SGX Nifty hints at a positive start for benchmark indices BSE Sensex and NSE Nifty on Thursday. Infosys, HCL Technologies among stocks to watch ahead of their Q3 results.
Indian benchmark indices are likely to open on a positive note, hinted SGX Nifty on Thursday. Ahead of the weekly F&O expiry session, Nifty futures were trading mildly higher at 18,002 level on the Singapore Exchange. In the previous session, BSE Sensex fell down 10 points to 60,105, while NSE Nifty 50 fell 18 pts to 17,896. “Market participants are having a tough time dealing with prevailing volatility amid the corrective phase and we do not expect any relief soon, citing the upcoming events & ongoing earnings season. We thus reiterate our view to limit positions and prefer hedged trades. Investors, on the other hand, should see this decline as a buying opportunity and gradually accumulate quality stocks on dips,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 12 January, Thursday
Hindustan Unilever: Hindustan Unilever Ltd on Wednesday said it has completed the acquisition of a 51% stake in Zywie Ventures for a consideration of Rs 264.28 crore. Now, Zywie Ventures, a wellness company, has become a subsidiary of HUL. “HUL has completed the acquisition of 51% shareholding of Zywie for a total consideration of Rs 264.28 crore for the first tranche, in accordance with the terms and conditions of the definitive agreements dated 8 December 2022,” according to a regulatory filing.
Infosys: Infosys will announce Q3FY23 results on Thursday, 12 January 2023, around 3.45 PM, according to the regulatory filing. Infosys is likely to report a consolidated net profit jump of 10-14% on-year for the quarter ended 31 December 2022. The IT bellwether is expected to report 19-20% revenue growth for October-December, according to analysts. Brokerages believe that EBIT margins will fall on-year to 21-24%.
State Bank of India: The Central government extended the term of office of Challa Sreenivasulu Setty as Managing Director of the country’s largest lender for a period of two years with effect from January 20, 2023.
Wipro: Wipro has rolled out 73 senior-level promotions in a bid to retain talent and build a robust leadership pipeline. The Bengaluru-based company has promoted 12 top executives to the post of senior vice president (SVP) while 61 executives have been made vice president (VP). The company is now expected to have over 200 VPs and SVPs working as part of the senior leadership team.
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HCL Technologies: The company will announce its Q3FY23 earnings on Thursday. According to analysts, consolidated revenue might come in at Rs around Rs 26,000 crore, registering 16% on-year (YoY) growth, while consolidated profit after tax (PAT) is expected to increase 10.6% on-year to around Rs 3,790 crore. Analysts are pegging earnings before interest and tax (EBIT) margin at 18.9% for the quarter. The total contract value is likely to be flat at around $2 billion.
Hindalco: Hindalco Industries’ board gave its nod to raise Rs 700 crore through non‐convertible debentures (NCDs). “Pursuant to the above referred, please note that the Capital Raising Committee of the Board of Directors of the company at its meeting held on January 10, 2023, approved the issuance of non‐convertible debentures (NCD) on a private placement basis, for an amount not exceeding Rs 700 crore,” the firm said in an exchange filing.
RVNL: Rail Vikas Nigam Limited (RVNL) has received a letter of approval (LoA) on January 10, 2023 for the construction of an elevated viaduct (approximate length of 10 kilometers), nine elevated metro stations and a stabling viaduct, the company said in an exchange filing. “The accepted contract amount is Rs 1,134.1 crore,” it added.
5paisa Capital: The financial products provider has reported consolidated profit after tax at Rs 11.02 crore for the quarter ended December FY23. Consolidated revenue from operations came in at Rs 83.76 crore for the quarter. Consolidated profit at Rs 29.15 crore increased by 212% for nine months period ended December FY23 YoY, backed by improvement in quality of acquisition, reduction in CAC, focus on technology and providing superior trading platforms to customers. Revenue during the same period grew by 18.5% to Rs 247.3 crore.
Elgi Equipments: Pattons Inc, USA identified a suitable buyer for its property and has completed the sale on January 10. The company had already received approval from board of directors for the sale of a property of Pattons Inc, USA, a material subsidiary of the company which constituted more than 20 percent of its total assets, in June 2021 and subsequently, the shareholders at the Annual General Meeting approved the same in August 2021.
IIFL Wealth Management: The company will consider the declaration of a fourth interim dividend, if any, for FY23 as well as a sub-division of equity shares. The board members will also consider the issue of fully paid-up bonus equity share(s) to the shareholders of the company.
