SGX Nifty hints at a positive start for Indian equity market. BSE Sensex. NSE Nifty likely to open in green. TCS shares in focus ahead of Q3 results. JK Cement, Tata Steel, NFL among other stocks to watch.
Indian share market is likely to begin the week on a positive note, hinted SGX Nifty. Benchmark indices BSE Sensex and NSE Nifty may open in green as Nifty futures traded 154 pts or 0.86% higher at 18113 level on the Singapore Exchange. “This week will mark the beginning of the earnings season and the IT majors viz. TCS, Infosys, HCL Tech, and Wipro will announce their numbers during the week. Besides, banking heavyweight, HDFC Bank, will also declare its result along with several others. On the macroeconomic front, IIP and CPI Inflation will be unveiled on January 12. Apart from the domestic factors, the performance of the global markets will remain on the participants’ radar,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 9 January, Monday
Tata Consultancy Services: IT bellwether TCS will announce its Q3 results today. Company’s consolidated revenue is likely to grow 16.4% on-year, while consolidated profit after tax (PAT) is expected to increase 15.1% on-year, according to brokerages. Among key things to watch out for will also be TCS’ third interim dividend announcement. TCS has already announced that the board of directors will consider the third interim dividend for FY23 on 9 January. It has fixed 17 January as the record date to determine eligible shareholders for the dividend.
Aditya Birla Fashion & Retail: The company proposes to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures of face value of Rs 10 lakh each issued at par aggregating to Rs 500 crore on private placement basis, on or after 13 January.
JK Cement: A wholly owned subsidiary JK Paints & Coatings invested Rs 153 crore and completed the acquisition of 60 percent equity shares of Acro Paints (APL). “APL has become a subsidiary of JKPCL and a step down subsidiary of the Company with immediate effect,” the company said in a regulatory filing. Through this acquisition, it would give commercial presence to the company in the paint business segment.
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Lupin: The company received approval from USFDA for Fesoterodine fumarate extended-release tablets. Fesoterodine fumarate is a generic equivalent of Toviaz extended-release tablets of Pfizer Inc. These tablets had estimated annual sales of $177 million in the US as per IQVIA MAT data as of September 2022.
National Fertilizers Ltd: The company clocked 27% growth in total fertilizer sale during April-December 2022 as compared to the corresponding period last year. NFL reported total fertilizer sales of 49.71 lakh MT compared to 39.25 lakh MT in the corresponding period last year. “The Company has performed exceedingly well not only in the sale of its core product. Urea but also increased volumes of DAP and Complex Fertilizers in the market,” it said in a regulatory filing.
HCL Technologies: The ODP Corporation has selected HCL Technologies as its primary IT partner. HCL will provide end-to-end IT operations and enterprise-wide digital transformation to support ODP’s business strategy in its Office Depot, ODP Business Solutions and Veyer business units. As part of this agreement, HCLTech will leverage its automation and artificial intelligence (AI) capabilities to enable efficient IT operations with personalized and intuitive IT services.
Titan Company: Titan recorded 12% growth in its standalone business in the December quarter, led by “healthy consumer demand” spurred by a vibrant festive season. During the quarter, Titan Jewellery, which generally contributes more than two-thirds of its revenue, achieved 11% on-year growth, led by healthy new buyers in the festive period, higher value purchases in the studded category and unique new collections for the season. Watches and wearables division grew 14% on-year during the quarter led by new product launches. Fragrances and Fashion Accessories business grew 39%. CaratLane grew 50% from last year.
Tata Steel: India business production up 4.2% at 5 million tonne and delivery volumes down 3.6% at 4.73 million tonne, QoQ. Deliveries increased 7% from last year, driven by 11% growth in domestic deliveries which also led to an improvement in product mix. Tata Steel Europe steel deliveries were lower year-on-year but rose 5% sequentially. Production declined on-year.
SBI Cards & Payment Services: The board of directors of the company at its meeting held on 6 January 2023, approved re-appointment of Rama Mohan Rao Amara as the managing director and CEO (nominated by State Bank of India) of the company for a further period of one year from 30 January.
Bandhan Bank: Bandhan Bank’s total deposits rose 21% on-year as on 31 December, provisional data from the lender showed. In comparison, the Kolkata-based bank’s loans and advances rose a mere 14% on-year. Broadly, outstanding loans and advances stood at Rs 1 lakh crore as on 31 December. The growth in the bank’s deposits was due to bulk deposits, which surged 139% on-year. Retail term deposits rose 3% on-year.
IDBI Bank: The Centre received multiple expressions of interest (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control. “Multiple expressions of interest received for the strategic disinvestment of Govt and LIC stake in IDBI Bank. The transaction will now move to the second stage,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted.
