Sensex, Nifty Log Worst Day In Over Eight Weeks After RBI's Surprise Repo Rate Hike

India's stock benchmarks fell the most in over eight weeks after RBI surprised markets by announcing a 40bps repo rate hike. The decision by MPC comes ahead of Federal Reserve's rate decision in which the U.S. Central Bank is expected to hike rates by 50bps

This is the third straight day of decline for Sensex and Nifty

The Sensex fell 2.29% (over 1,300 points) to 55,669.03. The Nifty also declined by similar magnitude to 16,677.60. This is the first time the 50-stock gauge closed below 17,000 since April 25. Both the Nifty and Sensex closed at the lowest level in seven weeks.

In the past one year, the benchmarks had a similar or worse loss only five times. On all five occasions, the Sensex and Nifty advanced in the next session. Nifty's fall was the biggest since falling 2.4% on March 7. Reliance Industries Ltd. contributed the most to the index decline, decreasing 3.1%. Apollo Hospitals Enterprise Ltd. had the largest drop, falling 6.8%. Today, 45 of 50 shares fell, while 5 rose.

The S&P BSE MidCap underperformed its larger peers, shedding 2.6% while S&P BSE SmallCap almost mirrored Sensex and Nifty. All 19 sectoral indices compiled by BSE Ltd. fell with S&P BSE Consumer Durables falling nearly 4% and S&P BSE Realty losing over 3.3%.

The market breadth was skewed in the favour of bears. About 832 stocks advanced, 2,542 declined and 101 remained unchanged.

"The RBI monetary policy committee increased the key lending rate by 40 basis points, citing persistent inflationary pressures in the economy. All the sectoral indices ended in red today. USD INR gained immediately while markets fell after this announcement", according to Mohit Nigam, Head - PMS, Hem Securities. In a note, he added that "FOMC meeting outcome will also come today, so we believe this volatility will remain at elevated levels in coming sessions too. Investors should be cautious in these markets and can use these dips to make fresh positions in fundamentally sound stocks".

• The Indian Currency closed with 0.12% gains to 76.42.

• Rupee appreciated 0.42% to 76.19 during the session.

• Rupee rose as the rate hike is seen to be supporting the currency.

Source: Bloomberg

• 10-year bond yield added 26bps to 7.38% after RBI announced a 40bps repo rate hike.

• The yield on the 10-year bond rose 30bps to 7.42% during the session.

• This is the highest level for the 10-year bond yield since 2019.

• India bonds slid as the central bank raised its key policy rate in an emergency meeting

Source: Bloomberg

Shares of UPL were volatile after the company announced acquisition of OptiCHOS.

• OptiCHOS is a naturally derived fungicide for its Natural Plant Protection business unit.

• OptiCHOS offers farmers a low-risk, residue free, bio-degradable fungicide with negligible impact on environment. The fungicide has already been submitted for approval for use in the European Union.

• Trading volume was nearly twice the 30-day average. The company is scheduled to report its earnings for the quarter-ended March on Monday.

• Of the 30 analysts tracking the company, 26 maintain 'buy', two suggest 'hold' and two recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 17.3%.

Source: Exchange filing, Bloomberg

Shares of CG Power and Industrial Solutions fell nearly 8% in intraday.

• The stock shed nearly 25% over the last two sessions.

• CG Power reported YoY decline in net profit for the quarter-ended March, during market hours on Monday.

Source: Exchange filing, Bloomberg

Shares of JBM Auto hit 5% upper circuit after reporting rise in net profit, revenue and Ebitda, while the margin expanded for the quarter-ended March.

This is the most the stock has gained in two weeks.

Q4 FY22 (Consolidated, YoY)

• Revenue up 44% at Rs 1072.29 crore Vs Rs 744.88 crore

• EBITDA up 46% at Rs 123.05 crore Vs Rs 84.18 crore

• EBITDA margin 11.48% Vs 11.3%

• Net profit up 165% at Rs 85.63 crore Vs Rs 32.24 crore

• Recommended final dividend of Rs 1 per share on face value of Rs 2 each

Dolat Capital, the only brokerage tracking the company, reiterated 'buy' and slashed target from Rs 772.40 to Rs 680, still an implied upside of 36%. Dolat Capital expects the company to be a major beneficiary of the demand for electric buses. The brokerage also expects the sheet metal division of the company to witness strong growth in FY2023 in-line with ramp-up in production by clients like Tata Motors, Ford, HCIL, Toyota, M&M and VECV.

