SGX Nifty hints at a positive start for BSE Sensex and NSE Nifty 50. Bharti Airtel, Adani Power, Adani Wilmar, Shree Cement among stocks to watch on Wednesday.
Indian share market is likely to open in green, hinted SGX Nifty on Wednesday. On the Singapore Exchange, Nifty futures were trading higher at 17797 level. In the previous session, BSE Sensex fell 221 pts to 60,286, while NSE Nifty 50 fell 43 pts to 17,722. “Markets have been facing pressure on every uptick however buying in select index majors is capping the damage so far. Participants are closely eyeing the outcome of the RBI meet for cues however indications are pointing toward prevailing choppiness to continue until Nifty decisively breaks the range of 17,550-17,900 levels. We thus recommend restricting trades and maintaining positions on both sides,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 8 February, Wednesday
Bharti Airtel: The telecom operator reported its fiscal third quarter net profit of Rs 1,588 crore, missing analyst expectations. However, the profit almost doubled on-year, at 91% growth. It reported revenue for the quarter ending December of Rs 35,804 crore, jumping 20% on-year. The company also reported an India mobile average revenue per user (ARPU) of Rs 193. The telecommunications giant’s consolidated EBITDA was Rs 18,600 crore, higher by 24.8% on-year and up 5% from the previous quarter. The company also reported Capex for the quarter at Rs 9,314 crore.
Hero MotoCorp: The two-wheeler major recorded a 3.6% on-year increase in standalone net profit at Rs 711 crore for the quarter ended December 2022, led by other income but impacted by weak operating performance. Revenue for the quarter at Rs 8,031 crore grew by 1.9% over the year-ago period, with 4% decline in sales volumes. At the operating level, EBITDA fell by 3.7% on-year to Rs 924 crore with the margin declining 70 bps for the quarter. The company announced an interim dividend of Rs 65 per share.
Adani Green Energy: The company reported its fiscal third-quarter consolidated net profit jumped 110% on-year to Rs 103 crore, on a total income jump of 53.5% on-year to Rs 2,258 crore. Total expenses rose 44% to Rs 2067 crore in the quarter from Rs 1,430 in the same period previous year. The company’s revenue from power supply increased by 39% on-year to Rs 3,695 crore. Run-rate EBITDA stood at Rs 7,380 crore with net debt to run-rate EBITDA of 5.6x as of Dec 2022. The growth in revenues, EBITDA and Cash Profit is primarily driven by greenfield commissioning of 1,915 MW.
Vodafone Idea: The telecom operator has approved an allotment of over 1,613.31 crore equity shares at an issue price of Rs 10 per equity share, amounting to Rs 16,133.18 crore to the Government of India. Post allotment of shares, the government’s shareholding in the company stands at 33.44%. Last week, the government asked Vodafone to convert the net present value of the interest amount related to deferment of spectrum auction instalments and AGR dues into equity shares.
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Adani Ports: The Adani group company on Tuesday reported net profit at Rs 1,315 crore, down 16% on-year as opposed to the expectation of a 25% growth for the quarter ended 31 December 2022. The company’s net revenue for the quarter also failed to meet street estimates. Revenue for the Dec quarter came in at Rs 4,786 crore, up 17.5% on-year from Rs 4,071 crore reported in the same quarter a year ago.
PC Jeweller: Consortium of four banks – IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank – has issued their loan recall notices to the company. The legal proceedings between State Bank of lndia (lead bank) and the company are continuing, and the next date of hearing will be 28 February 2023. The company’s showrooms (barring three – Preet Vihar, Pitampura and Kingsway Camp – in Delhi) are operational.
Infosys: The IT services major has announced collaboration with GE Digital to accelerate grid transformation for the utilities sector. Both will follow a joint go-to-market approach to deliver value added solutions for grid related products and services, for their new and existing clients.
Aurobindo Pharma: Company’s step-down subsidiary Aurolife Pharma has received approval from US Food and Drug Administration to manufacture and market the Diclofenac sodium topical solution. Diclofenac sodium topical solution is used in the treatment of osteoarthritis of the knees. The product is expected to be launched in Q1FY24, and has an estimated market size of around $487 million for 12 months ending December 2022, according to IQVIA.
Q3 Results today: Shree Cement, Adani Power, Adani Wilmar, Cummins India, Escorts Kubota, Dreamfolks Services, Endurance Technologies, Equitas Small Finance Bank, GATI, Gujarat Pipavav Port, Graphite India, HG Infra Engineering, Honeywell Automation India, IRCON International, ITD Cementation India, Minda Corporation, Samvardhana Motherson International, Narayana Hrudayalaya, Oberoi Realty, Piramal Enterprises, Speciality Restaurants, Symphony, Tracxn Technologies, Trent, and Windlas Biotech will be in focus ahead of their quarterly earnings on 8 February.
