL Technologies, and ICICI Prudential Life Insurance Company are expected to be in focus. Additionally, Oriental Hotels, Reliance Industries Infrastructure, Sheetal Cool Products, Sterling, and Wilson Renewable Energy will also release their quarterly reports on the same day.
On Wednesday, Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced its intention to ramp up its investments in electric vehicles (EVs) in order to compete with other global carmakers. The British luxury automaker has committed to releasing its first new electric Jaguar model by 2025. JLR has pledged to invest a total of 15 billion pounds ($19 billion) over the next five years in EVs, a significant increase from its previous annual investment of 2.5 billion pounds on electrification.
Adani Ports and Special Economic Zone has announced that it will consider a first and partial buyback of certain debt securities, denominated in either INR or USD, on April 22nd of this year, subject to market conditions.
Norges Bank, on behalf of the Government Pension Fund Global, has acquired a 1.73% equity stake in Bajaj Electricals through open market transactions. The purchase involved 20 lakh shares at an average price of Rs 1,045 per share, amounting to Rs 209 crore. On the other hand, foreign portfolio investor Small Cap World Fund Inc has sold 22.36 lakh shares or a 1.94% stake in the company at the same average price. As of March 2023, Small Cap World Fund Inc had held a 5.3% stake in Bajaj Electricals.
Bank of Maharashtra:
Bank of Maharashtra, a public sector lender, has announced that its Board of Directors will meet on April 24th to consider a proposal to raise capital up to Rs 7,500 crore for FY24. The capital will be raised through various modes such as follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), preferential issue, or any other mode that the Board may deem fit.
NBCC (India), a state-owned construction company, has been awarded a project worth Rs 207.92 crore from the Public Works Department of Puducherry. The company will be responsible for providing comprehensive design, engineering, and project management consultancy (PMC) services for the project.
Mastek, an IT services company, has reported a 13.07% sequential growth in its consolidated profit to Rs 72.6 crore for the March FY23 quarter, driven by an increase in the topline and operating income, according to company filings. Revenue for the quarter grew by 7.7% QoQ to Rs 709.2 crore, with growth across all operations. The company’s EBIT rose by 12.5% QoQ to Rs 105.92 crore on the operating front, resulting in a margin expansion of 64 bps at 14.93% in Q4FY23. The board has announced a final dividend of Rs 12 per share for FY23. Additionally, Priti Rao has resigned from her position as Non-Executive Independent Director of the company.
Tata Communications has reported a 10.7% decrease in its consolidated net profit for the quarter ended March 2023, with a net profit of ₹326 crore compared to ₹365 crore in the same period last fiscal year, according to a regulatory filing. The company’s consolidated revenue from operations increased by 7.2% to ₹4,568.7 crore during the quarter, up from ₹4,263 crore in the same period a year ago. In the previous quarter ending in December 2022, Tata Communications had reported a consolidated net profit of approximately ₹394 crore.
On Wednesday, JSW Steel denied reports claiming that it has plans to export special steel products to Russia. Media reports earlier in the day had suggested that the Indian steel manufacturing company was intending to supply special steel items to Russia by the end of this year. However, a spokesperson for JSW Steel told PTI that the company has no such plans. JSW Steel is one of the leading steel manufacturers in India, ranking among the top six.
Equitas Small Finance Bank:
Equitas Small Finance Bank has received an Authorized Dealer Category-I (AD-I) license from the Reserve Bank of India, allowing it to deal in foreign exchange.
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