SGX Nifty hints at a muted start for benchmark indices NSE Nifty 50 and BSE Sensex. Vodafone Idea, ICICI Bank, Bata India among stocks to watch on Wednesday.
Indian benchmark indices are likely to open on a muted note, hinted SGX Nifty on Wednesday. On the Singapore Exchange, Nifty futures trading lower at 17907 level. In the previous session, BSE Sensex soared 600 pts to 61,032, while NSE Nifty 50 jumped 159 pts to 17,930. “Indications are favorable for further recovery and we’re now eyeing 18,200 in Nifty. However, the move could be gradual citing restricted participation by select index heavyweights. Traders should align their positions accordingly and prefer index majors over others,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
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Stocks in focus on 15 February, Wednesday
Vodafone Idea: Vodafone Idea on Tuesday said its net loss rose to Rs 7,990 crore in the October-December quarter from Rs 7,595.5 crore in the preceding quarter. The company missed Bloomberg estimates of the net loss narrowing down to Rs 7,440 crore due to higher finance cost, depreciation expenses, and marketing and consumer acquisition cost. It continued to lose subscribers as well. Consolidated revenues missed estimates and rose marginally to Rs 10,620.6 crore sequentially owing to additions in the 4G subscribers. Bloomberg had pegged revenues at Rs 10,718.50 crore.
ICICI Bank: ICICI Bank and BNP Paribas have signed an initial pact to cater to the banking requirements of European corporates operating in India and Indian companies in the European Union. The Memorandum of Understanding (MoU) between the two entities establishes a framework of partnership between the two banks for providing financial services to corporate customers operating in the India – Europe corridor, private sector lender ICICI Bank said in a statement.
Prestige Estates Projects: The real estate developer recorded a massive 47.6% on-year growth in consolidated profit at Rs 127.8 crore for the quarter ended December FY23, supported by healthy topline and operating income. Revenue from operations grew significantly by 74.5% on-year to Rs 2,317 crore for the quarter. On the operating front, EBITDA jumped 57.5% on-year to Rs 574.2 crore in Q3FY23, but the margin fell by 268 bps on-year to 24.78%.
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Bata India: The footwear company has reported a 15% on-year growth in profit at Rs 83.1 crore for the quarter ended December FY23, supported by operating performance. Revenue for the quarter at Rs 900.2 crore grew by 7% over a year-ago period. At the operating level, EBITDA jumped 22.2% on-year to Rs 206 crore with a margin expansion of 284 bps in Q3FY23. Numbers were lower than analysts’ expectations. Strong portfolio evolution and strong footprint expansion across touchpoints coupled with improving cost efficiencies helped drive revenue growth and increase margins despite significant inflationary pressure.
Apollo Hospitals: The healthcare services company registered a 33.3% on-year decline in consolidated profit at Rs 162.3 crore for the third quarter of FY23, impacted by weak operating performance. The higher purchase of stock-in-trade and employee expenses impacted operating numbers. Revenue for the quarter at Rs 4,264 crore increased by 17.2% over a year-ago period. On the operating front, EBITDA fell 14% on-year to Rs 505.35 crore with a margin down by 428 bps for the quarter. The board declared an interim dividend of Rs 6 per share.
Torrent Power: The power utility company has recorded a whopping 86% on-year growth in consolidated profit at Rs 685 crore for the three-month period ended December FY23 as revenue grew by 71% on-year to Rs 6,443 crore during the quarter. On the operating front, EBITDA for the quarter at Rs 1,444 crore increased by 54.6% over a year-ago period, but the margin declined 239 bps in the same period. The company declared an interim dividend of Rs 22 per share including Rs 13 per share as a special dividend for FY23.
Biocon: The biopharmaceutical company posted a consolidated loss of Rs 41.8 crore for the December FY23 quarter against a profit of Rs 187.1 crore in the corresponding period of the last fiscal as there was a one-time loss of Rs 271.4 crore during the quarter. Consolidated revenue grew 35.3% on-year to Rs 2,941 crore driven by growth across key segments (generics, biosimilars and research services). At the operating level, EBITDA surged 32% on-year to Rs 644.3 crore but the margin declined 55 bps on higher input costs for the quarter.
ONGC: The state-owned oil & exploration company has recorded a 26% on-year growth in standalone profit at Rs 11,045 crore for the quarter ended December FY23. Revenue for the quarter at Rs 38,583.3 crore increased by 35.5% over a year-ago period, with crude oil prices realisation growing 26%. The board members have declared a second interim dividend of Rs 4 per share.
Q3 Results today: JBF Industries, Crazy Infotech, Velox Industries, Vision Cinemas, and Vantage Knowledge Academy will be in focus ahead of their quarterly earnings on February 15.
