Gaurav Bissa, VP - InCred Equities
Nifty had a strong start to the trading session aided by buoyant US indices which closed over a percent higher. However, Nifty continued to struggle as the day progressed and broke the previous day low towards the end of trading session. With this, the benchmark index has closed below its 10DEMA for the second consecutive day implying the pressure can increase which can push the index towards 18,000 levels.
Bank Nifty was seen outperforming Nifty throughout the day and remained quite strong for a major part of the trading session. The index became vulnerable once SBI announced its quarterly numbers which augmented the pressure. However, Bank Nifty continues to trade above its 10DEMA implying fresh downside is expected to be seen once it closes below 43,500 levels. Till then it is expected to trade in the 43,500-44,100 range.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:
The Nifty opened gap up however it was unable to sustain at higher level and closed in the negative down ~50 points. On the hourly charts we can observe that the Nifty has faced resistance around the key hourly moving averages and faced selling pressure. Going ahead 18,300 – 18,350 shall act as a stiff resistance. On the way down the Nifty is approaching the crucial support of 18,079 which coincides with the 20-day moving average and below that lies the psychological support level of 18,000.
So on the downside there are multiple support parameters which shall provide cushion and restrict a deep correction. Stock specific action can take place over the next few trading sessions. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above we have changed our outlook to sideways and the range of consolidation is 18,400 – 18,000.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Domestic markets underperformed Asian peers as profit-taking entered for the third straight session, with investors maintaining risk-on sentiment in the wake of a sharp spike in valuation following the recent upsurge. Bearishness is also seen due to caution over the US debt-ceiling deal and signs of slowing demand in China.
Technically, the Nifty has formed a lower top formation on intraday charts and has also formed a bearish candle on daily charts which is broadly negative.
The market texture is weak and the 20 day SMA (Simple Moving Average) or 18,050 would be the immediate support zone for the bulls. On the other hand, 18,200 could act as an immediate resistance zone for the traders, above which the index could retest the level of 18,280-18,300.
Rupee Close:
Indian rupee closed 20 paise lower at 82.59 per dollar on Wednesday versus previous close of 82.39.
Market Close:
Benchmark indices ended lower for the third straight session on May 18 with Nifty below 18,150.
At close, the Sensex was down 128.90 points or 0.21 percentat 61,431.74, and the Nifty was down 51.80 points or 0.28percentat 18,130. About 1,530 shares advanced, 1,846 declined, and 124 were unchanged.
Top losers on the Nifty included Divis Laboratories, Adani Ports, SBI, ITC and Titan Company. However, gainers were Bajaj Finance, Kotak Mahindra Bank, Bharti Airtel, ICICI Bank and Asian Paints.
Except for bank, all other sectoral indices ended in the red with realty, oil & gas, PSU Bank, power, pharma, FMCG, and capital goods down 1-2 percent each.
The BSE midcap index shed 0.67 percent and smallcap index declined 0.26 percent.
| Company | CMP Chg(%) | Conc. Price Chg% | Volume |
|---|---|---|---|
| PTL Enterprises | 32.55 -0.15 | 32.70 -0.46 | 54,147 |
| Nestle | 21,675.05 -0.26 | 21,786.60 -0.51 | 49,722 |
| AXISBNKETF | 441.33 -0.15 | 443.99 -0.60 | 9,911 |
| Nippon ETF Ha | 278.00 -0.23 | 280.01 -0.72 | 8,977 |
| Lyka Labs | 99.00 -0.25 | 99.75 -0.75 | 35,609 |
| Johnson Control | 1,097.95 -0.10 | 1,106.40 -0.76 | 34,091 |
| HDFC SENSEX ETF | 671.99 -0.27 | 677.94 -0.88 | 1,043 |
| NIF100BEES | 187.48 -0.15 | 189.28 -0.95 | 4,385 |
| UTISENSETF | 656.75 -0.21 | 663.06 -0.95 | 546 |
| Avanti Feeds | 367.10 -0.29 | 370.65 -0.96 | 80,035 |
Anuj Choudhary - Research Analyst, Sharekhan by BNP Paribas
Indian Rupee depreciated today as US Dollar rose to a seven-week high amid optimism over debt ceiling talks. Overnight gains in crude oil prices also weighed on the domestic currency. However, positive domestic equities cushioned the downside. US Dollar gained on optimism as US President Joe Biden and House Speaker Kevin McCarthy are working to reach a deal to avoid a default. Upbeat housing starts data from US also supported the US Dollar.