Source: Exchange filing, Bloomberg, Dolat Capital note

Shares of Dixon Technologies fell over 5.3% in intraday trade. Over the last two days, the stock has shed over 13%.

• The decline comes after Enforcement Directorate raided Xiaomi India on Monday and seized Rs 5,551.2 crore, alleging violation of foreign exchange laws. Dixon remains the largest supplier of LED TVs to Xiaomi and one of its biggest clients. Dixon Technologies had informed that the raids would not have any impact on the payments from Xiaomi India.

• Trading volume on the stock is quadruple the 30-day average. Of the 22 analysts tracking the company, 13 maintain 'buy', five suggest 'hold' and four recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 17.9%.

Source: Exchange filing, Bloomberg

• Biggest contribution to overall macroeconomic and financial stability stability, as well as sustainable growth, will come from our effort to maintain price stability.

Source: RBI Governor statement

Sharp rise in March inflation print was propelled in particular by food inflation, says RBI Governor.

• High frequency price indicators for April indicate the persistence of food price pressures.

• Food price indices of the FAO and the World Bank touched historical highs in March and remain elevated.

• Prices of edible oils may firm up further due to export restrictions.

Source: RBI Governor statement

The MPC decided to hold an off-cycle meeting to reassess the evolving inflation growth dynamics, says RBI Governor

• Based on this assessment, the MPC voted unanimously to increase the policy rate by 40 basis points with immediate effect

• MPC also decided to remain accommodative with focus on withdrawing the stance over time.

Source: RBI Governor statement

Debt distress rising in developing world, says RBI Governor Shaktikanta Das

• Amidst global challenges, Indian economy has shown resilience

• Monetary policy continues to foster congenial financial conditions by being accommodative

• Have been able to preserve macro stability

Source: RBI Governor statement

European markets decline ahead of U.S. Federal Reserve's rate decision. Geopolitical tensions between European Union and Russia have intensified as well with EU proposing a total ban on Russian oil.

Source: Bloomberg

Adani Green Q4FY2022 (Consolidated, YoY)

• Net profit at Rs 121 crore Vs Rs 105 crore

• Revenue at Rs 1,461 crore Vs Rs 986 crore

• Ebitda at Rs 972 crore Vs Rs 626 crore

• Margin at 66.53% Vs 63.49%

• EPS at Rs 0.58 vs Rs 0.48

Source: Exchange filing

Shares of Mahindra & Mahindra Financial Service rose nearly 5% after the company reported net income for the fourth quarter that beat the average analyst estimate.

M&M Financial Services Q4 FY22 (Consolidated, YoY)

• Revenue fell 4.8% at Rs 2,865.08 crore Vs Rs 3,007.26 crore

• EBIT up 31% at Rs 1,882.42 crore Vs Rs 1,436.57 crore

• EBIT margin 65.7% Vs 47.77%

• Net profit up 188% at Rs 623.78 crore Vs Rs 216.34 crore

• Recommended dividend of Rs 3.6 per share of face value of Rs 2 each

Trading volume on the stock is more than quadruple the 30-day average. Of the 34 analysts tracking the company, 19 maintain 'buy', 11 suggest 'hold' and four recommend 'sell'. The return potential of the stock is 3.7%.

Prabhudas Lilladher

• Initiates coverage with a recommendation of hold; target price set at Rs 200, implied return of 6.21%

• Decline in provisions and write-offs amounting to Rs 1,200 crore aided growth

• Expects 13% cut in PAT in FY23 estimates due to rising cost pressures.

• Expects FY2023 to be a strong year for Mahindra & Mahindra Financial Services.

• Demand for used vehicles remain strong. However supply side issues continue to hamper loan growth.

