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May 02, 2023

Tata Technologies IPO – Issue Information *(TENTATIVE)*
Issue Opens on: ??th June 2023
Issue Closes on: ??th June 2023
Issue Type: Book Built Issue IPO
Issue Size: 9,57,08,984 Shares
Face Value: Rs.2/- per Share
Issue Price: around Rs.500
Discount: NIL
Market Lot: 30 Shares
Listing At: NSE, BSE
*FAQ – Change in Margin System with effect from 02 May 2023*
*Q1. Is any new margin coming from 2nd May 2023?*
No new margin is coming as such. 20% margin requirement which started 3 years back that only would continue. However, margin calculation system will change with effect from 2nd May 2023.
*Q2. Currently, 20% margin is required in case of BUY. In case of CNC Sell, there is no margin required, right?*
You are wrong. According to SEBI Margin norms, Buy and Sell both requires 20% margin. If you sell through CNC, that means if you sell any share which is already in your Demat holding, in that case Early Pay In is done same day. Since, currently, margin requirement calculation is done at end of the day (EOD), that is why it is possible for Eureka to get you margin benefit in case of CNC Sell.
Remember, CNC is not any margin waiver. CNC means cash and carry, that means you are holding (carrying) the shares you bought, after making payment. CNC Sell means you are selling only those shares which are in your Demat Account.
*Q3. Then what will happen in new system?*
In the new system, with effect from 2nd May 2023, margin requirement calculation will be done on real time basis, during market time. During market time, margin requirement will keep changing depending on your trades and open position. If your margin falls short of highest margin requirement (peak margin) at any point of time during market time, then penalty will be levied. Hence, no early pay in benefit at end of day would be available.
*Q4. Then, if there is no ledger credit in account and if there is no shares pledged, that means if there is no margin, then in case of CNC Sell, short margin penalty will be levied?*
No in such case even if the margin falls short, Exchange is giving the facility of penalty waiver to Broker (Eureka) and Eureka will pass on that waiver to clients.
*Q5. Currently, in case of CNC Sell, same day any other shares can be bought or the same share can be covered, up to 80% of the sell value – would that stop?*
It wont stop actually, but in that case buy side margin will be required.
Currently, suppose you don’t have any margin, no ledger credit and no shares are pledged. You sell shares of Rs. 1 lac from your Demat holding through CNC and same day you can buy any other shares or cover the same shares up to Rs. 80K. This Buy trade does not need margin. Actually it needs margin but you are not required to provide the same because you are being given the CNC sell credit (not ledger credit, it is margin calculation credit) instantly and that credit is being utilized as Buy margin. This instant credit is currently possible because the margin requirement calculation is being done only at end of day and early pay in is also done at end of the day.
With effect from 2nd May, margin requirement calculation would be done on real time basis and therefore early pay in benefit at end of day will no more available. If you sell through CNC and if you buy other shares or cover the same shares same day, your margin requirement will be showing for both Sell and Buy, as the peak margin. Sell side margin will be waived later but Buy side margin will remain short and penalty will be levied.
*Q6. In case of CNC Sell when I will be allowed to buy, then?*
You will be allowed to buy once the settlement is done. Since the settlement process has been already shifted from T+2 to T+1 so with effect from 2nd May you will be allowed to buy definitely on next trading day. And not to mention, if you already have buy side margin, you would be allowed to buy very same day.
*Q7. Any changes in case of BTST?*
Since entire settlement process has already been shifted from T+2 to T+1, nothing will exist as such as BTST. If you buy today, 20% margin will be required and if you sell tomorrow you can do it through CNC.
*Q8. What are the upcoming changes in pledging of shares?*
Till now you are being allowed to pledge any share of your Demat holding as margin and you are getting limits against the same after certain haircut. With effect from 2nd May, you will be allowed to pledge only those shares which are approved by NSE. Further, Eureka will be able to provide limits, if and only if, Exchange gives limits after the same is repledged by Eureka with Exchange. If Exchange does not provide limits after it is repledged, Eureka also will not be able to provide limits, even if it is approved securities. Why there is possibility that Exchange might not give limit even on approved securities is further explained in Point 12.