We expect Rupee to trade with a negative bias on underlying strength in the US Dollar. However, improved global risk sentiments on optimism that debt ceiling talks will get resolved may support Rupee at lower levels. FII inflows may also support Rupee. Traders may remain cautious ahead of weekly unemployment claims and existing home sales data from US. Traders may also watch out for speeches from various Federal Reserve officials. We expect USDINR spot to trade in between 82.30 to 83 in the near term.
Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
Crude oil prices traded down on Thursday with benchmark NYMEX WTI crude oil treading down by 0.33percentat $72.58 per barrel. Crude oil prices retreated in today’s session after price surged more than 2.0percentin the previous session as optimism the US would resolve its debt-ceiling impasse triggered broad gains in financial markets, offsetting a largely bearish US oil inventory report.
We expect the crude oil price bullish momentum will likely continue after a minor correction in price. NYMEX WTI Crude oil has resistances at $73.80/$75.00 per barrel and supports at $70.80/$69.00 per barrel for the day. MCX Crude oil June future has supports 5920/5870 levels and resistances at 6100/6180 levels.
Orient Paper Q4:
The company has recorded a net profit of Rs 50 crore in the quarter ended March 2023 against losses of Rs 2.2 crore in the same quarter last fiscal.
Revenue of the company was up 35.3percentat Rs 258.5 crore versus Rs 191.1 crore, YoY.
Orient Paper and Industries touched a 52-week high of Rs 47.64 and quoted at Rs 45.85, up Rs 0.40, or 0.88 percent on the BSE.
GNFC Q4:
The company’s Q4 net profit was down 47.7percentat Rs 336 crore versus Rs 643 crore and revenue was down 18.1percentat Rs 2,271 crore versus Rs 2,772 crore, YoY.
Century Enka Q4:
The company has posted 84 percent fall in its Q4 net profit at Rs 14.5 crore vs Rs 90.3 crore and revenue was down 77.2percentat 472.6 crore vs Rs 2,072.1 crore, YoY.
| Company | CMP Chg(%) | Conc. Price Chg% | Volume |
|---|---|---|---|
| Shakti Pumps | 562.05 3.17 | 439.05 28.02 | 1,000,927 |
| Next Mediaworks | 5.90 9.26 | 4.85 21.65 | 11,631 |
| Rane Madras | 575.00 1.88 | 474.60 21.15 | 487,796 |
| Precision Wires | 89.35 3.83 | 74.00 20.74 | 4,419,415 |
| GPT Infra | 60.00 16.39 | 50.05 19.88 | 1,272,753 |
| Bigbloc Constru | 174.15 9.01 | 147.90 17.75 | 598,849 |
| Jay Jalaram | 207.00 0.68 | 177.75 16.46 | 11,000 |
| Dev Information | 111.40 9.75 | 95.75 16.34 | 216,374 |
| TAEL | 1,449.70 11.66 | 1,246.80 16.27 | 562,943 |
| Focus Lighting | 573.05 4.99 | 495.10 15.74 | 198,534 |
Market at 3 PM
The Sensex was down 110.49 points or 0.18percentat 61,450.15, and the Nifty was down 46.80 points or 0.26percentat 18,135. About 1430 shares advanced, 1784 shares declined, and 106 shares unchanged.
ITC Q4 Earnings:
The company reported 21.4 percent jump in its Q4 net profit at Rs 5,086.9 crore versus Rs 4,190.9 crore and revenue was up 5.6percentat Rs 16,398 crore versus Rs 15,530.9 crore, YoY.
ITC was quoting at Rs 419.80, down Rs 7.85, or 1.84 percent.
