The global atmosphere is upbeat this morning as investors digest a torrent of news. The Hang Seng index in Hong Kong sank 1.7%, the Shanghai Composite declined 0.7%, and the Nikkei 225 in Japan climbed 0.6%. At 7:40 a.m., the SGX Nifty was up 50 points at 17,690.
Overnight in the United States, major Wall Street indexes rose, led by technology firms. The Nasdaq Composite gained more than 3%, while the S&P 500 gained 1.5%. Dow Jones, on the other hand, dipped 0.1%.
Here is a selection of equities to keep an eye on on Friday, February 3:
Adani Enterprises: According to Reuters, Adani Group businesses paid regular coupon payments on outstanding US dollar-denominated debts on Thursday. According to the article, Adani Group expects to submit a credit report by Friday that would address the concerns expressed by the Hindenburg assessment concerning its liquidity.
Adani Group: Adani Ports, Adani Enterprises, and Ambuja Cements: On Thursday, the National Stock Exchange (NSE) shifted Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements to a category of stocks that require up to 100% trading margins and are subject to greater scrutiny to curb short-selling. Starting February 6, the putative short-term additional surveillance measure (ST-ASM) Stage 1 will be applied to these stocks on new holdings formed.
Bangladesh has requested a change to a 2017 power purchase agreement with Adani Power Ltd because the price for coal-generated energy looked to be too high, authorities said in Dhaka on Thursday.
Q3 earnings today: Bank of Baroda, Divi’s Labs, Aarti Industries, Borosil, Dhanuka Agritech, Dalmia Bharat, ITC, InterGlobe Aviation (IndiGo), kansai Nerolac, India Cements, JK Tyre, Marico, Paytm, M&M Financial Services, Manappuram Finance, SBI, Star Cement, Tata power, Zydus Life, and Thyrocare Tech are some of the prominent companies slated to report their Q3FY23 results today.
TVS Motor: The firm announced on Thursday that it has invested $9.5 million in Ion Mobility to further its electrification ambition.
SBI Life: In response to investors’ worries over the new Budget measures, SBI Life stated that its Annualised Premium Equivalent (APE) product mix is sufficiently diversified, with 56.4 percent unit linked, 27.4 percent non-unit linked, 10.1% protection, 2.8% annuity, and 3.3% group funds. For 9MFY2023, the business of non-linked insurance with annual premiums above Rs 500,000 accounts for less than 2% of total APE. The business is certain that the impact will be minimal.
HDFC Life: Along the same lines, HDFC Life emphasised to investors that its product mix is adequately diversified across different product groups based on the Annualised Premium Equivalent (APE). According to the company’s first evaluation, the business at risk might account for 10-12% of overall APE, with the impact on new business value being smaller than the impact on total APE. In due course, the organisation will work on mitigation steps to deal with the impact.
Berger Paints: Berger Paints India Ltd reported a 20.47 percent drop in overall net profit to Rs 201.17 crore in the third quarter ended December 2022 on Thursday. During the quarter, its income from operations increased by 5.59 percent to Rs 2,693.59 crore.
Thomas Cook: The company’s consolidated income from operations increased by 105% year on year (YoY) in Q3FY23 to Rs 1,536.3 crore, with operating profit before tax of Rs 58.4 crore compared to a loss of Rs 28.9 crore, indicating significant recovery and commercial momentum across sectors. Its net profit was Rs 26.54 crore, compared to a deficit of Rs 24.59 crore year on year.
Fino Payments Bank: Fino Payments Bank reported a 35.5 percent increase in its December quarter net profit to Rs 19.1 crore on Thursday, buoyed by wider profit margins. The Navi Mumbai-based payments bank reported a 14.2 percent increase in revenue to Rs 314.1 crore during the reporting period.
Mahanagar Gas: The business recorded total income of Rs 1,1870.69 crore for the fiscal year ending December 31, 2022, compared to Rs 1,144.72 crore the previous year. The net profit for the quarter was Rs 172.07 crore, up from Rs 56.79 crore year on year.
Karnataka Bank: The private sector lender posted a net profit of Rs 301 crore for Q3FY23, representing a 105% increase. When compared to the previous quarter, Gross NPs fell to 3.28 percent from 3.36 percent. Meanwhile, Net NPA fell to 1.6% from 1.72 percent in the previous quarter.
Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals’ total income for Q3FY23 increased by roughly 8% to Rs 1,537.51 crore from Rs 1,424.63 crore in Q3FY22. However, net profit fell 42.5 percent year on year to Rs 85.25 crore from Rs 148.26 crore.
I G Petrochemicals: The company’s Board of Directors has approved the formation of a wholly owned subsidiary. Once formed, the planned fully owned subsidiary would investigate new potential in the petrochemicals sector, as well as sell petrochemical goods and source raw materials.
Inox Green Energy Services: The business has entered into a final investment agreement to acquire a controlling position in I-Fox Windtechnik India Private Limited, an independent O&M Wind Service Provider. The transaction is worth Rs 3,5947.71 per share.
Aavas Financiers: The lender posted a net profit of Rs 303.5 crore in Q3FY23, a 26 percent increase year on year. Sushil Kumar Agarwal will remain as managing director (MD), while Sachinder Pal Singh has been appointed chief executive officer (CEO).
Auto stocks: Speaking to a news station on Thursday, Road Transport Minister Nitin Gadkari stated that the price of lithium ion batteries will (soon) fall and that the automotive sector will not require any subsidies.
GAIL has placed an order of Rs 130 crore with Likhitha Infra (India).
Engineers India: EIL has been granted a contract from the Ministry of Housing and Urban Affairs (MoHUA) to ‘provide Transaction Advisory Services for the establishment of large scale BioMethanation and Waste to Energy plants in selected million plus cities’.
Lemon Tree Hotels: Lemon Tree Hotels has signed a License Agreement for an 83-room hotel in Bharuch, Gujarat. The hotel is scheduled to open in June 2025.
Tata Consumer Products: Tata Consumer Products’ Board of Directors has authorised the termination of the company’s Global Depository Receipts (GDR) scheme. The Company’s GDRs are traded on the London Stock Exchange and the Luxembourg Stock Exchange.
HDFC AMC: The business has received authorisation from the Sebi to decrease its investment in the company to less than 10%. One of the promoters is abrdn Investment Management Limited, which owns 10.21% of the company.
Medico Remedies: The Board of Directors has approved the division/stock split of the company’s one equity share into five equity shares.
Stocks in F&O ban: Ambuja Cements, Adani Ports