Kotak Securities

• Reiterates 'add' and raises target to Rs 210 from Rs 200; an implied return of 11.79%.

• Firm reported robust performance in quarter-ended March aided by strong collections and high disbursement.

• Company's medium-term growth targets remain 'bold' with the company unveiling new business strategy for FY2022-23.

• Expects shift in business segments to change the profitability matrices.

• Management's target of 2.5% RoA with 7.5% NIM and 2.5% cost/assets ratio is unlikely to be challenging to accomplish due to high NIM and low leverage.

• Believes that Q4 tends to be a strong quarter typically.

• Remains a 'bit guarded' on the growth prospects given the rising fuel prices and concerns of a gradually slowing economy.

• Revises core estimates by 1-5% to reflect higher growth.

• Expects the company to deliver 6-17% loan book growth, 2.7-2.8% RoA and 14-15% near-term RoE.

Source: Brokerage notes, Bloomberg, Exchange filing

Kotak Mahindra Bank Q4FY22 (standalone, YoY)

• Net Profit: Rs 2,767 cr vs Rs 1,682 crore

• NII: Rs 4521 crore vs Rs 3843 crore

• GNPA: 2.37% vs 2.75%

• NNPA: 0.71% vs 0.87%

Source: Exchange filing

Inflationary risks to India’s economy warrant an earlier tightening of monetary policy by India’s central bank, according to Nathan Sribalasundaram, Southeast Asia and India rates analyst at Nomura in Singapore.

• The Reserve Bank of India said its governor will make an unscheduled statement on Wednesday, sending bond yields surging on speculation of a rate hike.

• “Hard to say if this will be a rate hike or further calibration of the liquidity,” says Sribalasundaram, “Clearly though the inflationary risks warrant a more aggressive and earlier tighten of monetary policy.”

• Yields will move sharply higher and we can expect the 6m-18m part of swap curve to come under the most pressure as the market re-calibrate should a rate hike happen.

Source: Bloomberg

• Exide Industries raised to 'buy' from 'accumulate' at Elara Securities India; price target set at Rs 243, implied return of 58%.

• Endurance Technologies raised to 'buy' from 'accumulate' at Elara Securities India; price target set at Rs 2,101, implied return of 70%.

Source: Bloomberg

European Commission President Ursula von der Leyen proposes a complete ban on Russian oil in EU’s sixth package of sanctions.

• The EU will also de-swift Sberbank, Russia's largest bank and two other major banks.

• EU to also ban three big Russian state-owned broadcasters from its airwaves.

Source: Ursula von der Leyen’s Twitter

• About 2.46 million shares, aggregating to 6.1% of equity, of IFB Industries changed hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

India's stock benchmarks declined, dragged by losses in healthcare and consumer durables stocks, ahead of RBI Governor's surprise statement scheduled at 2 PM. The announcement by central bank has spurred talks of an interim rate hike and comes ahead of U.S. Federal Reserve rate decision due later today. The U.S. central bank is expected to dial in a 50bps rate hike.

The Sensex fell over 1.25% (nearly 750 points) to 56,251.56. The Nifty 50 also declined by similar magnitude to 16,858.20.

The S&P BSE MidCap almost mirrored its larger peers while S&P BSE SmallCap outperformed, with losses to the tune of 0.8%. All the 19 sectoral indices compiled by BSE Ltd. logged losses with S&P BSE Consumer Durables, Healthcare and Metal indices leading the decline.

The market breadth was skewed in the favour of bears. About 1,092 stocks advanced, 2,153 declined and 139 remained unchanged.

The board of InterGlobe Aviation Ltd., the operator of IndiGo Airlines, announced the appointment of Venkataramani Sumantran, an Independent Non-Executive Director as Chairman.

He takes over from Meleveetil Damodaran, who has stepped down as an Independent Non-Executive Director on May 3, 2022, on attaining the age of 75 years.

Source: Exchange Filing

Yields on Indian government bonds jumped ahead of an unscheduled speech by RBI governor Shaktikanta Das.