CLSA View On Hindustan Aeronautics:
-Outperform rating, target raised to Rs 3,420 per share
-After a stellar run, time for a pause post index inclusion move
-FY23 was a year of margin & cashflow surprise
-Balancesheet remains cash rich
-Stellar stock run captures pipeline & passive investing boost
Hindustan Aeronautics Ltd. was quoting at Rs 3,097.15, down Rs 35.90, or 1.15 percent on the BSE.
| Company | Bid Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Walchandnagar | 18224.00 | 76.93 9.99 | 106571 33082.15 |
| Next Mediaworks | 30506.00 | 6.00 9.89 | 16882 4443.60 |
| Binani Ind | 24475.00 | 23.94 5 | 850 46153.00 |
| Generic Eng | 6633.00 | 60.32 5 | 50903 32078.15 |
| Loyal Equip | 128517.00 | 96.34 4.99 | 20211 - |
| R&B Denims | 37159.00 | 30.11 4.99 | 25664 - |
| Mirza Intl | 25508.00 | 65.07 4.99 | 646121 556241.60 |
| Diligent Media | 16468.00 | 2.74 4.98 | 3041 29834.10 |
| Galactico Corp | 1483403.00 | 5.53 4.93 | 1589928 - |
| Avro India | 2.00 | 147.55 4.79 | 1033 10396.40 |
| Company | Offer Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Sharika Enter | 604845.00 | 9.27 -9.91 | 531576 138120.55 |
| WPIL | 2903.00 | 2530.80 -5 | 19607 10796.05 |
| Brightcom Group | 6515986.00 | 15.77 -5 | 27951643 10067604.30 |
| White Organic | 120271.00 | 15.96 -5 | 78190 - |
| Jyoti Resins | 697.00 | 1474.60 -5 | 48665 19896.55 |
| U. H. Zaveri | 1729.00 | 56.10 -5 | 19948 - |
| Adani Total Gas | 85845.00 | 666.65 -5 | 253792 86857.90 |
| Sanghi Ind | 1450.00 | 71.41 -4.99 | 159313 45733.55 |
| Securekloud Tec | 1336.00 | 35.32 -4.98 | 30202 9374.60 |
| Axita Cotton | 500483.00 | 26.00 -4.97 | 501172 910418.60 |
Godrej Agrovet partners with SBI
Godrej Agrovet is launching finance offering for oil palm farmers in partnership the State Bank of India. A product jointly developed by the company and SBI will enable farmers to avail loan for setting up micro irrigation facility, set up fencing arrangement to protect from cattle grazing and improvement of tube well at their oil palm farms.
Godrej Agrovet was quoting at Rs 423.75, up Rs 1.40, or 0.33 percent on the BSE.
Wheels India Q4 earnings
-Net profit down 9 percentat Rs 24.3 cr vs Rs 27 cr (YoY)
-Revenue up 5.4percentat Rs 1,251.9 cr vs Rs 1,187.7 cr (YoY)
-EBITDA down 0.4percentat Rs 71.7 cr vs Rs 72 cr (YoY)
-Margin at 5.7percentvs 6.1percent(YoY)
Nexus Select Trust likely to debut with single-digit premium on May 19
Nexus Select Trust REIT (real-estate investment trust) is expected to debut on the bourses with a single-digit premium on May 19, given the healthy response to its initial public offering (IPO) last week, robust business model, diversified and high-quality asset base, and attractive valuations.
This would be the first retail-focused REIT to be listed on the BSE and the NSE. In the past, there were three listings from the REIT space - Embassy Office Parks, Mindspace Business Parks, and Brookfield India Real Estate Trust - which all are a business or office-focused REITs.
The owner of India’s leading consumption centre platform of high-quality assets, which serves as essential consumption infrastructure for India’s growing middle class, has received a healthy response from investors to its Rs 3,200-crore IPO.
Arvind reports Q4 results
-Net profit up 12.4 percent at Rs 97 cr vs Rs 86 cr (YoY)
-Revenue down 14.4percent at Rs 1,880.8 cr vs Rs 2,197 cr (YoY)
-EBITDA down 19.7percent at Rs 190.9 cr vs Rs 237.8 cr (YoY)
-Margin at 10.1percentvs 10.8percent(YoY)
Algo traders shun BSE derivative products in absence of reliable data
The new breed of investors powering the derivatives market has pointed to a unique problem that stops them from trading on the BSE: the lack of reliable historical data to test their strategies.
The BSE relaunched its Sensex and Bankex derivative contracts on May 15 as it sought to spur derivatives trading by introducing smaller lot sizes and a new expiry cycle.
