Indian share market is likely to open mildly in green on weekly F&O expiry, hinted SGX Nifty on Thursday. On the Singapore Exchange, Nifty futures were trading marginally higher at 17893 level. In the previous session, BSE Sensex jumped 378 pts to 60,664, while NSE Nifty 50 rose 150 pts to 17,872. “With all the major events behind us, the performance of the global indices combined with earnings will dictate the trend ahead. This rebound has certainly eased pressure but a decisive close above 17900 in Nifty is critical for any sustained recovery. Meanwhile, we reiterate our preference for IT, FMCG and select banking and auto pack and suggest focusing on identifying opportunities from these sectors,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Stocks in focus on 9 February, Thursday
Q3 results today: Hindalco Industries, Hindustan Petroleum Corporation (HPCL), Life Insurance Corporation of India (LIC), Lupin, Zomato, Adani Total Gas, Aurobindo Pharma, Bajaj Consumer Care, Bombay Dyeing & Manufacturing Company, Devyani International, Force Motors, General Insurance Corporation of India, Greaves Cotton, Hindustan Aeronautics (HAL), Indian Railway Catering and Tourism Corporation, Jet Airways, Kalpataru Power Transmission, MRF, Natco Pharma, Page Industries, Pfizer, Sapphire Foods India, Suzlon Energy, United Breweries, Ujjivan Financial Services, and Voltas will be in focus ahead of quarterly earnings on 9 February.
Adani Power: The Adani Group company recorded consolidated profit at Rs 8.77 crore for quarter ended December FY23, down 96% compared to year-ago period impacted by significantly higher fuel cost. Consolidated revenue for the quarter at Rs 7,764.4 crore increased by 45% over a year-ago period, mainly due to greater regulatory claims, increased operating capacity, and improved tariff realization. At the operating level, EBITDA fell by 17% on-year to Rs 1,470 crore with margin down over 1,400 bps on-year for the quarter.
RBL Bank: The Reserve Bank of India has approved the re-appointment of Rajeev Ahuja as Executive Director for three years effective from 21 February this year. Rajeev Ahuja will be designated as key managerial personnel of the bank.
Tata Consultancy Services: TCS has won an over £600-million (about $723-million) contract with Phoenix Group, UK’s largest long-term savings and retirements provider, to digitally transform the latter’s ReAssure business using the TCS BaNCS-based platform. Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance customer experience for ReAssure’s policyholders.
Larsen & Toubro: Ministry of Defence has signed a contract with L&T for the procurement of 41 indigenous modular bridges, worth over Rs 2,585 crore, for the Corps of Engineers of Indian Army. A modular bridge is fabricated in modules that can be installed quickly in the field.
Trent: The retail company has reported nearly 20% on-year growth in consolidated profit at Rs 167 crore for three-month period ended December FY23. It registered the highest ever quarterly revenues at Rs 2,303.4 crore, up 54% on-year. At the operating level, EBITDA grew by 18.5% on-year to Rs 323.2 crore but margin fell by 415 bps on-year to 14.03% for the quarter given the higher expenses. Numbers are not comparable on-year as Q3FY22 had accounting for rent waivers and reversals relating to inventory provisioning.
Oberoi Realty: The Mumbai-based real estate company registered a 50.3% on-year growth in consolidated profit at Rs 702.6 crore for quarter ended December FY23 on healthy topline and operating performance. Consolidated revenue surged 96% on-year to Rs 1,630 crore for the quarter. On the operating front, EBITDA jumped 184% on-year to Rs 940.4 crore with margin expansion of 1,786 bps compared to year-ago period.
Cummins India: The diesel and natural gas engines manufacturer has recorded better than expected earnings on all fronts for Q3FY23 as profit grew by 49% on-year to Rs 360.14 crore and revenue increased by 25.7% to Rs 2,181 crore for the quarter. At the operating level, EBITDA jumped 52.4% on-year to Rs 412.2 crore with margin expansion of 331 bps compared to year-ago period. The company announced an interim dividend of Rs 12 per share for FY23.