The February futures contract of Nifty 50 traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,838.50, down 38.5 points or 0.22% from the previous close.
Earnings today: SAIL, Nykaa, Power Finance Corporation, Gujarat Gas, Castrol India, Campus Activewear, GR Infraprojects, Borosil Renewables, Zee Entertainment, among others will report the October-December quarter (Q3FY23) results.
M&M: The automaker is likely to roll out its first electric vehicle from Zaheerabad plant in Telangana by 2024. The management said that the manufacturing facility will be utilised for new product development and new electric vehicles. Both e-autos and e-Jeeto will be manufactured in the plant.
Sun Pharma: The drug major recalled over 34,000 bottles of generic medication, used to treat high blood pressure in the US market, due to failed dissolution testing. The company had produced the lot at its Halol-based manufacturing facility in Gujarat. The affected lot was later distributed in the market by its US-based unit.
Tata Steel: Managing director and CEO TV Narendran said that the merger of seven subsidiary companies with Tata Steel is expected to be complete in 2023-24 fiscal year. Earlier, the board had approved proposal to merge subsidiaries into itself for greater synergies, higher efficiency, and reduced costs.
NALCO: The company clocked net profit of Rs 284 crore in Q3FY23, as against Rs 170 crore in the year-ago period. Despite strong production growth, lower sales volume, higher input costs, and challenging global environment affected profit margins. However, the management expects the situation to improve in Q4FY23 as prices firm up.
Glenmark Pharma: The company reported 21.3 per cent rise in consolidated profit after tax at Rs 290.8 crore in Q3FY23 from Rs 239.8 crore in Q3FY22. Consolidated revenue, too, was up 9.2 per cent to Rs 3,463.9 crore during the quarter. The company said the India business continued to see strong increase in secondary sales.
Brigade Enterprises: The realty firm’s sales bookings increased 48 per cent to Rs 1,009.7 crore in Q3FY23, on higher volumes and price realisation amid strong housing demand. The average sales realisation, meanwhile, rose 5 per cent to Rs 6,590 per square feet in Q3FY23.
Oil India: The state-owned company reported the highest-ever quarterly net profit of Rs 1,746.10 crore in Q3FY23 from Rs 1,244.90 crore in Q3FY22, on the back of rise in oil and natural gas prices. The turnover also increased 27 per cent to Rs 5,981.63 crore. Moreover, the board declared a second interim dividend of Rs 10 per share.
Inox Wind: The company saw consolidated net loss widen to Rs 287.86 crore in Q3FY23, due to higher expenses. Total expenses, meanwhile, increased to Rs 522.31 crore in Q3FY23 from Rs 283.65 crore in the year-ago period.
Sundaram Finance: The company’s wholly-owned subsidiary, Sundaram Home Finance, has set the target to disburse over Rs 10 crore under the small business loans segment. The management said that since they have had positive feedback from locations launched so far, they intend to increase their disbursements by the end of this year.
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