Devyani International Q4 results: Net profit falls 20% YoY to ₹60.7 crore; revenue rise 27.8%

Devyani International, the largest franchisee of KFC and Pizza Hut in India, on Wednesday, reported a net profit of ₹60.7 crore in the quarter ended March 2023, registering a fall of 20.4% from ₹76 crore in the same quarter year.

The revenue of the QSR chain during Q4FY23 rose 27.8% to ₹755 crore from ₹590.7 crore, YoY.

Earnings before interest, tax, depreciation and amortization (EBITDA) increased 10.7% to ₹154.6 crore from ₹139.6 crore, while EBITDA margin contracted to 20.4% from 23.6%, YoY. (Read More)

Goldman Sachs slashes Adani Group stakes from its ESG funds: Report

The investment division of Goldman Sachs Group Inc. drastically decreased its exposure to the Adani Group in its ESG portfolios in the weeks following allegations of fraud made against the company by short-seller Hindenburg Research, reported Bloomberg.

According to data collated by Bloomberg, Goldman funds designated by the European Union as pursuing environmental, social, and governance goals sold 11.7 million shares in Adani firms in February. According to the statistics, Goldman Sachs Asset Management’s actively managed ESG fund exposure to Adani was only ever a stake in Ambuja Cements Ltd. totaling about 400,000 shares after the retreat. (Read More)

Pricol files objection with CCI to resist Uno Minda’s takeover bid

Pricol, a Coimbatore-based driver information systems maker, has filed an objection with the competition regulator to block Uno Minda’s move to buy up to 24.5% in the company, Pricol told stock exchanges on Wednesday.

Uno Minda filed an application with the Competition Competition of India (CCI) to get clearance to acquire a 24.5% stake in Pricol, which is a leading manufacturer of instrument clusters in India, while Minda has a much smaller share of the market.

In February, Minda bought a 15.7% stake in Pricol for ₹400 crore in a surprise move that triggered a confrontation with the promoter group of the target company led by managing director Vikram Mohan. (Read More)

Buy or sell: Vaishali Parekh recommends three stocks to buy today: Equitas SFB, FACT, and Deepak Nitrite

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

1] Equitas Small Finance Bank: Buy at ₹82, target ₹86, stop loss ₹80.50;

2] FACT: Buy at ₹316.50, target ₹327, stop loss ₹311; and

3] Deepak Nitrite: Buy at ₹1972, target ₹2040, stop loss ₹1945. (Read More)

RBI allows SBI Funds Management to buy upto 9.99% stake in HDFC Bank within the next 6 months

The Reserve Bank of India (RBI) has given SBI Funds Management (SBIFML) -a joint venture between the State Bank of India and France’s AMUNDI, permission to purchase up to a 9.99% stake in HDFC Bank and has recommended the company to do so within six months.

The permission has been given in tandem to the application submitted by SBIFML to RBI, according to the HDFC Bank, which added that the approval is subject to a few conditions.

The RBI asked SBIFML to purchase the aforementioned substantial stake in the bank within six months, or by November 15, 2023, the bank stated. (Read More)

Wall Street ends sharply higher on Wednesday, dollar hits seven-week high as debt limit talks advance

Wall Street rallied to a higher close on Wednesday, gathering momentum throughout the afternoon trading, and the dollar touched a six-week high as regional banks surged and negotiations in Washington over raising the debt ceiling progressed.

All three major U.S. stock indexes rallied to end up more than 1% as hopes of a deal to raise the debt limit helped investors look past dismal forecasts from retailers Target Corp and Home Depot Inc.

Regional banks provided some lift, with the KBW Regional Banks index surging 7.3% amid waning concerns of a liquidity crisis in the sector.

Debt ceiling negotiations, which have become a growing preoccupation of market participants, appeared to be moving in the right direction, with vows from U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy that the U.S. will avoid a catastrophic default.

“What we’re seeing today is positive comments saying progress is being made toward a debt ceiling deal, and that’s given the market reason to put money back to work,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

The Dow Jones Industrial Average rose 408.63 points, or 1.24%, to 33,420.77, the S&P 500 gained 48.87 points, or 1.19%, to 4,158.77 and the Nasdaq Composite added 157.51 points, or 1.28%, to 12,500.57. (Reuters)