Asian Paints Q4: Net profit rose marginally 0.5% at Rs 874 crore against Rs 869.9 crore (YoY). Revenue was up 18.7% at Rs 7,893 crore against Rs 6,651.4 crore (YoY). EBITDA rose 9.5% at Rs 1,443 crore against Rs 1,318.3 crore (YoY) while EBITDA margin came in at 18.3% against 19.8% (YoY). Decorative business volume growth at 8% while international business delivered double-digit revenue growth. Industrial coatings business saw double-digit revenue growth.
Market Update at 2 PM: Sensex is up 198.70 points or 0.36% at 54669.37, and the Nifty added 27.60 points or 0.17% at 16329.50.
Jet Airways clarified on reports of ‘Jet Airways 2.0 gets security clearance’
Jet Airways clarified that the Successful resolution applicant is currently in the process of reviving the company and implementing the approved plan. As part of such revival, an application is required to be made to the Ministry of Civil Aviation regarding Security Clearance for change in Shareholding Pattern. The said application was made on December 13, 2021 and its approval was received on 06-May-2022, company said in its release.
The appointment of directors and change of shareholding has not occurred as yet and shall take place upon completion of the conditions precedent, as per the directions of the Hon’ble NCLT approving the Approved Plan, it added.
Jet Airways was quoting at Rs 99.80, up Rs 4.75, or 5.00 percent on the BSE.
Foreign brokerages cut target price of these 10 stocks; do you own any?
HDFC Life Insurance, HUL, Britannia, Wipro, UltraTech Cement and Indus Towers are among the ten stocks in which foreign broking houses cut the target price.
Malaysia may cut palm oil export tax to 4-6% from 8%
Malaysia is considering cutting its export tax on palm oil and plans to slow implementation of its biodiesel mandate to help meet global demand amid an edible oil shortage, its commodities minister told Reuters on Tuesday.
Plantation Industries and Commodities Minister Zuraida Kamaruddin said in an interview her ministry has already proposed the cut to the finance ministry, which has set up a committee to look into the details.
Malaysia, the world’s second-largest palm oil producer, could cut the tax to 4 percent-6 percent from the current 8 percent, she said.
The cut would likely be temporary and a decision could be made as early as June, Zuraida said.
Subscribe to Delhivery: Choice Equity Broking
Logistics services player Delhivery Ltd. (Delhivery), is coming up with an IPO to raise around Rs. 5,235cr, which opens on 11th May and closes on 13th May 2022. The price band is Rs. 462 – 487 per share. The IPO is a combination of fresh and OFS. The company will not receive any proceeds from the OFS portion. However from the fresh issue net proceeds, Rs. 2,000cr and Rs. 1,000cr will be utilized to fund organic and inorganic growth initiatives, respectively.
In Sept. 2021, Delhivery executed shares allotment to certain pre-IPO shareholders at a price of Rs. 380 per share, which is around 22% discount to the higher band of the IPO. With continuing volatility in the global equity market (arising from the ongoing Russia-Ukraine conflict, surge in crude & commodities prices and reemergence of Covid-19 cases in China), the company has reduced the IPO size by around 30% from an earlier target of raising Rs. 7,460.
At higher price band of Rs. 487, Delhivery is demanding an EV/TTM sales multiple of 4.7x, which is at premium to peer average of 2.9x. Considering the company’s loss making operations, we are assigning a “Subscribe with Caution” rating for the issue.
Venkys Q4 Earnings:Venkys has reported 26.3 percent fall in its Q4 net profit at Rs 57.4 crore versus Rs 77.9 crore, while revenue was up 30.6% at Rs 1,229.3 crore versus Rs 941.3 crore, YoY.Earnings before interest, tax, depreciation and amortization (EBITDA) was down 22.5% at Rs 86.15 crore versus Rs 111.2 crore and margin was at 7% versus 11.9%, YoY.
Nifty Bank index rose 1 percent supported by the IndusInd Bank, HDFC Bank, Kotak Mahindra Bank
MRF Q4 Earnings:MRF has posted 50.6 percent fall in its Q4 net profit 50.6% at Rs 157 crore versus Rs 317.3 crore and revenue was up 9.8% at Rs 5,200.3 crore versus Rs 4,738 crore, YoY.Earnings before interest, tax, depreciation and amortization (EBITDA) was down 29.2% at Rs 527.5 crore versus Rs 745.6 crore and margin was at 10.1% versus 15.7%, YoY.
Delhivery IPO: All you need to know
Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities India, and Citigroup Global Markets are managing the share sale.