Stock Market Today: Sensex, Nifty Decline For Second-Straight Session; FPIs Turn Net Sellers
The S&P BSE Sensex closed down 237 points or 0.39% at 60,621.77 while the NSE Nifty 50 was 80 points or 0.44% lower at 18,025.65.
KEY HIGHLIGHTS
FPIs Turn Net Sellers
Overseas Investors in Indian equities turned net sellers after a day on Friday.
Foreign portfolio investors offloaded equities worth Rs 2,002.25 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors, mopped up stocks worth Rs 1,509.95, according to NSE data.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 19,880.11 crore of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 23 paise to 81.13 at close on Friday. It closed at 81.36 on Thursday.
Source: Bloomberg
Yield On The 10-Year Rises
The yield on the 10-year bond closed 4 bps higher at 7.35% on Friday. It ended at 7.31% on Thursday.
Source: Bloomberg
Closing Bell
The Indian benchmark indices declined in the last leg of trade after trading largely flat through the day. Market continued its weekly winning streak for second consecutive session.
Asian markets ended higher on Friday before Lunar New Year holidays interrupt trading across many markets in the region next week.
China’s equity benchmark ended higher as foreign investors continued to buy local shares on the back of the nation’s economic reopening and pro-growth policies.On the other hand, European stocks and US equity-index futures were steady in trade.
The S&P BSE Sensex closed down 237 points or 0.39% at 60,621.77 while the NSE Nifty 50 was 80 points or 0.44% lower at 18,025.65.
Hindustan Unilever Ltd., Asian Paints Ltd., Bajaj Finance Ltd., Nestle India Ltd. and JSW Steel Ltd. were the top losers in the gauge.
Whereas, Coal India Ltd., Power Grid Corp of India Ltd., HDFC Bank Ltd., HDFC Ltd. and ITC Ltd. and were the top gainers amongst the NSE Nifty 50 constituents.
The broader market indices were trading lower; S&P BSE MidCap was down 0.66%, whereas S&P BSE SmallCap was lower by 50%.
Fourteen out of the 19 sectors compiled by BSE declined, while five advanced in trade.
The market breadth was skewed in favour of the bears. About 1,570 rose, 1,916 declined, 153 remained unchanged on the BSE.
After falling for the first week of the new year, the headline indices rose for the second cosecutive week in ther third week of 2023.
Sensex was up 0.60% and Nifty was higher by 0.40% in this week. The indices rose by 0.60% and 0.54% respectively last week.
Sectorally, Nifty IT, Bank and Realty indices gained this week.
On the other hand, Nifty Media, PSU Bank, Auto and Smallcap 100 declined more than 1% this week..
European Markets Trade Higher
Atul Q3FY23 Earnings (QoQ, Consolidated)
Revenue down 14.7% at Rs 1,268.25 crore
Net Profit down 30.5% to Rs 102.88 crore
EBITDA down 31.68% at Rs 172.25 crore
Margin at 13.58% in Q3FY23 vs 16.95% in Q2FY23
Source: Exchange filing
HDFC Life Insurance Company Q3FY23 (Consolidated, YoY)
Revenue up 38% at Rs 19,718 crore Vs 14,247 crore (BBG estimate : Rs 14,182 crore)
Net profit up 15% to Rs 316 crore Vs Rs 275 crore (BBG estimate : Rs 342 crore)
VNB up 22% at Rs 2,163 crore Vs Rs 1,780 crore (nine-months*)
VNB margin unchanged at 26.5% (nine-months*)
Note: Base period does not include impact of Exide Life merger
Source: Exchange filing
Union Bank of India Q3FY23
Net profit: Rs. 2,245 crore vs Rs. 1,085 crore (YoY)
NII: Rs. 8,628 crore vs Rs. 7,174 crore (YoY)
Gross NPA: 7.93% Vs 8.45% (QoQ)
Net NPA: 2.14% Vs 2.64% (QoQ)
Source: Exchange filing
Stocks' Contribution To Sensex
PVR Declines After Third-Quarter Earnings Results
Shares of PVR Ltd. declined 3.16% to Rs 1,624.8 apiece in trade on Friday.