• Benchmark 10-year bond yields surged as much as 9 bps before paring some gains to trade at 7.18%

• RBI Governor Shaktikanta Das to make a video statement on May 4, 2PM

Source: RBI

Shares of Voltas fell 4.72%, the steepest intraday decline in over two weeks.

• The company entered into a joint venture with Highly International (Hong Kong), a wholly owned subsidiary of Shanghai Highly (Group) Company, to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials and components required for manufacturing these products. The JV was announced post market hours on Monday.

• Trading volume on the stock is twice the 30-day average. The company will released its earnings for the quarter-ended March tomorrow. Of the 41 analysts tracking the company, 22 suggest 'buy', 11 recommend 'hold' and eight maintain 'sell'. The return potential of the stock is 6.8%.

Source: Exchange filing, Bloomberg

Most yields along the India sovereign yield curve rose, with 10-year bonds moving the most in Wednesday morning trading.

• The 1-year yield remained unchanged at 5.13%

• The 10-year yield rose 4.1bps to 7.159%

• The 18-year yield remained unchanged at 7.33%

• The 2-year-10-year yield spread was 162.7bps, vs previous close 160.8bps

Source: Bloomberg

• HDFC Bank has 1.31 million shares change hands in a large trade.

• SBI Cards has 1 million shares change hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

Tata Power Renewable Energy, a subsidiary of Tata Power has commissioned 120 MW solar project in Masenka in Gujarat.

• The project will produce 3,05,247 MWh annually for Gujarat government. Approximately 3.81 lakh modules were used in the installation of the project which is expected to reduce 1.03 lakh tonnes of carbon dioxide annually.

• With this project, the total renewables capacity in operation for Tata Power Renewable stands at 3,520 MW (2,588 MW solar and 932 MW of wind energy).

• Shares of Tata Power rose over 2.2% in intraday trade.

Source: Bloomberg

Yield on the 10-year bond rose 5bps to 7.16% during the session.

Source: Bloomberg

• Indian currency rose 0.17% to 76.39 during the session, before paring most of the gains.

• The rupee advances supported by possible foreign inflows as the nation’s biggest ever share sale opened for subscription on Wednesday

Source: Bloomberg

Shares of Adani Wilmar fell over 4.6% in intraday trade after the company reported a decline in Q4 net profit.

Q4 FY22 (Consolidated, YoY)

• Revenue up 40% at Rs 14,960.37 crore

• Net profit fell 26% to Rs 234.3 crore

• EBITDA rose 21% to Rs 425.72 crore

• Margins at 2.8% versus 3.3%

This is the fourth straight session in which the stock has logged losses. Over the past four days, the stock has shed over 15%.

JPMorgan downgraded the stock to 'underweight' from 'neutral' after the company reported its earnings.

Source: Exchange filing, Bloomberg

Shares of Godrej Properties rose over 3.25% to Rs 1,668.55 apiece after the company reported highest ever quarterly sales in the quarter-ended March on Tuesday.

• Consolidated net profit rose to Rs 260.47 crore compared to a net loss of Rs 191.57 crore YoY.

• Most analysts retain their ratings on the stock as they expect to company to continue to growth at a healthy pace. They expect strong new project additions to drive the company's growth and help the company clock Rs 10,000 crore in pre-sales in FY2023.

• Trading volume on the stock is nearly quadruple the 30-day average. The consensus analyst recommendation improved from 'sell' to 'hold' today. Of the 20 analysts tracking the company, four maintain 'buy', five suggest 'hold' and 11 recommend 'sell'. The return potential of the stock is -3.1%.

Source: Exchange filing, Bloomberg, Brokerage notes

Shares of Alembic Pharma fell over 6.32%, the steepest intraday decline in over nine months after the company reported Ebitda, net profit and margins below average analyst estimate.

