Asian Paints’ Profit Rises 45% YoY to Rs 1,234Cr in Q4 - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Asian Paints Q4 Results: Net profit jumps 45% YoY to Rs 1,234 crore

Asian Paints reported a 45% YoY increase in consolidated net profit to Rs 1,234 crore for Q4 FY23. Its operating revenue rose 11% YoY to Rs 8,787 crore during the same quarter. EBITDA also rose 29% YoY to Rs 1,865 crore. The company’s board has recommended a final dividend of Rs 21.25 per equity share.

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IT dept conducts raids at Mankind Pharma’s office in New Delhi

According to a CNBC-TV18 report, India's Income Tax department has conducted searches at Mankind Pharma's office in New Delhi over allegations of tax evasion. Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning. 

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Eicher Motors Q4 Results: Net profit jumps 48% YoY to Rs 905 crore

Eicher Motors reported a 48% YoY increase in consolidated net profit to Rs 905 crore for Q4 FY23. Its operating revenue rose 19% YoY to Rs 3,804 crore during the same quarter. EBITDA stood at Rs 934 crore, up 235 YoY from Q4 FY22. The company’s board has recommended a final dividend of Rs 37 per equity share.

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SpiceJet to revive grounded fleet with $50 million ECLGS funds

SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals. The company is actively engaging with investors to raise funds and put itself back on track. In April, Credit Suisse moved the Supreme Court, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement.

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South Indian Bank Q4 Results: Net profit jumps 22.7% YoY to Rs 333.9 crore

South Indian Bank reported a 22.7% YoY increase in net profit to Rs 333.9 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 857 crore, up 43.4% YoY. Its gross NPA stood at 5.14%, while net NPA is at 1.86%. The bank’s board has recommended a final dividend of Rs 0.3 per equity share.

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L&T plans to exit asset-heavy businesses

Larsen & Toubro Ltd plans to exit asset-heavy businesses to eliminate losses. The company sees opportunities in renewable power, particularly in Saudi Arabia, where solar projects are gaining momentum. This will generate cash and improve working capital efficiency. The Middle East as a whole is investing in renewable energy, providing further potential for growth.

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Dr Lal Pathabs Q4 Results: Net profit falls 7.5% YoY to Rs 56.7 crore

Dr Lal Pathlabs reported a 7.5% YoY decline in consolidated net profit to Rs 56.7 crore for Q4 FY23. However, its operating revenue rose 1.13% YoY to Rs 491 crore during the same quarter. EBITDA was also down 4.5% YoY to Rs 116 crore. The company’s board has approved a final dividend of Rs 6 per equity share.

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ABB India expands production footprint of drives portfolio in India

​​ABB India is expanding its production capacity at the Peenya factory in Bengaluru to include a new line for variable speed drive modules. This expansion will enable the production of drives ranging from 75 kW to 250 kW, serving various industrial sectors. ABB's variable speed drives are used to optimize energy efficiency and performance by controlling the speed of electric motors.

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Hindustan Copper to consider raising funds via QIP, NCD issue

Hindustan Copper Ltd plans to raise funds through a qualified institutional placement (QIP) issue. The board of directors will meet on May 19 to consider issuing equity shares through QIP, with a total value of 97 million shares. They will also seek approval to offer non-convertible debentures or bonds worth Rs 500 crore through private placement. 

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Aditya Birla Capital to raise Rs 3,000 crore via equity, debt funding

Aditya Birla Capital’s board has approved plans to raise Rs 3,000 crore through a combination of equity and debt routes in one or multiple tranches. The funds will be raised through public or private offerings (including qualified institutional placements) as permitted by applicable laws. The funds will be utilised for meeting funding requirements and growth objectives of the company.

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Three Adani firms to consider raising up to Rs 40,000 crore: Report

As per a Bloomberg report, three Adani Group companies are considering fundraising of up to $5 billion (~Rs 40,000 crore). Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd may raise between $3 billion and $5 billion to boost their businesses. The boards of the three firms are meeting on Saturday to consider raising funds via the sale of shares or other securities.

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ONGC discovers oil, gas in Arabian Sea blocks

ONGC has announced the discovery of two oil and gas reserves, named 'Amrit' and 'Moonga,' in the Mumbai offshore region. The company had acquired the blocks under the Open Acreage Licensing Policy (OALP). Based on the available data, ONGC will determine if additional wells need to be drilled for further exploration and appraisal.

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