PVR Ltd.'s third quarter profit rose beating estimates, as the Hollywood blockbuster 'Avatar: The Way of Water' pulled massive crowds to theatres, garnering around Rs 100 crore in box office collections.
PVR Q3 FY23 (Consolidated, QoQ)
Revenues up 36.98% at Rs 940.7 crore
Ebitda up 87.95% at Rs 288.8 crore
Ebitda margin at 30.7% versus 22.37%
Net profit Rs 16.1 crore versus loss of Rs 71.2 crore
Total traded volume stood at 4.3 times its 30-day average.
Out of the 31 analysts tracking the company, 27 maintain a 'buy' rating, two recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 27.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Fertiliser Stocks Fall
Shares of fertiliser companies declined in trade on Friday.
Gujarat State Fertilizers & Chemicals Ltd., Deepak Fertilizers and Petrochemicals Coporation Ltd., Madras Fertilizers Ltd., Rashtriya Chemicals and Fertilisers Ltd., Fertilisers and Chemicals Travancore Ltd. declined more than 1% in trade.
Source: Bloomberg
Rail Vikas Nigam Forms Two JVs For Setting Up Logistics Parks In India
Rail Vikas has formed joint venture firms with National Highways Logistics Management, Karnataka Industrial Area Development Board, Tamil Nadu Industrial Development Corp. and Chennai Port Authority.
The joint ventures are Bengaluru MMLP Pvt. Ltd. and Chennai MMLP Pvt. Ltd., with a combined investment of over Rs 300 crore.
The JVs will set up multi-modal logistics parks at Mappedu, Tamil Nadu and Bengaluru.
Source: Exchange filing
Swiggy Lays Off 380 Employees
Food delivery company Swiggy has laid off 380 employees.
Layoffs attributed to “challenging” macroeconomic conditions, “accelerated” timelines for profitability and overhiring.
Source: Company
Midday Market Wrap
The Indian benchmark indices opened marginally higher and traded flat at midday on Friday, tracking the positive global cues.
Asian markets shook off worries from rising interest rates and economic risks to advance on Friday before Lunar New Year holidays interrupt trading across many markets in the region next week.
Hong Kong equities gained while Japanese shares reversed small initial losses. U.S. futures rose after the selloff on Wall Street showed some signs of easing Thursday, when the S&P 500 fell for a third day.
As of 12:14 pm, the S&P BSE Sensex was up 30 points or 0.05% at 60,828.86 while the NSE Nifty 50 was 13 points or 0.07% higher at 18,095.15.
Tata Motors Ltd., Coal India Ltd., HDFC Bank Ltd., HDFC Ltd. and Power Grid Corp of India Ltd. and were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, Hindustan Unilever Ltd., Asian Paints Ltd., Nestle India Ltd., Bajaj Finance Ltd. and JSW Steel Ltd. were the top losers in the gauge.
The broader market indices were flat; S&P BSE MidCap was down 0.18%, whereas S&P BSE SmallCap was unchanged.
Twelve out of the 19 sectors compiled by BSE declined, while eight advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,781 rose, 1,573 declined, 169 remained unchanged on the BSE.
Bank of India MD & CEO Atanu Kumar Das Retires
Das demitted office on Thursday after completion of his tenure
Source: Exchange notice
Hindustan Unilever Declines After Q3 Earnings
Shares of Hindustan Unilever Ltd. declined 2.50% to Rs 2,583.5 apiece in trade on Friday.
Hindustan Unilever Ltd.’s quarterly profit rose in line with estimates, aided by price hikes, even as margin contracted due to higher costs.