However, almost all high-frequency traders (HFTs), who account for over half of the trading volumes on the rival National Stock Exchange of India, said they won’t trade in the Sensex and Bankex contracts until volumes are high enough for them to have consistent data over a sufficient duration to back-test strategies.
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| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| Asian Paints | 3,118.95 | 3,120.00 3,093.25 | -0.03% |
| Max Healthcare | 534.85 | 535.45 520.05 | -0.11% |
| Kansai Nerolac | 418.85 | 419.35 410.55 | -0.12% |
| Blue Dart | 6,053.00 | 6,060.00 6,000.00 | -0.12% |
| CG Consumer | 255.65 | 256.00 253.75 | -0.14% |
GAIL Q4 result update
GAIL Ltd net profit rises to Rs 603.7 crore in the fourth quarter, up from Rs 245.7 crore in the previous quarter. Despite the rise, the net profit lagged CNBC-TV18's estimate of Rs 1,043 crore.
Revenue rose 7.1 percent sequentially to Rs 32,843 crore, topping CNBC-TV18's estimate of Rs 35,272 crore.
Market at 2 PM
The Sensex was up 106.93 points or 0.17 percentat 61,667.57, and the Nifty was up 17.10 points or 0.09percentat 18,198.90. About 1,669 shares advanced, 1,516 declined, and 102 were unchanged.
State Bank of India Q4
Net profit was up 83.2 percentat Rs 16,694.5 crore vs Rs 9,113.5 crore and NII was up 29.5percentat Rs 40,392.5 crore vs Rs 31,197 crore, YoY.
State Bank of India was quoting at Rs 583.65, down Rs 2.85, or 0.49 percent on the BSE.
Paytm partners with SBI Card & NPCI to launch RuPay credit cards
One97 Communications Limited (OCL) that owns the brand Paytm has partnered with India’s largest pure-play credit card issuer SBI Card, to launch Paytm SBI Card on the RuPay network.
The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India's RuPay, as all three homegrown brands join forces to further drive the growth of inclusive, digital-first financial services in India.
Zydus Lifesciences Q4 Results
Zydus Lifesciences’ Q4 net profit was down 25.4percentat Rs 296.6 crore versus Rs 397.4 crore and revenue was up 29.7percentat Rs 5,011 crore against Rs 3,864 crore, YoY.
Zydus Lifesciences was quoting at Rs 514.30, down Rs 4.80, or 0.92 percent on the BSE.
PSP Projects Q4 Earnings:
PSP Projects has posted 16.8 percent fall in its Q4 net profit at Rs 45.9 crore versus Rs 55 crore and revenue was up 31.6% at Rs 729.6 crore versus Rs 554.6 crore, YoY.
PSP Projects was quoting at Rs 707.15, down Rs 1.25, or 0.18 percent.
| Company | CMP | Chg(%) | 3 Days Ago Price |
|---|---|---|---|
| Vital Chemtech | 126.5 | 36.02 | 93 |
| Shakti Pumps | 563.65 | 28.38 | 439.05 |
| Indo Amines | 114.8 | 27.48 | 90.05 |
| Rane Madras | 584.5 | 23.16 | 474.6 |
| Vesuvius India | 22.18 | ||
| Shanti Overseas | 18.3 | 21.59 | 15.05 |
| Precision Wires | 89.4 | 20.81 | 74 |
| Kaynes Tech | 19.51 | 996.9 | |
| TAEL | 18.46 | ||
| SEL | 14.5 | 18.37 | 12.25 |
Sharekhan View on Jubilant FoodWorks
Though discretionary demand is expected to remain uncertain in the near term, the company’s renewed strategies would help LFL growth to gradually improve ahead.
Sharekhan likes JFL’s strategy of investing in core and new ventures to scale up business growth and revenue without comprising profitability in the long run.
A brand-wise differentiated strategy, aggressive store additions, improving customer experience on the delivery platform, sustained innovation, and customer-centric offerings will drive growth in the medium-long term.
The stock has corrected by 26 percent from its high and is 59x/41.5x its FY2024E/FY2025E earnings.
The broking house maintains its 'Buy' rating on the stock with an unchanged price target (PT) of Rs 600.