Q4FY2021-22 ( Consolidated, YoY)

• Revenue up 9% at Rs 1,426 crore Vs Rs 1,306 crore (Bloomberg Estimate: Rs 1,254 crore)

• EBITDA down 51% to Rs 170 crore from Rs 346 crore (Bloomberg Estimate: Rs 243 crore)

• Margins at 11.9% Vs 26.5% (Bloomberg Estimate: 19.3%)

• Net profit down 86% at Rs 34 crore from Rs 251 crore (Bloomberg Estimate: Rs 154 crore)

• EPS at Rs 1.8 per share vs Rs 12.75 per share (Bloomberg Estimate: Rs 7.3)

Analysts believe that the outlook for growth remains muted due to high price erosion, unabsorbed fixed cost due to underutilisation of plants and possible delay in the launch of complex generics in the U.S. market.

Trading volume in nearly 10 times the 30-day average. Of the 18 analysts tracking the company, six suggest 'buy', eight maintain 'hold' and four recommend 'sell'. The return potential of the stock is 9.3%.

The stock is the worst performer on the NSE Nifty Pharma index.

Source: Exchange filing, Bloomberg

Shares of Britannia Industries rose over 9.9%, the most in two years after analysts retained their ratings on the stock after the company reported net profit for the March quarter above average analyst estimate.

Britannia Industries Q4 FY22

• Revenue up 13% at Rs 3,550.45 crore Vs Rs 3,130.75 crore (Bloomberg Estimate: Rs 3,457.8 crore)

• Net profit up 4% to Rs 379.87 crore from Rs 364.32 crore (Bloomberg Estimate: Rs 378.76 crore)

• EBITDA up 8.7 % to Rs 549.68 crore Vs Rs 505.39 crore (Bloomberg Estimate: Rs 526.51)

• Margins at 15.5% Vs 16.1% (Bloomberg Estimate: 15.2%)

Of the 38 analysts tracking the company, 25 maintain 'buy', 10 suggest 'hold' and three recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 11.7%.

ICICI Securities upgraded the stock to 'hold' from 'reduce' after the earnings.

Source: Exchange filing, Bloomberg

• Adani Airports Holdings’ subsidiary Mumbai International Airport has raised $750 million (Rs 5,730 crore) through 7.25-year USD Notes through U.S. private placement.

• Funds raised to be used for, refinancing of existing debt and for new capital expenditure requirements.

Source: Exchange filing

India's stock benchmarks rose, aided by gains in fmcg and realty stocks. Focus shifts to LIC IPO which begins today. The nation's biggest ever share sale may lead to foreign inflows. Investors will also shift attention to U.S. Federal Reserve which is expected to dial in 50bps rate hike today.

The S&P BSE Sensex opened 0.25% higher before paring the gains and slipping below 57,000. The NSE Nifty also erased opening gains to 17,056.75

The broader indices outperformed their larger peers. The S&P BSE MidCap rose 0.15% while S&P BSE SmallCap added 0.4%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Realty rising 0.6%.

The market breadth was skewed in the favour of bulls. About 1,610 stocks gained, 862 declined and 120 remained unchanged.

Jefferies

• Maintains 'buy', target price raised to Rs 2,100 from Rs 2,000, an implied return of 29.97%

• Firm delivered a strong 4Q with pre-sales, cash collections and reported profits at a record.

• Management is aiming for pre-sales to cross Rs 10,000 crore in FY23 and a strong launch pipeline of 21 msf should help deliver on the same

• New project adds at 6 msf were strong; though low gearing and a still early-stage housing cycle means much more should be done in FY23

Motilal Oswal

• Maintains 'neutral' with the target price cut to Rs 1,750 from Rs 1,800, an implied return of 8.31%.

• Firm reported highest ever quarterly sales and annual pre-sales and collections, inline with expectations.

• Value of bookings also rose 17% to Rs 7,860 crore in FY2022, a record.

• Raises FY23/24 pre-sales estimate by 1%/2%.

• Expects the company to continue to grow at a healthy pace.

• MMR and Bengaluru remain the company's top priorities, while it also pursues new project additional opportunities in key focus markets.

• New project additions outside its four core markets will mostly be under the plotted development category.

Source: Motilal Oswal, Jefferies notes

GMR Infrastructure's subsidiary GMR Hyderabad International Airport received letter of confirmation from Ministry of Civil Aviation extending the term of concession agreement for operating Hyderabad's Rajiv Gandhi International Airport for further period of 30 years from March 23, 2038 to March 22, 2068.

