Krishna Defence & Allied Industries will hold a meeting of the Board of Directors of the Company on 22 May 2023.

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The key equity benchmarks traded with minor gains in mid-afternoon trade. The Nifty managed to rise above the 18,250 level. Private bank shares extended gains for third consecutive trading session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 107.23 points or 0.17% to 61,868.56. The Nifty 50 index gained 21.10 points or 0.12% to 18,287.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index up 0.017%.

The market breadth was negative. On the BSE, 1,697 shares rose and 1,743 shares fell. A total of 145 shares were unchanged.

On the political front, the Karnataka Assembly Elections is being held today, 10 May 2023, in a single phase for 224 constituencies. The exit poll results will be declared shortly after the voting is over. The Election Commission of India will declare the election results on May 13.

Numbers to track:

The yield on India's 10-year benchmark federal paper fell 0.06% to 7.042 as compared with previous close of 7.046.

In the foreign exchange market, the rupee slightly edged lower against the dollar. The partially convertible rupee was hovering at 82.06, compared with its close of 82.0625 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement lost 0.30% to Rs 61,232.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 101.69.

The United States 10-year bond yield declined 0.15% to 3.517.

In the commodities market, Brent crude for July 2023 settlement lost $1.01 or 1.30% to $76.43 a barrel.

Buzzing Index:

The Nifty private bank rose 0.39% to 21,959.25. The index has advanced 2.24% in three trading session.

IndusInd Bank (up 2.39%), Bandhan Bank (up 0.58%), HDFC Bank (up 0.38%), Federal Bank (up 0.08%) and Axis Bank (up 0.06%) advanced.

On the other hand, RBL Bank (down 0.92%), IDFC First Bank (down 0.78%) and ICICI Bank (down 0.24%) declined.

Stocks in Spotlight:

Krishna Defence and Allied Industries jumped 3.52% after the company received an order from Ministry of Defence (MoD) for supply of special heating equipment worth Rs 63.48 crore.

Cera Sanitaryware rose 1.98% after the company reported 11.64% jump in net profit of Rs 62.93crore on 20.9% rise in revenue from operations to Rs 530.38 crore in Q4 FY23 over Q4 FY22.

Hatsun Agro Product declined 1.15% after the dairy product manufacturer reported 39.06% decline in net profit to Rs 24.99 crore despite of 10% increase in revenue from operations to Rs 1,789.46 crore in Q4 FY23 over Q4 FY22.

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The special heating equipment is to be used by Indian armed forces at high altitude, at sub- zero temperatures.

KDAIL has been awarded the contract to execute this project over the next 12 months.

The launch of this new product marks our entry into one more line of specialized equipment which aligns with our strategy of increasing our contribution in indigenization of defence materials.

Commenting on the order win, the management team of KDAIL stated: “This marks a major achievement for us as it demonstrates our ability to innovate new products with high quality, reliability, and durability within a stringent timeline. Our success in winning this contract also reinforces our strategic goals to expand our presence in the defence vertical.”

Krishna Defence & Allied Industries formerly known as Krishna Allied Industries, has comprehensive in-house capabilities of designing, developing, and manufacturing a wide range of equipment for the Defence, Homeland Security & Dairy.

The company reported 34.4% jump in net profit to Rs 1.64 crore in H1 FY23 as against Rs 1.22 crore in H1 FY22. Net sales declined 5.6% to Rs 19.55 crore in the six months ended 30 September 2022.

The scrip hit a 52-week high at Rs 193.15 in intraday, today.

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Krishna Defence & Allied Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 30 January 2023 .

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