Domestic stock exchanges will resume trading today after a day’s hiatus on account of Muharram. Entering Wednesday’s trade, SGX Nifty was down with losses, suggesting a flat to negative opening for BSE Sensex, NSE Nifty 50. Global cues were weak after Wall Street closed in the red on Tuesday. “Nifty has decisively surpassed the hurdle at 17,400, and we’re now eyeing 17,800. Apart from the performance of world markets, the last leg of the earnings season coupled with key domestic data like IIP, CPI and WPI would remain on the participants’ radar for cues. We reiterate our preference for top-performing sectors like banking, financials, auto, FMCG and selectively from the IT pack for fresh longs,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 10 August, Wednesday
Bharti Airtel: Bharti Airtel is looking to roll out 5G services immediately and hopes to have a pan-India coverage by 2024, Gopal Vittal, the telco’s MD and CEO, said on Tuesday. “We intend to launch 5G starting immediately and extending to pan-India rollout very soon. By March 2024, we believe we will be able to cover every single town of 5,000-odd towns and key rural areas with 5G. In fact, detailed rollout plans for 5,000 towns is completely in place. This will be one of the biggest rollouts in our history,” Vittal told analysts over a virtual call a day after its earnings announcement.
HDFC: The mortgage financier HDFC (Housing Development Finance Corporation) has received approval from the National Housing Bank (NHB) for its merger with subsidiary HDFC Bank, a regulatory filing said on Tuesday. The NHB has also approved the merger of two wholly-owned subsidiaries — HDFC Investments and HDFC Holdings Limited — of the housing finance company with HDFC. “We wish to inform you that the NHB vide vide its letter dated August 8, 2022, has granted its no-objection to the scheme, as required pursuant to the refinance facilities availed by HDFC Ltd from NHB,” HDFC said in the filing.
Powergrid: On consolidated basis, Power Grid Corporation of India’s net profit tumbled 36.6% to Rs 3,801.19 crore in Q1FY23 as against Rs 5,998.28 crore recorded in Q1FY22. Consolidated revenue from operations stood at Rs 10,905.21 crore in Q1FY23, rising 6.7% from Rs 10,218.58 crore posted in the corresponding quarter previous year. PAT slumped 41.4% to Rs 4,331.26 crore in the first quarter as against Rs 7,391.98 crore reported in the same period a year ago.
Apollo Hospitals: Apollo Hospitals Enterprise, India’s first multi-speciality chain of hospitals, on Monday announced the acquisition of a hospital asset in Gurugram from Nayati Healthcare and Research for a consideration of around Rs 450 crore. The asset is situated on hospital-zoned land, with a potential of 650 beds over 700,000 square feet and was originally sold by DLF Qutub Enclave Complex Medical Charitable Trust in 2011 to Nayati. The acquisition marks the entry of Apollo in the state of Haryana.
SBI: State Bank of India (SBI) intends to reach the first milestone in its journey to make Yono an app for every Indian in March 2023, by onboarding 100 million customers, chairman Dinesh Khara told FE in an interview. The lender hopes to mobilise Rs 1 trillion worth of assets through the mobile app this year compared with Rs 62,000 crore in FY22. SBI today has 450 million customers while Yono’s customer base stands at 52.5 million.
NALCO: National Aluminium Company (NALCO) reported 60.6% rise in consolidated net profit to Rs 557.91 crore on a 52.9% increase in net sales to Rs 3783.32 crore in Q1FY23 over Q1FY22. On the segmental front, revenue from Chemicals was Rs 1,199 crore (up 12.3% on-year) and that from Aluminium was Rs 2,980 crore (up 71.5% on-year) in the first quarter. Total expenditure increased by 55% on-year to Rs 2935.38 crore during the quarter, due to steep rises in raw material costs and power, oil & fuel charges.
Delhivery: Delhivery Ltd’s consolidated net loss widened to Rs 399 crore during the first quarter ended June 2022 as compared to a loss of Rs 129.6 crore in the same quarter last year. The company’s revenue rose by over 32% to Rs 1,745.7 crore from Rs 1,317.7 crore on-year. The company incurred an Adjusted EBITDA loss of Rs 217 crore in QIFY23 versus an adjusted EBITDA loss of Rs 58 crore (proforma) in QIFY22.
Tech Mahindra: Tech Mahindra has acquired entire stakes in its two South African joint ventures — Tech Mahindra South (Pty) Limited and Tech Mahindra Holdco Pty Ltd — for about Rs 30 crore. According to a BSE filing, the company will acquire a 49% stake in Tech Mahindra South (Pty) and a 4% in Mahindra Holdco Pty Ltd from its partner Falcorp Technologies which is exiting the joint venture.
Q1 Results: Coal India, Eicher Motors, Hindalco Industries, Tata Consumer Products, IRCTC, Aarti Industries, Abbott India, Arvind Fashions, Ashoka Buildcon, CESC, Cochin Shipyard, Cummins India, Endurance Technologies, General Insurance Corporation of India, Glenmark Pharmaceuticals, Indiabulls Housing Finance, Ipca Laboratories, Indian Railway Finance Corporation, ITI, Jammu & Kashmir Bank, Jaiprakash Associates, Mazagon Dock Shipbuilders, Medplus Health Services, Metropolis Healthcare, NHPC, Oil India, Patanjali Foods, Pidilite Industries, PB Fintech, Radico Khaitan, Sadbhav Engineering, SAIL, and Zydus Lifesciences will be in focus ahead of June quarter earnings on August 10.