Indian benchmark indices BSE Sensex, and NSE Nifty 50 are likely to witness a muted start amid mixed global cues. SGX Nifty hinted at a flat to negative start for domestic equities as Nifty futures traded 114 pts or 0.62% down at 18479 on the Singapore Exchange. “Participants are maintaining a cautious stance around the record high which is reflecting in the market move. However, selective buying in the index majors on a rotational basis is helping the index to hold gains and gradually inch higher as well. We thus maintain our view to continue to follow the up trend until Nifty holds 17,800 and look for buying opportunities on dips.” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 16 November, Wednesday
ONGC: Oil and Natural Gas Corporation (ONGC) reported 30% fall in net profit for September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices. ONGC’s net profit fell to Rs 12,825.99 crore compared with Rs 18,347.73 crore a year ago. ONGC on Monday said its board has declared an interim dividend of Rs 6.75 per equity share of face value of Rs 5 each i.e. at 135 % for the financial year 2022-23 while also announcing its second quarter earnings for the current fiscal or Q2 FY23.
Paytm: Paytm founder and CEO Vijay Shekhar Sharma on Monday said the fintech company will soon achieve profitability and free cash flow. “After our recent quarterly reports, which showed strong operating leverage and reduction in EBITDA losses, we are now excited about the next year of our journey as we get close to EBITDA profitability and free cash flow generation,” Sharma said in a regulatory filing. The company has posted a consolidated loss of Rs 571.5 crore in Q2FY23 from Rs 473.5 crore a year ago. However, the losses of the company had narrowed on a quarter-over-quarter basis.
Bikaji Foods International: Bikaji Foods shares will debut on the bourses on 16 November. “Bikaji Foods IPO had received a good response from investors on both the institutional as well as Retail side, and the current GMP is 30 i.e. ~ 10% over its issue price. Nevertheless, the company’s margins are on the declining side and a P/E valuation of 95.2 looks expensive. Therefore, we advise investors to lock in listing gains, and only aggressive investors should consider making a long-term commitment to the company, said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Global Health: The operator of hospitals chain Medanta will list its equity shares on the BSE and NSE on 16 November. The final issue price is Rs 336 per share. “A mute listing will be expected because there was much not for the investor on the table in terms of valuation, less than standard subscription numbers, and the nature of the major proportion in this issue being OFS; the current GMP is 20 around 6% above its issue price. As a result, we were only assigned to long-term investors,” said Parth Nyati, Founder at Tradingo.
IIFL Wealth Management: The company has completed the acquisition of a 91% equity stake in MAVM Angels Network. In July this year, the company executed a share purchase and shareholders’ agreement with MAVM Angels Network (MANPL) and its shareholders to acquire a 91% stake. With this, MANPL has become a subsidiary of the company. IIFL Wealth & Asset Management has rebranded itself as 360 ONE. The new brand and identity were unveiled by Karan Bhagat, Founder, MD & CEO. According to the press release, the new brand will help the company retain all the elements that make it unique while also injecting the vibrancy and freshness of a modern India.
Bharat Electronics: The Navratna defence PSU has signed an MoU with Yantra India (YIL), a defence PSU for cooperation in the areas of ammunition hardware and military-grade components to jointly address the requirements of Indian defence and export markets. The company also signed an MoU with US-based Profense LLC for cooperation in the manufacturing and marketing of light weapons. It also signed an MoU with SVC Tech Ventures LLP for cooperation in the manufacturing and marketing of heavy-duty blast doors, and with Defence PSU Hindustan Shipyard for joint development, manufacturing and product upgrades of identified products and systems.
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Tata Consultancy Services: TAP Air Portugal, the flag carrier airline of Portugal, selected TCS as a strategic partner, to accelerate its digital transformation and drive innovation. The company will establish an Airline Digital Center in Portugal, staffed with consultants with deep domain knowledge of the airline industry, solution architects and technology experts.
