SGX Nifty hints at a positive start for benchmark indices BSE Sensex and NSE Nifty 50. Adani Enterprises, SBI, ITC among stocks to watch on Friday.
Indian share market is likely to open on a positive note on the week’s last trading day, hinted SGX Nifty. On the Singapore Exchange, Nifty futures traded higher at 17688 level. In the previous session, BSE Sensex gained 224 pts to 59,932, while NSE Nifty 50 fell 6 pts to 17,610. “Global cues are gradually turning positive; however, domestic factors and increase in volatility in the last couple of days are likely to keep market sideways in the near term. Stock-specific action will continue as the result season progresses,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks in focus on 3 February, Friday
HDFC Asset Management Company: Market regulator SEBI has given an approval and permitted Abrdn Investment Management to reduce its shareholding in HDFC AMC to less than 10%. In December 2022, HDFC AMC had received letter from Abrdn Investment Management, one of the promoters holding 10.21% in the company, intending to sell their entire stake in the company. Abrdn Investment Management is the co-sponsor of HDFC Mutual Fund.
Tata Consumer Products: The FMCG company has recorded a 26% on-year growth in consolidated profit at Rs 364.4 crore for the quarter ended December 2022 despite weak operating margin, led by tax write-back, exceptional income and higher other income. Revenue for the quarter grew by 8.3% on-year to Rs 3,475 crore with India business growth of 8% and international business rising 4%, however, EBITDA fell 1.7% to Rs 454 crore and margin declined by 130 bps to 13.1% for the quarter.
Adani group stocks: The National Stock Exchange (NSE) has put Adani Enterprises, Adani Port, Ambuja Cement under additional surveillance measure (ASM) framework starting 3 February, especially after a massive stock rout in most of Adani group stocks. This means the intraday trading will also require 100% upfront margin. ASM was introduced by the Indian market regulator SEBI and the bourses as a risk containment and surveillance measure to monitor highly volatile stocks.
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IndusInd Bank: The Hinduja Group is looking to increase its stake in IndusInd Bank to 26% from the existing 16.51%, according to reports. IndusInd International Holdings, promoter of IndusInd Bank, is reportedly preparing the application for the process and will further submit the same to the Reserve Bank of India (RBI).
Inox Green Energy Services: The wind power operation and maintenance service provider entered into a definitive investment agreement with I-Fox Windtechnik India, an independent O&M wind service provider, to acquire 51% stake in I-Fox at Rs 35,947.71 per share. I-Fox has a fleet of 230+MW majorly operating in South India. With this acquisition, company entered into multi-brand OEM wind turbine O&M business.
Berger Paints India: The paint company has recorded a 20.5% on-year growth in consolidated profit at Rs 200.94 crore for quarter ended December impacted by weak operating margin performance. Revenue for the quarter at Rs 2,694 crore grew by 5.6%, but EBITDA fell by 11% to Rs 350 crore compared to year-ago period.
Apollo Tyres: The tyre manufacturer has reported a 31% on-year growth in consolidated profit at Rs 292.1 crore for Q3FY23 despite spike in input & finance costs. Revenue for the quarter at Rs 6,423 crore increased by 12.5% and EBITDA jumped 23% to Rs 913.4 crore with margin expansion of 120 bps compared to year-ago period. Jaimini Bhagwati is appointed as Independent Director on the board.
Q3 Results today: ITC, State Bank of India, Divi’s Labs, Bank of Baroda, Tata Power, InterGlobe Aviation, One 97 Communications (Paytm), Marico, Mahindra & Mahindra Financial Services, Zydus Lifesciences, Manappuram Finance, Aarti Industries, Borosil, Clariant Chemicals, Elgi Equipments, Emami, Engineers India, India Cements, Intellect Design Arena, JK Tyre & Industries, Jubilant Pharmova, Kansai Nerolac Paints, Nava, Praj Industries, Quess Corp, Shipping Corporation of India, Sun TV Network, and Tube Investments of India will report their quarterly earnings on 3 February.
