Following Friday’s rise, market benchmarks may begin the new week on a low note, as suggested by the SGX Nifty futures, which are now trading 50 points lower than the previous finish at 17,800.
The Reserve Bank of India’s policy announcement on Wednesday will be eagerly monitored by the market this week. According to a Reuters poll, the central bank is projected to hike rates by a modest 25 basis points, following a steady decrease in CPI for November and December to below 6%.
Wall Street fell on Friday after a robust employment report sparked doubts about the Fed’s ability to continue raising interest rates. The US economy added 517,000 jobs in January, above expectations of 187,000.
The S&P 500 fell 1.04 percent, the Nasdaq fell 1.59 percent, and the Dow Jones fell 0.38 percent.
In early trade, Asian markets were uneven, with the Nikkei rising approximately 1% while the Kospi and the Strait Times dipped up to 0.7%.
Here are some stocks to keep an eye on in trading today:
Quarterly earnings will be released today by Tata Steel, Adani Transmission, AGS Transact Technologies, Balaji Amines, Easy Trip Planners, Infibeam Avenues, JK Paper, Kolte-Patil Developers, LIC Housing Finance, Monte Carlo Fashions, Muthoot Finance, Nuvoco Vistas Corporation, OnMobile Global, Shankara Building Products, SJVN, Tejas Networks, Unichem Laboratories, and Varun Beverages.
SBI: State Bank of India (SBI), India’s largest government-owned institution, announced a 68.5 percent year-on-year increase in net profit for the October-December quarter of fiscal year 2023. (Q3FY23). In Q3FY23, the bank posted a standalone net profit of Rs 14,205 crore, the highest ever in a quarter, compared to a net profit of Rs 8,432 crore in Q3FY22.
Vodafone Idea: The Centre authorised the conversion of the telco’s dues related to spectrum interest and adjusted gross revenue (AGR) of Rs 16,133 crore into equity on Friday. The government will own 33% of the company, making it the largest stakeholder in the financially troubled telco. This has lifted a burden from the corporation, but major financial infusions from promoters/investors will be required to settle short-term dues and continue investments.
ITC: The company’s profit increased by 21% year on year to Rs 5,031 crore in the fiscal year ended December FY23, owing to strong operating performance. Revenue increased by 2.3% year on year to Rs 16,226 crore, supported by the smokes, FMCG, hotels, and paper industries, but agribusiness decreased 37% year on year to Rs 3,124 crore. EBITDA increased by 22% to Rs 6,223 crore, while the operating margin increased by 620 basis points year on year.
IndiGo: InterGlobe Aviation turned a record Rs 1,422 crore net profit in Q3FY23, following three straight losses. The airline had a net profit of Rs 129 crore during the same time previous year.
Paytm: Paytm’s parent company, One97 Communications, reduced its consolidated net loss to Rs 392 crore in the third quarter ended December 2022. In the same time last year, the business incurred a net loss of Rs 778.4 crore. Its income from operations increased by about 42% to Rs 2,062.2 crore during the quarter, up from Rs 1,456.1 crore the previous year.
Tata Power: The company’s consolidated profit increased by 91% year on year to Rs 1,052 crore in Q3FY23. Consolidated revenue increased 30% year on year to Rs 14,339 crore in the third quarter, owing to capacity expansion in renewables, higher generation in thermal plants, and higher sales in distribution firms.
M&M Financial Services: The NBFC’s standalone earnings fell 30% year on year to Rs 629 crore in the third quarter due to a high base in the previous year. Net interest revenue increased by 7% year on year to Rs 1,650 crore, while loan book increased by 21% to Rs 77,344 crore.
Marico: The FMCG business increased its consolidated profit by 5% year on year to Rs 333 crore in Q3FY23. Revenue for the quarter increased by 2.6% to Rs 2,470 crore, with the India business increasing by 1.9% year on year to Rs 1,851 crore and the foreign sector increasing by 5% to Rs 619 crore.
DCB Bank: The RBI has approved DSP Investment Managers (DSPIM) increasing its interest in the bank to 9.99 percent through DSP Mutual Fund schemes. The permission is valid for one year, ending on February 2, 2024. DSP MF now owns 4.23 percent of the bank.
Tata Motors: A rise in interest rates by central banks throughout the world is projected to raise consumer financing costs and have an influence on future demand, according to a research by Jaguar Land Rover.
Natco Pharma: The business announced the completion of a US Food and Drug Administration (USFDA) regulatory examination for its Formulation plant in Ramky SEZ, near Visakhapatnam (Vizag), India, which took place from January 30 to February 3, 2023. The facility received two observations at the end of the inspection, one on the written production process control method and the other on the investigation procedure.
Oberoi Realty: The company paid Rs 192.31 crore to Blue Star (BSL) for land spanning roughly 32.20 square metres (approximately 8 acres) on Pokhran Road 2, Thane.
Balaji Amines: The government has approved the proposed development of Balaji Amines’ Organic and Specialty Chemicals manufacturing Unit IV in Solapur, Maharashtra.
Manappuram Finance: The gold loan financing firm increased its profit by 50% year on year to Rs 392.2 crore for the quarter ended December FY23, as impairment on financial instruments decreased by Rs 54 crore. Revenue from operations climbed by 15.5% year on year to Rs 1,714 crore for the quarter.
Comfort Fincap: The company’s board of directors has authorised the sub-division (stock split) of each current equity share with a face value of Rs 10 into 5 equity shares with a face value of Rs 2, resulting in a stock split of 1:5.
Krsnaa Diagnostics: The company reported that Dhule Municipal Corporation and the company have entered into a Public Private Partnership (PPP) agreement for the installation, operation, and maintenance of a Radiology and Pathology Center at the Late R. R. Patil Commercial Complex in Dhule, Maharashtra.
Aurionpro Solutions: The firm said that its valued partner Webwerks has announced the simultaneous opening of Tier 3 data centres (DC) in Navi Mumbai, Hyderabad, and Bangalore. This is part of their DC growth strategy in several Indian cities, including Bangalore, Hyderabad, Pune, Chennai, and Mumbai.