Indications are in the favour of further consolidation in the index but the tone would remain positive till Nifty upholds 18,300. Traders can use this phase to add quality names on dips.
Indian benchmark indices are likely to open in green, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading 20 pts or 0.11% up, signalling a flat to positive start for domestic equities. In the previous session, frontline indices snapped an eight-day rally to end in red. BSE Sensex fell 415 pts, while NSE Nifty closed below 18700. “Indications are in the favour of further consolidation in the index but the tone would remain positive till Nifty upholds 18,300. And, since all the sectors are participating in the move, traders should utilize this phase to add quality names on dips,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
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Stocks in focus on 5 December, Monday
SJVN: State-owned SJVN Ltd on Saturday said that its arm SJVN Green Energy has bagged a 200 MW solar project from Maharashtra State Electricity Distribution Company Ltd. “The tentative cost of this project is around Rs 1,200 crore and the project is expected to generate 455.52 Million Units (MUs) in the 1st Year and the cumulative energy generation over a period of 25 years would be about 10,480.82 MUs,” a BSE filing said. The commissioning of the project is expected to reduce 5,13,560 tonnes of carbon emission
Bank of India: The public sector lender has raised Rs 1,500 crore by allotting Basel-III compliant additional Tier-I bonds to seven investors. The bonds issue, which opened on 5 December, received a good response from investors, getting bids worth Rs 6,367 crore against an offer size of Rs 1,500 crore.
SpiceJet: The air carrier, which is looking to raise USD 200 million, expects to see improvement in operations and restructuring benefits in the current quarter of this financial year. SpiceJet chief Ajay Singh has told shareholders that it has also completed a series of settlements with most of the major partners, including manufacturers and lessors. The airline has received shareholders’ nod for transfer of its logistics business to SpiceXpress and the process of hiving off the cargo and logistics platform is expected to be completed soon.
Godrej Properties: The company is aggressively acquiring land for future development and has added eight new projects so far this fiscal with an estimated revenue potential of Rs 16,500 crore. With four months still left in 2022-23 financial year, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more land parcels in its portfolio by March.. “We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full year guidance of Rs 15,000 crore. Given strong further visibility, we will end the 2022-23 fiscal much ahead of the target,” Pirojsha Godrej said.
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Inox Green Energy Services: The wind power operation and maintenance service provider posted a net loss of Rs 11.87 crore on a consolidated basis for the quarter ended September FY23. The losses widened from Rs 11.58 crore in the previous quarter. Revenue from operations rose marginally to Rs 61.9 crore from Rs 61.79 crore in the same period.
NDTV: Gautam Adani’s group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock’s current trading price, giving it the rights to nominate a chairman of the broadcaster. The open offer closes on 5 December, according to a stock exchange notification. The shares tendered so far equal to 8.26% of NDTV. Together with 29.18% stake that Adani group has already acquired, the ports-to-energy conglomerate would have 37.44% stake in the media company, larger than that 32.26% holding of founders Prannoy Roy and Radhika Roy.
Mahindra & Mahindra Financial Services: The company said that in November the business continued its momentum with the disbursement of approximately Rs 4,500 crore, delivering a 75% on-year growth on a positive macro environment. The year-to-date disbursement at Rs 31,050 crore grew by 99% on-year. The collection efficiency was at 96% for November 2022 against 94% in the year-ago period. The company expects further improvement in Stages 2 and 3 assets in December.
Ion Exchange (India): The company has received a Rs 343.36-crore contract from Indian Oil Corporation (IOC). The work includes designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, performance guarantee test run and operation & maintenance for five years of zero liquid discharge plant at IOC’s Panipat refinery. The project is to be commissioned within 16 months from the date of the letter of acceptance.
Hindustan Aeronautics (HAL): The state-run defence company has received an income-tax refund order from the office of the deputy commissioner of income tax for the year 2011-12. The order allows an R&D expenditure of Rs 595.23 crore as capital expenditure, resulting in a refund of Rs 427.45 crore. The refund includes an interest of Rs 176.93 crore.