Hindustan Unilever Q3 FY23 (Consolidated figures, YoY)
Revenue up 16% at Rs 15,597 crore (Bloomberg estimate: Rs 15,120.4 crore)
Ebitda up 8% to Rs 3,694 crore (Bloomberg estimate: Rs 3,556.1 crore)
Ebitda margin at 23.7% versus 25.4% (Bloomberg estimate: 23.5%
Net profit up 8% to Rs 2,474 crore (Bloomberg estimate: Rs 2,497.9 crore)
The board approved proposal to increase royalty and central services fees to Unilever group to 3.45% from 2.65% over three years.
Total traded volume stood at 5.5 times its 30-day average.
Out of the 40 analysts tracking the company, 30 maintain a 'buy' rating, eight recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 12.1% over the next 12 months.
Source: Bloomberg, Exchange filing
Banks Advance In Trade
Shares of banking companies advanced in trade on Friday while the benchmark Nifty 50 was flat at 0.06% in trade.
The NSE Nifty Bank Index was up 0.74%. All twelve constituents compiled by the gauge advanced.
Bank of Baroda Ltd., HDFC Bank Ltd., IndusInd Bank Ltd., IDFC First Bank Ltd., Punjab National bank and State Bank of India were nearly 1% higher in trade.
Source: NSE
Bharat Heavy Electricals Advances After Rs 300-Crore Order Win
Shares of Bharat Heavy Electricals Ltd. rose 3.56% to Rs 82.85 apiece in trade on Friday.
The company bagged an order worth Rs 300 crore for renovation and modernisation of steam turbines at Ukai Thermal Power Station in Gujarat.
The stock gained as much as 4.19% intraday, the most in obver three weeks since Dec. 26, 2022.
Total traded volume stood at 2.1 times its 30-day average.
Out of the 20 analysts tracking the company, two maintain a 'buy' rating, three recommends a 'hold' and 15 suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 38.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Sun Pharma Shares Fall Most In Six Weeks After Concert Pharma Bid
Shares of Sun Pharmaceutical Industries Ltd. fell the most by 2.28% intraday, in six weeks after the company announced the acquisition of Concert Pharmaceuticals Inc. for roughly $576 million (around Rs 4,680 crore) in equity value.
Concert is an American clinical biopharmaceutical company with an extensive patent portfolio, including the potential treatment of an autoimmune hair loss disease called Alopecia Areata.
The scrip fell as much as 0.82%, the most in six weeks, to Rs 1,032.05 apiece.
Of the 45 analysts tracking the company, 41 maintain a ‘buy’, three suggest a ‘hold’ and one recommends 'sell', according to Bloomberg data. The average of the 12-month target prices implies an upside of 12.2%.
Source: Bloomberg
Mphasis Declines As Net Profit Misses Analyst Estimates In Q3
Shares of Mphasis Ltd. fell 2.05% as of 10:44 am, to Rs 2,025 apiece in trade on Friday.
The third-quarter earnings missed analyst estimates as per the Bloomberg data. The revenue was down 0.39% to Rs 3,506.2 as compared to the previous quarter of the ongoing financial year.
Net profit was down 1.48% at Rs 412.3 crore, missing analyst estimates of Rs 431.5 crore for the said quarter.
Mphasis Q3 FY23 (Consolidated, QoQ)
Revenues down 0.39% at Rs 3,506.2 crore (Bloomberg estimate at Rs 3,624.3 crore)
Ebitda down 0.05% at Rs 617.5 crore (Bloomberg estimate at Rs 641 crore)
Ebitda margin at 17.61% versus 17.55% (Bloomberg estimate at 17.96%)
Net profit down 1.48% at Rs 412.3 crore (Bloomberg estimate at Rs 431.5 crore)
The stock fell as much as 5.2% intraday, the most in 13 weeks since Oct. 21, 2022.
Total traded volume stood at 5.6 times its 30-day average.
Out of the 36 analysts tracking the company, 24 maintain a 'buy' rating, nine recommends a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 16.5% over the next 12 months.
