Pre Market Report: Dalal Street may open higher; L&T, Airtel and Tata Steel in news

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.53% higher at 18,155.50, signalling that Dalal Street was headed for a positive start on Tuesday.

Asian shares were trading higher as investors awaited the Federal Reserve’s monetary policy decision and the pace of rate hike. The Nikkei 225 index rose 0.20% and the Topix advanced 0.41%. Hang Seng surged 3% and the CSI 300 index was up 1.84%.

The Indian rupee fell 31 paise to 82.78 against the US dollar on Monday.

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Upcoming Results

Adani Ports and Special Economic Zone, Punjab National Bank, Sun Pharmaceutical Industries, Tech Mahindra, UPL, FSN E-Commerce Ventures (Nykaa), Karnataka Bank, LIC Housing Finance, Chambal Fertilisers & Chemicals, Cholamandalam Investment and Finance Company, CMS Info Systems, Dhanuka Agritech, JK Tyre & Industries, Kansai Nerolac Paints, Macrotech Developers, Tata Investment Corporation, Varun Beverages, Voltas, and Whirlpool of India will report their quarterly results.

Stocks in News Today

Larsen & Toubro (L&T): The company reported a 26% rise in consolidated net Profit After Tax (PAT) at Rs 2,819.20 crore for the quarter ended September aided by higher revenue from operations. The company had posted a consolidated net PAT of Rs 2,231.33 crore in the year-ago period, L&T said in a regulatory filing. The consolidated revenue from operations increased by 22.9% to Rs 42,762.61 crore from Rs 34,772.90 crore in the July-September quarter a year ago. The company recorded orders worth Rs 51,914 crore at the group level during the July-September period, a growth of 23% YoY. The consolidated order book of the group was at Rs 372,381 crore as of September-end.

Bharti Airtel: The telecom operator posted a 89% year-on-year rise in consolidated net profit for second quarter ended September 2022 to Rs 2,145 crore, amid improved average realisation per subscriber. The total revenue rose 22% YoY to Rs 34,527 crore during the reported quarter, according to a statement. Average Revenue Per User (ARPU) for the quarter stood at Rs 190 compared with Rs 153 in Q2FY22 on the back of the continued focus on quality customers, feature phone to smartphone upgradation and data monetisation, Airtel said in a statement.

Adani Power: The company said that the timeline for completion of the Rs 7,017-crore deal to acquire thermal power assets of DB Power has been extended till November 30, 2022. Both the companies have mutually agreed to extend the date.

Tata Steel: The company reported an 87% YoY decline in consolidated PAT at Rs 1,514 crore and revenue remained almost flat at Rs 59,878 crore. T V Narendran, chief executive officer and managing director, Tata Steel, said, concerns about slowdown in key economies, persisting geopolitical issues, coupled with seasonal factors, led to a volatile operating environment. Sequentially, revenues were down 5.6 per cent and net profit by 80.49 per cent. Gross debt in the September quarter stood at Rs 87,516 crore compared with Rs 82,597 crore in the June quarter.

Castrol India: The company said its net profit increased marginally to Rs 187 crore for the July-September quarter of FY23. It had reported a net profit of Rs 186 crore in the year-ago period. Revenue from operations rose to Rs 1,121 crore in the third quarter as against Rs 1,073 crore in the same period of previous financial year, Castrol India said in a statement. The company follows a January-December financial year.

Motherson Sumi Wiring India: The auto component maker reported a 2% rise in net profit at Rs 116.45 crore in the second quarter ended September 2022. The company had posted a net profit of Rs 114 crore in the same period last fiscal. Total revenue from operations stood at Rs 1,835.21 crore as against Rs 1,399.95 crore in the year-ago period. Total expenses were higher at Rs 1,689.77 crore as compared to Rs 1,229.76 crore in the same quarter a year ago.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Inc (USA) launched Fingolimod capsules, 0.5 mg, the generic version of Gilenya1 Capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation. According to IQVIA sales data for the 12-month period ending September 2022, the Gilenya Capsules, 0.5 mg market achieved annual sales of approximately $1.8 billion.

Data Patterns: The company posted a 63.30% growth in its second quarter net profit at Rs 21.05 crore. It had posted a net profit of Rs 12.89 crore in the same quarter last fiscal. The company’s revenue from operations, on a year-on-year basis, jumped by 49% to Rs 88.16 crore. The company has Rs 884 crore worth of orders in hand.

GHCL: The company announced a 212% on-year growth in its net profit to Rs 289 crore as compared to Rs 93 crore a year ago. The standalone revenue was up 73% to Rs 1,389 crore and was aided by the doubling of its inorganic chemicals business, the revenue for which grew by 98% on-year to Rs 1,130 crore. EBITDA was up 159% on-year to Rs 442 crore.

Equitas Small Finance Bank: The small finance bank recorded a profit of Rs 116 crore for the quarter ended September FY23, a rise of 183% YoY. Net interest income for Q2FY23 at Rs 610 crore, up by 26% YoY. Gross advances rose 20% YoY to Rs 22,779 crore as of September FY23 and disbursement increased by 22% YoY to Rs 3,845 crore in the reported quarter.