*Q9. After pledging approved securities, how will I know that Exchange has provided limit on those scrips or not.*
We are in process to develop a new feature in Back office within a week which will show net effective value of securities pledged by you. However, in case several scrips are pledged, we can only provide net value of all the shares after haircut and showing break up values wont be possible.
*Q10. How would I know which shares are approved by NSE?*
NSE provides a list of approved securities by issuing a circular after 20th of every month, which applies to next month. You will also get this list of approved securities in Eureka Website. The list of approved securities contains the details of shares, bonds, mutual funds etc with haircut.
*Q11. What will happen if any of my share which is not approved by NSE and is pledged with Eureka?*
You are requested to unpledge such shares immediately and replace by approved securities. Eureka also is looking to unpledge those shares automatically and transfer to demat account of clients.
*Q12. What are the factors I should keep in mind while pledging my shares as Margin?*
See, margin could be of two types - Cash and Non-cash i.e, (approved) securities. For cash margin, there is no need to consult NSE list of approved shares and naturally there is no haircut in cash margin. Besides, there are some Government bonds, Gold Bonds and liquid funds, according to NSE list, which are treated as cash equivalent, having minimum haircut and negligible price volatility.
Shares, which are approved by NSE, could be of two types. Nifty 50 stocks and Next 50 stocks do not have any member wise limit. That means, you can pledge as much as quantity of those shares you want and those shares will be fully accepted by NSE as margin after certain haircut.
However, there are many shares, in the list, which do have member wise limit. For example, Member wise permitted quantity for 20 Microns Limited in CM Segment is 145822. That means, all members across the exchange are allowed to re-pledge 145822 shares of 20 Microns Limited with the exchange. Now, if already the limit of 145822 shares is exhausted by other members, you might not be allowed to pledge shares of 20 Microns, if you want to. In that case, inspite of being the approved shares, you will not be able to utilize your 20 Micron shares as margin.
Therefore, all these factors should be kept in mind in pledging of shares. While trading, sometimes you may buy any share which is not approved by NSE, you could not pledge them to get margin. If Nifty 50 stock or next 50 stocks are there in your holding, those shares should get priority in pledging. If you have Government Bonds, Gold Bonds etc in your holding, those securities should get priority while pledging. In this connection, this is worth mentioning that Government Bonds (G-Sec) are extremely good risk free investment which are better than Bank FD in terms of both return and safety. These securities do not have any quantity cap for the purpose of pledging. These securities are not traded frequently and therefore these securities if pledged would give you margin comfort.
[You may contact Bond Desk of Eureka for further details about G-Sec or Gold Bond.]
*Q13. Is any change expected in timeline of margin deposit? Till now, I am getting almost instant limit once I transfer fund to or pledge shares during market time.*
Yes. With effect from 2nd May 2023, margin updation and trading limit will not be available instantly after funds are transferred during market time. The reason is, there was a time when providing margin was sufficient. If you provide margin, you were permitted to trade in all three segments – like Cash, Derivatives and Currency. Then SEBI came out with requirement of margin allocation. Having margin was no more sufficient, the said margin needs to be allocated segment wise. Till now, margin allocation was being done at end of the day. With effect from 2nd May, since margin requirement calculation will be done on real time basis, allocation of margin will be required to be done immediately after margin is received, prior to trade. This process will take some time. It is very difficult to predict how long this process will take exactly, at this stage, lots will depend on exchange also. It is a new system going to kick start, so at initial phase it is expected to take bit longer time like say 30 min to 1 hour.
In case of Share pledge also, same thing will apply. Same day margin pledge benefit is being withdrawn with effect from 2nd May 2023. *You will have to follow following timeline for pledge of securities.*
Securities pledged latest by 5 PM – Limits updation by 9 AM next trading day
Securities pledged by 9 AM – Limits updation by 1 PM same day
Securities pledged by 11 AM – Limits updation by 3 PM same day
*Q14. What will happen in case of Cheque Deposit instead of Bank Transfer?*
Cheque deposit might take longer time for margin updation in comparison to Bank Transfer. Till now, Eureka is allowing margin updation on the basis of cheque entry. This policy may change and would be notified very shortly. In stock market operations, electronic funds transfer would get preference over cheque deposit in coming days.
