Stocks to watch: LIC, NDTV, Ashok Leyland, SBI and others

Stocks to keep an eye on today: Monday’s trading will centre on shares of companies like LIC, Hinduja Group, NDTV, SBI, IRCTC, and others.

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The Singapore Exchange’s Nifty futures traded 38.5 points, or 0.21 percent, higher at 18,474.5, indicating that Dalal Street will have a good Monday.

Q2 Results: Due to the September quarter results, Apollo Tyres, Bharat Forge, Grasim, Indiabulls Housing Finance, IRCTC, MMTC, MTNL, SpiceJet, and Strides Pharma will be scrutinised.

Hinduja Group: Shares of the Hinduja Group, which includes Ashok Leyland, IndusInd Bank, Nxtdigital, Hinduja Global Solutions, Gulf Oil Lubricants, and GOCL Corporation, are likely to be in the spotlight now that the billionaire brothers have called an end to their power struggle, which had threatened the future of the family’s business empire and made up the wealthiest family in the UK.

Ashok Leyland: According to Dheeraj Hinduja, executive chairman, Hinduja Group’s electric vehicle unit Switch Mobility is in talks with financial investors to raise $200-250 million and is willing to dilution of up to 15% ownership in Switch Mobility.

In the meantime, Ashok Leyland reported a net profit of Rs 199 crore for the second quarter of the fiscal year 2022–23, as opposed to a loss of Rs 83 crore for the comparable period in the previous year.

SBI: Following the acquisition of a Euro 150 million credit line for solar energy financing from a German financial institution, the State Bank of India is negotiating a deal for approximately Euro 200 million in climate finance with the European Investment Bank.

KRBL: Under the India Gate label, the business wants to increase the local and international footprint of its premium regional non-basmati types of Kolam, Sona Masuri, and Gobindobhog.

Mahindra & Mahindra (M&M): The auto industry giant revealed better-than-anticipated results for the three months that ended on September 30. Its standalone net profit (after exceptional items) increased by 46% YoY thanks to strong sales of its SUVs and a strong performance by the farm equipment vertical.

Life Insurance Corporation: India’s state-owned Life Insurance Corporation (LIC) recorded a multiple-fold increase in net profit for the second quarter of FY23, which ran from July to September. In Q2, net profit was Rs 15,952.49 crore, up 11 times from Rs 1,433.71 crore in the same quarter last year. This was brought on by a change in its accounting practices, which involved moving Rs 14,271.80 crore from the non-participatory account to the shareholders’ account.

Hindalco: Because of high energy costs and a decline in aluminium prices, Hindalco, the parent company of the Aditya Birla Group, reported a consolidated net profit decline of 35.5% YoY to Rs 2,205 crore for the second quarter of fiscal year 23. Despite the fact that revenue exceeded expectations, the profit for the quarter fell short of street estimates, coming in at Rs 2,384 crore.

NDTV: The firm and its subsidiary NDTV Networks decided to postpone the sale of their 20% investment in Malaysian media company Astro Awani Network. In order to develop a 24-hour news channel in Malaysia and Indonesia, NDTV and Astro formed a joint venture. The following year, 2006, saw the channels’ premiere.

Fortis Healthcare: In the second quarter of the fiscal year, the business reported a 9.9% increase in sales to Rs 1,607 crore and a 27.9% increase in profit after tax to Rs 166 crore. A larger gain of 67% to Rs 218 crore was seen in the reported profit. Due to an exceptional gain of Rs 51.6 crore related to the reversal of impairment in an associate company, Q2FY23 and H1FY23.