SGX Nifty trading marginally in red, hints at a negative start for BSE Sensex and NSE Nifty 50 on Tuesday. TCS, ONGC, Reliance, IDBI Bank among stocks to watch.
Indian share market is likely to open on a muted note hinted SGX Nifty on Tuesday as Nifty futures were trading marginally lower at 18150 level on the Singapore Exchange. In the previous session, BSE Sensex rallied 847 pts to 60,747, while NSE Nifty 50 rose 242 pts to 18,101. “Commencement of Q3 corporate earnings with TCS will set the tone for other IT companies. Investors will also keep eye on US, Europe, and India CPI data to be released during the week. Further, Fed Chair Jerome Powell’s speech on Tuesday will be important for global markets as it could throw some light for future action. While the market is expected to remain in a broader range, sectors like banking, auto, and metals can witness some momentum,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 10 January, Tuesday
Tata Consultancy Services (TCS): The IT major on Monday reported a 10.98% increase in its consolidated net profit at Rs 10,883 crore for the quarter ended December 2022. TCS had posted a profit of Rs 9,806 crore in the year-ago period. The consolidated revenue from operations came in at Rs 58,229 crore, up 19.11% against Rs 48,885 crore in the corresponding quarter of the previous fiscal. TCS also announced a dividend of Rs 75 per share including Rs 67 as a special dividend. The record date for dividends is 17 January and the payment date is 3 February 2023.
Oil and Natural Gas Corporation (ONGC): ONGC Videsh Ltd, the overseas arm of state-owned ONGC, has re-taken a 20% stake in the Sakhalin-1 oil and gas fields in the far east region of Russia. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz – a regional subsidiary of US super major ExxonMobil – as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.
Sona BLW Precision Forgings: The company will acquire a 54% stake in a Serbian company NOVELIC d.o.o. Beograd – Zvezdara. The company has executed a binding term sheet with the shareholders of Novelic. NOVELIC is a self-sustaining provider of mmWave radar sensors, perception solutions, and full-stack embedded systems with an annual turnover of 9.33 million euro as on December 2022.
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IDBI Bank: The divestment process of IDBI Bank will complete in the fiscal year 2023-24, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a TV interview on Monday. Pandey had earlier tweeted that multiple expressions of interest were received for the strategic disinvestment of Centre and LIC’s stake in IDBI Bank. The government and LIC together are looking to sell 60.72% in IDBI Bank and had invited bids from potential buyers in October.
Reliance: RIL’s telecom arm Reliance Jio has launched its 5G services in 10 more cities, taking the total number of cities with Jio’s 5G services to 85. The 10 cities where Jio 5G services have been rolled are Agra, Kanpur, Meerut, Prayagraj, Tirupati, Nellore, Kozhikode, Thrissur, Nagpur, and Ahmednagar. In these cities, Jio users will be able to use unlimited data at up to 1 Gbps-plus speeds, at no additional cost.
Lupin: The Spanish Ministry of Health has approved the reimbursement of Lupin’s NaMuscla (mexiletine) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders on the National Health and Pharmacy Service. NaMuscla is the first and only licensed product for this indication in Europe and will be commercialised by Lupin’s partner Exeltis in Spain.
Tata Motors: Tata Motors reported a 15% on-year increase in wholesale sales of Jaguar Land Rover to 79,591 units, a sequential increase of 5.7%. The growth was driven by North American, British and Overseas markets, while there was a decline in volumes in China and Europe. The retail sales at 84,827 units were up 5.9% on-year but down 3.7% sequentially. JLR has a record order book of over 2.15 lakh units.
IRB Infrastructure Developers: IRB Infra and its private InvIT arm reported a 32% on-year increase in the toll collection in December 2022, across all projects under it. The toll collection in December 2022 stood at Rs 388 crore as against Rs 294 crore in December 2021. On a sequential basis, the toll collection is up 6% from Rs 366 crore achieved during November 2022.
Star Health and Allied Insurance: The company reported a 13% on-year growth in gross direct premium for nine months of FY23 from Rs 7,774 crore to Rs 8,752 crore. The retail health premium is up 19% on-year to Rs 8,045.5 crore; the group health premium is down 38% on-year to Rs 572 crore; and the personal accident premium grew 23% on-year to Rs 133.5 crore.