*Q15. What will happen in case of Demat Account with outside DP or non-POA Demat Account with
Clients with Demat accounts with outside DP or having non-POA account with Eureka would face tremendous operational hazards and margin issues in coming days. Therefore, those who are still having demat accounts with outside DP or having non-POA account with are advised to shift to POA Demat Account with Eureka with immediate effect.
*Q16. At the bottom line, what is the mantra for uninterrupted, smooth and penalty free trading?*
- Proper and effective planning for Trading in advance
- Margin Deposit in advance
- Keeping always additional margin
- Selection of right shares for pledge
- Investing in G-Sec, Gold Bonds etc and pledging them
- Having POA Demat Account
- Transferring funds in electronic mode
- Not keeping Ledger Debit more than 1 day
*Very Good Morning!!!*
*US Markets in Detail....*
*SGXNifty: 18,208: +117: +0.65%*
*MANKIND: last heard Rs. 96-99*
Provisional Cash Rs. In Crs. (28th April)
FIIs +3,304 (13,577 – 10,273)
DIIs +264 (6,319 – 6,055)
*Today’s Major Financial Results:*
AMBUJACEM, DCMSHRIRAM, FINOPB, SPANDANA, TATASTEEL, UCOBANK, VBL, etc.
Sensex: 61,112: +463: +0.76%: shut
Nifty: 18,065: +150: +0.84%: shut
BankNifty: 43,234: +233: +0.54%: shut
NiftyIT: 27,708: +353: +1.29%: shut
MIDCAP: 31,795: +391: +1.24%: shut
Dow: 34,052 (-46) (-0.14%)
S&P: 4,168 (-2) (-0.04%)
Nas: 12,213 (-14) (-0.11%)
Brazil: 104,432: +1,508: +1.47% : shut
Ftse: 7,871: +39: +0.50%: shut
Dax: 15,922: +122: +0.77%: shut
Cac: 7,492: +8: +0.10%: shut
MOEX: 2,635 (-11) (-0.42%) : shut
WTI Oil: $75.7 (-1.4%)
Brnt: $79.31 (-1.27%)
Natural Gas: 2.41: +2.34%
Gold: $1,989 (-0.5%)
Silver: $25.25: +0.08%
Copper: $393.55: +0.04%
Cotton: $81.31: +0.63%
Copper (LME): $8,577: +8: +0.09%: shut
Alluminum (LME): $2,368: +60: +2.58%: shut
Zinc (LM): $2,351: +29: +1.12%: shut
Tin (LME): $26,398: +463: +1.79%: shut
Eur-$: 1.0973 (-0.4%)
GBP-$: 1.2492 (-0.6%)
Jpy-$: 137.5 (-0.9%)
Re: 81.8338 (-0.01%) : shut
USD-RUB: 80.3325: +0.49%
US10yr: 3.57%: +4.27%
GIND10YR: 7.116: +0.27%
$ Index: 102.1510: +0.48%
US Vix: 16.08: +1.9%
India Vix: 10.94 (-4.29%) : shut
BalticDry: 1,576 (-5) (-0.32%)
*ADR/GDR*
Cogni: +0.22%
Infy (-0.32%)
Wit: +0.85%
IciciBk (-0.13%)
HdfcBk: +0.16%
DrRdy: +0.71%
TatSt ()
Axis (-1.87%): shut
SBI: +2.47%: shut
RIGD: +2.23%: shut
INDA: +0.00% (IShares MSCI INDIA ETF)
INDY: +0.23% (IShares MSCI INDIA 50 ETF)
EPI (-0.06%) (Wisdom Tree India Earning)
PIN: +0.12% (Invesco India Etf)
Stock futures are modestly lower Monday night as investors prepared for the Federal Reserve’s May policy meeting to kick off.
