SGX Nifty hints at a negative start for benchmark indices BSE Sensex and NSE Nifty 50. LIC, Oil India, Zomato among stocks to watch on Friday.
Indian benchmark indices are likely to open in the red, hinted SGX Nifty on Friday. On the Singapore Exchange, Nifty futures were trading 0.5% lower at 17841 level. In the previous session, S&P BSE Sensex rose 142 pts to 60,806, while NSE Nifty 50 climbed 22 pts to 17,893. “The bulls are trying hard to surpass the hurdle at 17,900 in Nifty but mixed trend among the index majors delaying the breakout. Besides, intermediate pause or profit-taking on the global front is further adding to their worries every now and then. Meanwhile, participants should restrict their focus on the select heavyweights and midcap counters which are attracting consistent buying on dips,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Stocks in focus on 10 February, Friday
Q3 Results today: Mahindra and Mahindra, ABB India, PB Fintech, Abbott India, Alkem Laboratories, Ashoka Buildcon, Astrazeneca Pharma, BEML, BHEL, Dilip Buildcon, Delhivery, EIH, Glenmark Pharmaceuticals, JK Lakshmi Cement, KFin Technologies, Lemon Tree Hotels, Metropolis Healthcare, NALCO, Info Edge India, and Oil India will be in focus ahead of quarterly earnings on February 10.
Life Insurance Corporation of India (LIC): The country’s largest insurance company reported over 40 times on-year growth in consolidated net profit to Rs 8,349 crore in the fiscal third quarter of FY23, up from Rs 211 crore in the same quarter last year. Net premium income for the quarter at Rs 1.11 lakh crore increased by 14.5% over a year-ago period and first-year premium or new business premium increased by 11% on-year to Rs 9,725 crore for the quarter. The net income from investments jumped 11% on-year to Rs 84,889 crore from Rs 76,574 crore in the year-ago period.
Zomato: The food aggregator’s fiscal third quarter net loss widened over five-fold on-year to Rs 343 crore from Rs 66 crore, mainly due to an exceptional gain in the same quarter last year. The company’s revenue from operations in the October-December 2022 quarter jumped 75% to Rs 1,948 crore from Rs 1,112 crore in the previous year. The EBITDA loss of Rs 366.2 crore for the quarter narrowed compared to the EBITDA loss of Rs 488.8 crore in the corresponding period last fiscal.
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IRCTC: The company reported over 20% on-year growth in net profit from continuing operations to Rs 255.52 crore in the fiscal third quarter of FY23, rising from Rs 208.80 crore in the same quarter last year. It also declared an interim dividend of Rs 3.50 per share on Equity Shares of face value of Rs 2 each for the financial year 2022-23, ie, 175% of the paid-up share capital amounting to Rs 160 crore. IRCTC has fixed February 22 as the record date to pay the interim dividend for the ongoing fiscal.
Hindalco: The Aditya Birla Group company posted a 62.9% fall in consolidated net profit to Rs 1,362 crore for the third quarter ended December 31, impacted by elevated input costs, unfavourable macro environment and inflationary pressures. In comparison, the company had posted a net profit of Rs 3,675 crore for the same quarter of the previous fiscal. The aluminium and copper manufacturer posted a 5.7% rise in consolidated revenue to Rs 53,151 crore from Rs 50,272 crore recorded in the year-ago period. Hindalco’s consolidated Ebitda fell 48.45% to Rs 3,930 crore from Rs 7,624 crore recorded a year ago.
Aurobindo Pharma: The pharma company reported an 18.7% year-on-year fall in consolidated profit at Rs 491 crore for the quarter ended December FY23, dented by weak operating margin performance. Consolidated revenue for the quarter at Rs 6,407 crore increased by 6.7% over a year-ago period with the US formulations business growing 9.3%, the Europe formulation segment showing a 0.4% increase and growth markets business rising 25.7% on-year. On the operating front, EBITDA fell 6% on-year to Rs 954.4 crore for the quarter with the margin declining 204 bps on-year to 14.89% due to higher spending on R&D.
Hindustan Petroleum Corporation (HPCL): The oil marketing company has turned profitable with Q3FY23 net at Rs 172.4 crore against a loss of Rs 2,172 crore in the previous quarter, with better operating performance. Standalone revenue grew by 1% to Rs 1.09 lakh crore compared to the previous year. On the operating front, its EBITDA came in at Rs 1,671.7 crore for the quarter ended December FY23, against a loss of Rs 1,497.9 crore in the September FY23 quarter.
United Breweries: The beer and non-alcoholic beverages maker has posted a loss of Rs 2.1 crore for the December FY23 quarter, against a profit of Rs 90.56 crore in the same period last year, impacted by weak operating performance and exceptional loss of Rs 33.12 crore. Revenue for the quarter at Rs 1,611 crore grew by 1.9% over a year-ago period. On the operating front, EBITDA fell 54% on-year to Rs 76.65 crore and the margin plunged 623 bps to 4.75% in the same period. Numbers missed analysts’ expectations.
Voltas: The air conditioning and engineering services provider posted a consolidated loss of Rs 110.38 crore for the quarter ended December FY23, against a profit of Rs 96 crore in the same period last year, as there was an exceptional loss of Rs 137.39 crore related to provision arising out of cancellation of contract and encashment of bank guarantee. Revenue for the quarter grew by 12% on-year to Rs 2,005.61 crore with growth in unitary cooling products as well as electro-mechanical projects & services segments. EBITDA at Rs 76.37 crore for the quarter declined by 51% on-year with a margin contraction of 490 bps on-year.
