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Domestic equity markets are anticipated to remain volatile on Tuesday as investors await the 2022–23 Economic Survey. In the run-up to the Union Budget announcement on Wednesday, February 1, fun might continue to be a significant emotion dictator today. At 7:40 a.m., the SGX Nifty was trading at 17,770, up 65 points.
Globally, the Nikkei, Straits Times, and Kospi opened flat on Tuesday. Overnight, US markets fell up to 2% ahead of the US Fed meeting, which starts later tonight, and major corporate results.
Here are the top stocks to watch on Tuesday, January 31:
Earnings today: ACC, Blue Star, Cholamandalam Investment and Finance Company, Coal India, Godrej Consumer Products, Indian Hotels, Indian Oil Corporation, Jindal Steel, KPIT Tech, Orient Bell, Orient Cement, Power Grid, RailTel, Star Health, Sunteck Realty, Venus Pipes and Tubes, Welspun Enterprises, and Westlife Foodworld are among the key companies set to report Q3FY23 earnings today.
Adani Group: Stock markets The circuit limitations for three Adani Group businesseshrAdani Total Gas, Adani Transmission, and Adani Green Energyiowere reduced from 20% to 10% on Monday by the BSE and NSE. The decision comes after a big sell-off in these equities in the previous three trading sessions caused a downward circuit.
LIC: The state-owned Life Insurance Corporation (LIC) would not invest more than Rs 300 crore in Adani Enterprise’s follow-on public offer (FPO), despite intentions to engage with the business group to seek clarity on claims made by Hindenburg Research.
Tech Mahindra (TechM): Tech Mahindra reported a 5.3 percent drop in net profit for the third quarter (Q3) of fiscal year 2022–23 (FY23) at Rs 1,297 crore. However, the overall contract value of the inked transactions was $795 million. This was an increase of 11% year over year. Another significant achievement for the corporation this quarter was the achievement of $1 billion in quarterly revenue for its enterprise segment.
L&T: Larsen & Toubro (L&T) announced a consolidated net profit of Rs 2,553 crore for the October-December quarter of 2022–23, up 24.2% from the previous year, bolstered by extraordinary profits of Rs 97 crore from the sale of the mutual fund business. L&T got orders worth Rs 60,710 crore during the quarter, representing a 21% increase over the same time last year.
Inox Leisure: Inox Leisure’s net loss for Q3 FY23 increased to Rs 40.42 crore from Rs 1.3 crore in the previous fiscal’s equivalent period. Revenue increased 74% to Rs 516 crore from Rs 296 crore, while costs increased by 63% to Rs 493 crore.
BPCL: After two consecutive quarters of losses, state-owned Bharat Petroleum Corporation (BPCL) declared a consolidated net profit of Rs 1,747 crore for the quarter ended December 31, 2022 (Q3FY23). In the third quarter, consolidated revenue from operations increased 13.67% to Rs 1.33 trillion.
Kansai Nerolac: Kansai Nerolac Paints has agreed to sell a nearly 24-acre property lot in Thane’s Kavesar to real estate developer House of Hiranandani Group for Rs 655 crore.
KEC International: The company said that it has received orders totaling Rs 1,131 crore from various sectors.
Alkem Laboratories: On Monday, Mumbai-based drugmaker Alkem released an antibiotic to treat numerous drug-resistant illnesses. According to the business, it was the first in India to offer a new antibiotic combination for treating drug-resistant diseases.
ADF Foods: ADF Foods’ consolidated net profit for Q3 FY23 was Rs 18.52 crore, compared to a net profit of Rs 13.3 crore YoY and Rs 13.6 crore QoQ. Its sales were Rs 123 crore, up from Rs 117 crore year over year and Rs 107 crore quarter over quarter.
Mangalore Chemicals: The company’s standalone net profit increased to Rs 76.2 crore from Rs 31.1 crore the previous year. In Q2 FY23, the firm reported a net loss of Rs 32 crore.
Sanofi India: After failing to obtain a UNICEF contract, French pharmaceutical company Sanofi SA is assessing operations at two of its vaccine manufacturing facilities in India and plans to lay off all staff, according to Reuters. A representative for Sanofi’s India branch told Reuters in an email that the company is providing voluntary retirement schemes (VRS) to all of its workers at two facilities near Hyderabad.
Nippon Life India AMC: Japan, India NAM India reported an 18% rise in profit after tax (PAT) at Rs 205 crore for Q3 FY23 on Monday. The previous year, the company reported a PAT of Rs 174 crore.
Punjab National Bank: Punjab National Bank on Monday assuaged worries about its exposure to Adani Enterprises by noting that its loans to the company are spread over 8–9 entities that generate enough income.
GAIL (India): GAIL (India) Ltd. on Monday reported a 90% reduction in December quarter net profit, at Rs 397.59 crore against Rs 3,800.09 crore YoY, due to losses in the petrochemical and natural gas marketing businesses. The country’s largest gas trading and transportation company lost Rs 349 crore in the petrochemical market owing to a reduction in supply of cheaper domestic gas.
Ultratech Cement: Ultratech Cement Middle East Investments Limited, the company’s wholly owned subsidiary in the UAE, has engaged in a Share Sale and Purchase Agreement with Seven Seas Company LLC, Oman, for the acquisition of 70% equity shares in Duqm Cement Project International, LLC, Oman.
Exide Industries: Exide Industries increased its consolidated net profit by 11.38 percent year on year (YoY) to Rs 198.61 crore in Q3FY23, owing to growth in most business verticals, pricing increases, and cost-cutting measures. The previous year’s profit was Rs 178.32 crore. Volume growth drove a 6.8 percent increase in revenue from operations to Rs 3,538.50 crore.
