february futures contract smelly Trading at 50 on the Singapore Exchange indicates a positive opening for domestic equities. The contract was trading at 17,789, up 59 points or 0.33% from the previous close.
Q3 Earnings Watch: Shree Cement, Adani Power, Adani Wilmar, Cummins India, Escorts Kubota, Dreamfolks Services, Endurance Technologies, Equitas Small Finance Bank, Honeywell Automation India, IRCON International, ITD Cementation India, Minda Corporation, Samvardhan Motherson International, Narayan Hrudayalaya, Oberoi Realty, Piramal Enterprises, Specialty Restaurants, Symphony, Traxon Technologies, Trent and Windlass Biotech, among others, will release their quarterly earnings today.
Rate sensitive: Stocks in rate-sensitive pockets like banks, NBFCs, real estate or realty companies and automobiles may see some action post RBI rate hike outcome.
Bharti Airtel: The company reported a 91.5 per cent year-on-year rise in consolidated net profit at Rs 1,588 crore for the October-December quarter of 2022-23. Total revenue grew by nearly 20 per cent year-on-year to Rs 35,804 crore in the December quarter (Q3FY23), supported by strong and consistent performance delivery across the portfolio.
Hero Moto: Hero MotoCorp reported a 2.41 per cent year-on-year rise in consolidated net profit to Rs 721.24 crore in the third quarter of 2022-23 amid weak demand, especially in rural areas. Its total income grew 2.05 per cent to Rs 8,300.3 crore in Q3 (year-on-year). The company said that a cost-cutting (savings) program and multiple launches during the next few quarters will help improve profitability.
Ambuja Cements: Ambuja Cements reported a 46 per cent increase in its standalone profit at Rs 368.99 crore for the quarter ended December 31, 2022 (Q3FY23) as compared to Rs 252.81 crore in Q3FY22. Volume grew seven percent during the same period. The company’s revenue from operations grew 10 per cent to Rs 4,128.5 crore from Rs 3,739.9 crore a year ago.
Adani Green: Adani Green Energy’s consolidated net profit more than doubled to Rs 103 crore in the December quarter, mainly on the back of higher revenue. The company’s consolidated net profit in the year-ago period stood at Rs 49 crore. Total income in the third quarter of the current fiscal rose to Rs 2,258 crore from Rs 1,471 crore in the same period a year ago.
ONGC: Oil and Natural Gas Corporation Limited (ONGC) is in talks with global oil majors to deploy state-of-the-art technologies in its aggressive exploration push in India’s deep waters. ONGC held discussions with US oil and gas giant ExxonMobil, Norwegian energy multinational Equinor, US oil services group Baker Hughes and French research organization Institut Francais du Petrole on various issues such as technology and deepwater.
Vodafone Idea: Vodafone Idea on Tuesday issued 16,130 million equity shares to the central government, giving it a 33.4 per cent stake in the company. With this, the government also becomes the largest shareholder of the telecom company. The operational and management control of the company will remain with the existing promoters.
NDTV: The company said on Tuesday that its profit more than halved in the third quarter due to weak advertising demand. The broadcaster’s consolidated net profit declined to Rs 12.9 crore in the third quarter from Rs 27.6 crore a year ago. Revenue for the quarter declined 9.4 percent to Rs 105.4 crore.
Deepak Nitrite: The company’s net profit declined by 13.8 per cent to Rs 209.1 crore as against Rs 242.5 crore a year ago. Revenue increased by 15.6 percent to Rs 1,991.1 crore. Operating margin declined to 15.8 percent from 20.4 percent in the previous year.
Rail Vikas Nigam: The company (RVNL) has emerged as the lowest bidder (L1) for the Rs 69.48 crore North Western Railway project. Award letter is awaited.
PC Jewellers: A consortium of four banks- IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank – has issued its loan recall notice to the company. The legal proceedings between State Bank of India (the lead bank) and the company are ongoing, and the next date of hearing has been fixed for February 28, 2023.
Sobha: The company reported a 48 per cent decline in its consolidated profit at Rs 31.8 crore for the December quarter hit by weak operating performance. However, revenue for the quarter grew by 40 per cent to Rs 868.2 crore, the highest ever quarterly sales of 1.48 million sq ft.
BSE: The stock exchange reported a 15.7 per cent decline in profit at Rs 51.64 crore for the December quarter. The revenue for the quarter grew by 5.77 per cent to Rs 204 crore as compared to the year-ago period. Operating margin declined by 1,079 bps to 19.13 per cent for the quarter. The board has approved disinvestment of 2.5 per cent stake in Central Depository Services (India) through offer for sale (OFS).
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