Indian benchmark indices are likely to open on a muted note, hinted SGX Nifty. Amid positive global cues, Nifty futures traded marginally lower at 18031 level on the Singapore Exchange. In the previous session, BSE Sensex fell 304 pts to 60,353, while NSE Nifty 50 slipped below the psychological level of 18,000. “Markets have corrected more than 1% in last five days amid cautious view globally. We expect market to move sideways due to lack of fresh triggers. Investors will now wait for Q3 earning season to provide some direction. Sectors linked to crude oil will continue to remain in momentum after crude oil prices fell by ~10% in last two days,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 6 January, Friday
IDBI Bank: The Securities and Exchange Board of India has given its approval for reclassification of the government’s shareholding in the bank as ‘public’ after its stake sale. The government and state-run Life Insurance Corporation of India (LIC) will sell 60.72% stake in IDBI Bank as part of the disinvestment, and after the stake sale, government’s shareholding will be reduced to 15%.
IndiGo: India’s biggest airline is exploring possibilities of increasing its international coverage with the starting of operations at the newly launched Manohar International Airport in north Goa from Thursday. Located at Mopa, the new airport is the 76th destination for IndiGo and the largest-ever station with 168 weekly flights. It is targeting 1.5 million customers by the end of this year from the new airport. Together with operations at the south Goa airport, IndiGo will have 406 weekly flights to Goa.
Poonawalla Fincorp: The company on Thursday reported a 116% on-year growth in disbursements to Rs 3,980 crore during the December quarter. This was the highest-ever quarterly disbursement, the company said. According to the business update for the December quarter, assets under management grew 28% on-year and 5% sequentially to Rs 19,550 crore. This was despite a sharp reduction in the discontinued loan book, which stood at Rs 800 crore.
Reliance Industries: Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd., will be focusing his attention on the conglomerate’s pivot to green energy, after putting his children in charge of other businesses. The 65-year-old will oversee strategy, including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is talking to potential investors, reported Bloomberg.
Avenue Supermarts: Retail chain D-Mart owner and operator has reported a 24.7% rise in its standalone revenue from operations to Rs 11,304.58 crore for the third quarter ended on December 31, 2022. The company had revenue from operations of Rs 9,065.02 crore in the October-December quarter a year ago, Avenue Supermarts said in a regulatory filing on Tuesday. The total number of stores stood at 306 as of December 31, 2022
Dharmaj Crop Guard: The agrochemical company has approved resignation of Vishal Domadia from the post of Chief Financial officer, and an appointment of Vinay Joshi as Chief Financial officer. Now Vishal Domadia will be as Chief Executive officer of the company with effect from January 6, while Deepak Prusty has resigned as Internal Auditor of the company.
Axis Bank: The private lender joined hands with the digital banking fintech company, OPEN to launch a digital current account for its customers including SMEs, freelancers, homepreneurs, influencers, and others. The current account holders will get access to Axis Bank’s over 250 banking services along with OPEN’s financial automation tools for business management including payments, accounting, payroll, compliance, expense management and other such services.
Aster DM Healthcare: Sreenath Pocha Reddy, Group Chief Financial Officer and key managerial personnel of the company has tendered his resignation due to personal reasons. He will be relieved from the said service with effect from 6 January 2023.
Larsen & Toubro: Subsidiary L&T Realty Developers has entered into an agreement to sell entire stake of 99% in its subsidiary Think Tower Developers. The entire stake is being sold to Pratik Harshad Kalsariya, who does not belong to the promoter group. Think Tower Developers has not commenced commercial operation and hence has zero revenue & net worth.
Rail Vikas Nigam: The company in joint venture with ISC Projects has received letter of award for supply and commissioning of ballastless track for Surat Metro Rail Project under Phase-1. The accepted contract amount is Rs 166.26 crore.