Net loss of Kiri Industries reported to Rs 61.50 crore in the quarter ended March 2023 as against net profit of Rs 91.04 crore during the previous quarter ended March 2022. Sales declined 46.64% to Rs 222.45 crore in the quarter ended March 2023 as against Rs 416.85 crore during the previous quarter ended March 2022.

For the full year,net profit declined 72.56% to Rs 106.66 crore in the year ended March 2023 as against Rs 388.77 crore during the previous year ended March 2022. Sales declined 36.87% to Rs 945.07 crore in the year ended March 2023 as against Rs 1496.91 crore during the previous year ended March 2022.

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Kiri Industries will hold a meeting of the Board of Directors of the Company on 30 May 2023.

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The key equity indices traded near the day's high in a narrow range in early afternoon trade amid positive global cues. The Nifty hovered above the 17,550 level. All the sectoral indices on the NSE were in the green, with banking and metal shares gaining the most.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 801.62 points or 1.36% to 59,710.97. The Nifty 50 index added 240.45 points or 1.39% to 17,562.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index advanced 0.80%.

Market breadth was strong. On the BSE, 2,194 shares rose and 1,174 shares fell. A total of 117 shares were unchanged.

Economy:

At 59.4 in February (as against 57.2 in January), the seasonally adjusted S&P Global India Services PMI® Business Activity Index was at its highest level in 12 years and indicated a sharp expansion in output. Where growth was reported, survey participants mentioned favourable demand conditions and new business gains.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 5.68% to 12.2325. The Nifty 29 March 2023 futures were trading at 17,640, at a premium of 77.65 points as compared with the spot at 17,562.35.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 78.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 119.4 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Bank index advanced 2.22% to 41,287.05. The index declined 0.76% in past trading session.

State Bank of India (up 5%), Bank of Baroda (up 4.49%), Punjab National Bank (up 3.22%), HDFC Bank (up 2.04%), ICICI Bank (up 1.89%), IndusInd Bank (up 1.6%), Kotak Mahindra Bank (up 1.59%), IDFC First Bank (up 1.54%), Axis Bank (up 1.18%) and AU Small Finance Bank (up 1.08%) advanced.

Stocks in Spotlight:

Kiri Industries hit an upper circuit of 10% after the Singapore International Commercial Court confirmed $603.80 million as the final value of the company's stake in DyStar.

Karnataka Bank jumped 2.32% after the company announced that it has appointed Abhishek Sankar Bagchi as chief financial officer (CFO) on contract basis.

Adani Enterprises (AEL) (up 13.79%) and Adani Ports and Special Economic Zone (APSEZ) (up 9.18%) surged. Adani Green Energy (AGEL) and Adani Transmission (ATL) rose by 5% each. Shares of four Adani Group companies advanced after US Global equity boutique GQG Partners completed a Rs 15,446 crore investment in a portfolio of Adani Companies.

The promoters on Thursday sold shares in Adani Enterprises worth Rs 5,460 crore, and those worth Rs 5,282 crore in Adani Ports & SEZ. They also sold shares worth Rs 2,806 crore in Adani Green Energy and Rs 1,898 crore in Adani Transmission to GQG Partners, a US-based global equity-investment boutique firm.

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In a statement filed with the bourses today, the company announced that the Singapore International Commercial Court (SICC) vide its judgement dated 3 March 2023, confirmed the final value of company's 37.57% stake in DyStar Global Holdings (Singapore) (DyStar) as $603.80 million as against US$481.60 million, which was valued by the SICC vide its judgement dated 21 June 2021, which is now significantly increased by $122.20 million.

The court of appeal (the Supreme Court of Singapore) vide its judgement dated 6 July 2022 had decided two major points in favour of the Company related to 19% discount for lack of marketability and notional licence fees with respect to exploitation of DyStar's patent by Longsheng and had directed the SICC to give effect of the said Judgement.

“The buyout order is to be executed now at the value of US$ 603.80 million by Senda International Capital Ltd,” Kiri Industries said in a statement.

Kiri Industries had filed a suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, the International court had directed Senda to buyout Kiri's minority stake held in DyStar.

In making the buyout order, the SICC held that the value of Kiri's shareholding was to take into consideration the effects of various aspects of oppressive conduct by Zhejiang Longsheng Group Co (Longsheng), of which Senda was a wholly-owned subsidiary. The SICC's decision was upheld on appeal (see Senda International Capital v Kiri Industries and others and another appeal [2019] 2 SLR.

Further proceedings then took place before the SICC to determine how Kiri's shareholding was to be valued for the purposes of the buyout order. The SICC delivered various judgments for the valuation proceedings.

These appeals by both Senda and Kiri raise issues arising out of those judgments concerning matters affecting the valuation of DyStar and adjustments for various factors as well as the valuation of Kiri's shareholding and adjustments relevant to that.

Kiri Industries is one of the largest manufacturer and exporter of wide range of dyes, intermediates and chemicals from India.

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