Source: Bloomberg, Exchange filing
L&T Technology Services Shares Fall As Q3 Revenue Misses Analyst Estimate
Shares of Larsen and Toubro Technology Services Ltd. fell 3.42% as of 10:15 am, to Rs 116.5 apiece in trade on Friday.
The net profit beat analyst estimates, up 7.51% quarter-on-quarter at Rs 303.6 crore in the third quarter of the ongoing financial year.
The company's third quarter revenue missed analyst estimates, up 2.68% quarter-on-quarter at Rs 2,048.6 crore.
L&T Technology Services Q3 FY23 (Consolidated QoQ)
Revenues up 2.68% at Rs 2,048.6 crore (Bloomberg estimate: Rs 2,061.9 crore)
Ebitda up 5.22% at Rs 441.2 crore (Bloomberg estimate: Rs 437.8 crore)
Ebitda margin at 21.54% versus 21.02% (Bloomberg estimate 21.2%)
Net profit up 7.51% at Rs 303.6 crore (Bloomberg estimate: Rs 296.7 crore)
Total traded volume stood at 3.4 times its 30-day average.
Out of the 29 analysts tracking the company, 10 maintain a 'buy' rating, seven recommends a 'hold' and twelve suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 5% over the next 12 months.
Source: Bloomberg, Exchange filing
Asian Paints Extend Losses As Q3 Misses Estimates, Analysts Peg Competition, Capex As Headwinds
The shares of Asian Paints Ltd. declined on Friday, set to extend losses for second straight day, after the paints maker's weaker-than-expected Q3 earnings dampened sentiments.
Asian Paints third quarter profit missed estimates as extended monsoon dented demand in the peak festive season, however, inputs prices aided margin.
Asian Paints Q3 FY23 (Consolidated figures, YoY)
Revenue up 1% at Rs 8636.74 crore Vs Rs 8527.24 crore
Net profit up 6% to Rs 1072.67 crore Vs Rs 1015.7 crore
EBITDA up 4% to Rs 1611.43 crore Vs Rs 1542.31 crore
Margins at 18.7% Vs 18.1%
The scrip, as of 9:38 a.m., was trading 1.26% lower, as compared with a flat benchmark Nifty 50.
Asian Paints shares went down as much as 2.2% during early trade. So far, the scrip was trading 4.4 times its 30-day average volume. The relative strength index stood at 24, indicating that the stock might be oversold.
Of the 40 analysts tracking the stock, 18 maintained a 'buy', 11 analysts recommended a 'hold', while the remaining 11 suggested 'sell'. The average of 12-month price consensus implies a upside of 12.5%, according to Bloomberg data.
Hindustan Zinc Shares Drop 6% After Q3 Earnings Miss Analyst Estimates
Shares of Hindustan Zinc Ltd. fell 6.03% as of 9:40 am, to Rs 354.8 apiece in trade on Friday.
Vedanta Ltd. approved the sale of assets of its subsidiary Zinc International to the Hindustan Zinc Ltd. for $2,981 million (approx Rs 2,421.54 crore).
The company's third quarter earnings missed all estimates, as per the Bloomberg data. The earnings before interest, tax, depreciation and amortization was down 17.82% year-on-year at Rs 3,469 in the third quarter of the ongoing fiscal.
The net profit dropped by 20.18% year-on-year at Rs 2,156 crore in the said quarter, however it was above analyst estimates at Rs 2,090.1 crore.
Furthermore, the board of directors approved a dividend of Rs 13 per share and approved the appointment of Priya Agarwal as the chairperson of the company.
Hindustan Zinc Q3 FY23 (Consolidated, YoY)
Revenues down 2.72% at Rs 7,628 crore (Bloomberg estimate: Rs 7,819.3 crore)
Ebitda down 17.82% at Rs 3,469 crore (Bloomberg estimate: Rs 3,599.2 crore)
Ebitda margin at 45.48% vs 53.83% (Bloomberg estimate: 46%)
Net profit down 20.18% at Rs 2,156 crore (Bloomberg estimate: Rs 2,090.1 crore)
The board approved a dividend of Rs 13 per share. It appointed Priya Agarwal as chairperson of the company.