Futures tied to the Dow Jones Industrial Average slipped 44 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures each also shed 0.1%.
*U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week's expected interest rate hike from the Federal Reserve.*
*Many markets, including European markets, except US Markets were shut.*
The KBW regional banking index dropped 2.7%, while shares of JPMorgan Chase & Co , which won the auction of failed lender First Republic, rose 2.1%.
JPMorgan will pay the U.S. Federal Deposit Insurance Corp $10.6 billion to take control of most of the regional bank's assets.
JPMorgan Chase shares rose 2.1% after it emerged as the winner of a weekend auction for First Republic. The big bank has acquired all of troubled lender First Republic’s deposits and a “substantial majority of assets.” This deal means that JPMorgan Chase, already one of the biggest U.S. banks, will become even larger.
JPMorgan Chase CEO Jamie Dimon said that the deal resolves much of the fallout in the banking sector that has started since the sudden collapse of Silicon Valley Bank in March.
Investors have been on edge about the banking system's health following the collapse of two other regional banks in March.
Hopefully this is sort of the last of the banking crisis, but something else might surface at some point
Infrastructure Capital Managment’s CEO Jay Hatfield was wary that the takeover deal could quell further fallout among the regional bank stocks.
“I wouldn’t be surprised if there aren’t some more attacks on regional banks, by short sellers. Particularly, not so much during earnings season, but when we get into May and June, and when people are looking for shorts to hedge their book,” he said.
“We have the debt crisis looming, so I would be surprised if we don’t have some other banks coming under attack, particularly [with] the Fed raising rates [and] putting tremendous pressure on the financial system by keeping the yield curve so steeply inverted,” Hatfield added.
First Republic reported last week that deposits tumbled more than 40% in the first quarter, triggering further declines in the already struggling stock. Shares have cratered 97% since the start of the year. The stock is halted for trading as of Monday.
First Republic’s demise and any potential fallout adds to the tension ahead of the Fed’s interest rate decision on Wednesday. The central bank is largely expected to hike one more time before pausing.
*Market watchers also digested the latest economic news, which suggested to some that the Fed may need to stick to its tightening cycle for the near term. The Institute for Supply Management (ISM) said on Monday its manufacturing PMI rose last month from March.*
The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday.
Energy was down the most of the major S&P 500 sectors, falling 1.3% as crude oil prices declined
Recent earnings, however, provided some lingering optimism for investors. First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns.
We've had good earnings relative to expectations. Analysts for now have backed off of lowering estimates. If we could have rates at this level ... and corporate America continue to deliver, it's very positive.
The S&P 500 technology index (.SPLRCT) climbed 0.2% on Monday, offsetting some of the day's weakness.
*Volume on U.S. exchanges was 10.24 billion shares, compared with the 10.37 billion average for the full session over the last 20 trading days.*
*Elsewhere, investors are watching for news on the debt ceiling. Treasury Secretary Janet Yellen warned the U.S. may run out of measures to pay its debts as early as June 1.*
A renewed bout of selling hit the Treasury market, with factory data bringing little comfort on the inflation front and a handful of companies offering bonds ahead of the Federal Reserve decision.
As Wall Street gears up for the Fed’s 10th consecutive rate hike since March of last year, several borrowers are piling in after exiting their earnings blackouts, with US investment-grade issuance hitting over $22 billion in one of the busiest sessions of 2023. Among notable firms tapping the market: Meta Platforms Inc. raised $8.5 billion, Comcast Corp. priced a $5 billion deal and Hershey Co. sold $750 million in bonds.
These big offerings usually represent a double-whammy for Treasuries, which tend to cheapen amid competition from new debt and as underwriters sell government notes to rate-lock the issue for corporate buyers. Another factor weighing on bond prices Monday was the stabilization in sentiment after JPMorgan Chase & Co. decided to acquire failed lender First Republic Bank.
To Krishna Guha at Evercore, trading suggests little or no spillover from that situation, which is consistent with the notion that there’s roughly no surprise here and the market would be willing to distinguish between First Republic and other financial firms.