• The extension is in terms of the concession agreement dated December 20, 2004. The Rajiv Gandhi International Airport in Hyderabad was commissioned in a record time of 31 months and inaugurated in March 2008. The initial capacity of the airport was 12 million passengers per year. It has now risen to 21 million passengers per annum.

Source: Exchange Filing

Adani Ports reported cargo volume for April of 28.64 million tons Vs. 24.46 million YoY.

April Results

• Cargo volume 28.64 million tons, +17% YoY

Commentary & Context

• Coal volumes grew 23% YoY; agriculture cargo and fertilizer handling at ports grew 350%

Source: Exchange filing

The rupee may advance with inflows watched as the nation’s biggest ever share sale opens for subscription on Wednesday. An easing in crude prices on Tuesday may also help.

• Life Insurance Corp. of India’s public offering drew anchor investors including Norway’s sovereign wealth fund and the Singaporean government, raising Rs 5,630 crore ($736 million) ahead of its full initial public offering.

• USD/INR rose 0.1% to 76.5150 on Monday. Indian markets were closed for a holiday on Tuesday.

• 10-year yields fell 2bps to 7.12%.

• Global funds sold net Rs 1,850 crore of India stocks Monday: NSE.

  • They bought Rs 28 crore of sovereign bonds under limits available to foreign investors on Monday, and withdrew Rs 2,260 crore of corporate debt.

• State-run banks sold Rs 758 crore of sovereign bonds on May 2: CCIL data. Foreign banks bought Rs 1,660 crore of bonds.

Source: Bloomberg

• Adani Total Gas

• Adani Green Energy

• Tata Consumer Products

• Kotak Mahindra

• IIFL Wealth Management

• ABB India

• Havells India

• Equitas Small Finance Bank

• EIH Hotels

• Deepak Nitrite

• SIS

• Rain Industries

• Oracle Financial Services Software

• MAS Financial Services

• Laxmi Organic Industries

• Cigniti Technologies

• Bombay Dyeing

• Aptech

• SpiceJet: The Directorate General of Civil Aviation grounded Spicejet Boeing 737-800 jets after severe turbulence incident. DGCA is also inspecting air carrier’s entire fleet.

• PowerGrid: The company approved acquisition of 77,30,225 equity shares of IL&FS Energy Development Company in Cross Border Power Transmission Company. CPTCL is a joint venture of Power Grid Corporation of India Limited (26%), Satluj Jal Vidyut Nigam Limited (26%), Nepal Electricity Authority (10%) and IEDCL (38%).

• Voltas: The company entered into a joint venture with Highly International (Hong Kong), a wholly owned subsidiary of Shanghai Highly (Group) Company, to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials and components required for manufacturing these products.

• Hindustan Zinc: The company has signed a memorandum of understanding with Sweden based Sandvik for supply of a battery-electric underground equipment fleet to be used at Sindesar Khurd Mine.

• Bombay Dyeing: Chief Financial Officer Hitesh Vora resigned effective August 2.

• Aurobindo Pharma: Says Unit Eugia Pharma gets approval for Bortezomib for injection.

• Macrotech Developers: To merge nine-units with itself.

• NMDC: April sales 3.12 million tonnes Vs 3.09 million tonnes YoY.

• Zydus Lifesciences: Gets U.S. FDA approval for Bortezomib for injection.

Hero MotoCorp Q4 FY22 (Standalone, YoY)

• Revenue down 15% at Rs 7,421 crore Vs Rs 8,686 crore (BBG estimate: Rs 7,465 crore)

• Net profit down 28% at Rs 627crore Vs Rs 865 crore (BBG estimate: Rs 625 crore)

• Ebitda down 32% at Rs 828crore Vs Rs 1,211 crore (BBG estimate: Rs 877 crore)

• Margin at 11.2 % Vs 13.90% (BBG estimate: 11.75%)

Adani Wilmar Q4 FY22 (Consolidated, YoY)