The stock dropped as much as 9.89% intraday on Friday, after hitting a new 52-week high on Thursday, Jan. 19 at Rs 383. Total traded volume stood at 18 times its 30-day average.
Out of the 15 analysts tracking the company, three maintain a 'buy' rating, four recommends a 'hold' and eight suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 12.8% over the next 12 months.
Source: Bloomberg, Exchange filings
Opening Bell
The Indian benchmark indices opened marginally higher and then declined on Friday, tracking the positive global cues.
Asian markets shook off worries from rising interest rates and economic risks to advance on Friday before Lunar New Year holidays interrupt trading across many markets in the region next week.
Hong Kong equities gained while Japanese shares reversed small initial losses. U.S. futures rose after the selloff on Wall Street showed some signs of easing Thursday, when the S&P 500 fell for a third day.
The S&P BSE Sensex opened up 43 points or 0.07% at 60,901.16 while the NSE Nifty 50 was 8 points or 0.04% higher at 18,115.60.
Power Grid Corp of India Ltd., Adani Ports and SEZ Ltd., Tata Motors Ltd., IndusInd Bank Ltd., and State Bank of India Ltd. and were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, Sun Pharmaceutical Industries Ltd., Hindustan Unilever Ltd., Asian Paints Ltd., Titan Co. and Nestle India Ltd. were the top losers in the gauge.
The broader market indices were mixed; S&P BSE MidCap was down 0.05%, whereas S&P BSE SmallCap was higher at 0.20%.
Ten out of the 19 sectors compiled by BSE declined, while nie advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,628 rose, 882 declined, 141 remained unchanged on the BSE.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 12 paise to 81.24 at open on Friday. It closed at 81.36 on Thursday.
Source: Bloomberg
Yield On The 10-Year Rises
The yield on the 10-year bond opened 2 bps higher at 7.33% on Friday. It ended at 7.31% on Thursday.
Source: Bloomberg
Moody's Takes Positive Rating Actions On Four Indian PSU Banks
Moody's has affirmed the Baa3 long-term local and foreign currency bank deposit ratings of State Bank of India.
It has also upgraded the long-term local and foreign currency bank deposit ratings of Bank of Baroda, Canara Bank, and Punjab National Bank to Baa3 from Ba1.
The outlooks on the long-term ratings of all four banks remain stable.
Source: Moody’s statement
Nifty's Immediate Support Is At 18,000-17,950 Levels | Trade Setup For Friday
Coforge Q3 Earnings (QoQ)
Revenue up 4.7% to Rs 2,056 crore (Bloomberg estimate: Rs 2,092 crore)
EBITDA up 6.2% to Rs 359.5 crore (Bloomberg estimate: Rs 389.0 crore)
PAT up 4.2% to Rs 235.9 crore
Dividend declared at Rs 19 per share
FY23 revenue growth guidance raised to 22% in CC
Source: Exchange filing
Global Cues
U.S. Dollar Index at 102.09
U.S. 10-year bond yield at 3.40%
Brent crude up 0.56% to $86.64 per barrel
Nymex crude at $80.83 per barrel
SGX Nifty up 0.13% to 18,137.5 as of 8:10 a.m.
Bitcoin up 0.86% to $21,120.33
Pledge Shares
Imagicaaworld Entertainment: Promoter Thrill Park invoked a pledge of 18 lakh shares on Jan. 12.