‘Clears the Decks’
“The decisive action by regulators clears the decks for the Fed to press ahead and raise rates at its May meeting,” Guha noted. “Our base case is that the economy cools from here, the Fed will not hike further after May and the next move will be a cut in December.”
Swap traders slightly upgraded the odds that the Fed will increase its policy rate by a quarter-point Wednesday. Treasuries sold off across the curve, with yields on 30-year bonds climbing the most in 2023 and those on 10-year notes approaching 3.6%. Equities were little changed after notching two straight months of gains as traders waded through a batch of corporate results.
Stock investors holding on to hopes the Fed will cut rates in the second half could be disappointed this week, according to Morgan Stanley’s Michael Wilson.
“If the message delivered at this meeting is more hawkish, it could provide a near-term negative surprise for equities,” Wilson wrote in a note.
Andrew Brenner at NatAlliance Securities says the question investors will need to ask themselves after Powell’s conference is whether there’s a pause coming after Wednesday — and whether that would be a “hawkish pause or a real pause.”
“The Fed will tell the markets that there is no expected lower rates coming at the end of the year, but markets will not believe them, as the Fed longer-term outlook and predictions have been awful,” Brenner noted. “We still see two rate cuts by January.”
*Key events this week:*
# US JOLTS job openings, factory and durable goods orders, Tuesday
# ADP employment, S&P global US services PMI, ISM services, Wednesday
# Federal Reserve Chair Jerome Powell holds news conference following rate decision, Wednesday
# US initial jobless claims, trade balance, Thursday
# European Central Bank rate decision, followed by ECB President Christine Lagarde’s news conference, Thursday
# US unemployment, nonfarm payrolls, Friday
*Currencies*
# The Bloomberg Dollar Spot Index rose 0.3%
# The euro fell 0.4% to $1.0973
# The British pound fell 0.6% to $1.2492
# The Japanese yen fell 0.9% to 137.50 per dollar
*Cryptocurrencies*
# Bitcoin fell 5.1% to $27,840
# Ether fell 4.3% to $1,812
*Bonds*
# The yield on 10-year Treasuries advanced 17 basis points to 3.59%
# Germany’s 10-year yield was little changed at 2.31%
# Britain’s 10-year yield was little changed at 3.72%
*Commodities*
# West Texas Intermediate crude fell 1.4% to $75.70 a barrel
# Gold futures fell 0.5% to $1,988.70 an ounce
N.B.: The above information is sourced from the various sites on the internet
*Sunidhi-Himanshu*
*SGX Nifty +130 pts (18242) from Friday's last trade 18112 ,*
Nikkei +56 pts ,
Hangseng clsd ,
Now @6.52am .
Dow -46.46 pts ,Nsdq -13.98 pts, S&P -1.61 pts , Bovespa +1508 pts , Ftse +38 pts , Dax +121 pts , Cac +7 pts , Crude @ $75.63 brl (-0.03), Brent @ $79.31 brl (+0.00) , Gold @ 1991.30 (-0.90), Silver @ $25.23 (+0.00), Euro @ $1.0968, JPY @ $137.56, INR @ 81.775
*Today's Corporate Action*
*2nd May Ex Date*
ELANTAS
Dividend - Rs. - 5.0000
SAMOR
Right Issue of Equity Shares
STOVACQ
