Indian equity markets are likely to open on a tepid note on Wednesday amid weak global cues. Trends on SGX Nifty indicated a flat to negative start for benchmark indices BSE Sensex, NSE Nifty 50 as the Nifty futures were trading around 16,480 level on the Singaporean Exchange. “Corporate earnings continue to provide stock specific action. Monsoon is also progressing well. The deficit rainfall in Jun’22 has been covered and now stands at 11% surplus at pan India level. However, FIIs have turned negative again, providing mixed signals. Overall, we expect markets to remain in consolidative mode for next few days,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 27 July, Wednesday
Larsen & Toubro (L&T): The engineering and infrastructure major posted consolidated net profit of Rs 1,702 crore, a robust 45% growth over the year-ago period. It achieved consolidated revenues of Rs 35,853 crore in Q1FY23, recording an on-year growth of 22% with strong execution witnessed in the infrastructure segment and riding on the sustaining growth momentum in the IT and TS portfolio. The company secured orders worth Rs 41,805 crore at the group level during the quarter ended June 2022, registering a growth of 57% on-year.
Wipro: The IT major announced a new five-year strategic engagement with Nokia, a multinational, networking, telecommunications and consumer electronics company. Wipro will deliver global business services in support of Nokia’s renewed operating model, focusing on process optimization, touchless processing and enhanced user and customer experience across order management supply chain, finance, and accounting operations. For Nokia, this represents a major step towards digitalization of its operations by leveraging Wipro’s unique transformation and innovation capabilities.
Tata Power: Tata Power posted a nearly 90% jump in its consolidated net profit to Rs 883.54 crore for the April-June quarter of the current fiscal driven by higher income. The company had posted a net profit of Rs 465.69 crore in the same quarter of 2021-22. Its total income increased to Rs 14,638.78 crore in April-June FY23 from Rs 10,310.21 crore in the year-ago period. The company said it plans a consolidated capex of Rs 14,000 crore in 2022-23, including a Rs 10,000 crore investment in the renewables sector.
Bajaj Auto: Bajaj Auto on July 26 clocked a 10.6% on-year growth in standalone profit at Rs 1,173.3 crore for the quarter ended June 2022, supported by strong operating profit and price hikes. Profit for the June 2021 quarter was at Rs 1,061.2 crore. Standalone revenue for the quarter Rs 8,005 crore, up 8.4% from the year-ago quarter led by pricing and mix. However, the sales volume declined 7.2%.
Zydus Lifesciences: The pharma company said it has received final approval from the US health regulator to market its generic version of bisoprolol fumarate tablets used to treat high blood pressure. The approval granted by the US Food and Drug Administration (USFDA) is for bisoprolol fumarate tablets of strengths 5 mg and 10 mg. The drug will be manufactured at the group’s formulation manufacturing facility at, SEZ, Ahmedabad, and will be distributed by Viona Pharmaceuticals Inc. Bisoprolol Fumarate Tablets are used to treat high blood pressure either alone or in combination with other high blood pressure medications. As per IQVIA May 2022 data, the company said bisoprolol fumarate tablets had annual sales of $30 million in the US.
Aditya Birla Sun Life AMC: The asset management company reported a 33.6% on-year decline in consolidated profit at Rs 102.84 crore for the quarter ended June 2022, dented by loss at other income, and tepid topline growth. Revenue from operations grew by 0.44% to Rs 304.50 crore compared to year-ago period. Mutual fund QAAUM (quarterly average assets under management) witnessed growth of 2% on-year to Rs 2.81 lakh crore in Q1FY23.
Axis Bank: The Axis Bank’s acquisition of Citibank’s consumer businesses has taken one step closer to reality as the Competition Commission of India (CCI) granted its approval to the Rs 12,325 crore deal on Tuesday. Citibank’s consumer businesses include covering loans, credit cards, wealth management, and retail banking operations in India. Through the acquisition, Axis Bank will gain access to the large and affluent customer franchise of Citibank having a bouquet of fee-oriented and profitable segments, that include a quality credit card portfolio, affluent wealth management clientele, meaningful deposits along with with a strong consumer lending portfolio.
Shoppers Stop: The company reported consolidated profit at Rs 22.83 crore for the quarter ended June 2022 against loss of Rs 104.89 crore in year-ago period. The Q1FY22 earnings were impacted by second Covid wave. Revenue grew by 362% to Rs 948.44 crore compared to corresponding period last fiscal.
Q1 Results today: Maruti Suzuki, Tata Motors, Bajaj Finance, Biocon, Colgate-Palmolive, Aarti Drugs, CG Power and Industrial Solutions, Clean Science and Technology, Coromandel International, Dixon Technologies, EIH, Fino Payments Bank, Home First Finance Company India, JK Lakshmi Cement, Latent View Analytics, Laurus Labs, Novartis India, Poonawalla Fincorp, Schaeffler India, TeamLease Services, United Breweries, VIP Industries, and Welspun India will report their June quarter earnings on July 27.