Stock Market LIVE: Indices expect a steady start as SGX Nifty trades higher
March quarter results of banks, financials, and IT companies among others will drive the sentiments of the market this week. A few investors will remain on the sidelines as they are waiting for policy announcements by the US Fed and Bank of England which are scheduled to be released in early May.
ICICI Bank Q4FY23 results: PAT rises by 30% to ₹9,122 Cr, NII grew by 40.2%
ICICI Bank has declared its Q4FY23 earnings today. The bank recorded a consolidated net income of ₹53,922.75 Cr during Q4FY23, up by 25.88% YoY from ₹42,834.06 Cr during Q4FY22. ICICI Bank said its net expenses stood at ₹38,716.56 Cr during the quarter ended March 2023 as against ₹31,306.02 Cr during the same quarter of the previous financial year.
The bank’s operating profit (Profit before provisions and contingencies) stood at ₹15,206.19 Cr during the quarter under review, up by 31.90% YoY from ₹31,306.02 Cr during the year-ago quarter.
The consolidated net profit of ICICI Bank reached ₹9,122 Cr during Q4FY23, up by 30% from ₹7018.71 Cr in Q4FY22. The EPS of ICICI Bank in Q4FY23 reached ₹13.84 as compared to ₹10.88 stood in the year-ago quarter. (Read More)
Reliance Industries’ profit after tax jumps over 18 pc to ₹21,327 crore in fourth quarter
Reliance Industries (RIL) has posted an 18.3 per cent jump in its profit after tax to ₹21,327 crore for the quarter ended March 31, 2023, against ₹18,021 crore in the year-ago period.
According to a statement from RIL, gross revenue went up 2.8 per cent to ₹239,082 crore in the reviewed quarter, against ₹232,539 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 21.8 per cent to ₹41,389 crore from ₹33,968 crore in the year-ago period.
Depreciation of the company surged 43.2 per cent to ₹11,456 crore, against ₹8,001 crore in the corresponding period the previous year. Finance costs went up 33.1 per cent to ₹4,769 crore from ₹3,584 in the year-ago period. The capital expenditure for the year ended March 31, 2023, was ₹141,809 crore.
The company said it achieved a record annual consolidated profit after tax at ₹74,088 crore in FY23 against ₹65,009 crore in FY22, which is up 14 per cent year-on-year. (ANI)
Buy or sell: Vaishali Parekh recommends three stocks to buy today – VRL Logistics, Mazagon Dock, Mahindra CIE Automotive
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks for today:
1] VRL Logistics: Buy at ₹644, target ₹670, stop loss ₹634;
2] Mazagon Dock: Buy at ₹740, target ₹775, stop loss ₹725; and
3] Mahindra CIE Automotive: Buy at ₹373, target ₹387, stop loss ₹367. (Read More)
Wipro to consider share buyback proposal on 27 April; scheduled to announce Q4FY23 numbers on the same day
Wipro will be considering a proposal for the buyback of equity shares of the company this week. The IT giant’s board of directors will be holding a two-day meeting to announce the fourth quarter results for FY23 and consider other key developments.
In its regulatory filing on Sunday, Wipro said, “the Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto…, at its meeting scheduled to be held over April 26 -27, 2023.”
Wipro is scheduled to announce Q4FY23 numbers on the last day of the meeting which is April 27. The buyback announcement will also take place on this day. (Read More)
Friday US stock market: Wall Street closes a quiet week with small gains amidst mixed corporate earnings reports
Stocks capped a listless day of trading Friday with slight gains for the major stock indexes, closing out a quiet week on Wall Street highlighted by a batch of mostly mixed corporate earnings reports.
The S&P 500, Dow Jones Industrial Average and Nasdaq composite all gained 0.1% after drifting between small gains and losses for most of the day. The indexes each posted a slight loss for the week.
Health care companies and a range of consumer product makers gained ground, tempering losses in banks, technology stocks and elsewhere. Truist Financial and KeyCorp, two of the larger regional banks, were among the biggest decliners in the S&P 500. Truist fell 6% and KeyCorp ended 3.7% lower.
Bond yields held relatively steady. The yield on the 10-year Treasury, which influences mortgage rates and other loans, rose to 3.56% from 3.54% late Thursday.
Trading was muted as investors focused on the latest corporate earnings reports and forecasts in a bid to get a better sense of how companies are handling high inflation, a slowing economy and fears about a recession.
“You have a market that’s in waiting mode,” said Quincy Krosby, chief global strategist for LPL Financial. “It’s waiting for a sense of what we’re going to hear from companies.” (AP)
Download
the App to get 14 days of unlimited access to Mint Premium absolutely free!
