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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 1.05% higher at 16,509.5, indicating that Dalal Street was headed for a positive start on Wednesday.
Asian shares rallied on Wednesday as investors were cautiously optimistic about companies ability to withstand the impact of elevated inflation and interest rate hikes. Japan’s Nikkei 225 index surged 2.37% and Topix index soared 1.95%. China’s Hang Seng gained 1.77% and CSI 300 rose 0.49%.
Indian rupee breached 80 against the US dollar to hit a low of 80.06 during the course of the day. However, it recouped some losses and ended 3 paise lower at 79.94 against the US dollar on Tuesday.
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Wipro, IndusInd Bank, Havells India, Ceat, Century Plyboards, Gland Pharma, Syngene International, Tata Communications, Hathway Cable & Datacom, JSW Ispat Special Products, Lloyds Steels Industries, Mastek, Agro Tech Foods, MIC Electronics, Newgen Software Technologies, Oracle Financial Services Software, Rane Engine Valve, Reliance Industrial Infrastructure, Sagar Cements, Sasken Technologies, and Som Distilleries & Breweries will post their quarterly earnings on July 20.
Stocks in News Today
Hindustan Unilever (HUL): The FMCG company posted a net profit of Rs 2,381 crore in Q1FY23, compared with a net profit Rs 2,097 crore in the year-ago period. Revenue rose 19.6% YoY to Rs 14,357 crore in Q1 FY23 as against Rs 12,004 crore a year ago. During the quarter, the company saw its PBIDT (profit before interest, depreciation and tax) increase 19% YoY to Rs 3,523 crore.
Grasim Industries: The company said that its board had approved a plan to enter the B2B e-commerce platform for the building materials segment with an investment of around Rs 2,000 crore over the next five years. The B2B e-commerce foray is yet another strategic portfolio choice as it crystallises the group’s intent to invest in the new-age, high growth digital space, said the company’s chairman.
L&T Finance Holdings: The company’s consolidated net profit rose by 47% YoY to Rs 262 crore in Q1FY23 on improved interest margins and fees. The firm’s net interest margin (NIM) plus fees rose to 8.23% in Q1FY23, up 71 basis points over Q1FY22.The retail disbursements was at an all-time high in the quarter at Rs 8,938 crore.
ICICI Lombard: The insurer’s net profit jumped 79.6% year-on-year (YoY) to Rs 349 crore in the April-June quarter of FY23, on the back of a healthy growth in premium income. In the year-ago period, its net profit stood at Rs 194 crore. The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2% from the year-ago period.
Ambuja Cements: The company reported a 25.46% fall in consolidated net profit at Rs 865.44 crore for the June 2022 quarter due to rising input costs. The company, which follows the January-December financial year, had clocked a net profit of Rs 1,161.16 crore in the year-ago quarter. Its revenue from operations was up 15.11% to Rs 8,032.88 crore during the quarter as compared to Rs 6,978.24 crore in the corresponding quarter of the previous financial year.
Vedanta: The company said the board has approved second interim dividend of Rs 19.50 per equity share on face value of Re 1 per share for the financial year 2022-23. The dividend is amounting to Rs 7,250 crore. The record date for payment of dividend is July 27, 2022.
NTPC: The company is going ahead with construction of its first coal-fired plant in about six years, as the global energy crunch spurs demand for coal, Bloomberg reported. Bharat Heavy Electricals emerged as the lowest bidder to build the 1,320 megawatt project in the eastern state of Odisha, according to people familiar with the matter.
Meanwhile, the company has set up the 100 megawatt (MW) plant through Bharat Heavy Electricals (BHEL) under Engineering, Procurement and Construction (EPC) contract. It is the largest floating solar power project that has now become fully functional at Ramagundam in Telangana.
Life Insurance Corporation: The company said it has offloaded its stake in heavy electrical equipment maker Siemens and rating firm Icra for over Rs 1,983 crore. LIC’s shareholding in Siemens Ltd has diluted from 25,623,599 to 18,412,652 equity shares, decreasing its shareholding from 7.195% to 5.170% of the paid-up capital of the said company. The offloading was done at an average cost of Rs 2,701.19 per piece.
TV18 Broadcast Ltd: The media firm reported a 63.05% decline in its consolidated net profit to Rs 60.02 crore in Q1FY23. The company had posted a net profit of Rs 162.44 crore for the April-June period of the previous fiscal. Its consolidated revenue from operations rose by 9.53% to Rs 1,265.05 crore during the quarter under review compared to Rs 1,154.98 crore in the corresponding quarter a year ago.
Rallis India: The company recorded a 18.1% year-on-year decline in profit at Rs 67.5 crore for the quarter ended June 2022, impacted by higher raw material cost. Revenue increased 16.5% YoY to Rs 862.8 crore in Q1FY23 backed by 17.1% growth in domestic crop care business and 51% growth in exports.