SGX Nifty hints at a muted start for benchmark indices BSE Sensex and NSE Nifty 50. Reliance Industries, NTPC, Federal Bank among stocks to watch on Tuesday.
Indian benchmark indices are likely to open on a muted note amid mixed global cues. SGX Nifty futures traded 30 pts higher at 17,975 level, signalling a flat-to-positve start for the domestic share market. In the previous session, BSE Sensex fell 168 pts to 60,093, while NSE Nifty 50 dropped 62 pts to 17,895. “Markets have been facing selling pressure on the rise, showing uncertainty among the participants despite favorable cues. We feel it’s prudent to limit positions in the prevailing scenario and wait for a decisive breakout from the 17,800-18,100 zone in Nifty,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
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Stocks in focus on 17 January, Tuesday
Reliance: Reliance Industries Ltd (RIL) and its partner bp plc on Monday suspended a planned auction for the sale of natural gas from their eastern offshore KG-D6 block after the government altered marketing rules to cap margins. In a notice, Reliance and its partner BP Exploration (Alpha) Ltd (BPEAL) said the auction has been suspended indefinitely. E-bidding for the sale of 6 million standard cubic meters per day of gas was originally planned for 18 January but was later pushed back first to 19 January and then to 24 January.
Siemens: The company has received an order for 1,200 locomotives of 9,000 horsepower (HP) from Indian Railways, marking the single largest order in the history of Siemens in India. It will design, manufacture, commission and test the locomotives. Deliveries are planned over an eleven-year period, and the contract includes 35 years of full service maintenance. The locomotives will be assembled in the Indian Railways factory in Dahod, Gujarat. The contract has a total value of Rs 26,000 crore.
NTPC: The government of Tripura has signed Memorandum of Understanding with NTPC Renewable Energy. The company in collaboration will develop large sized renewable energy projects in Tripura.
Bank of Maharashtra: The public sector lender on Monday reported a 138.46% on-year jump in net profit to Rs 775 crore for the third quarter, on account of an increase in interest income, robust recoveries and containing the cost of funds as well as deposits. The bank reported a 30% increase in net interest income to Rs 1,980 crore, which aided margin growth. Net interest margin (NIM) expanded by 49 bps to 3.60%. At 0.47%, the bank also reported lower NPAs, down from 1.24% in the year-ago period. Gross non-performing assets (GNPA) in the December quarter declined to 2.94% from 4.73% in the previous year.
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Federal Bank: Federal Bank on Monday reported a 54% rise in its net profit to Rs 804 crore for the quarter ended December, lifted by a growth in advances. The bottom line grew 14.2% on a sequential basis. Advances rose 19.1% on-year to Rs 1.7 lakh crore , aided by a growth in its retail and agricultural loans. Retail advances rose 18.1% to Rs 53,936.5 crore. Agricultural advances rose 19.7% to Rs 22,050 crore.
Phoenix Mills: The company’s wholly owned subsidiary Phoenix Logistics and Industrial Parks has completed the acquisition of 100% equity in Janus Logistics and Industrial Parks as per Share Purchase Agreement. The acquisition cost is Rs 26.03 crore. Janus owns a land parcel admeasuring approximately 33 acres in Haryana.
IRB InvIT Fund: The company has recommenced toll collection at toll plazas of IRB Pathankot Amritsar Toll Road, one of its project SPVs (special purpose vehicle). The toll collection by the said SPV temporarily suspended last month. The project SPV is eligible for compensation against the revenue loss under Force Majeure provisions of the Concession Agreement.
Ashoka Buildcon: Ashoka Kandi Ramsanpalle Road, the special purpose vehicle (SPV) of the company, has received a provisional certificate for completion of 37.92 KMs out of total project highway length of 39.980 KMs in Telangana. Also, the company informed the declaration of 19 November 2022 as the commercial operational date for the said HAM project of NHAI under Bharatmala Pariyojna on hybrid annuity mode. After the declaration of commercial operational date, the SPV is eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of commercial operational date.
Tinplate Company of India: The tinplate manufacturer and Tata Steel subsidiary has recorded a 62% on-year decline in profit at Rs 36.4 crore for quarter ended December FY23, impacted by lower top line and operating income. Revenue from operations for the quarter at Rs 959.9 crore fell by nearly 19% compared to year-ago period.
Q3 Results Today: Bank of India, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Delta Corp, Eris Lifesciences, Hathway Cable & Datacom, Mastek, Metro Brands, Network18 Media & Investments, TV18 Broadcast, Newgen Software Technologies, Shalby, Tata Investment Corporation, and Tata Metaliks will be in focus ahead of quarterly earnings on January 17.
