Stocks to watch: Tata Steel, Hindalco, JK paper, Muthoot Finance, Adani Ports and more

Stocks to Watch: Tata Steel recorded a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23) due to a steep decline in European realisations.

Equity benchmarks may begin Tuesday’s session with nominal gains, as indicated by the SGX Nifty futures, which are trading 50 points higher than Monday’s closing of 17,844 points.

Globally, the US markets were down overnight due to fears about rate hikes. Dow Jones, S&P 500, and NASDAQ Composite indexes all fell by up to 1%.


Asia-Pacific markets, on the other hand, surged this morning as investors anticipate central bank announcements. The Nikkei 225, S&P 200, Topix, Kospi, Kosdaq, Hang Seng, and Shanghai Composite indexes all gained up to 1%.

Here are some stocks to keep an eye on in trading today:

Q3 earnings watch: NDTV, Aditya Birla Fashion and Retail, Astral, Barbeque-Nation Hospitality, Bharat Dynamics, Computer Age Management Services, Deepak Nitrite, Gujarat Fluorochemicals, GSK Pharma, Kalyan Jewellers India, NHPC, Phoenix Mills, Ramco Cements, Sobha, Thermax, and Wonderla Holidays, among others, will release their quarterly earnings today.

Tata Steel: The business recorded a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23), owing to a steep reduction in European realisations and a non-cash deferred tax liability related to the British Steel Pension Scheme. The company had a net profit of Rs 9,572.67 crore the previous year.

Muthoot Finance: Muthoot Finance, India’s largest gold financing business by loan portfolio, reported an 11% drop in consolidated net profit to Rs 934 crore in the third quarter of 2022-23. A year before, the company earned Rs 1,044 crore in net profit.

Hindalco: Novelis reported lower-than-expected revenues of $4.2 billion, down 3% from $4.3 billion the previous year. Operating profit fell 33% as a result of decreasing volumes, increased inflation, and narrow scrap spreads. Management stated that things were bottoming out in the December quarter but did not provide specific projections. It also stated that it is optimistic of hitting EBITDA per tonne of $500 – $525 by next year.

RIL, Ashok Leyland: Mukesh Ambani’s Reliance Industries (RIL) and Ashok Leyland revealed India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered heavy duty vehicle on Monday. Prime Minister Narendra Modi launched the vehicle during the India Energy Week in Bengaluru.

JK Paper: The company’s profit more than quadrupled in the third quarter, owing to increased demand for copier sheets and packaging boards from schools and workplaces during the epidemic. Its profit increased by 119% year on year to Rs 329.3 crore in Q3FY23, while sales increased by 60.5 percent year on year to Rs 1,643 crore.

Adani Transmission: The firm increased its consolidated net profit by about 73% to Rs 478 crore in the December quarter of 2022-23, owing to a one-time income gain and greater revenues.

UltraTech Cement: UltraTech Cement has announced the commissioning of a 1.5 mpta brownfield cement grinding mill in Jharsuguda, Odisha, bringing the state’s total cement capacity to 4.1mtpa. With the completion of this project, the company’s overall cement manufacturing capacity in India has increased to 122.85 mtpa.

Dhampur Sugar Mills: The business has completed a 130 KLPD (kilo litre per day) distillery capacity increase on ‘C’ heavy molasses at its Dhampur facility in Uttar Pradesh. With this development, the company’s distillery capacity has increased to 350 KLPD.

Grasim: At its meeting on Monday, the Board of Directors of Grasim Industries inaugurated Ananya Birla and Aryaman Vikram Birla as directors. Ananya and Aryaman Vikram Birla were recently appointed to the board of directors of Aditya Birla Management Corporation Pvt Ltd, the highest organisation in charge of providing strategic direction to the Aditya Birla Group’s enterprises.

Nuvoco Vistas Corporation: The company’s loss for Q3FY23 was reduced to Rs 75.3 crore from Rs 85.5 crore in the same time previous year. Revenue increased 20% year on year to Rs 2,605 crore.

LIC Housing Financing: The housing finance company’s net profit fell 37% year on year to Rs 480 crore in Q3FY23, owing to impairment on financial instruments. Net interest income increased 10.4% year on year to Rs 1,605.9 crore in the third quarter.