SGX Nifty hints at a positive start for benchmark indices BSE Sensex and NSE Nifty 50 on Monday. Adani group stocks in focus as the conglomerate issues 413-page response to Hindenburg Research report.
Indian benchmark indices are likely to start the week on a positive note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures traded 50 pts up at 17740, signalling a positive start for domestic share market. In the previous session, Sensex closed 1.45% down at 59,331, while the Nifty declined 1.6% to 17,604. “We feel that though markets can see some respite after two days of sell-off, there is some pain left in the markets before it stabilizes. We feel that investors should adopt a wait-and-watch approach at least for this week when there are two major events lined-up viz-a-vis Union budget and the US Federal Reserve interest rate decision,” said Manish Chowdhury, Head of Research at Stoxbox.
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Stocks in focus on 30 January, Monday
Adani group stocks: Adani Group issued a detailed response on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures. The conglomerate led by Gautam Adani, said Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence. “All transactions entered into by us with entities who qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed by us,” Adani said in the 413-page response.
Bajaj Finance: The finance company clocked a 40% on-year growth in consolidated net profit at Rs 2,973 crore for the December FY23 quarter with loan losses and provisions falling 20% on-year to Rs 841 crore. Net interest income increased 24% on-year to Rs 7,435 crore and assets under management (AUM) grew by 27% to Rs 2.3 lakh crore. New loans booked in the December quarter were the highest ever at 7.84 million, up 5% on-year. Customer franchise stood at 66.05 million, a 19% on-year growth. The company recorded its highest-ever quarterly increase in its customer franchise by 3.14 million during the quarter.
Vedanta: The billionaire Anil Agarwal-owned company reported a 42.3% on-year fall in consolidated profit at Rs 3,091 crore for the December quarter, hit by weak operating performance and muted topline growth. It had higher input costs, power and fuel expenses, and finance cost for the quarter on-year. Revenue from operations at Rs 34,102 crore grew by 0.01% from the year-ago period. The company has approved plans to source 91 MW hybrid renewable power aluminium, copper, and oil & gas operations; and 600 MW solar power for aluminium operations.
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NTPC: The state-owned power giant reported a 5% rise in its consolidated net profit to Rs 4,854.36 crore for the December quarter, owing to higher revenue. The company’s consolidated net profit was Rs 4,626.11 crore in the same quarter last year. The total income rose to Rs 44,989.21 crore in Q3FY23 from Rs 33,783.62 crore in the year-ago period. NTPC’s operating profit, calculated as earnings before interest, taxes, depreciation and amortization (Ebitda), rose 36% on-year to Rs 13,239 crore, but the operating margin dipped to 31.97%.
Tata Elxsi: The design and technology services provider has registered a 29% on-year growth in profit at Rs 195 crore for the quarter ended December FY23, backed by topline and other income. Revenue from operations for the quarter at Rs 818 crore grew by 29% over a year-ago period.
Indian Oil Corporation (IOC): In a first, the national oil marketer has started exports of aviation gasoline, the fuel that fires unmanned aerial vehicles and small planes. The first consignment of 80 barrels of aviation gas (AV gas), each consisting of 16 kilolitres, was shipped from the Jawaharlal Nehru Port Trust (JNPT) to Papua New Guinea over the weekend. This is the first-ever instance of India exporting this fuel, produced at IOC’s Vadodara refinery, marking its entry into an estimated USD 2.7-billion global market, the company said in a statement.
CMS Info Systems: The banking logistics and technology services provider has clocked a 26% on-year growth in profit at Rs 76 crore for the quarter ended December 31, 2022, with EBITDA rising 29% on-year to Rs 135 crore and revenue climbing 21% to Rs 488 crore. The company’s operating profit margin expanded 171 bps on-year at 27.7% for the quarter.
