Indian share market is likely to open in green, hinted SGX Nifty on Tuesday. On the Singapore Exchange, Nifty futures were trading 0.48% higher at 17846 level. In the previous session, BSE Sensex fell 335 pts to 60,507, while NSE Nifty 50 declined 89 pts to 17,765. “The recent price action on the benchmark front indicates uncertainty among the participants and that might continue in the near term. Traders should thus maintain their focus more on identifying opportunities in the sectors that are showing resilience. However, it’s easier said than done as we’re seeing restricted participation. Also, managing overnight risk is equally important citing the prevailing volatile scenario,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 7 February, Tuesday
ITC: The Centre has revived a plan to sell part of its indirectly held stake in ITC and the transaction could even be completed in the current financial year, according to an official source. ITC share price touched a 52-week high on Monday, after markets figured out that the tax increase proposed in the recent Budget on specified cigarettes won’t dent the company’s profits much. If the transaction happens before March, the government could easily meet its revised disinvestment target of Rs 50,000 crore for FY23, given that it has already netted Rs 31,106 crore.
Tata Steel: The company on Monday posted a consolidated net loss of Rs 2,223.84 crore for the third quarter ended December 31, 2022, impacted by multiple factors, including rise in energy prices, and drop in realisations and prices in Europe. The steel major had posted a net profit of Rs 9,572.67 crore a year ago. The Tata group firm’s consolidated total revenue from operations fell to Rs 57,083.56 crore from Rs 60,783.11 crore a year ago. The consolidated Ebitda fell to Rs 4,154 crore from Rs 15,853 a year ago.
Muthoot Finance: The gold loan major on Monday recorded a consolidated net profit of Rs 934 crore for Q3FY23 as compared with Rs 1,044 crore in the corresponding quarter of last fiscal, posting a decline of 10.5%. Consolidated income of the company dropped by 4.3% at Rs 3, 030 crore as against Rs 3,168 crore. Consolidated loan assets under management increased to Rs 65,085 crore, up by 7% on-year, as against Rs 60,896 crore in the same quarter last year.
LIC Housing Finance: The housing finance company has recorded profit at Rs 480 crore for quarter ended December FY23, down by 37.4% compared to year-ago period, impacted by impairment on financial instruments. Net interest income grew by 10.4% on-year to Rs 1,605.9 crore for the quarter.
JK Paper: The paper manufacturer has recorded a 119% on-year increase in consolidated profit at Rs 329.3 crore for three-month period ended December FY23, as revenue grew by 60.5% on-year to Rs 1,643 crore for the quarter. On the operating front, EBITDA surged 125% on-year to Rs 565.5 crore and margin expanded by 985 bps to 34.4% in Q3FY23.
UltraTech Cement: The cement major has announced commissioning of 1.5 mpta brownfield cement grinding unit at Jharsuguda in Odisha, taking the total cement capacity in Odisha to 4.1mtpa. With this commissioning, company’s total cement manufacturing capacity in India now stands at 122.85 mtpa.
Adani group stocks: Promoters of Adani Group companies said on Monday they have prepaid loans of up to $1.11 billion for the release of pledged promoter shares of some of its listed entities before the maturity date of September 2024. After payment, 12% promoter stake in Adani Ports & SEZ, 3% in Adani Green Energy and 1.4% in Adani Transmission will be released. According to Capitaline data, Adani Group promoters have pledged a stake of 2.66% in Adani Enterprises, 4.36% in Adani Green Energy, 17.31% in Adani Ports, 25.01% in Adani Power and 6.62% in Adani Transmission till December 31, 2022.
Q3 results today: Bharti Airtel, Hero MotoCorp, Ambuja Cements, Adani Ports and Special Economic Zone, Adani Green Energy, NDTV, Aditya Birla Fashion and Retail, Astral, Barbeque-Nation Hospitality, Bharat Dynamics, Computer Age Management Services, Deepak Nitrite, Gujarat Fluorochemicals, GSK Pharma, Kalyan Jewellers India, Motherson Sumi Wiring India, Navin Fluorine International, NHPC, Phoenix Mills, Ramco Cements, Rashtriya Chemicals & Fertilizers, Sobha, Thermax, and Wonderla Holidays to share their quarterly earnings on 7 February.