SBI Life Insurance Q4: Total APE grew 4% at Rs 4,130 crore against Rs 3,970 crore (YoY). VNB grew 67% at Rs 1,470 crore against Rs 880 crore (YoY). VNB margin at 35.6% against 22.2% (YoY).
Benchmark indices after opening in the green on April 28 extended gains with Sensex surging 701.67 points or 1.23% at 57521.06, and the Nifty adding 206.60 points or 1.21% at 17245. About 1594 shares have advanced, 1729 shares declined, and 104 shares are unchanged.Among the sectors, FMCG, power, auto and capital goods added 1-2 percent each while the midcap & smallcap indices also ended in the green.
S Ranganathan, Head of Research at LKP Securities:
Even as the Euro hit a 5-year low against the dollar, benchmark indices on D-Street rose almost 2% in afternoon trade before giving up some gains powered by energy & FMCG stocks with Reliance becoming the first Indian company to cross m-cap of $250bn. Even standalone refineries not part of the Energy Index evinced keen interest on the back of rising gross refining margins. High quality midcap names in IT & Agri saw accumulation on the back of good earnings.
European Markets Updates
Market Update at 3 PM: Sensex is up 865.14 points or 1.52% at 57684.53, and the Nifty jumped 246.60 points or 1.45% at 17285.00.
Laurus Labs Q4: Consolidated net profit at Rs 230.5 crore against Rs 297 crore (YoY). Consolidated revenue edged higher by 0.9% at Rs 1,424.8 crore against Rs 1,411.9 crore (YoY). Consolidated EBITDA was down 16% at Rs 396.6 crore against Rs 472.3 crore (YoY). Consolidated EBITDA margin at 27.8% against 33.4% (YoY).
Sterlite Technologies Q4: Net loss at Rs 22.4 crore against loss of Rs 137.1 crore (QoQ). Revenue was up 16.7% at Rs 1,581.9 crore against Rs 1355.5 crore (QoQ). EBITDA at Rs 250.6 crore against Rs 105.4 crore (QoQ). EBITDA margin at 15.8% against 7.7% (QoQ).
Motilal Oswal Financial Services Q4: Consolidated net profit grew 25% at Rs 299.6 crore against Rs 239.7 crore (QoQ). Consolidated revenue was up 2.6% at Rs 1,051.3 crore against Rs 1,025 crore (QoQ). Operating profit rose 13% at Rs 262.3 crore against Rs 232 crore (QoQ).
Coromandel International Q4: Net profit came in at Rs 289 crore against Rs 155.8 crore (YoY). Revenue jumped 49.6% at Rs 4,226.8 crore against Rs 2,824.7 crore (YoY). EBITDA rose 65.3% at Rs 379.7 crore against Rs 229.7 crore (YoY). EBITDA margin at 8% against 8% (YoY). The stock was trading at Rs 896.70, up Rs 49.35, or 5.82 percent. It has touched an intraday high of Rs 920.90 and an intraday low of Rs 856.35. It was trading with volumes of 58,326 shares, compared to its five day average of 12,386 shares, an increase of 370.90 percent.
BHEL to develop electric propulsion systems for Indian Navy with GE PowerBHEL in a BSE filing informed about the signing of a Memorandum of Understanding (MoU) between Bharat Heavy Electricals Limited (BHEL) and GE Power Conversion which provides a boost to India’s indigenous capability in the field of advanced technology for Integrated Full Electric Propulsion Systems.
Jubilant Ingrevia commissions new green ethanol-based food-grade acetic acid plant in Uttar Pradesh
Jubilant Ingrevia Limited announced the commissioning of its new Green Ethanol based food-grade Acetic Acid plant at its manufacturing facility in Gajraula, Uttar Pradesh. The plant is designed to meet the highest standards of product certifications like FSSAI, ISO 22000, Kosher, Halal, FCC Codex, etc. It will cater to the increasing demand in food preservative segment across the globe.
The food-grade Acetic Acid plant commissioned on April 28, 2022, has a rated capacity of 25,000 tonne per annum. The product will be manufactured from Green Ethanol which is produced from natural bio-based feedstock. This food-grade Acetic Acid is in high demand globally. It will provide a healthier option for food preservation requirements, as compared to the Acetic Acid produced through petroleum route, it said in an exchange filing. The stock was trading at Rs 503.35, up Rs 8.25, or 1.67 percent. It has touched an intraday high of Rs 513.15 and an intraday low of Rs 483.05. It was trading with volumes of 71,418 shares, compared to its five day average of 24,486 shares, an increase of 191.66 percent.
Radhakishan Damani bets big on cement sector
As of April 28, 2022, Radhakishan Damani individually holds 3,51,32,665 equity shares in India Cements. The cumulative holding of the family stands at 6,44,98,180 shares. This stake is worth Rs 1,335…