Indian equity benchmarks BSE Sensex and Nifty 50 are likely to open higher on Friday amid weak global cues.Trends on SGX Nifty hinted at a flat to negative start. With a loss of 50 points or 0.27 percent, the Nifty futures were trading around 18,251 level on the Singaporean Exchange. The short term trend of Nifty continues to be positive, according to analysts. “Emergence of high volatility and a formation of doji at the hurdle could be pointing towards the possible consolidation or minor weakness in the next few sessions. Any downward correction from the highs could find support at uptrend line around 18000 levels. However, a decisive move above 18272 is likely to negate the bearish setup for the near term,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
Reliance Industries (RIL): Mukesh Ambani’s Reliance Industries Ltd. will invest over Rs 5 lakh crore in green energy and other projects in Gujarat, it said on Thursday. RIL has already begun scouting land for 100 GW renewable energy projects to be set up in the next 10-15 years. The company will also invest another Rs 60,000 crore to manufacture solar PV cells and other renewable energy equipment. The oil-to-telecom conglomerate signed a MoU with the Gujarat government as part of investment promotion activity for Vibrant Gujarat Summit 2022.
HCL Technologies: The technology company will report its quarterly numbers today. Jefferies expects revenue growth of 3.8% QoQ on constant currency (CC) basis, with 2.8% QoQ CC in services and 12% QoQ CC in P&P (Products & Platforms) segment. The P&P segment could benefit from deal closures that got delayed in Q2. The brokerage firm expects 10 basis points (bps) expansion in EBIT margins to 19.1%.
Vodafone Idea: Vodafone Idea partners with US-based Ciena to revamp its national broadband network for offering 5G services. The telco said it is revamping its ‘backbone scalability and service resiliency’ with help from American telecommunications networking equipment company Ciena in order to prepare for the 5G rollout.
Titan Company: The Big Bull Rakesh Radheshyam Jhunjhunwala increased his shareholding in the Tata company to 4.02% as of December 2021 quarter, up from 3.80% as of September 2021 quarter. Titan is the biggest stock in Jhunjhunwala’s portfolio, valued at Rs 11,849.64 crore at today’s share price of Rs 2,618.65 per share. His wife Rekha Jhunjhunwala’s stake remained at 1.07% as of December 2021 quarter.
Tata Motors: Tata Motors on Thursday reported a 2% year-on-year increase at 2,85,445 units in group global wholesales for the third quarter of FY22. Global wholesales of commercial vehicles range in Q3FY22 were at 1,02,772 units, up 14 per cent over Q3FY21. For all passenger vehicles, the global wholesales in Q3FY22 stood at 1,82,673 units, down three per cent as compared to the same period a year ago.
Mindtree: The company reported a consolidated net profit of Rs 437.5 crore in the December 2021 quarter against Rs 398.9 crore in the September quarter. The company’s revenue came in at Rs 2,750 crore. Profit on YoY basis increased 34% and revenue 35.9% for the quarter. BFSI segment registered 4.2% sequential growth; communications, media & technology 6.1%; and travel, transportation & hospitality 7.4% for the December 2021 quarter, while the healthcare segment clocked a 29.2% growth during the quarter compared to previous quarter.