Indian benchmark indices BSE Sensex and NSE Nifty 50 are continue the rally on Monday. Trends in SGX Nifty hinted at a positive start for domestic share market as Nifty futures were trading higher at around 18,488 levels on the Singapore Exchange. “For this week, 18200-18000 would now be seen as a sacrosanct support zone, whereas on the flipside, testing 18450 and 18600 is clearly on cards. In fact, if momentum persists, we will see Nifty clocking a fresh record high this week itself. We would soon see Bank Nifty crossing 42000 to mark new highs,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Stocks in focus on 14 November, Monday
LIC: The life insurance company clocked a 27% on-year growth in net premium at Rs 1.32 lakh crore for the quarter ended September FY23. The net profit for the quarter at Rs 15,952 crore jumped 11-fold over Rs 1,434 crore last year, partly driven by incomes. The company’s other income stood at Rs 6,795 crore as against Rs 46 crore a year back for the quarter, including refund of income tax.
Zee Entertainment Enterprises: The media and entertainment company reported a 58% on-year decline in profit at Rs 112.8 crore for the September FY23 quarter, dented by weak operating performance and muted topline growth. Revenue for the quarter at Rs 2,028.4 crore grew by 2.5% as domestic advertising revenues were lower by 7.7% due to FTA withdrawal (Zee Anmol) and challenging macroeconomic environment. EBITDA fell 26.3% on-year to Rs 297.3 crore for the quarter.
Bharat Dynamics: The state-owned company reported a massive 75.3% on-year growth in profit at Rs 75.8 crore for the quarter ended September FY23 supported by healthy operating performance and higher other income. Revenue grew by 6.1% to Rs 534.8 crore compared to year-ago period. EBITDA increased by 41.9% on-year to Rs 93.8 crore and margin expanded by 450 bps on-year to 17.6% for the quarter.
HDFC: After the completion of the merger of HDFC and HDFC Bank, the weight of the merged entity could be double that of HDFC in MSCI, Macquarie Research said in a sales note. HDFC is part of MSCI indices whereas HDFC Bank is not. MSCI requires the proportion of shares available to foreign investors relative to the maximum allowed being at least 15% and HDFC Bank fails to meet this criterion. HDFC Bank will be considered as an extension of HDFC post the merger and the foreign headroom requirement will be that of an existing constituent.
Adani Group, NDTV: Adani Group has announced that its open offer to acquire an additional 26 per cent stake in NDTV will be open for subscription from November 22 to December 5. The open offer for acquiring 1.67 crore equity shares with a face value of Rs 4 will tentatively close on December 5, 2022, said JM Financial, which is managing the offer. The price fixed for the deal is Rs 294 per share.
Glenmark Pharmaceuticals: The pharma company reported a 1.1% on-year growth in profit at Rs 260.4 crore for the quarter ended September FY23, with revenue rising 7.2% on-year to Rs 3,375.2 crore for the quarter impacted by North America business that fell 0.1% on-year but India business grew by 12.7% and Europe 11.9% on-year. EBITDA increased by 5.3% to Rs 621.6 crore in Q2FY23 and margin declined by 40 bps to 18.4% compared to year-ago period. Numbers were ahead of analysts’ estimates.
Fortis Healthcare: The healthcare services provider registered a massive 67% on-year increase in consolidated profit at Rs 218.24 crore for the quarter ended September FY23, driven by exceptional gain, higher other income and lower tax cost. Consolidated revenue rose by 9.9% to Rs 1,607 crore and EBITDA increased 6.5% to Rs 302.9 crore compared to same period last year.
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Q2 results today: ONGC, Grasim Industries, Biocon, Bharat Forge, Apollo Tyres, IRCTC, Aarti Industries, Abbott India, Ahluwalia Contracts, Aarey Drugs & Pharmaceuticals, Balkrishna Industries, BGR Energy Systems, Birla Tyres, CESC, Dilip Buildcon, Godrej Industries, Greaves Cotton, HUDCO, Indiabulls Housing Finance, Jyothy Labs, Linde India, Lux Industries, Mindspace Business Parks REIT, NBCC (India), Radico Khaitan, Sobha, and SpiceJet to declare their financials for the quarter today.
