Asian Paints profits jump 45 percent, Eicher Motors reports 48% growth in net profits

Opening Bell:

SGX Nifty is down by 62.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets are mixed today. The Nikkei 225 is up 0.90% while the Hang Seng gains 0.54%. The Shanghai Composite is off 0.15%. The Dow and the S&P 500 ended lower on Thursday, dragged down by Walt Disney Co (DIS.N) as it lost subscribers, while PacWest (PACW.O) led declines in regional banks after posting a drop in deposits. the S&P 500 down by 0.17%. while the Nasdaq Composite up by 0.18%. The Dow Jones Industrial Average down by 0.66%.

Stocks News:

👉Eicher Motors Ltd has reported 48% growth in its consolidated net profit at Rs 905 for the fourth quarter. Revenue from operations jumped 19% year-on-year to Rs 3,804 crore.

👉BSE’s net profit stood at 122 crore in the January-March period. Revenue from operations for the fourth quarter stood at Rs 227 crore.

👉Asian Paints on May 11 reported consolidated net profit of Rs 1,234.14 crore in the March quarter of FY23, a growth of 45.12 percent from Rs 850.42 crore in the year-ago period. The company’s revenue from operations came in at Rs 8,787.34 crore, rising 11.33 percent over Rs 7,892.67 crore in the year-ago quarter.

👉Aditya Birla Capital on Thursday reported a 35 per cent increase in consolidated net profit to Rs 609 crore in the fourth quarter ended March 2023. The holding company for the financial services businesses of the Aditya Birla Group had earned a net profit was Rs 450 crore in the year-ago period.

👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 837 crore on Wednesday. DIIs, on the other hand, stock sold worth Rs 200 crore.

Domestic and International Events

• The Indian Directorate General of GST Intelligence (DGGI) and Directorate of Revenue Intelligence (DRI) have discovered alleged Integrated GST evasion of ₹11,000 crore ($1.5 billion) by 24 large importers. Some of the companies involved are in the steel, pharmaceutical, gems and jewellery, and textiles sectors. Tax fraud has been discovered based on data produced by the Advanced Analytics in Indirect Taxation.
• Over 5.25 crore subscribers have enrolled in Atal Pension Yojana (APY), the government’s flagship social security programme launched eight years ago, the finance ministry said in a statement. The scheme was launched on May 9, 2015, by Prime Minister Narendra Modi with the objective of delivering old-age income security to all citizens of India,  particularly to the workers in the unorganised   sector.
• Oil markets regained some ground in early Asian trade on Friday with traders engaged in short-covering ahead of the weekend, but uncertainties regarding the U.S. debt ceiling and renewed fears over a U.S. regional banking crisis capped   gains.
• In the international market, both gold and silver were trading lower at USD 2,026 per ounce and USD 25.10 per ounce, respectively. Gold prices edged lower in Asian trading hours on Thursday as volatility in yellow metal expanded post US inflation data

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	19,744	(0.1) %
Shanghai Composite	3,310	(0.3) %

DEVELOPED	LATEST	% 1D
Dow Jones	33,310	(0.7) %
DAX	15,835	(0.4) %
FTSE 100	7,731	(0.1) %
Nikkei	29,127	0.0 %
Straits Times	3,230	(0.4) %