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Adani Group, Tata Motors, Dr Reddy’s, DLF, Airtel, IGL are in Focus

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Following Wednesday’s sharp drop, Indian markets may pull back at the opening trade on Friday on positive global signals. At 7:10 am, SGX Nifty futures were quoted at 18,031, suggesting the Nifty 50 opened more than 50 points higher.

Today is also the first trading day of the F&O February series. Also, it was a landmark day for Indian equities as all listed stocks entered the T+1 (trade plus one day) settlement cycle. Here’s what experts say about the latter move. read more

Meanwhile, the following stocks could be the focus of Friday’s trading.

Adani Enterprises: Gautam Adani Group’s flagship Rs 20,000 crore FPO is open for subscription today. So far, the company has secured Rs 5,985 crore in placements from significant investors, with the placement price range at the high end of Rs 3,276 per share.

As the company is issuing partially paid shares, AEL will receive Rs 1,638 per share from the first batch of investors.

Meanwhile, amid an ongoing dispute between Adani Group and Hindenburg Research, the latter said it stood by its report and would seek corporate documents from a US court. The statement came after Adani Group said it was reviewing legal action against Hindenburg, a US investment research firm specializing in activist short selling,

Earlier Wednesday, Hindenburg said its two-year investigation revealed that the Adani Group had “engaged in a brazen scheme of stock manipulation and accounting fraud over a decade”.

Bajaj Auto: The auto major’s operating results for the December quarter handily beat Street expectations. Its capitalization showed a 29 per cent rise in operating profit to Rs 1,777 crore, its highest so far, on the back of higher margins and better top-line performance.

Tata Motors: After seven consecutive quarters of losses, Tata Motors posted a consolidated net profit of Rs 3,043 crore in the third quarter of fiscal 2023. This was supported by solid orders, a better supply of semiconductor chips, moderating commodity prices and a better product mix. Total revenue rose 22.9% year-on-year to Rs 89,618 crore.

Dr Reddy’s Laboratories: The pharma giant posted a substantial 77% rise in net profit to Rs 1,247 crore, boosted by a 27% jump in revenue from the North American and Russian markets. Revenue jumped to Rs 6,770 crore.

Maruti Suzuki: The company’s parent company Suzuki said on Thursday that it will launch its first electric vehicle (EV) in the next fiscal year and will launch six EVs in fiscal 2030.

Meanwhile, Maruti’s pending orders jumped to about 4.05 lakh units for the month as bookings continued to hold steady.

Bharti Airtel, RIL: Airtel and Jio have gained more than 20 million 5G subscribers in less than four months after officially launching the service in October, according to industry estimates.

Tata Chemicals: Essar Group-driven Vertex Hydrogen has signed a deal to sell more than 200 MW of low-carbon hydrogen to Norwich-based Tata Chemicals Europe (TCE).

DLF: Sales bookings for the Realty major rose 45% to Rs 6,599 crore for the April-December period of the current fiscal due to higher demand and are on track to meet its annual sales target of Rs 8,000 crore, a senior company official said.

Meanwhile, the company posted a net profit of Rs 519.21 crore in Q3FY23 compared to Rs 379.48 crore in Q3FY22. The increase can be attributed to exceptional items (expenses) of Rs 224.43 crore reported in the same period last year. Total revenue for the quarter fell 7.5% year-on-year to Rs 1,560 crore.

Indraprastha Gas (IGL): The company’s consolidated net turnover slipped 11% to Rs 334.06 crore in the third quarter as the retailer kept prices unchanged despite higher input costs. However, operating income rose 67.7% year-on-year to Rs 4,089.03 crore.

Torrent Pharmaceuticals: The company’s net revenue in Q3FY23 rose 14% YoY to Rs 249 crore on good growth in the Indian and Brazilian markets. Total revenue was Rs 2,491 crore.

TeamLease Services: The company reported a net profit of Rs 29 crore in the third quarter of FY23 compared to Rs 30 crore in the same period last year. Total revenue rose 14% year-on-year to Rs 2,108 crore.

Additionally, the company’s board of directors is scheduled to meet on February 3, 2023, to consider a share buyback proposal.

Happiest Minds Technologies: It has signed an agreement to acquire Madurai-based IT services company SMI for an aggregate upfront and deferred equity consideration of Rs 111 crore.

Indian Bank: The state-owned lender reported a nearly three-fold jump in profit to Rs 1,396 crore for the quarter that ended December 2022, driven by higher interest income and lower non-performing loans. Total revenue rose 18% year-on-year to Rs 13,551 crore.

In the primary market, apart from Adani Enterprises’ FPO, Earthstahl & Alloys’ initial public offering is open for subscription at Rs 38 to Rs 40. Both offerings end on January 31, 2023.

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