SGX Nifty hints at a positive start for Indian benchmark indices BSE Sensex and NSE Nifty. HDFC Bank, Avenue Supermarts, Wipro among stocks in focus after Q3 results.
Indian share market is likely to start the week on a positive note, hinted SGX Nifty on Monday. Nifty futures were trading around 18,060 levels on the Singapore exchange. In the previous session, BSE Sensex rallied 303 pts to 60,261, while NSE Nifty 50 climbed nearly 100 pts to 17,957. “First, markets will react to the HDFC bank’s number. Prominent names from other sectors like HUL, Asian Paints, Ultratech Cement and JSW Steel will also declare their results along with several others. The recent price action shows a tussle around 17,800 levels in Nifty and a decisive close above 18,100 would ease some pressure. Among the sectoral pack, metal looks strongest and continued recovery in the IT pack will also be on participants‘ radar while others are offering mixed signals,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
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Stocks in focus on 16 January, Monday
Wipro: The IT services company reported nearly 15% on-year growth in consolidated profit at Rs 3,053 crore for quarter ended December FY23, led by better operating performance and higher other income. Revenue for the quarter at Rs 23,055.7 crore grew by 14.35% on-year. Wipro recorded 26% on-year growth in total bookings and a surge of a whopping 69% on-year in large deal bookings. Further, the company’s attrition rate moderated for the fourth consecutive quarter in Q3 at 21.2%.
HDFC Bank: The leading private sector lender registered an 18.5% on-year growth in profit at Rs 12,259.5 crore for quarter ended December FY23, supported by strong net interest income, operating profit and lower provisions. Net interest income grew by 24.6% to Rs 22,988 crore, beating analysts’ expectations, for the quarter. Its core net interest margin (NIM) was at 4.1% as of December 31, unchanged on-year. Gross non-performing assets as well as net NPAs remained unchanged. The bank reported a 6% on-year decline in its provisions to Rs 2,806 crore.
Avenue Supermarts: The operator of hypermarket retail chain DMart clocked 6.7% on-year growth in consolidated profit at Rs 589.7 crore for quarter ended December FY23 despite healthy topline, impacted by weak operating margin performance. Revenue from operations grew by 25.5% on-year to Rs 11,569 crore during the quarter, while EBITDA increased by 11.4% to Rs 965.3 crore but margin fell 110 bps on-year to 8.3% for the quarter dented by higher input cost.
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Vodafone Idea: The financially troubled telco is seeing an exodus of employees. Around a fifth of its sales team is believed to have quit over the past few weeks, sources told FE. The telecom operator is now scouting for replacements and has listed as many as 986 vacancies on LinkedIn. It has advertised for sales executives across functions such as territory sales, area sales, retention and collection field executives, mass distribution, retail stores and managerial posts across different locations.
Dr Reddy’s Laboratories: The pharma company has acquired trademark rights of breast cancer drug, PRIMCYV, from Pfizer Products India. With these rights, the company will use drug in the Indian market. Since May 2022, company has been marketing the drug in collaboration with Pfizer Products India under the brand name PRIMCYV in India.
Delhivery: The logistics company completed the acquisition of Algorhythm Tech. With this, Algorhythm has become a wholly owned subsidiary of the company w.e.f. January 13, 2023.
Just Dial: The Indian local search engine reported a 288.4% on-year increase in consolidated profit at Rs 75.32 crore for the quarter December FY23, driven by strong operating performance and topline. Revenue from operations grew by 39% on-year to Rs 221.4 crore for the quarter. For nine months ended December FY23, profit grew by 62.2% on-year to Rs 79.1 crore and revenue increased by 27.5% to Rs 612.2 crore compared to year-ago period.
RattanIndia Enterprises: The company completed acquisition of 100% shareholding in the electric motorcycles company Revolt Motors. Revolt Motors is the highest selling electric bike in the country with its manufacturing facility in Manesar, Haryana. It has expanded its footprint pan-India with 30 dealerships spread across the country.
Sula Vineyards: The company recorded 13% on-year growth in its own brands gross billings at Rs 187.2 crore for the quarter ended December FY23, led by strong growth in volumes as well as realisations. Wine tourism has grown 13% on-year to Rs 23 crore, with a 48% improvement in nine-month period for FY23 against same period of last year.