BSE Power index shed 0.7 percent dragged by Adani Transmission, Adani Power, Siemens
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Adani Trans | 753.00 | -4.67 | 52.50k |
| Adani Power | 228.70 | -2.35 | 245.00k |
| Siemens | 3,849.65 | -1.01 | 4.91k |
| Power Grid Corp | 236.45 | -0.92 | 226.60k |
| JSW Energy | 247.10 | -0.84 | 48.38k |
| Tata Power | 206.95 | -0.34 | 221.76k |
| Adani Green Ene | 874.00 | -0.23 | 69.85k |
| CG Power | 335.85 | -0.16 | 34.71k |
Whirlpool of India Q4 profit tanks 24.6%
Whirlpool of India has reported a 24.6percentyear-on-year decline in profit at Rs 63.7 crore for the quarter ended March FY23 mainly on lower sales due to subdued market conditions and calibrated price correction actions which were partially offset by the cost productivity actions and reduction in commodity cost. Revenue falls 2percentto Rs 1,672.7 crore compared to the same period last year. The board has announced a final dividend of Rs 5 per share for FY23.
Whirlpool of India. was quoting at Rs 1,352.70, up Rs 1.15, or 0.09 percent on the BSE.
Morgan Stanley View On Vedant Fashion
-Overweight rating, target at Rs 1,381 per share
-Proposed OFS is for purpose of meeting SEBI's minimum public shareholding norms
-If completed, OFS would bring promoter's stake down to 75 percent from 84.88 percent
-Believe, this removes a technical overhang for stock price
Vedant Fashions was quoting at Rs 1,241.95, down Rs 4.90, or 0.39 percent on the BSE.
Market at 1 PM
Benchmark indices erased most of the intraday gains and trading flat amid volatility.
The Sensex was up 59.54 points or 0.10% at 61,620.18, and the Nifty was up 6.40 points or 0.04% at 18,188.20. About 1693 shares advanced, 1459 shares declined, and 103 shares unchanged.
| Company | CMP | Chg(%) | 30 SMA |
|---|---|---|---|
| Shanti Overseas | 18.3 | 18.22 | 15.48 |
| TV Vision | 2.6 | 13.54 | 2.29 |
| Karnataka Bank | 138.55 | 5.88 | 130.85 |
| Palred Tech | 142.05 | 5.85 | 134.2 |
| GTL Infra | 0.85 | 4.94 | 0.81 |
| CSL Fin | 223.3 | 4.38 | 213.94 |
| BAG Films | 4.35 | 3.82 | 4.19 |
| Pansari Develop | 91.75 | 3.79 | 88.4 |
| Shree Ram Proti | 47.8 | 3.76 | 46.07 |
| Everest Kanto | 101.05 | 3.03 | 98.08 |
Railtel Corporation of India Q4 profit jumps 40%
Railtel Corporation of India has reported consolidated profit at Rs 76.04 crore for March FY23 quarter, rising 40% YoY despite weak operating margin, driven by higher topline, other income and exceptional income. Revenue from operations grew by 51.1% year-on-year to Rs 703.6 crore in Q4FY23.
Railtel Corporation of India was quoting at Rs 119.75, down Rs 1.15, or 0.95 percent.
Morgan Stanley View On Metropolis Healthcare
-Equal-weight rating, target at Rs 1,350 per share
-Expansion of labs & collection centers underway, should transform into a Pan-India player
-Focus remains on wellness, specialised tests, doctor connect & customer experience
-Full valuation keeps us equal-weight
Nomura View On Honeywell Automation:
-Buy rating, target at Rs 50,642 per share
-Gross margin recovers, EPS beats estimate by 5 percent, revenue growth trailed estimate
-Dividend payout for FY23 came in at Rs 95 per share, implying a 19 percent payout
-Trading at 49.5x FY24 EPS estimate of Rs 756
-Downside risks are worsening chip lead times & change in parent sourcing strategy
Vedanta to consider interim dividend on May 22
Surya Roshni bags orders worth Rs 62.2 crore from IGL, IOCL, MNGL
Surya Roshni has received order of Rs 43.69 crore from Indraprastha Gas (IGL) for supply 3LPE coated carbon steel pipes for city gas distribution (CGD) projects in NCT of Delhi, Uttar Pradesh, Haryana and Rajasthan, along with other new orders received in May from Indian Oil Corporation (IOCL) and Maharashtra Natural Gas (MNGL). Total order amounted to Rs 62.23 crore.
