Stocks To Watch: Adani Energy Solutions, L&T Technology, IREDA, ICICI Prudential, IIFL Finance, RVNL
Here are the stocks to watch before going into trade today.
Adani Energy Solutions Ltd., L&T Technology Services Ltd. and Indian Renewable Energy Development Agency Ltd. will be among the major stocks to watch on Wednesday.
Adani Energy Solutions reported an over 14% jump in sales and a pipeline of 2.1 crore smart meters with a contract value of Rs 25,100 crore in the third quarter of FY24, while L&T Technology Services approved the re-appointment of Amit Chadha as CEO and MD for three years with effect from April 1.
Indian Renewable Energy Development Agency joined hands with Indian Overseas Bank for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.
Share indices in Asia-Pacific region mostly fell in early trade on Wednesday as investor await for China's GDP figure, scheduled for release later today.
Chinese economy is expected to grow at 5.3% annual rate, compared to 4.9% pace recorded in the preceding quarter, according to Bloomberg estimate
S&P ASX 200 was trading 16.00 points or 0.22% lower at 7,398.80, while KOSPI was 25.09 points or 1.00% down at 2,472.50. Bucking the trend, Nikkei 225 was trading 424.96 points or 1.19% higher at 36,044.14 as of 6:38 a.m.
U.S. bond yields rose and stocks fell on speculation. Wall Street’s bets on aggressive Federal Reserve rate cuts have gone too far, according to Bloomberg.
The S&P 500 index and Nasdaq 100 fell 0.37% and 0.01%, respectively on Tuesday. The Dow Jones Industrial Average fell 0.62%.
Brent crude was trading 0.18% higher at $78.29 a barrel. Gold was lower by 0.02% at $2,028.06 an ounce.
India’s benchmark stock indices snapped a five-session winning streak to close lower on Tuesday, dragged by losses in Reliance Industries Ltd. and the information and technology and realty sectors.
The NSE Nifty 50 closed 65 points, or 0.29%, lower at 22,032.30, while the S&P BSE Sensex ended 199 points, or 0.27%, down at 73,128.77.
Overseas investors remained net buyers of Indian equities for the second consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 656.6 crore, while domestic institutional investors stayed net sellers and offloaded equities worth Rs 369.3 crore, the NSE data showed.
The Indian rupee weakened 19 paise to close at Rs 83.08 against the U.S. dollar on Tuesday.
Earnings Post Market Hours
HDFC Bank Q3 FY24 (Standalone, QoQ)
NII at Rs 28,471.3 crore vs Rs 27,385.2 crore, up 4%.
Net profit at Rs 16,372.5 crore vs Rs 15,976.11 crore, up 2.48% (Bloomberg estimate: Rs 15,762.8 crore).
Gross NPA at 1.26% vs 1.34%.
Net NPA at 0.31% vs 0.35%.
L&T Tech Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 2,421.8 crore vs Rs 2,386.5 crore, up 1.47% (Bloomberg estimate: Rs 2,451 crore).
Ebit at Rs 416.2 crore vs Rs 407.5 crore, up 2.13% (Bloomberg estimate: Rs 421.2 crore).
Margin at 17.18% vs 17.07% (Bloomberg estimate: 17.2%).
Net profit at Rs 336.8 crore vs Rs 315.9 crore, up 6.61% (Bloomberg estimate: Rs 497.8 crore).
ICICI Lombard General Insurance Q3 FY24
Net profit at Rs 431.5 crore vs Rs 352.5 crore, up 22.4% YoY.
Net premium income at Rs 4,304.8 crore vs Rs 3,792.1 crore, up 13.5% YoY.
Solvency ratio at 2.57 vs 2.45 YoY.
Combined ratio at 103.6% vs 104.4% YoY.
ICICI Securities Q3 FY24 (Standalone, YoY)
Revenue at Rs 1,322.4 crore vs Rs 878.79 crore, up 50.47%.
Ebitda at Rs 910.6 crore vs Rs 547.69 crore, up 66.26%.
Margin at 68.85% vs 62.32%.
Net profit at Rs 465 crore vs Rs 279.1 crore, up 66.6% (Bloomberg estimate: Rs 439.7 crore).
Hathway Cable Q3 FY24 (Consolidated, YoY)
Revenue at Rs 504.58 crore vs Rs 478.45 crore, up 5.46%.
Ebitda at Rs 82.08 crore vs Rs 80.66 crore, up 1.76%.
Margin at 16.26% vs 16.85%.
Net profit at Rs 22.35 crore vs Rs 28.77 crore, down 22.31%.
Network 18 Q3 FY24 (Consolidated, YoY)
Revenue at Rs 1,773.73 crore vs Rs 1,850.49 crore, down 4.15%.
Ebitda loss at Rs 171.71 crore vs profit of Rs 1.7 crore.
Net loss at Rs 107.87 crore vs profit of Rs 8.82 crore.
TV18 Broadcast Q3 FY24 (Consolidated, YoY)
Revenue at Rs 1,676.19 crore vs Rs 1,767.71 crore, down 5.18% (Bloomberg estimate: Rs 1,691.9 crore).
Ebitda loss at Rs 145.79 crore vs Ebitda of Rs 18.58 crore YoY.
