Stocks to watch: LIC, Adani Group, Zomato, M&M, IRCTC and others

Stocks to watch: LIC, Adani Group, Zomato, M&M, IRCTC and others

M&M, ABB India, AstraZeneca India, BHEL, Delhivery, and Dish TV India are among the companies represented. JK Lakshmi Cement, Inox Wind, and Inox Green will be among the companies to watch today when they report December quarter earnings.


Here are the top 10 stocks that could be in focus in today’s trade:

Life Insurance Corporation of India: LIC announced its financial results for the December quarter (Q3FY23) on Thursday. According to the insurer, its consolidated net profit increased significantly in the third quarter to ₹8,334 crore as premium income increased and it transferred ₹5,670 crore to its shareholders’ fund to shore up its net worth. In the previous fiscal year, the insurance behemoth made a profit of ₹235 crore. It posted a net profit of ₹15,952 crore for the July-September quarter. In the April-June quarter, LIC declared a net profit of ₹682.9 crore.

Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC: Index provider MSCI said that it has reduced the free-float designations of four Adani group shares, a move that experts have cautioned might harm their index weightings. MSCI said in a statement that it has lowered Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC’s free floats. The free floats of the remaining firms will stay unchanged. Adani did not immediately reply to Reuters’ request for comment.


Zomato Ltd.: Zomato said on Thursday that its quarterly loss increased more than fivefold from the previous year, owing mostly to a drop in food orders following Diwali. The business reported on Thursday that its third-quarter loss increased to ₹346.6 crore from ₹63.2 crore the previous year. However, sales increased 75% year on year to ₹1,948 crore from ₹1,112 crore. Zomato’s gross order value increased 0.7% sequentially but increased 21.5% year on year to ₹6,680 crore. Akshant Goyal, chief finance officer, expressed confidence about the future of food delivery.

Adani Power: The National Company Law Tribunal (NCLT) accepted the merger of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation, and Adani Power (Mundra) with Adani Power, a company of the Adani Group, on Thursday. The NCLT has approved the plan of amalgamation of six wholly-owned subsidiary businesses of Adani Power Limited, according to a regulatory filing. The company’s secured creditors accepted the scheme of merger in December last year, and the shares reached a high of ₹338 on the BSE.

HPCL: Corporation Limited (HPCL), a PSU oil marketing business, recorded a consolidated net profit of ₹444 crore for the December quarter (Q3FY23), down 67.2% year on year from ₹1,353 crore in the same period previous year. Profit after tax, or PAT, fell 82% sequentially from ₹2,475.69 crore in the September quarter last year. The oil and gas refining company’s income increased 12.3% year on year to ₹1.16 lakh crore from ₹1.04 lakh crore.


IRCTC: IRCTC, Indian Railways’ tourism and ticketing business, declared a consolidated net profit of ₹256 crore for the December quarter (Q3FY23) on Thursday, up 22.8% from ₹208 crore in the previous year period. Net profit after tax increased 13% sequentially from ₹226 crore in the September quarter (Q2FY23). Revenue from operations increased by 70% to ₹918 crore in the December quarter, compared to ₹540 crore in the same quarter last year.

Aurobindo Pharma: Aurobindo Pharma reported a 19% decrease in total net profit to ₹491 crore for the third quarter ended December 31, 2022 on Thursday. In the same quarter previous year, the business generated a net profit of ₹604 crore. The Hyderabad-based pharma manufacturer said in a statement that revenue from operations increased to ₹6,407 crore from ₹6,002 crore in the October-December quarter of previous year. The board of directors of the firm has approved an interim dividend of 3 per share with a face value of ₹1 each for the fiscal year 2022-23.

Varun Beverages: According to a CNBC Awaaz report, the promoters of Varun Beverages Ltd, PepsiCo’s largest franchise bottler, are scheduled to sell shares worth ₹850 crore in a block sale on Friday. The promoters are expected to provide a 5-7% reduction off the previous day’s close price. On Thursday, Varun Beverages Ltd shares fell 2.71% to trade at ₹1,274.95 on the NSE. Edelweiss or Nuvama Equities is alleged to be the deal’s broker.

M&M: The Telangana government inked an MoU with Mahindra & Mahindra Ltd on Thursday to create a manufacturing facility for its ‘Last Mile Mobility business,’ which includes the research and production of electric three and four-wheelers. According to a state government statement, the MoU was signed on the backdrop of the launch of Telangana Mobility Valley (TMV), “India’s first new mobility-focused cluster,” at the maiden edition of Mobility Next Hyderabad Summit.

Shriram Pistons & Rings: SPR Engenious, a wholly-owned subsidiary of Shriram Pistons & Rings, will acquire a 75% share in Takahata Precision India Pvt Ltd. (TPIL) for ₹222 crore, the firm announced on Thursday. The enterprise value will be calculated at ₹222 crore as of the closing date, after adjusting for debt, debt-like items, and working capital. According to a stock market statement, the businesses want to complete the transaction by May 31, 2023. Takahata Precision India is a Takahata Japan affiliate with a production plant in Neemrana, Rajasthan.