January futures contract of smelly 50 on the Singapore Exchange indicates a positive start for domestic equities on Friday. The contract was trading at 18,133, up 19.5 points or 0.11% from its previous close.
The action will be largely stock focused as several companies will release earnings including index major Reliance Industries. The following stocks will be in limelight.
Reliance: Mukesh Ambani-led Reliance Industries (RIL) is expected to post mixed financial numbers on Friday for the quarter ending December 2022.
Sun Pharma: Sun Pharmaceutical Industries, the world’s fourth largest specialty generic pharmaceutical company, has signed a definitive agreement to acquire US-based Concert Pharmaceuticals for an equity consideration of $576 million. The deal will enable the Indian company to pursue treatments for alopecia areata, a skin disease that results in hair loss. Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8 per share in cash.
Hindustan Unilever (HUL): The FMCG major reported a 12% rise in net profit at Rs 2,505 crore for the quarter ended December due to improved sales. The earnings were marginally higher than Bloomberg’s estimate of Rs 2,488.30 crore. Revenue from operations grew 16% year-on-year to Rs 14,986 crore during the quarter with a 5% improvement in the company’s volumes. The company also increased the price of its products by about 11% during this period.
Asian Paints: The country’s largest paint maker reported a 6.4% rise in consolidated net profit at Rs 1,097.06 crore for the quarter ended December 31 as demand picked up following an extended monsoon. It had earned a net profit of Rs 1,031.29 crore a year ago. Consolidated revenue from operations increased to Rs 8,636.74 crore as against Rs 8,527.24 crore a year ago. The home decorating business recorded a similar volume and value sales distribution for the quarter, based on much higher value growth over the prior year.
JSW Energy: Foraying into energy storage solutions, JSW Energy has won Letter of Award (LOA) from Solar Energy Corporation of India. India (SECI) for standalone battery energy storage systems totaling 500 MW. The LoA granted to JSWEL’s wholly owned step down subsidiary JSW Renew Energy Five is for two projects of 250 MW each. The company said in a regulatory update that the 500 MW of storage systems would have a total output of 1,000 MW.
PVR: The multiplex chain operator has reported a consolidated profit of Rs 16.1 crore for the quarter ended December FY2023, as against a loss of Rs 10.2 crore in the same period last year. Consolidated revenue for the quarter stood at Rs 941 crore, a growth of 53%, driven by 37% growth in film exhibition business and 23.5% growth in others (including film production and distribution). EBITDA grew by 75% to Rs 288.8 crore in Q3FY23 and margin grew by almost 4 percentage points to 30.7% for the quarter.
Hindustan Zinc: The company reported a 20.2% decline in consolidated profit at Rs 2,156 crore for the quarter ended December FY2023, hit by lower revenue, operating income and higher power and fuel cost. Revenue for the quarter fell 1.6% year-on-year to Rs 7,866 crore. EBITDA fell 15.2% to Rs 3,707 crore and margin contracted 760 bps to 47.1%, compared to the year-ago period. The company will pay an interim dividend of Rs 13 per share for FY23 and buy international zinc assets from Vedanta by subscribing to shares of THL Zinc for $2,981 million.
L&T technology Services: The engineering services company reported 7.5% sequential growth in profit at Rs 303.6 crore for the December FY23 quarter, with revenue up 2.7% at Rs 2,048.6 crore and revenue up 0.4% at Rs 248 million for the quarter Dollar is done. At the operating level, EBIT climbed 6.3% sequentially to Rs 382.9 crore and margin improved 60 bps to 18.7% for the quarter. In addition, the company received a multi-year contract from Airbus to provide advanced engineering capabilities and digital manufacturing services.
Tata Consultancy Services: Canadian business jet manufacturer, Bombardier has selected TCS as its strategic IT partner to accelerate its digital transformation and drive innovation.
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