Net loss at Rs 55.83 crore vs profit of Rs 37.81 crore.
Credo Brands Q2 FY24 (Consolidated, YoY)
Revenue at Rs 165.6 crore vs Rs 142.7 crore, up 16.1%.
Ebitda at Rs 56.82 crore vs Rs 51.23 crore, up 10.9%.
Margin at 34.3% vs 35.9%.
Net profit at Rs 27.97 crore vs Rs 26 crore, up 7.6%.
Gallantt Ispat Q3 FY24 (Consolidated, YoY)
Revenue at Rs 1,062.7 crore vs Rs 1,006.2 crore, up 5.6%.
Ebitda at Rs 106.6 crore vs Rs 85.6 crore, up 24.5%.
Margin at 10.03% vs 8.5%, up 152 bps.
Net profit at Rs 51.9 crore vs Rs 20.9 crore, up 148.32%.
Earnings In Focus
Alok Industries, Asian Paints, Ganesh Housing Corp, Happiest Minds Technologies, ICICI Prudential Life Insurance, IIFL Finance, LTIMindtree, Oracle Financial Services, Steel Strips Wheels.
Stocks To Watch
Adani Energy Solutions: The company reported an over 14% jump in sales and a pipeline of 2.1 crore smart meters with a contract value of Rs 25,100 crore in the third quarter of FY24.
L&T Technology Services: The company approves the re-appointment of Amit Chadha as CEO and MD for 3 years w.e.f. April 1.
Indian Renewable Energy Development Agency: The company joined hands with Indian Overseas Bank for co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
Rail Vikas Nigam: The company has formed a 49:51 Joint Venture with Jakson Green for solar projects outside India. The company incorporated a new subsidiary company RVNL Infra in South Africa.
G R Infraprojects: The company through its arm executed the concession agreement with the National Highways Authority of India for highways in Uttar Pradesh. The project cost is at Rs 1,085 crore.
UltraTech Cement: The company incorporated its Meghalaya unit Letein Valley Cement for limestone mining.
Karnataka Bank: The company and Clix Capital entered into a strategic digital co-lending partnership through Yubi Co lending Platform to provide loans to the Indian MSME sector.
PNC Infratech: The company received letter of award for road construction project worth 1,174 crore in Bhopal from Madhya Pradesh Road Development Corp.
GMR Airports: The company reported total passenger traffic at airports at 1.1 crore, up 15.3% YoY and total aircraft movements at airports at 68,095, up 8.3% YoY for the month of December.
EKI Energy Services: The company announced the successful launch of 'Suryotsava: Nutan Aarambh,' pilot project for distributing indoor solar cooking device in Kandipura village, Madhya Pradesh.
Share India Securities: The company informed about cyber fraud by some unknown persons by creating a fishing website and fishing mobile app of the company.
ECL Finance: The company reported Value of AIFs held by company at Rs 1,464 crore as of Sept 30, 2023, and have exited all AIFs which had prior exposure to debtors as of Jan 16.
DCB Bank: Reserve Bank of India approved the appointment of Praveen Achuthan Kutty as managing director and chief executive officer.
Godrej Properties: The company has acquired an additional one-acre land parcel in Yeshwanthpur, Bengaluru having a developable potential of approximately 1.40 lakh square feet saleable area.
IPO Offerings
Medi Assist Healthcare: The public issue was subscribed 1.2 times on day 2. The bids were led by retail investors (1.70 times), non-institutional investors (1.61 times) and institutional investors (0.01 times).
Bulk Deals
D B Realty: Pinnacle Investments sold 21.43 lakh shares (0.39%) at Rs 233.65 apiece.
Indigo Paints: Smallcap World Fund Inc sold 7.05 lakh shares (1.48%) and Morgan Stanley Asia Singapore Pte bought 2.75 lakh shares (0.57%) at Rs 1,475 apiece.
Who’s Meeting Whom
Tips Industries: To meet analysts and investors on Jan. 24.
Barbeque-Nation Hospitality: To meet analysts and investors on Jan. 17.
Trading Tweaks
Price band revised from 20% to 10%: Indian Railway Finance Corp, MSTC.
Price band revised from 10% to 5%: Tarc.
Ex/record date buyback: Dhampur Sugar Mills.
Moved into short-term ASM framework: Accelya Solutions, Dhanlaxmi Bank.
Moved out of short-term ASM framework: GTL Infrastructure.
F&O Cues
Nifty January futures down by 0.49% to 22,029.50 at a discount of 2.8 points.
Nifty January futures open interest down by 1.4%.
Nifty Bank January futures down by 0.19% to 48,244.95 at a premium of 119.85 points.
Nifty Bank January futures open interest down by 0.48%.
Nifty Options Jan 18 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 22,0000.
Bank Nifty Options Jan 17 Expiry: Maximum Call Open Interest at49,500 and Maximum Put open interest at 47,000.
Securities in the ban period: Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Biocon, Chambal Fertilizers, Delta Corp, Hindustan Copper, India Cements, Indus Tower, Metropolis Healthcare, National Aluminium, Piramal Enterprise, Polycab India, PVRINOX, Zee Entertainment.
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