Indian share market is likely to open higher on Thursday, weekly F&O expiry. Ahead of the session, SGX Nifty was sitting in positive territory, suggesting a continuation of the upward momentum on Dalal Street. Global cues were also positive after Wall Street surged higher on Wednesday and Asian stock markets mirrored the up-move in early deals today. “We expect Nifty to consolidate further citing mixed indications and it is healthy after the recent surge. Meanwhile, participants should maintain their focus on identifying stock-specific opportunities and utilizing any dip to accumulate. At the same time, we recommend keeping a check on leveraged positions and preferring a hedged approach.” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus in 4 August, Thursday
Vodafone Idea: Vodafone Idea on Wednesday reported marginal narrowing of its consolidated loss to Rs 7,296.7 crore for the June quarter compared to the year-ago period, as tariff hikes boosted its realisations. VIL’s revenue from operations grew to about Rs 10,410 crore in the quarter ended June 30, 2022, improving nearly 14 per cent from the year-ago period. The company informed that Ravinder Takkar will take over as Chairman with effect from August 19, and that Himanshu Kapania will step down as non-executive Chairman.
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IndiGo: InterGlobe Aviation, which operates low-cost carrier IndiGo reported a consolidated net loss of Rs 1,064.26 crore for the three months to June, owing to headwinds caused by the depreciating rupee and higher fuel prices. However, the company was successful in narrowing down its loss from Rs 3,174.18 crore witnessed in the year-ago quarter. The company’s revenue from operations increased 327.52% on-year to Rs 12,855.29 crore. The total income rose 310.65% YoY to Rs 13,018.81 crore, its highest ever in a quarter, backed by a handsome growth of 399.1% YoY in the passenger ticket revenues.
Adani Wilmar: The edible oil major reported a 10 per cent growth in consolidated net profit at Rs 193.59 crore for the quarter ended June on higher sales. Its net profit stood at Rs 175.70 crore in the year-ago period. Total income rose to Rs 14,783.92 crore in the first quarter of this fiscal from Rs 11,369.41 crore in the corresponding period of the previous year.
Bharti Airtel: Within days of bidding for spectrum in auctions, Bharti Airtel on Wednesday announced it has signed 5G network agreements with gear makers Ericsson, Nokia and Samsung to commence deployment this month. Airtel highlighted its long-standing relationship for connectivity and pan-India managed services with Ericsson and Nokia while stating that partnership with Samsung will begin this year onwards. The Sunil Mittal-led firm recently acquired 19,867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz and 26 GHz bands, bolstering its spectrum holding.
Zomato: Uber Technologies exited Zomato through a block deal on Wednesday, selling its entire 7.8% stake in the food delivery aggregator for about Rs 3,087 crore. The deal was executed at Rs 50.44 a share. The buyers included global investment and venture capital firms such as Keysquare Capital, James Street, Templeton Global, FMR and Mirae Asset Global Investments, among others. British asset management firm Schroders and US asset manager BlackRock also took part in the block deal.
LIC, Reliance: Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list. The nation’s biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. Meanwhile, Reliance Industries jumped 51 places to 104 on the 2022 list. This is the first outing of LIC on the list, which ranks listed companies by sales. Reliance, with revenue of $93.98 billion and a net profit of $8.15 billion in the latest year, has been on the list for 19 years.
Q1 Results Today: Britannia Industries, GAIL India, Adani Enterprises, LIC Housing Finance, Dabur India, Alembic Pharmaceuticals, Adani Total Gas, Aarti Surfactants, Aptech, Balkrishna Industries, Balrampur Chini Mills, BEML, Berger Paints India, Bharat Heavy Electricals, Blue Star, Container Corporation of India, Dalmia Bharat, Edelweiss Financial Services, Glenmark Life Sciences, Gujarat State Petronet, ICRA, Kalpataru Power Transmission, Kalyan Jewellers India, Krsnaa Diagnostics, Manappuram Finance, Praj Industries, REC, Shankara Building Products, Spandana Sphoorty Financial, Suryoday Small Finance Bank, Ujjivan Financial Services, Welspun Corp, and Windlas Biotech will report their Q1FY23 earnings on 4 August.