The February futures contract of Nifty 50 traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,710, up 71 points or 0.40% from the previous close.
Q3 earnings today: Bank of Baroda, Divi’s Labs, Aarti Industries, Borosil, Dhanuka Agritech, Dalmia Bharat, ITC, InterGlobe Aviation (IndiGo), kansai Nerolac, India Cements, JK Tyre, Marico, Paytm, M&M Financial Services, Manappuram Finance, SBI, Star Cement, Tata power, Zydus Life, and Thyrocare Tech are some of the prominent companies slated to report their Q3FY23 results today.
Adani Enterprises: Adani Group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday, Reuters reported. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the report added.
Adani Ports, Adani Enterprises, Ambuja Cements: The National Stock Exchange (NSE) on Thursday shifted Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements to a category of stocks that require up to 100 per cent trading margins and are subject to greater scrutiny to curb short-selling. The purported short-term additional surveillance measure (ST-ASM) Stage 1 will be made applicable to these stocks on new positions created, starting February 6.
TVS Motor: The company informed the exchanges, on Thursday, that it has invested $9.5 million in Ion Mobility to further push it’s electrification agenda.
SBI Life: Addressing investors’ concerns regarding the latest Budget proposals, SBI Life has said that the Annualised Premium Equivalent (APE) product mix is well diversified at 56.4 per cent unit linked, 27.4 per cent non-unit linked, 10.1 per cent protection, 2.8 per cent annuity, and 3.3 per cent group funds. The share of business of non – linked policies with annual premium of above Rs 500,000 is less than 2 per cent of the total APE for 9MFY2023. The company strongly believes that the impact is insignificant. READ MORE
HDFC Life: On similar lines, HDFC Life clarified has to investors that its product mix based on the Annualised Premium Equivalent (APE) is well diversified across different product segments. Our initial assessment, the company has said, indicates that the business at risk could be approximately 10-12 per cent of the total APE and impact on value of new business would be lower than impact on total APE. The company will be working on mitigating measures to deal with the impact in due course. READ MORE
Berger Paints: Berger Paints India Ltd on Thursday reported a decline of 20.47 per cent in its consolidated net profit at Rs 201.17 crore in the third quarter ended December 2022. Its revenue from operations was up 5.59 per cent at Rs 2,693.59 crore during the quarter. READ MORE
Thomas Cook: The company’s consolidated income from operations grew by 105 per cent year-on-year (YoY) in Q3FY23 to Rs 1,536.3 crore, and operational profit before tax was at Rs 58.4 crore as against loss of Rs 28.9 crore, reflecting strong recovery and business momentum across segments. Its net profit came in at Rs 26.54 crore vs loss of Rs 24.59 crore YoY.
Fino Paymenst Bank: Fino Payments Bank on Thursday posted a 35.5 per cent jump in its December quarter net profit at Rs 19.1 crore, aided by widening profit margins. The Navi Mumbai-based payments bank said its revenues grew 14.2 per cent to Rs 314.1 crore during the reporting quarter.
Mahanagar Gas: The company has reported total income of Rs ,1870.69 crore during the period ended December 31, 2022 as compared to Rs 1,144.72 crore last year. The net profit for the quarter stood at Rs 172.07 crore as against net profit of Rs 56.79 crore YoY.
Karnataka Bank: The private sector lender on Thursday reported a net profit of Rs 301 crore forQ3FY23, registering a solid growth of 105 per cent. The Gross NPs declined to 3.28 per cent from 3.36 per cent as compared to the sequential previous quarter. The Net NPA, meanwhile, declined to 1.6 per cent from 1.72 per cent QoQ.
Crompton Greaves Consumer Electricals: The company’s total income for Q3FY23 rose about 8 per cent to Rs 1,537.51 crore as compared to Rs 1,424.63 crore in Q3FY22. The net profit, however, slipped 42.5 per cent to Rs 85.25 crore as against net profit of Rs 148.26 crore YoY.
I G Petrochemicals: The Board of Directors of the company has approved to incorporate a wholly owned subsidiary. Once incorporated, the proposed wholly owned subsidiary shall explore new opportunities in petrochemicals sector, marketing of petrochemical products, and sourcing of raw materials.
Inox Green Energy Services: The company has entered into a definitive investment agreement with I-Fox Windtechnik India Private Limited, an independent O&M Wind Service Provider, to acquire a majority stake. The deal is valued at Rs 3,5947.71 per share.
Aavas Financiers: The lender has reported net profit of Rs 303.5 crore in Q3FY23, up 26 per cent YoY. The management said Sushil Kumar Agarwal will continue as the managing director (MD), while Sachinder Pal Singh has beeen appointed as the chief executive office (CEO).
Auto stocks: Speaking to a news channel, road transport minister, Nitin Gadkari, said on Thursday that the price of lithium ion batteries will (soon) come down, and the automobile industry will not need any subsidy.
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