The February futures contract of Nifty 50 traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,634.50, down 65.5 points or 0.37% from the previous close.
Q3 earnings today: APL Apollo, Apollo Tyres, Bajaj Electricals, Berger Paints, Birlasoft, Crompton Greaves Consumer Electricals, Dabur, Deepak Fertiliser, Fino Payments Bank, Godrej Propeties, HDFC, Dr Lal Path Labs, Tata Consumer Products, and Titan are some of the prominent companies due to report their Q3FY23 results today.
Adani Group: Shares of all Adani group companies have seen massive sell-off in the last few sessions. On Wednesday alone, they saw an erosion of nearly Rs 12 lakh crore in value. The view remains bearish for most stocks, but it will be crucial to see if stocks see a rebound.
Britannia: Britannia Industries, on Wednesday, said its third-quarter profit more than doubled, benefitting from higher prices and resilient demand for its products as well as a one-time gain. The company, which makes biscuits such as Good Day and Little Hearts, reported a profit of Rs 932 crroe, up from Rs 371 crore a year earlier.
Insurance companies: Shares of LIC, HDFC Life, SBI Life, and ICICI Prudntial Life Insurance may continue to hog the spotlight for a second staight day as the Budget’s proposal to tax life products having annual premiums of over Rs 5 lakh may hit the players’ top lines by 10-12 per cent. The shares fell up to 10 per cent on Wednesday.
Railtel Corporation: the Company has received the work order from State Bank of India for provisioning of 4G LTE connectivity for offsite 15,000 ATMs and maintenance for 5 years amounting to Rs 253.35 crore.
Tata Steel: The company bought 29.98 crore shares in subsidiary Tata Steel Utilities and Infrastructure Services for Rs 58 crore.
Rail Vikas Nigam: RVNL has received LoA (letter of acceptance) from Chennai’s Division in Southern Railway. The project cost is Rs 41.78 crore.
Ashok Leyland: Hinduja group flagship Ashok Leyand on Wednesday reported a multi-fold jump in its profit after tax at Rs 361 crore for the third quarter ended December, aided by robust sales. Revenues for the quarter stood at Rs 9,030 crore over Rs 5,535 crore in the year-ago period, the company said in a statement.
Eicher Motors: The company’s unlisted subsidiary, VE Commercial Vehicles (VECV), sold 7,181 units of commercial vehicles (CV) in January 2023, registering a growth of 32.1 per cent compared with 5,434 units sold in January 2022. On a sequential basis, the company’s CV sales declined marginally from 7,221 units sold in December 2022.
Hero Moto: Hero MotoCorp sold 356,690 units in January 2023, the company said in a businesss update on Wednesday. This was, however, less than 380,476 units sold in Januay 2022. While domestic sales saw moderation, exports rose marginally, supporting overall growth.
Maruti Suzuki India: Maruti Suzuki’s production in January 2023 increased to 186,044 units vs 161,383 units sold last year. The company said shortage of electronic components had a minor impact on the production of vehicles during the month. However, it took all possible measures to minimise the impact.
Syngene International: Drugmaker Biocon Ltd on Wednesday divested 10 per cent stake in its research arm Syngene International for Rs 2,240 crore.
Kamat Hotels: The company has settled its dues worth Rs 275 crore with various asset restruction companies.
Zuari Agro Chem: The company has reported total income of Rs 1,428.73 crore during the quarter ended December 31, 2022 as compared to Rs 968.13 crore during Q3FY22. The company posted net profit of Rs 69.21 crore as against net profit of Rs 29.65 crore last year.
Ajanta Pharma: The pharmaceutical company has reported total income of Rs 1,006.70 crore during Q3FY23 as compared to Rs 861.94 crore during the period ended December 31, 2021. However, its net profit stood at Rs 134.51 crore as against net profit of Rs 191.78 crore YoY.
Hindustan Copper: Its total income rose little over 2 per cent year-on-year to Rs 568.70 crore in Q3FY23 as compared to Rs 555.43 crore last year. The company, however, saw its net profit plunging 53 per cent YoY to Rs 80.20 crore vs net profit of Rs 171.67 crore in Q3FY22.
Welspun Enterprises: The company will acquire 100% stake in promoter group company Welspun New Energy at the fair value of Rs 1 lakh to venture into sustainable energy solutions sector. Meanwhile, the board has appointed Lalit Jain as interim chief financial officer of the company.
IDFC: IDFC has completed the last step of corporate simplification by selling our Mutual Fund business to Bandhan Consortium for Rs 4,500 crore. Moreover, the Board has accorded in-principle approval to invest Rs 2,200 crore in IDFC FIRST Bank to take its equity holding up from the current 36.38 per cent to up to 40 per cent. The Board also declared a special interim dividend of Rs 11 per share to the shareholders.
Coal India: The state-owned coal producer’s January production rose 11.5 per cent YoY to 71.9 million tonne. Riding on robust performance of its subsidiary companies, CIL’s total production increased 15 per cent YoY to 550.93 MT during April-January, 2022-23.
Tata Chemicals: Tata Chemicals on Wednesday reported a 21.42 per cent growth in consolidated net profit during the December quarter at Rs 425 crore. Revenue from operations of the company grew by 32.05 per cent at Rs 4,148 crore.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Read all the Latest Business News and Budget Live Updates here