Nykaa’s Net Profit Falls 72% YoY to Rs 2.4Cr in Q4 - Top Indian Market Updates

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

Nykaa Q4 Results: Net profit falls 72% YoY to Rs 2.4 crore

Nykaa reported a 71.8% YoY decline in net profit of Rs 2.4 crore for the quarter ended March (Q4 FY23). However, its consolidated revenue rose 33.75% YoY to Rs 1,301 crore during the same quarter. Total tax expense of Rs 4.35 crore during the quarter severely impacted the revenue. EBITDA stood at Rs 70.6 crore, down 84% YoY.

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FDI into India falls 16% in FY23

Gross foreign direct investment (FDI) into India has seen a 16% fall in FY23. FDI Inflows stood at $71 billion in FY23, compared to $84.8 billion in FY22. This is the first time India has seen inflows decline in the last 10 years. The drop comes off the back of a very high base in FY22 (nearly $85 billion).

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Vedanta raises about $850 million via JPMorgan, Oaktree loan

Vedanta Group has secured a new loan of around $850 million from JPMorgan Chase & Co. and Oaktree. The company is seeking funds amid concerns over its debt load, especially with rising interest rates. This loan comes just before Vedanta Resources Ltd. faces a $500 million bond repayment. The group requires cash after facing obstacles in selling a zinc mining unit to Hindustan Zinc Ltd.

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Adani Green to seek board approval to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between ₹6,150 crore ($750 million) and ₹8,200 crore ($1 billion) through the qualified institutional placement (QIP) route. This move is part of the group's strategy to build a three-year equity cushion to support expansion. The funds raised will be used to repay a $750 million bond issued in 2021, which is due next year.

In other news, GQG Partners looks to invest an additional $1 Billion in the Adani Group.

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Hindalco Q4 Results: Net profit falls 48% YoY to Rs 832 crore

Hindalco Industries reported a 48% YoY decline in standalone net profit to Rs 832 crore in Q4 FY23. However, its operating revenue increased 5% YoY to Rs 19,995 crore during the same quarter. EBITDA stood at Rs 1,775 crore, down by 45.6% YoY. The company's board has recommended a dividend of Rs 3 per equity share.

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Oil Ministry working on proposal to merge MRPL with HPCL

The oil ministry is preparing a proposal to merge Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). HPCL and MRPL are both subsidiaries of Oil and Natural Gas Corp (ONGC). The ministry is now pushing for a share-swap deal between HPCL and MRPL, with HPCL issuing fresh shares to MRPL shareholders. The transaction will increase ONGC's stake in HPCL, reducing the free float.

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Suzlon Energy wins 300 MW wind energy project from Torrent Power

Suzlon Energy has secured a substantial order from Torrent Power for a 300 MW wind power project. The order involves the installation of 100 3 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers. The project, located in Karnataka, is set to be commissioned in 2025. This marks the sixth and largest order received by Suzlon for their new 3 MW series within a month.

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Cummins Q4 Results: Net profit jumps 68% YoY to Rs 319 crore

Cummins reported a 68.5% YoY jump in standalone net profit to Rs 318.5 crore in Q4 FY23. Its revenue increased 29% YoY to Rs 1,926 crore during the same quarter. EBITDA stood at Rs 326 crore, up by 58% YoY. The company's board has recommended a final dividend of Rs 13 per equity share.

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Deepak Nitrite arm to invest Rs 5,000 cr in Gujarat to manufacture speciality chemicals

Deepak Nitrite’s subsidiary Deepak Chem Tech has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest approximately Rs 5,000 crore over the next four years. The investment aims to establish projects for the production of Speciality Chemicals, Phenol/Acetone, and Bisphenol in Dahej/Nandesari, Gujarat.

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