Q3 Earnings Results Today
Aether Industries, Atul, Bandhan Bank, Coforge, DCM Shriram, HDFC Life Insurance Company, Heritage Foods, Indian Energy Exchange, JSW Energy, JSW Steel, Kabra Extrusiontechnik, Llyods Metal and Energy, LTIMindtree, Mishtann Foods, Nelco, Petronet LNG, Ramkrishna Forgings, RBL Bank, Reliance Industrial Infrastructure, Reliance Industries, Saregama India, Shiva Cement, Tanfac Industries, Tanla Platforms, Union Bank of India
Reliance Industries Q3 Results Preview: Higher Product Spreads, Refining Margins To Boost Earnings
Earnings Fineprint
Hindustan Unilever Q3 FY23 (Consolidated figures, YoY)
Revenue up 16% at Rs 15,597 crore (Bloomberg estimate: Rs 15,120.4 crore)
Ebitda up 8% to Rs 3,694 crore (Bloomberg estimate: Rs 3,556.1 crore)
Ebitda margin at 23.7% versus 25.4% (Bloomberg estimate: 23.5%
Net profit up 8% to Rs 2,474 crore (Bloomberg estimate: Rs 2,497.9 crore)
The board approved proposal to increase royalty and central services fees to Unilever group to 3.45% from 2.65% over three years.
L&T Technology Services Q3 FY23 (Consolidated QoQ)
Revenues up 2.68% at Rs 2,048.6 crore (Bloomberg estimate: Rs 2,061.9 crore)
Ebitda up 5.22% at Rs 441.2 crore (Bloomberg estimate: Rs 437.8 crore)
Ebitda margin at 21.54% versus 21.02% (Bloomberg estimate 21.2%)
Net profit up 7.51% at Rs 303.6 crore (Bloomberg estimate: Rs 296.7 crore)
Mphasis Q3 FY23 (Consolidated, QoQ)
Revenues down 0.39% at Rs 3,506.2 crore
Ebitda down 0.05% at Rs 617.5 crore
Ebitda margin at 17.61% versus 17.55%
Net profit down 1.48% at Rs 412.3 crore
Anant Raj Q3 FY23 (Consolidated, YoY)
Revenues up 172.96% at Rs 265.9 crore
Ebitda up 134.16% at Rs 52.8 crore
Ebitda margin at 19.86% versus 23.15%
Net profit up 286.04% at Rs 45.6 crore
Can Fin Homes Q3 FY23
Net interest income up 22.23% at Rs 251.7 crore (YoY)
Net profit up 30.95% at Rs 151.5 crore
Gross NPA at 0.6% versus 0.62% (QoQ)
Net NPA at 0.3% versus 0.35% (QoQ)
IIFL Wealth Management Q3 FY23 (Consolidated, QoQ)
Revenues up 2.6% at Rs 518.4 crore (Bloomberg estimates: Rs 415.4 crore)
Ebitda up 3.69% at Rs 328.7 crore (Bloomberg estimates: Rs 228.2 crore)
Ebitda margin at 63.41% versus 62.75% (Bloomberg estimates: 54.9%)
Net profit down 1.62% at Rs 171.5 crore (Bloomberg estimates: Rs 187.9 crore)
Hindustan Zinc Q3 FY23 (Consolidated, YoY)
Revenues down 2.72% at Rs 7,628 crore (Bloomberg estimate: Rs 7,819.3 crore)
Ebitda down 17.82% at Rs 3,469 crore (Bloomberg estimate: Rs 3,599.2 crore)
Ebitda margin at 45.48% vs 53.83% (Bloomberg estimate: 46%)
Net profit down 20.18% at Rs 2,156 crore (Bloomberg estimate: Rs 2,090.1 crore)
The board approved a dividend of Rs 13 per share. It appointed Priya Agarwal as chairperson of the company.
