Indian benchmark indices are likely to open in red, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 47 pts or 0.27 per cent down on the Singapore Exchange, hinting at a flat to negative start for Dalal Street. In the previous session, BSE Sensex rallied 480 points to 57,626, while the NSE Nifty 50 rose 140 points to 17,124. “Going forward we expect market strength would continue until Nifty is able to sustain above 17k levels. However concrete direction would be provided by global factors and inflation data in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 13 October, Thursday
Wipro: Wipro Ltd on October 12 said its consolidated net profit for the quarter ended September 30, 2022 fell 9.27 per cent to Rs 2,659 crore from Rs 2,930 crore in the year-ago period. The Bengaluru-based company’s revenue from operations stood at Rs 22,539.7 crore, a 14.6 per cent growth over Rs 19,667.4 crore in the previous year. Wipro’s order bookings (Total Contract Value) during the quarter grew by 23.8 per cent on-year.
Reliance: Jio Satellite Communications, a unit of Reliance Industries’ telecom operator Reliance Jio, has got a licence from the Department of Telecommunications (DoT) to offer satellite-based communication services in the country. The company received the Global Mobile Personal Communication by Satellite (GMPCS) licence on Tuesday.
HCL Technologies: HCL Technologies posted a 7 per cent on-year rise in consolidated net profit to Rs 3,489 crore for the September quarter and raised the full-year revenue guidance. The net profit stood at Rs 3,259 crore in the year-ago period. The revenue for the three months ended September 30, 2022, came in at Rs 24,686 crore, 19.5 per cent higher than the same period the previous year.
Hindustan Zinc: The government will sell part of its residual stake in Vedanta-controlled Hindustan Zinc (HZL) in the current fiscal, department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey told FE. An expression of interest (EoI) will be invited for strategic sales of Container Corporation (ConCor) and two former Air India arms – Air Transport Services and Air India Engineering Services by November-December.
Tata Power: The company is going to develop Tata Motors’ seven MW solar project at its Pantnagar manufacturing facility in Uttarakhand. This installation is expected to generate 215 million units of electricity, potentially mitigating over 1.7 lakh tonnes of carbon emissions.
Adani Wilmar: The company expects its revenue for September FY23 quarter to grow at low single digit compared to the year-ago period, whereas the first half of FY23 revenues and volumes are expected to register a low double-digit growth. The food and FMCG basket continued its growth trajectory similar to previous quarters registering growth of over 40 per cent. Its industry essential business also grew close to 20 per cent during the quarter and H1 both.
IOC, BPCL, HPCL: The Union Cabinet has approved a one-time grant of Rs 22,000 crore to three oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation (HPCL) – to reduce cost pressures and cover the last two years’ losses on selling LPG in domestic market. The grant will aid the fuel retailers to tackle the under-recoveries that surfaced during this two-year period.
Q2 Results today: Infosys, Mindtree, Angel One, Anand Rathi Wealth, Aditya Birla Money, Cyient, and Den Networks will be in focus ahead of quarterly earnings on October 13.