Benchmark indices are likely to open with gains on Wednesday, hinted SGX Nifty. Ahead of Union Budget 2023 presentation, Nifty futures traded 130 pts higher at 17882 levels. “Now all eyes are on the Union Budget and we expect volatility to remain high on Wednesday. The last two days of pause in the index indicate a breather after the breakdown but the overall tone is still bearish. We feel a further rebound towards the 17,750-17,850 zone would continue to attract selling pressure while the 17,250-17400 zone may provide the needed cushion in case of any decline. Meanwhile, participants should stay light and let the event unfold for further clarity,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Stocks in focus on 1 February, Wednesday
Coal India: The country’s largest coal mining company recorded profit at Rs 7,719 crore for the quarter ended in December FY23, rising 69% on-year on the back of higher add-on over the notified price in e-auction sale of 14.65 million tonnes (MTs) coal during the quarter. Consolidated revenue grew by 24% on-year to Rs 35,169 crore for the quarter with strong realisation. The realisation per tonne of coal of was Rs 5,046 under auction segment, in Q3FY23 against Rs 1,947 per tonne for comparable quarter in FY22. The jump was Rs 3,099 per tonne or 159%.
Godrej Consumer Products (GCPL): The company reported a 3.6% on-year rise in net profits for the quarter ended December to Rs 546.34 crore on the back of improved sales and volumes. The company’s net profit for the quarter beat analysts’ estimates of Rs 504.50 crore. However, net sales missed estimates of Rs 3,635.40 crore. Revenue from operations stood at Rs 3,598.92 crore during October-December, up 9% as consolidated volumes improved 1% on-year. Consolidated operating margin also improved 20 basis points on-year to 21.5% as commodity pressures abated.
Shriram Finance: Company’s net profit nearly tripled on-year in the December quarter due to a growth in its assets under management (AUM). This is the financier’s first earnings disclosure after Shriram City Union Finance’s merger with Shriram Transport Finance in November. The company posted a bottom line of nearly Rs 1,802 crore in the October-December period. Its AUM rose to Rs 1.8 lakh crore from Rs 1.2 lakh crore a year ago. Among overall assets, the commercial vehicles portfolio witnessed the highest growth of 51.1% on-year. Passenger vehicles portfolio rose nearly 18% on-year.
ACC: The Adani Group company, posted a 59.7% fall in consolidated net profit to Rs 113.19 crore for the quarter ended December, impacted by higher fuel and raw material costs. It had posted a net profit of Rs 280.85 crore a year ago. The company’s revenue from operations rose 7.36% to Rs 4,536.97 crore from Rs 4,225.76 crore a year ago. It had posted a net loss of Rs 87.32 in the September quarter, ACC said in a statement.
RailTel Corporation of India: The company recorded a 52% on-year decline in consolidated profit at Rs 31.95 crore for the quarter ended December FY23 on high base. The year-ago period included higher other income, which fell from Rs 56.46 crore in Q3FY22 to Rs 7.85 crore in Q3FY23. Revenue from operations grew by 9% on-year to Rs 454.32 crore for the quarter.
Auto stocks to be in focus: Auto stocks will be in focus ahead of monthly sales volume numbers. Auto companies, including Tata Motors, Ashok Leyland, Bajaj Auto, Hero MotoCorp, Maruti Suzuki India, TVS Motor Company, Escorts, and Eicher Motors, will declare their monthly sales volume for January 2023.
Q3 Results today: Britannia Industries, Ashok Leyland, Ajanta Pharma, Alembic Pharmaceuticals, Gillette India, IDFC, Jubilant FoodWorks, Kaya, Mahindra Logistics, Ramco Systems, Raymond, Redington, RPG Life Sciences, Sundram Fasteners, Tata Chemicals, Timken India, UTI Asset Management Company, Whirlpool of India, and Zuari Agro Chemicals stocks to be in focus ahead of quarterly earnings on February 1.