IndiaMART IndiaMESH Q3 FY23 (Consolidated, QoQ)
Revenues up 4.49% at Rs 251.4 crore (Bloomberg estimate: Rs 247.6 crore)
Ebitda up 3.36% at Rs 61.6 crore (Bloomberg estimate: Rs 69.8 crore)
Ebitda margin at 24.5% versus 24.77% (Bloomberg estimate: 28.2%)
Net profit up 64.91% at Rs 112.8 crore (Bloomberg estimate: Rs 69.6 crore)
Sterling & Wilson Renewable Energy Q3 FY23 (Consolidated, YoY)
Revenues down 72.78% at Rs 406.90 crore
Ebitda loss narrows to Rs 63.8 crore vs Rs 391.1 crore
Net loss narrows to Rs 101.2 crore vs Rs 422.4 crore
AU Small Finance Bank Q3 FY23
Net interest income up 40.5% at Rs 1,152.7 crore (YoY)
Net profit up 30.05% at Rs 392.8 crore (YoY)
Gross NPA at 1.81% versus 1.9% (QoQ)
Net NPA at 0.51% versus 0.56% (QoQ)
PVR Q3 FY23 (Consolidated, QoQ)
Revenues up 36.98% at Rs 940.7 crore
Ebitda up 87.95% at Rs 288.8 crore
Ebitda margin at 30.7% versus 22.37%
Net profit Rs 16.1 crore versus loss of Rs 71.2 crore
Reliance Industries Q3 Results Preview: Higher Product Spreads, Refining Margins To Boost Earnings
Stocks To Watch
Vedanta: The company approved the sale of assets of subsidiary Zinc International to Hindustan Zinc for $2,981 million.
Sun Pharmaceuticals Industries: The company acquired U.S.-based alopecia medicine manufacturer Concert Pharmaceuticals for $576 million.
Tata Consultancy Services: The company has been selected as a strategic partner by Bombardier to accelerate its digital transformation.
TVS Motor Company: The board of the company will meet on Jan. 24 to consider and approve interim dividend for the current fiscal.
Surya Roshni: The company won an order worth Rs 147.3 crore for API 5L grade coated pipes from IOCL and powder coated GI pipes from GAIL.
Bata India: The company appointed Anil Somani as chief financial officer. The date of appointment will be announced in due course.
Sundaram-Clayton: The board of the company will consider dividend for the current fiscal during its meeting on Jan. 25.
Jubilant FoodWorks: The company will spend Rs 900 crore on capex over the next 12-18 months, funded via internal accruals. The company will invest Rs 500-600 crore on stores and Rs 300 crores on commissaries.
KPI Green Energy: The company commissioned 25 MWDC solar power project for Greenlab Diamonds LLP, Surat, under its CPP business vertical. The company also appointed Salim Suleman Yahoo as its chief financial officer.
L&T Technology Services: The company has been selected as strategic engineering partner to Airbus for advanced capabilities and digital manufacturing services under a multi-year contract.
RITES: The board will consider third interim dividend for the current fiscal during its meeting on Feb. 9.
Bharat Heavy Electronics: The company has bagged an order worth Rs 300 crore for renovation and modernisation of steam turbines at Ukai Thermal Power Station in Gujarat.
SGX Nifty Signals Flat To Higher Open For Stocks
Asian markets eked out small gains on Friday after the U.S. benchmarks declined for a third day as risks like rising interest rates, fear of economic slowdown, and earnings kept sentiment in check.
Australian and South Korea equities edged higher, along with U.S. futures, while Japanese shares fluctuated and contracts for Hong Kong rose. The overnight selloff in U.S. stocks showed some signs of easing, with the S&P 500 ending down 0.8% on Thursday and less than the 1.6% slide a day earlier.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.13% to 18,137.5.
Crude prices rose nearly 1%, and Bitcoin was up trading above $21,000-level.
Indian benchmark indices snapped their two-day rally to close lower on Thursday, dragged by auto and bank stocks.
Rupee closed lower against the U.S. dollar on the back of muted performance of domestic equity market.
Overseas Investors in Indian equities turned net buyers after a day on Thursday. Foreign portfolio investors bought equities worth Rs 399.98 crore, while domestic institutional investors sold stocks worth Rs 128.96 crore, according to NSE data.