Final Dividend - Rs. - 47.0000
*Today's Board Meetings*
*2-May-23*
AMBUJACEM
Quarterly Results
ASTEC
Audited Results;Final Dividend
ATGL
Audited Results;Dividend
BHATIA
General
BIRLACABLE
Audited Results;Dividend
BMW
Audited Results
CIGNITI
A.G.M.;Audited Results;Final Dividend
CONTROLPR
A.G.M.;Audited Results;Final Dividend
DCMSHRIRAM
Audited Results;Final Dividend
FINOPB
Audited Results;Quarterly Results
GALLOPENT
Audited Results
HILTON
Audited Results
HOMEFIRST
Audited Results;Final Dividend
JAYSYN
Audited Results;Final Dividend
JETINFRA
Audited Results
JINDHOT
Audited Results;Quarterly Results
KEI
Audited Results
KESARPE
General
KRRAIL
General
LUDLOWJUT
Audited Results;Dividend
MOLDTEK
Final Dividend;General;Quarterly Results
NATURAL
Audited Results
NEWGEN
Audited Results;Final Dividend
NKIND
Audited Results
PSB
Audited Results;Final Dividend
SASKEN
Audited Results;Final Dividend;General
SHARPLINE
Audited Results;General;Quarterly Results
SPANDANA
Audited Results
TATASTEEL
Audited Results;Final Dividend;General
TIHIL
Audited Results;General;Quarterly Results
UCOBANK
Audited Results;Final Dividend;General
URJAGLOBA
A.G.M.;Audited Results
VBL
Quarterly Results;Stock Split
VEL
Quarterly Results
YASHO
Audited Results;Dividend;Quarterly Results
*Stock under F&O ban on NSE*
*2-May-23*
None
* Stocks in News*
*Seshasayee Paper:* Net profit at Rs 111 cr Vs Rs 43 cr , Revenue up 21.7% at Rs 573.2 cr Vs Rs 471 cr (YoY) (Positive)
*Kuantum Papers:* Net profit at Rs 65.1 cr Vs Rs 4 cr , Revenue up 36.4% at Rs 343.7 cr Vs Rs 252 cr (YoY) (Positive)
*Central Bank:* Net profit up 84% at Rs 571 cr Vs Rs 310 cr, NII at Rs 3,512.7 cr Vs Rs 1,219.6 cr (YoY) (Positive)
*Kotak Bank:* Net profit at Rs 3,495.6 cr Vs poll of Rs 2,972.9 cr, NII at Rs 6102.0 cr Vs poll of Rs 5821.0 cr (Positive)
*IDBI Bank:* Net profit up 64.1% at Rs 1,133.4 cr Vs Rs 691 cr, NII up 35.3% at Rs 3,279.6 cr Vs Rs 2,420.5 cr (YoY) (Positive)
*IDFC First Bank:* Net profit at Rs 802.6 cr Vs poll of Rs 676.1 cr, Gross NPA at 2.51% Vs 2.96% (QoQ) (Positive)
*M&M Fin:* Net profit at Rs 684.1 cr Vs poll of Rs 625.2 cr, NII up 1.3% at Rs 1,660.2 cr Vs poll of Rs 1,639 cr (Positive)
*Dhampur Bio:* Net profit at Rs 80.2 cr Vs Rs 70.9 cr, Revenue at Rs 921.0 cr Vs Rs 505 cr YoY (Positive)
*HSCL:* Net profit at Rs 61.3 cr Vs Rs 26.1 cr, Revenue at Rs 1028.0 cr Vs Rs 833 cr YoY (Positive)
*RPG Life:* Net profit at Rs 10.3 cr Vs Rs 7.5 cr, Revenue at Rs 118.0 cr Vs Rs 104 cr YoY (Positive)
*Vedant Fashions:* Net profit at Rs 109.0 cr Vs Rs 88.7 cr, Revenue at Rs 341.0 cr Vs Rs 296.0 cr YoY (Positive)
*Satin:* Net profit up 73.3% at Rs 98.6 cr Vs Rs 57 cr, Revenue up 20.3% at Rs 437.3 cr Vs Rs 363.5 cr (YoY) (Positive)
*Eicher Motors (RE):* Total sales up 18% at 73,136 units vs 62,155 units (YoY) Est 70078 units (Positive)
*PSP Projects:* Company gets work orders worth Rs 441.25 crore in government and institutional segment (Positive)
*SML Isuzu:* Total sales up 38% at 1,437 units vs 1,044 units (YoY) (Positive)
*TVS Motors:* Company registers 4% YoY sales growth to 3.06 lk units versus 2.99 lk units (Positive)
