Reliance shareholders and creditors approve demerger of financial services arm

Billionaire Mukesh Ambani-led Reliance Industries Limited’s shareholders, with its secured and unsecured creditors, on May 4 permitted the demerger of the company’s financial services firm – Reliance Strategic Ventures. The firm will now be renamed Jio Financial Services Limited.

The shareholders of Reliance Industries would receive one share of Jio Financials for every share they hold in the parent company, said the oil-to-telecom major in a regulatory filing to the stock exchanges. (Read More)

Hero Motocorp beats estimates in Q4 standalone PAT to ₹859 cr, up 37%; declares 1750% dividend

Two-wheeler giant, Hero Motocorp Beats estimates in terms of bottom-line in the fourth quarter of FY23, by posting a growth of 36.97% in standalone net profit to ₹858.93 crore, compared to a PAT of ₹627.05 crore in the same period a year ago. A combination of pricing, savings and mix boosted the auto player’s margin expansion and profitable growth in the quarter. The company also declared a huge dividend of ₹35 per share for its shareholders.

Sequentially, the Q4 PAT growth stood at 20.79% from ₹711.06 crore in December 2022 quarter.

For the quarter, the EBITDA margin stood at 13%, an improvement of 190 bps year-on-year basis, driven by lower commodity costs, higher savings, and judicious price increases. (Read More)

Buy or sell: Vaishali Parekh recommends three stocks to buy today: Havells, Axis Bank, and Reliance Industries

Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those buy or sell stocks:

1] Havells: Buy at ₹1256, target ₹1310, stop loss ₹1230;

2] Axis Bank: Buy at ₹865, target ₹920, stop loss ₹830; and

3] Reliance Industries Limited or RIL: Buy at ₹2448, target ₹2600, stop loss ₹2400. (Read More)

Adani Flagship’s 138% Profit Jump to Aid Growth Post Hindenburg

Adani Enterprises Ltd.’s latest quarterly profit more than doubled, helping billionaire Gautam Adani’s flagship firm refocus attention on the conglomerate’s growth potential after a scathing short seller attack earlier this year wiped out more than $100 billion of market value.

The Ahmedabad, Gujarat-based company posted a net income of 7.22 billion rupees ($88.2 million) for the quarter ended March 31, compared to 3.04 billion rupees in the same period last year, it said in an exchange filing Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.

Revenue surged 26% to 313.5 billion rupees, boosted partly by the mining and airport business while total costs climbed 22% to 301.8 billion rupees, the filing said. The company’s shares closed 3.9% higher after the earnings were announced, which showed gross debt shrank by 6.5% to 383.2 billion rupees as of March 31 compared to the year-ago period. (Bloomberg)

‘India at tipping point.. vibrancy unbelievable’: Apple CEO Tim Cook

Apple Inc. chief Tim Cook singled out India as pivotal for the iPhone maker. He added that how the world’s most populous country is on the cusp of becoming both a major market and production base.

Cook, who presided over the opening of Apple’s first two Indian retail outlets last month, joined his lieutenants in mentioning India roughly 20 times on an conference call after unveiling earnings, a report by Bloomberg stated. The tech giant’s sales in India reached a new record of nearly $6 billion for the year ending in March which showed the growing significance of the Indian market for Apple, and highlighted its efforts to expand its presence and offerings in the region. (Read More)

Wall Street stocks sink on Thursday as bank woes flare; fears of banks pulling back on investments run high

Stocks sank on Wall Street Thursday as worries cranked higher about a cracking U.S. banking system.

The S&P 500 fell 0.7% to add to its loss for the week so far. The Dow Jones Industrial Average dropped 286 points, or 0.9%, and is now down for the year, while the Nasdaq composite fell 0.5%.

At the start of this week, regulators seized First Republic Bank and sold most of it to JPMorgan Chase, with hopes that could bolster confidence in the industry. Officials have stressed they see the banking system is sound and secure, but the worries aren’t leaving the market.

Banks are dealing with drastically different business conditions now that interest rates are no longer at record lows. The Federal Reserve on Wednesday announced its latest increase, which took its key overnight rate up to a range of 5% to 5.25% from virtually zero early last year.

The Fed has jacked up rates at the fastest pace in decades to knock down high inflation. But it does that by slowing the economy, raising the risk of a recession and hurting prices for investments. Many of the loans made and bonds bought by banks when rates were low are suddenly worth much less in today’s market.

The worry now is that even if no more banks topple, the industry’s turmoil could cause smaller and mid-sized banks to pull back on their lending. That in itself could act like rate hikes, which would further smother the economy. Many investors already believe a recession will hit later this year. (AP)