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IndusInd Bank, ITC, ICICI Pru Life, Delta Corp, RVNL, and Others


The January futures contract of Nifty 50 indicates a positive start to domestic equities on Wednesday. The contract was trading at 18,132, up 56 points or 0.31% from the previous close.

Earnings today: Aashka Hospitals, Alok Industries, Amal, Anubhav Infrastructure, Aurum PropTech, CCL Products (India), Central Bank of India, Cosyn, Elegant Floriculture and Agrotech (India), Goa Carbon, IndusInd Bank, Oracle Financial Services Software, Orosil Smiths India, Persistent Systems, PSP Projects, Rallis India, Shemaroo Entertainment, Stylam Industries, Supreme Holdings and Hospitality (India), Surya Roshni, Toyam Sports, Umiya Tubes, Vinyl Chemicals (India), Vivanta Industries, Welspun Investments and Commercials, and Wendt (India) are scheduled to report their October-December quarter (Q3FY23) earnings on Wednesday.

IndusInd Bank: The lender will report its earnings for the December quarter on Wednesday. The bank is expected to report strong growth in income on the back of a steady rise in loan book, but analysts’ view on the margin performance remains mixed.

ITC: The company has signed a Binding Term Sheet to acquire 100 per cent share capital (on a fully diluted basis) of Sproutlife Foods Private Limited, an Indian company primarily engaged in the business of manufacture and sale of food products under the trademark ‘Yoga Bar’.

Adani Transmission, REC: The company has entered into a Share Purchase Agreement with REC Power Development and Consultancy Limited to acquire entire stake of WRSR Power Transmission Limited.

Coforge: Life Insurance Corporation (LIC) has increased its stake in the company to 5.03 per cent from 4.98 per cent.

Delta Corp: The company has reported a standalone net profit of Rs 74.2 crore for the quarter ended December, 2022, (Q3FY23) as against a profit of Rs 66.86 crore recorded in Q3FY22. Revenue from operations increased marginally to Rs 166.1 crore vs Rs 165.2 crore year-on-year (YoY).

Tata Metaliks: It reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses. The company had posted a Rs 35.65 crore net profit in the year-ago period, according to a statement. Its total income rose to Rs 792.43 crore from Rs 693.12 crore during the October-December period of the previous year.

Bank of India: The company said it expects gross non-performing assets (GNPAs) to be below 7 per cent in the current financial year (FY23). At the end of Q3FY23, the lender’s GNPA ratio was 7.66 per cent, while NNPA ratio was 1.61 per cent. It posted net profit of Rs 1,151 crore, up 12 per cent YoY and 20 per cent sequentially.

Paint, Tyre, OMC stocks: Oil-linked stocks are likely to be on investors’ radar as brent crude prices rose nearly 2 per cent overnight to hover above $85/barrel-mark.

RVNL: The company has emerged as the Lowest Bidder (L1) for Surat Metro Rail Project Phase-I (cost Rs 673.8 crore), and Ahmedabad Metro Rail Project Phase-II (cost Rs 384.3 crore).

Eris Lifesciences: The Indian drugmaker said on Tuesday that it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals for Rs 340 crore ($41.63 million) to deepen its presence in the anti-fungal and anti-psoriasis segments. Separately, the company has reported total income of Rs 425.495 crore, and net profit of Rs 101.859 crore during the period ended December 31, 2022.

Gokaldas Exports: Goldman Sachs Asset Management International has marginally raised stake in the company to 5.003 per cent from 4.985 per cent.

ICICI Prudential Life Insurance: ICICI Prudential Life Insurance Company on Tuesday reported 29 per cent YoY fall in net profit for Q3FY23 at Rs 220.63 crore. The net premium income, meanwhile, rose 4.3 per cent YoY to Rs 9,465 crore. The net income from investments surged over 10-fold on year to Rs 7,722 crore.

ICICI Prudential General Insurance: It’s net profit for the third quarter rose by 11 per cent YoY to Rs 353 crore, aided by higher gross premiums.

Tata Investment Corp: The company’s net profit fell 59.5 per cent YoY to Rs 14.8 crore for the December quarter, while revenue decreased 53 per cent to Rs 24.8 crore.

Hathway Cable and Datacom: The company reported a 15.3 per cent YoY fall in consolidated net profit for Q3FY23 to Rs 28.74 crore. Consolidated revenue rose to Rs 478.45 crore, up 5 per cent YoY.

Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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