The equity benchmark will likely start Tuesday’s session with nominal gains, quoting 50 points above Monday’s close of 17,844, as indicated by SGX Nifty futures. Globally, US markets were weak overnight amid concerns over rate hikes. Major indexes, including the Dow Jones, S&P 500 and Nasdaq Composite, fell 1%.

Tata Steel: The company reported a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23) due to a sharp decline in realisation in Europe and non-cash deferred tax charge from British Steel Pension Scheme. Last year, the company posted a net profit of Rs 9,572.67 crore in the same period as the previous year.

Muthoot Finance: Regarding the loan portfolio, India’s largest gold financing company posted an 11% drop in consolidated net profit to Rs 934 crore in the third quarter of the 2022-23 financial year. The company posted a net profit of Rs 1,044 crore a year ago.

Hindalco: Novelis reported lower-than-expected numbers, with sales falling 3% to $4.2 billion from $4.3 billion last year. Operating profit fell 33%, hit by lower volumes, high inflation and tighter scrap spreads. Management said things bottomed out in the December quarter but gave no firm guidance. It also said it remained confident of reaching an EBITDA of $500 to $525 per ton next year.

RIL, Ashok Leyland: On Monday, Mukesh Ambani-led Reliance Industries (RIL) and Ashok Leyland launched India’s first hydrogen internal combustion engine (H2-ICE) powered heavy truck. Prime Minister Narendra Modi lowered the flag for the vehicle in Bengaluru during India Energy Week.

JK Paper: The company reported that its third-quarter profit more than doubled as demand for copy paper and packaging boards increased in schools and offices in the wake of the pandemic. Its profit in Q3FY23 rose 119% YoY to Rs 329.3 crore, while revenue for the quarter rose 60.5% YoY to Rs 1,643 crore.

Adani Transmission: The company’s consolidated net profit rose nearly 73% to Rs 478 crore in the December 2022-23 quarter on the back of a one-off boost and higher revenue.

UltraTech Cement: The cement major has announced commissioning a 1.5 mtpa brownfield cement grinding unit at Jharsuguda in Odisha, bringing Odisha’s total cement capacity to 4.1mtpa. With this commissioning, the company’s full cement production capacity in India now stands at 122.85 mtpa.

Dhampur Sugar Mills: The company has expanded its distillery capacity for “C” heavy molasses at its Dhampur plant in Uttar Pradesh by 130 KLPD (kiloliters per day). With this expansion, the company’s brewery capacity has reached 350 KLPD.

Grasim: Grasim Industries board appointed Ananya Birla and Aryaman Vikram Birla as directors at its meeting on Monday. Ananya and Aryaman Vikram Birla were recently appointed as directors of Aditya Birla Management Corporation Pvt Ltd. This apex body provides strategic direction to the businesses of the Aditya Birla Group.

Nuvoco Vistas Corporation: The company has narrowed its loss in the third quarter of FY23 to Rs 75.3 crore from Rs 85.5 crore a year earlier. Revenue rose 20% year-on-year to Rs 2,605 crore.

LIC Housing Finance: The housing finance company’s Q3FY23 net profit fell 37% year-on-year to Rs 480 crore due to the impairment of financial instruments. Net interest income rose 10.4% year-on-year to Rs 1,605.9 crore in the quarter.