Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to see a positive start on Friday, hinted SGX Nifty. Ahead of the session, Nifty futures traded 335 pts or 1.75% higher at around 18,432 levels on the Singapore Exchange, signalling a gap-up start for the domestic share market. “Going ahead, it would be critical for Nifty to hold 17,800 to maintain a positive tone. Meanwhile, participants should utilize this phase to add stocks on dips while focusing majorly on index majors and select midcap counters. Among the sectors, we reiterate our preference for banking and auto and suggest remaining selective in others, said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 11 November, Friday
Eicher Motors: The automobile company registered highest ever quarterly revenue and profits. It recorded a massive 76% on-year growth in profit at Rs 657 crore for the quarter ended September FY23. Revenue from operations at Rs 3,519 crore for the quarter grew by 56.4% and EBITDA increased by 75% to Rs 821.4 crore compared to year-ago period. Margin expanded to 23.3% from 20.9% in the same period.
Zomato: The food delivery giant posted net loss at Rs 251 crore for the quarter ended September FY23, narrowing sharply from loss of Rs 430 crore in same period last year with strong top line and improving operating performance. Revenue from operations for the quarter at Rs 1,661 crore increased by 62% over a year-ago period, and EBITDA loss narrowed to Rs 311 crore from loss of Rs 536 crore in the same period.
Adani Power: The Adani group company has entered into a Memorandum of Understanding (MoU) to sell its 100% equity stake in subsidiary, Support Properties (SPPL) to AdaniConnex. The transaction value is Rs 1,556.5 crore. ACX is a 50:50 joint venture between promoter group company Adani Enterprises, and EdgeConneX.
Future Retail: Over a dozen prospective bidders, including the Adani Group and Reliance Industries (RIL), have submitted Expressions of Interest (EoI) to acquire the assets of debt-laden Future Retail (FRL). RIL has placed the EoI through Reliance Retail Ventures and Adani group has placed it through April Moon Retail. The others in the fray include Nalwa Steel and Power, Capri Global Holdings and Dharampal Satyapal, among others.
Q2 Results today: Results on November 11: Mahindra & Mahindra, Hindalco Industries, Life Insurance Corporation of India, ABB India, Adani Power, Alkem Laboratories, Alembic Pharmaceuticals, Ashoka Buildcon, Astral, Astrazeneca Pharma India, Bharat Dynamics, BHEL, Delhivery, Dhani Services, Easy Trip Planners, Emami, Exide Industries, Fortis Healthcare, GSK Pharma, Glenmark Pharma, Hindustan Aeronautics, Ipca Laboratories, Lemon Tree Hotels, Pfizer, Sun TV Network, Thermax, Ujjivan Financial Services, Zee Entertainment Enterprises, and Zydus Lifesciences set to declare their September FY23 quarter earnings on 11 November.