SGX Nifty hints at a positive start for benchmark indices Nifty and Sensex on Friday. Tata Motors, Adani Enterprises, DLF among stocks to watch on 27 January.
Indian benchmark indices are likely to open higher on the week’s last trading day, hinted SGX Nifty. On the Singapore Exchange, Nifty futures traded 84 pts or 0.47% higher at 18,038 level. In the previous session, BSE Sensex tanked 774 pts or 1.2% to 60,205, while the NSE Nifty 50 plunged 226 pts or 1.2% to 17,891. “We expect market to remain volatile in a broad range until the completion of two major events – Fed Meeting and Union Budget on Feb 1st, which could provide clear direction to the market on either side,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Read More: T+1 Settlement System: From Tomorrow, Shares Will Be In Your Demat A/c Next Day of Trade; Details
Stocks in focus on 27 January, Friday
Tata Motors: The Tata Group company reported consolidated profit for the quarter ended December 2022 at Rs 2,958 crore against loss of Rs 1,516 crore in same period last year on better topline as well as operating performance. Revenue from operations stood at Rs 88,489 crore for the quarter, up 22.5% over corresponding period last fiscal, with better realisation at JLR as well as standalone businesses. At the operating level, EBITDA at Rs 9,853 crore surged 33% on-year with margin expansion of 90 bps on-year YoY at 11.1% for the quarter aided by standalone business.
Dr Reddy’s Laboratories: The pharma company clocked a massive 77% on-year growth in consolidated profit at Rs 1,247 crore for quarter ended December, driven by strong US business. Consolidated revenue from operations at Rs 6,770 crore for the quarter grew by 27.3% over the corresponding period in the last fiscal with US business rising 64%, India showing 10% and emerging markets 14% growth on-year. On the operating front, EBITDA surged 55% on-year to Rs 1,966 crore with 5% expansion in margin at 29% for the quarter.
Adani Enterprises: The Adani Group company will launch its follow-on public offer (GPO) of Rs 20,000 crore on 27 January. The closing date will be 31 January with a price band of Rs 3,112-3,276 per share. Ahead of the FPO, the company has raised close to Rs 6,000 crore from anchor investors. It has received Rs 2,992.4 crore from anchor investors, which is half of the amount of the total anchor book launched. The remaining amount will be payable by anchor investors later in one or more subsequent calls.
LTIMindtree: The IT services provider has partnered with Duck Creek Technologies, and Microsoft to build a cloud migration solution for insurers. The solution will enable insurers to migrate their on-premises core systems to the cloud in a quick and efficient manner.
Read More: Yes Bank Shares Fall Over 16% in 2023; Should you Buy, Hold or Sell?
DLF: The real estate developer has registered a 37% on-year growth in consolidated profit at Rs 519 crore for quarter ended December on a low base and lower finance cost. It had an exceptional loss of Rs 224.4 crore in the same quarter of the previous financial year. Revenue from operations at Rs 1,495 crore for the quarter fell by 3.5% compared to same period last fiscal, but new sales bookings at Rs 2,507 crore increased by 24% on-year. At the operating level, EBITDA fell by 8.5% on-year to Rs 477.2 crore and margin declined by 170 bps on-year to 31.9% for the quarter.
CEAT: The tyre maker has reported consolidated profit of Rs 35.4 crore for quarter ended December FY23, against loss of Rs 20 crore in same period last year, supported by strong operating performance. Consolidated revenue at Rs 2,727 crore grew by 13% on-year, led by domestic demand as the company remains cautious about international markets that are getting impacted by recessionary trends. At the operating level, EBITDA surged 77% on-year to Rs 237.6 crore for the quarter and margin rose to 8.7% compared to year-ago period.
SJVN: The company has sold its entire stake in the Bhutanese joint venture company Kholongchhu Hydro Energy (KHEL) as per the directions received from the Government of India. The transaction cost is Rs 354.71 crore. The entire stake of the company was brought by the JV partner Druk Green Power Corporation, Bhutan.
Tata Elxsi: The design and technology services provider has clocked a 29% on-year growth in profit at Rs 194.7 crore for quarter ended FY23 despite lower operating margin, supported by revenue and other income. Revenue for the quarter increased by 29 percent to Rs 817.7 crore compared to same period last fiscal.
Adani group: Gautam Adani‘s group is eyeing petrochemical and mining projects in Azerbaijan as the ports-to-energy conglomerate looks to expand the business beyond Indian shores. Adani met Azerbaijan President Ilham Aliyev in Davos last week, according to a statement from the office of the President of Azerbaijan. In other news, Adani group may initiate legal action against US-based forensic financial research firm Hindenburg Research, which released a 103-page report on Wednesday highlighting accounting fraud, stock manipulation, and improper use of offshore tax havens by the group. Hindenburg responded by saying that it stands by its report.
Happiest Minds Technologies: The company said on Wednesday that it has signed a definitive agreement to acquire 100% of Sri Mookambika Infosolutions (SMI), a Madurai-headquartered, profitable IT services company through a combination of upfront and deferred equity consideration, totalling Rs 111 crore. Venkatraman Narayanan, MD & CFO, Happiest Minds, said that SMI, with expertise in healthcare and talent pool in Madurai and Coimbatore, is well aligned with the company’s vision.
