According to SGX Nifty, Indian benchmark indices are anticipated to start the week strongly. Nifty futures traded 50 points higher at 17740 on the Singapore Exchange, indicating a promising start for the domestic stock market. In the previous session, the Nifty fell 1.6% to 17,604 while the Sensex closed 1.45% lower at 59,331. “We believe that even though the markets have seen a two-day sell-off, there is still some pain in the markets before it stabilises. At least for this week, when there are two important events scheduled, the Union budget and the US Federal Reserve interest rate decision, we believe investors should take a wait-and-see strategy, according to Manish Chowdhury, Head of Research at Stoxbox.
Stocks in focus on 30 January, Monday
Adani group stocks: Adani Group issued a detailed response on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures. The conglomerate led by Gautam Adani, said Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence. “All transactions entered into by us with entities who qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed by us,” Adani said in the 413-page response.
Stocks of the Adani Group: On Sunday, Adani Group responded in great detail to a Hindenburg Research study that had caused a $48 billion decline in the value of its shares. Adani Group stated that it conforms with all local laws and has made all essential regulatory disclosures. Without providing any supporting data, the Gautam Adani-led group claimed that the purpose of the Hindenburg report was to allow the American short seller to book profits. In the 413-page answer, Adani stated that “all transactions engaged into by us with companies that qualify as “related parties” under Indian laws and accounting standards have been appropriately disclosed by us.”
Vedanta: The organisation, headed by billionaire Anil Agarwal, recorded a 42.3% year-over-year decline in consolidated profit at Rs. 3,091 crore for the December quarter. For the quarter compared to the prior year, it had higher input costs, electricity and fuel costs, and loan charges. At Rs 34,102 crore, operating revenue increased by 0.01% over the same period last year. The corporation has approved plans to source 600 MW of solar electricity for aluminium operations and 91 MW of hybrid renewable power for oil and gas, copper, and aluminium activities.
NTPC: Due to increasing revenue, the state-owned power company saw a 5% increase in its consolidated net profit for the December quarter, coming in at Rs 4,854.36 crore. In the same quarter last year, the company’s consolidated net profit was Rs 4,626.11 crore. From Rs 33,783.62 crore in Q3FY22 to Rs 44,989.21 crore in Q3FY23, the total income increased. Earnings before interest, taxes, depreciation, and amortisation (Ebitda), the measure of operating profit used by NTPC, increased 36% year over year to Rs 13,239 crore, but the operating margin fell to 31.97%.
Tata Elxsi: The provider of design and technology services reported a profit of Rs 195 crore for the three months ended December FY23, up 29% year over year on the strength of topline and other income. The quarter’s operating revenue increased by 29% year over year to Rs 818 crore.
The national oil marketer, Indian Oil Corporation (IOC), has begun exporting aviation gasoline, the fuel used to power unmanned aerial vehicles and small planes, marking a first. Over the weekend, the Jawaharlal Nehru Port Trust (JNPT) sent the first consignment of 80 barrels of aviation gas (AV gas), each containing 16 kilos, to Papua New Guinea. India has never before exported this gasoline, which was made at IOC’s Vadodara refinery, the firm said in a statement. This marks India’s entry into the projected USD 2.7 billion global market.
CMS Info Systems: The banking logistics and technology services provider has clocked a 26% on-year growth in profit at Rs 76 crore for the quarter ended December 31, 2022, with EBITDA rising 29% on-year to Rs 135 crore and revenue climbing 21% to Rs 488 crore. The company’s operating profit margin expanded 171 bps on-year at 27.7% for the quarter.
source from: msn.com
