Equity benchmarks were on track to open flat to gains on Friday despite weakness in the US overnight. As the SGX Nifty Index (quoted at 17,668) indicates, the Nifty is likely to open about 30 points higher.

Overnight, Tesla’s disappointing results weighed on US markets, with the Dow Jones down 0.33%, while the S&P 500 and Nasdaq fell 0.6% and 0.8%, respectively.

HCLTech: HCLTech reported better-than-expected results for Q4FY23. The company posted a net profit of Rs 3,983 crore for the quarter, a year-on-year increase of 10.8%. Profits then fell by 2.8%. Revenue for the quarter rose 17.7% year-on-year to Rs 26,606 crore, although revenue growth was flat quarter-on-quarter.

Cyient: Cyient Ltd posted a net profit of Rs 163 crore in Q4FY23, up 5.5% YoY. Net profit rose 4.5% quarter-on-quarter. Operating income rose 30% year-on-year to Rs 1,751.4 crore in the fourth quarter.

Vodafone Idea: Aditya Birla Group (ABG) chairman Kumar Mangalam Birla is back as a non-independent non-executive director after nearly 2 years away from the company, subject to shareholder approval.

Sterling & Wilson Renewable Energy: The company reported a consolidated loss of Rs 417.5 crore for the fourth quarter that ended March 31, 2023. The company reported a net loss of Rs 126.3 crore in the same period last year. Its operating income fell by 91.7% to Rs 88.4 crore in Q4FY23.

ICICI Prudential Life Insurance: The insurer reported a 27% rise in net profit for the January-March quarter of FY23, driven by solid growth in the value of new business (VNB). Q4FY23 net profit for the quarter was Rs 235 crore compared to Rs 185 crore in the same period last year.

Insurance companies: Contrary to expectations, new business premiums (NBP) for life insurers fell 12.62% year-on-year in March 2023 as Life Insurance Corporation of India (LIC) premiums fell by more than 30%, albeit from a high base.

Suven Pharmaceuticals: On Thursday, the Competition Commission of India (CCI) said it had approved Berhyanda Ltd’s acquisition of a 76.10% stake in drugmaker Suven Pharmaceuticals Ltd. Berhyanda Ltd is a wholly owned subsidiary of Berhyanda Midco Ltd which is an affiliate of Advent International Ltd.

Greenpanel Industries: The company resumed production operations at its MDF plant in Rudrapur, Uttarakhand, on April 19. The plant was closed on April 1 for routine maintenance.

Rail Vikas Nigam/Siemens: The Rail Vikas Nigam and Siemens consortium has received two separate orders from Gujarat Metro Corporation for Surat Metro Phase 1 and Ahmedabad Metro Phase 2. Siemens’ share of the order is Rs 678 crore.

India Grid Trust: The company announced that the International Finance Corporation (IFC) has subscribed to IndiGrid’s listed NCD issue for a total of Rs 1,140 crore. The NCD has a total term of 18 years and is priced with long-term fixed competitive prices. IndiGrid plans to use this debt to fund its upcoming refinancing opportunities in FY24.

Oberoi Realty: The company’s booking value was valued at Rs 6,023 crore compared to Rs 632 crore quarter-on-quarter in Q4FY23. From January 1, 2023, to March 3, 2023, Oasis Realty sold 63 units to Oberoi Realty with a booking value worth Rs 3,403 crore.

Laxmi Organic: The company’s board of directors has approved borrowing up to Rs 2,000 crore.

Finolex Cables: The electrical and telecom cable maker will set up a plant at its Urse plant in Pune to produce optical fibre preforms and expand its optical fibre drawing capabilities. The factory will have an initial capacity of 100 tonnes of prefabricated parts and a construction cost of Rs 290 crore, fully funded by internal accruals.

Oricon Enterprises: The company has settled with the Labour Union. As such, the company will resume operations in phases, producing crowns and pilfer-proof caps at its Murbad factory w.e.f. April 22.

Texmaco Rail & Engineering: The company has entered into a binding joint venture agreement with NYMWAG CS to manufacture the wagons and/or components.