*Bharti Airtel:* Company launches new partnership with Bridgepointe Technologies under Global Channel Partners Programme (Positive)
*GAIL:* Supreme Court dismisses Special Leave Petitions (SLP) filed by Gujarat Sales Tax Department against the company (Positive)
*Ahluwalia Contracts:* Company secures an order of Rs 2,450 cr from Rail Land Development Authority (Positive)
*Biocon:* Biologics’ new Multi-Product, Monoclonal Antibodies Facility receives EU GMP certification for bBevacizumab (Positive)
*NTPC:* Company and NPCIL sign Agreement for joint development of nuclear power plants (Positive)
*Aviation Stocks:* Jet fuel (ATF) price cut to Rs 95,935.34/kL from Rs 98,349.95/kL in Delhi. Domestic air travel surpasses pre-Covid average in April: Ministry (Positive)
*RVNL:* Company -SCC JV emerges lowest bidder (L1) for a project worth Rs 2,248.95 cr (Positive)
*GHCL:* Net profit down 16.7% at Rs 226.6 cr Vs Rs 272 cr, Revenue up 6.3% at Rs 1,119.2 cr Vs Rs 1,053 cr (YoY). (Neutral)
*RBL Bank:* NII up 7.1% at Rs 1,211.2 cr Vs Rs 1,131.3 cr, Net profit at Rs 271.1 cr Vs poll of Rs 222.7 cr (Neutral)
*ZF Steering:* Net profit at Rs 10.1 cr Vs Rs 3 cr, Revenue up 18.7% at Rs 125.1 cr Vs Rs 105.4 cr (YoY) (Neutral)
*SBI Cards:* Net Profit up 2.7% at ₹596.5 cr vs ₹581 cr, Revenue up 32% at ₹3,762.2 cr vs ₹2,850.3 cr (YoY) (Neutral)
*L&T FH:* Net profit up 46.4% at ₹501.1 cr vs ₹342 cr , Revenue up 9.1% at ₹3,216 cr vs ₹2,946.8 cr (YoY) (Neutral)
*Ultratech:* Net profit at Rs 1,670.1 cr Vs poll of Rs 1,755 cr, Margin at 17.8% Vs 19.5% (YoY) (Neutral)
*Rossari:* Net profit up 20.4% at Rs 28.9 cr Vs Rs 24 cr, Revenue down 7.4% at Rs 406.4 cr Vs Rs 439 cr (YoY). (Neutral)
*Bank Baroda:* Govt appoints Debadatta Chand as MD & CEO for 3 years (Neutral)
*Bank India:* Rajneesh Karnatak joins Bank Of India as MD & CEO (Neutral)
*Escorts:* April Sales seen at 7565 units versus expectations of 7954 units (Neutral)
*Oil upstream stocks:* WindfallTax on Crude Petroleum was decreased to ₹4,100/tonne from ₹6,400/tonne (Neutral)
*Axis Bank:* The private sector lender said the Board of Directors has approved the appointment of Subrat Mohanty as a Whole-time Director (Neutral)
*Aarti Drugs:* Net profit up 1.4% at Rs 56.1 cr Vs Rs 55 cr, Revenue up 6.9% at Rs 742.4 cr Vs Rs 694.2 cr (YoY) (Neutral)
*Maruti:* Total sales up 6.5% at 1.60 lakh units vs 1.50 lakh units (YoY) Est 1.72 lakh units (Neutral)
*Tata Motors:* Total sales declined 4% at 69,599 units vs 72,468 units (YoY) Est 74508 units (Negative)
*Escorts:* April Sales seen at 7565 units versus expectations of 7954 units (Negative)
*Meghmani:* Net profit down 47% at Rs 54.1 cr Vs Rs 102 cr, Revenue down 29.3% at Rs 574.1 cr Vs Rs 811.8 cr (YoY) (Negative)
*Atul Auto:* Total sales down 55.1 % at 715 units vs 1,593 units (YoY) (Negative)
*MOIL:* Company decreases price of some grades of Manganese Ferro by 5% (Negative)
*Hero MotoCorp:* Total sales down 5.3% at 3.96 lakh units vs 4.18 lakh units (Negative)

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