• Revenue up 40% at Rs 14,960.37 crore Vs Rs 10,672.34 crore

• EBITDA up 21% to Rs 425.72 crore Vs Rs 353.17 crore

• Margins at 2.8% Vs 3.3%

• Net profit down 26% to Rs 234.3 crore from Rs 315 crore

Jindal Stainless Q4 FY22 (Consolidated, YoY)

• Revenue up 68% at Rs 6,563.51 crore Vs Rs 3,913.64 crore

• EBITDA up 55.2% at Rs 841.59 crore Vs Rs 542.22 crore

• EBITDA margin 12.82% Vs 13.85%

• Net profit up 154% at Rs 735.53 crore Vs Rs 289.19 crore

• Approved transfer of entire stake in JSL Ferrous, wholly owned subsidiary of the company to Jindal United Steel, associate company.

Castrol India Q4 FY22 (Consolidated, YoY)

• Revenue up 8.5% at Rs 1,235.7 crore Vs Rs 1,138.7 crore

• EBITDA fell 6.7% at Rs 317.20 crore Vs Rs 340.1 crore

• EBITDA margin 25.67% Vs 29.87%

• Net profit fell 6.2% at Rs 228.4 crore Vs Rs 243.6 crore

Britannia Industries Q4 FY22

• Revenue up 13% at Rs 3,550.45 crore Vs Rs 3,130.75 crore (Bloomberg Estimate: Rs 3,457.8 crore)

• Net profit up 4% to Rs 379.87 crore from Rs 364.32 crore (Bloomberg Estimate: Rs 378.76 crore)

• EBITDA up 8.7 % to Rs 549.68 crore Vs Rs 505.39 crore (Bloomberg Estimate: Rs 526.51)

• Margins at 15.5% Vs 16.1% (Bloomberg Estimate: 15.2%)

Mahindra and Mahindra Financial Services Q4 FY22 (Consolidated, YoY)

• Revenue fell 4.8% at Rs 2,865.08 crore Vs Rs 3,007.26 crore

• EBIT up 31% at Rs 1,882.42 crore Vs Rs 1,436.57 crore

• EBIT margin 65.7% Vs 47.77%

• Net profit up 188% at Rs 623.78 crore Vs Rs 216.34 crore

• Recommended dividend of Rs 3.6 per share of face value of Rs 2 each

JBM Auto Q4 FY22 (Consolidated, YoY)

• Revenue up 44% at Rs 1072.29 crore Vs Rs 744.88 crore

• EBITDA up 46% at Rs 123.05 crore Vs Rs 84.18 crore

• EBITDA margin 11.48% Vs 11.3%

• Net profit up 165% at Rs 85.63 crore Vs Rs 32.24 crore

• Recommended final dividend of Rs 1 per share on face value of Rs 2 each

Alembic Pharmaceuticals Q4 FY22 (Consolidated, YoY)

• Revenue up 9% at Rs 1,426 crore Vs Rs 1,306 crore (Bloomberg Estimate: Rs 1,254 crore)

• EBITDA down 51% to Rs 170 crore from Rs 346 crore (Bloomberg Estimate: Rs 243 crore)

• Margins at 11.9% Vs 26.5% (Bloomberg Estimate: 19.3%)

• Net profit down 86% at Rs 34 crore from Rs 251 crore (Bloomberg Estimate: Rs 154 crore)

• EPS at Rs 1.8 per share vs Rs 12.75 per share (Bloomberg Estimate: Rs 7.3)

Stocks rose on Wednesday and bonds remained under pressure as investors gear up biggest Federal Reserve interest rate-hike since 2000 as they await more clues on the U.S. central bank's plans to tackle inflation.

Equities advanced in Australia and South Korea, while S&P 500 and Nasdaq 100 futures rose. Japan and China are closed for holidays. The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, rose over 0.5% to 17,073 points as of 7 a.m.

The Fed is expected to raise rates by 50 basis points on Wednesday and detail plans for the reduction of its balance sheet. Key for markets will be Fed Chair Jerome Powell’s commentary, which might contains hawkish surprises.

In commodities, oil was at about $103 a barrel and gold was little changed. Bitcoin hovered around $38,000.