february futures contract smelly Trading at 50 on the Singapore Exchange indicates a negative opening for domestic equities. The contract was trading at 17,634.50, down 65.5 points or 0.37% from its previous close.
Q3 Earnings Today: APL Apollo, Apollo Tyres, Bajaj Electricals, Berger Paints, Birlasoft, Crompton Greaves Consumer Electricals, Dabur, Deepak Fertilizer, Fino Payments Bank, Godrej Properties, HDFC, Dr Lal Path Labs, Tata Consumer Products and Titan are some of the prominent companies. Due to report their Q3FY23 results today.
Adani Group: Shares of all Adani group companies have witnessed heavy selling in the last few sessions. On Wednesday alone, they saw a value erosion of around Rs 12 lakh crore. The outlook remains bearish for most of the stocks, but it will be important to see whether the stocks see a rebound or not.
Britannia: Britannia Industries on Wednesday said its third quarter profit more than doubled, benefiting from higher prices and resilient demand for its products as well as one-time gains. The maker of biscuits like Good Day and Little Hearts reported a profit of Rs 932 crore, up from Rs 371 crore a year ago.
Insurance companies: Shares of LIC, HDFC Life, SBI Life and ICICI Prudential Life Insurance may remain in headlines for the second day as the budget’s proposal to tax life products with annual premium above Rs 5 lakh may impact players . 10-12 percent in the top lines. Shares had fallen by up to 10 percent on Wednesday.
RailTel Corporation : The company has received work order from State Bank of India Provision of 4G LTE connectivity for offsite 15,000 ATMs and maintenance for 5 years amounting to Rs.253.35 crore.
Tata Steel: The company bought 29.98 crore shares in subsidiary Tata Steel Utilities and Infrastructure Services for Rs 58 crore.
Rail Vikas Nigam: RVNL has received LOA (Letter of Acceptance) from Chennai Division in Southern Railway. The cost of the project is Rs 41.78 crore.
Ashok Leyland: Hinduja Group flagship Ashok Leynd on Wednesday reported a multi-fold jump in its profit after tax at Rs 361 crore for the third quarter ended December, aided by strong sales. The revenue for the quarter stood at Rs 9,030 crore, up from Rs 5,535 crore in the year-ago period, the company said in a statement.
Eicher Motors: The company’s unlisted subsidiary VE Commercial Vehicles (VECV) sold 7,181 units of commercial vehicles (CVs) in January 2023, registering a growth of 32.1 per cent as compared to 5,434 units sold in January 2022. There has been a marginal decline in the company’s CV sales as compared to 7,221 units sold in December 2022.
Hero Moto: Hero MotoCorp sold 356,690 units in January 2023, the company said in a business update on Wednesday. However, this was lower than the 380,476 units sold in January 2022. While domestic sales saw a contraction, exports picked up marginally, supporting overall growth.
Maruti Suzuki India: Maruti Suzuki’s production increased to 186,044 units in January 2023 from 161,383 units sold last year. The company said shortage of electronic components had a marginal impact on the production of vehicles during the month. However, it took all possible measures to minimize the impact.
Syngene International: Drugmaker Biocon Ltd on Wednesday sold 10 per cent stake in its research arm Syngene International for Rs 2,240 crore.
Kamat Hotels: The company has settled dues of Rs 275 crore with various asset reconstruction companies.
Zuari Agro Chem: The company has reported a total income of Rs 1,428.73 crore during the quarter ended December 31, 2022, as against Rs 968.13 crore during Q3FY22. The company registered a net profit of Rs.69.21 crore as against the previous year’s net profit of Rs.29.65 crore.
Ajanta Pharma: The pharmaceutical company has reported a total income of Rs 1,006.70 crore during Q3FY23 as compared to Rs 861.94 crore during the period ended December 31, 2021. However, its net profit stood at Rs 134.51 crore as against the net profit of Rs 191.78 crore. ,
Hindustan Copper: Its total income grew 2 per cent year-on-year to Rs 568.70 crore in Q3FY23 as compared to Rs 555.43 crore last year. However, the company reported a 53 per cent YoY drop in its net profit to Rs 80.20 crore as against a net profit of Rs 171.67 crore in Q3FY22.
Welspun Enterprises: The company will acquire 100% stake in promoter group company Welspun New Energy at a fair value of Rs 1 lakh to venture into the sustainable energy solutions space. Meanwhile, the board has appointed Lalit Jain as the interim chief financial officer of the company.
IDFC: IDFC has completed the final phase of corporate simplification by selling our mutual fund business to Bandhan Consortium for Rs 4,500 crore. In addition, the board has given in-principle approval to invest Rs 2,200 crore in IDFC First Bank to take its equity stake to 40 per cent from the current 36.38 per cent. The board also declared a special interim dividend of Rs 11 per share to the shareholders.
Coal India: The state-owned coal producer’s January production rose 11.5 per cent to 71.9 million tonnes. Riding on the strong performance of its subsidiaries, CIL’s total production during April-January, 2022-23 grew by 15 per cent to 550.93 MT.
Tata Chemicals: Tata Chemicals on Wednesday reported a 21.42 per cent rise in consolidated net profit at Rs 425 crore during the December quarter. The company’s revenue from operations grew by 32.05 per cent to Rs 4,148 crore.
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