The opening of the Indian equity markets is anticipated to be good due to consistent foreign inflows and declining oil prices. The BSE Sensex gained 212.88 points to 59,756.84 and Nifty50 gained 80 points to 17,736.95.
Here are the top 10 stocks that will be today’s focus:
Vedanta: The union ministry of petroleum & natural gas (MoPNG) has given the go-ahead for Cairn Oil & Gas, a division of Vedanta Ltd., to extend the production sharing contract (PSC) for its Rajasthan block till May 2030. The contract extension will be in effect from May 2020 to May 2030 for a total of ten years. On May 14, 2020, the initial permit for the Barmer block’s oil and gas exploration and production came to an end. The government had consented to a 10-year extension, but it insisted on a larger oil and gas share from the block and the resolution of a Rs.5,651 crore dispute over cost recovery for the same.
Tata Chemicals: Due to increasing revenue, Tata Chemicals announced a nearly three-fold increase in consolidated net profit for the September 2022 quarter to Rs.628 crore on Thursday. In the same quarter a year before, the company’s profit was Rs.221 crore, according to Tata Chemicals’ regulatory statement. In comparison to the similar quarter previous year, the net income increased 39.62% to Rs.4,299 crore during the reviewed quarter.
Adani Green: Ahlem Friga Noy has been approved by the company’s shareholders to serve as a non-executive nominated director, according to Adani Green Energy. In an Extraordinary General Meeting (EGM) of the firm conducted on Wednesday, October 26, 2022, shareholders approved the appointment of Ahlem Friga Noy as a director (non-executive, nominee director), according to a BSE filing.
SBI Cards and Payment Services: SBI Cards and Payment Services Ltd (SBI Card) said on Thursday that increasing revenue caused its net profit to increase by 52% to Rs.526 crore for the quarter that ended in September. The pure-play credit card business that State Bank of India (SBI), the nation’s largest lender, marketed last quarter reported a net profit of Rs.345 crore. According to SBI Card in a regulatory filing, the overall revenue for the second quarter of the current fiscal year increased 28% to Rs.3,453 crore from Rs.2,695 crore the previous year.
Indigo/SpiceJet: Airline SpiceJet and IndiGo’s requests to take planes on wet lease to meet the growing demand in the winter schedule, which starts on October 30, have been approved. In a wet lease arrangement, the operational crew and engineers are leased along with the aircraft. Wet leasing of aircraft is typically permitted for brief durations due to supply issues and to prevent sharp increases in airfare.
Jubilant Industries: Keventers, a milkshake and ice cream brand run by Super Milk Products Private Limited (SMPPL), announced on Thursday that Jubilant Bhartia Group has invested equity in the company for an undisclosed sum. The money will assist Keventers, which also wants to expand its ice cream business, expedite its plans to open more than 300 locations in the next three to four years.
PNB Housing Finance: Due to increasing income, PNB Housing Finance on Thursday recorded a net profit of Rs.263 crore for the three months that ended in September, an increase of 12% from the same time previous year. Its net interest income (NII), which was Rs.649 crore, increased by 75% sequentially and 29% year over year. The lender’s operating expenses for the quarter rose to 136 crore, a rise of 11% from quarter to quarter and 15% year over year. To Rs.584 crore, its pre-provision operating profit increased 35% year over year.
Texmaco Rail and Engineering: A company official announced on Thursday that Texmaco Rail and Engineering Ltd. had been awarded a Rs.252.88 crore contract to supply standard gauge ballastless track for the Indore Metro Rail project. Madhya Pradesh Metro Rail Corporation Limited advertised the contract (MPMRCL). According to the official, Texmaco Rail submitted the lowest bid, defeating Larsen & Tubro’s offer of Rs.262.32 crore.
Tamilnad Mercantile Bank (TMB): Tamilnad Mercantile Bank on Thursday announced a 37% increase in net profit at 262 crore for the July-September quarter of FY23, driven by growth in income and a decrease in bad loans. For the prior fiscal year, the bank generated a net profit of 191 crore. After the bank with its headquarters in Tamil Nadu listed its shares on bourses last month, this is the first quarterly report.
Aditya Birla Sun Life AMC: The company recorded an increase in profit after tax (PAT) of 11% to Rs. 191.68 crore in Q2FY23 from Rs. In the most recent quarter, total sales increased to Rs 387.66 crore from Rs 372.2 crore in the same quarter last year.