gets Letter of Intent from GUVNL
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Gujarat Urja Vikas Nigam (GUVNL) had issued a Letter of Intent to NHPC for 200 MW capacity solar power project within 600 MW GSECL's Solar Park at Khavda (GSECL Stage-1). The estimated financial implication for the said solar power project would be Rs 1,007.60 crore.
| Company | Price at 12:00 | Price at 12:06 | Chg(%) Hourly Vol |
|---|---|---|---|
| U. H. Zaveri | 58.49 | 56.31 | -2.18 2.87k |
| Sharp India | 61.99 | 60.00 | -1.99 112 |
| Electrotherm | 67.05 | 64.97 | -2.08 1.35k |
| Ambica Agar | 26.40 | 25.60 | -0.80 389 |
| Yash Chemex | 69.98 | 68.11 | -1.87 4.35k |
| Mallcom (India) | 956.00 | 933.25 | -22.75 53 |
| Parnax Lab | 73.80 | 72.15 | -1.65 232 |
| Majestic Auto | 144.40 | 141.25 | -3.15 31 |
| Star Housing | 45.95 | 45.00 | -0.95 3.84k |
| Scooters India | 29.48 | 28.88 | -0.60 691 |
| Company | Price at 12:00 | Price at 12:06 | Chg(%) Hourly Vol |
|---|---|---|---|
| Atishay | 28.65 | 31.00 | 2.35 343 |
| Aryaman Fin Ser | 128.25 | 138.00 | 9.75 3 |
| Star Delta Tran | 241.90 | 259.50 | 17.60 456 |
| Sahara Housing | 45.05 | 46.98 | 1.93 100 |
| Kaiser Corp | 30.90 | 32.20 | 1.30 3.10k |
| Mercury Labs | 603.45 | 627.70 | 24.25 179 |
| India Sucrose | 59.55 | 61.90 | 2.35 227 |
| Tinna Rubber an | 530.50 | 550.00 | 19.50 18.01k |
| Choksi Labs | 42.00 | 43.45 | 1.45 1.84k |
| PPAP Automotive | 198.75 | 205.25 | 6.50 8 |
ITC shares in focus ahead of quarterly earnings
Market at 12 PM
Benchmark indices were trading firm in the afternoon session with Nifty around 18250.
The Sensex was up 271.02 points or 0.44 percentat 61,831.66, and the Nifty was up 65.60 points or 0.36 percent at 18,247.40. About 1,841 shares advanced, 1,247 shares declined, and 118 shares were unchanged.
MTAR Tech falls 6% on profit booking after a strong Q4 show
MTAR Tech shares declined 6 percent in the morning trade on May 18 morning on profit booking after the company posted a strong performance in the March quarter of FY23, halting a three-day rally in the stock.
The nuclear and space equipment manufacturer had gained around 7 percent in the last three sessions.
For the fourth quarter, the company’s net profit increased 57 percent to Rs 31 crore against Rs 20 crore in the corresponding quarter of the last fiscal year. Revenue from operations doubled to Rs 196 crore from Rs 99 crore in Q4FY22.
ICICI Prudential Life Insurance appoints Dhiren Salian as CFO
ICICI Prudential Life Insurance Company has appointed Dhiren Salian as the Chief Financial Officer, with effect from May 18. Satyan Jambunathan will cease to be the Chief Financial Officer of the company with effect from same date.
ICICI Prudential Life Insurance Company was quoting at Rs 431.65, up Rs 7.60, or 1.79 percent.
Sanghi Industries Ltd drops 5% as Q4 disappoints
Sanghi Industries Ltd’s share price dropped 5 percent in the morning trade on May 18, a day after the company reported standalone net sales at Rs 225.67 crore in the March quarter, down 36.46 percent from Rs 355.15 crore in the year-ago period.
Its quarterly net loss widened to Rs. 104.56 crore from Rs. 6.31 crore in March 2022. EBITDA was negative at Rs 11.30 crore against Rs. 45.69 crore in the year-ago quarter.
