Stocks to watch: Adani group, IOC, Bajaj Finance, NTPC and more

On Monday, the SGX Nifty suggests a good start for the key indexes BSE Sensex and NSE Nifty 50. The Adani Group’s equities are in the spotlight as the company publishes a 413-page rebuttal to the Hindenburg Research study.

According to SGX Nifty, Indian benchmark indexes are anticipated to start the week on a bullish note. Nifty futures traded 50 points higher at 17740 on the Singapore Exchange, indicating a good start for the domestic share market. In the previous session, the Sensex down 1.45% to 59,331, while the Nifty fell 1.6% to 17,604.

Stocks in focus on 30 January, Monday


Adani Group stocks: Adani Group published a thorough rebuttal on Sunday to a Hindenburg Research report that prompted a $48 billion fall in its stocks, claiming that it conforms with all local laws and has made all required regulatory disclosures. Without presenting proof, the company run by Gautam Adani stated that the Hindenburg report was meant to allow the U.S.-based short seller to earn gains. “All transactions engaged into by us with companies that qualify as’related parties’ under Indian laws and accounting standards have been appropriately declared,” Adani stated in the 413-page statement.

Bajaj Finance: The finance firm increased its consolidated net profit by 40% year on year to Rs 2,973 crore in the December FY23 quarter, with loan losses and provisions reducing 20% year on year to Rs 841 crore. Net interest revenue jumped 24% year on year to Rs 7,435 crore, while assets under management (AUM) surged 27% year on year to Rs 2.3 lakh crore. The number of new loans booked in the December quarter was the biggest ever, at 7.84 million, up 5% year on year. Customer franchise was at 66.05 million, a 19% increase year on year. During the quarter, the firm had its highest-ever quarterly rise in customer franchise, increasing by 3.14 million.

Vedanta: The billionaire Anil Agarwal-owned business reported a 42.3% year-on-year drop in consolidated profit for the December quarter, at Rs 3,091 crore, due to lacklustre operating performance and subdued topline growth. On a year-over-year basis, it reported increased input costs, electricity and fuel charges, and loan costs for the quarter. Revenue from operations increased by 0.01% year on year to Rs 34,102 crore. The firm has authorised plans to obtain 91 MW of hybrid renewable energy for its aluminium, copper, and oil and gas activities, as well as 600 MW of solar electricity for its aluminium operations.

NTPC: The state-owned power company recorded a 5% increase in consolidated net profit for the December quarter, at Rs 4,854.36 crore, mainly to higher revenue. In the same quarter last year, the company’s consolidated net profit was Rs 4,626.11 crore. Total income increased to Rs 44,989.21 crore in Q3FY23 from Rs 33,783.62 crore the previous year. The operational profit of NTPC, computed as earnings before interest, taxes, depreciation, and amortisation (Ebitda), increased 36% year on year to Rs 13,239 crore, while the operating margin fell to 31.97%.

Tata Elxsi: The design and technology services provider increased profit by 29% year on year to Rs 195 crore in the fiscal year ended December FY23, fueled by topline and other revenues. Revenue from operations for the quarter increased by 29% year on year to Rs 818 crore.

Indian Oil Corporation (IOC): For the first time, the national oil marketer has begun exporting aviation gasoline, which powers unmanned aerial vehicles and light planes. Over the weekend, the first consignment of 80 barrels of aviation gas (AV gas), each containing 16 kilolitres, was sent from the Jawaharlal Nehru Port Trust (JNPT) to Papua New Guinea. According to the firm, this is the first time India has exported this fuel, which was manufactured at IOC’s Vadodara refinery, and marks India’s debut into a USD 2.7 billion worldwide market.

CMS Info Systems: The financial logistics and technology services provider increased profit by 26% year on year to Rs 76 crore for the quarter ended December 31, 2022, with EBITDA increasing by 29% year on year to Rs 135 crore and revenue increasing by 21% to Rs 488 crore. For the quarter, the company’s operating profit margin increased by 171 basis points year on year to 27.7%.