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Corporate and Economy News

* Life Insurance Corporation of India Q3 FY23 (Standalone, YoY): Revenue up 13% at Rs 1.96 lakh crore, Net profit up 26 times to Rs 6,334 crore and Net premium income up 15% at Rs 1.12 lakh crore.

* Adani Total Gas Q3 Earnings (Consolidated, QoQ): Revenue down 0.9% at Rs 1105.56 crore, Ebitda up 1.6% at Rs 229.94 crore, Ebitda margin at 20.8% vs 20.3% and Net profit down 6.1% at Rs 150.19 crore.

* Suzlon Energy Q3 FY23 (Consolidated, YoY): Revenue down 9.26% at Rs 1,448.97 crore, Ebitda down 24.44% at Rs 206.29 crore, Ebitda margin at 14.24% vs 17.1% and Net profit up 107.91% at Rs 78.36 crore.

* Voltas Q3 FY23 (Consolidated, YoY): Revenues up 11.82% at Rs 2,005.61 crore, Ebitda down 50.93% at Rs 76.37 crore, Ebitda margin at 3.81% vs 8.68% and Net loss of Rs 110.38 crore vs net profit of Rs 95.98 crore.

* Pfizer Q3 FY23 (Consolidated, YoY): Revenue down 8% at Rs 622 crore, Ebitda up 4% at Rs 203 crore, Ebitda margin at 32.7% vs 28.9% and Net profit up 5% at Rs 151 crore.

* Bajaj Consumer Care Q3 FY23 (Consolidated, YoY): Revenue up 0.32% at Rs 229.6 crore, Ebitda declined 16% to Rs 32.5 crore, Ebitda margin at 14.1% vs 16.9% and Net profit up 14% at Rs 33.2 crore.

* Hindustan Petroleum Corporation (Consolidated, QoQ): Revenue up 1.13% at Rs 1,09,687.96 crore, Ebitda at Rs 1,674.02 crore vs EBITDA loss of Rs 1,514.7 crore, Ebitda margin at 1.53% and Net profit of Rs 444.26 crore vs net loss of Rs 2,475.69 crore.

* Aurobindo Pharma Q3 FY23 (Consolidated, YoY): Revenue up 7% at Rs 6,407 crore, Ebitda down 6% at Rs 954 crore, Ebitda margin at 14.9% Vs 16.9% and Net profit down 19% at Rs 491 crore.

* Mahindra & Mahindra: The company signed an MoU with Telangana government to expand its existing Zaheerabad Plant in Medak district for development and production of electric three- and four-wheelers. The SUV maker will spend Rs 1,000 crore over eight years on this front.

* GAIL (India): The company signed an advanced pricing agreement with Central Board of Direct Taxes to determine the transfer pricing margin payable on its long-term LNG sourcing contract from the U.S. for the period of five years.

* ITC: ITC Infotech, a wholly owned subsidiary of the company, incorporated a subsidiary in France named ITC Infotech France SAS on Feb. 8.

* Pfizer: The board appointed Meenakshi Nevatia as managing director of the company for five years, effective April 3, 2023, as incumbent MD S Sridhar expressed his intention to take an early retirement.

* Aurobindo Pharma: The Company will transfer units constituting its API nonantibiotic division to subsidiary Auro Pharma India via slump sale.

* Bank of Baroda: The bank hiked lending rate across tenors by five basis points, effective Feb. 12, 2023.

* Greaves Cotton: Engineering Company on Thursday signed an agreement to acquire the entire shareholding in motion-control systems player Excel Controlinkage for a present valuation of Rs 385 crore in a four-tranche deal. In the first tranche of the deal, Greaves Cotton will acquire 60 percent in Excel Controlinkage for Rs 231 crore and in the successive three tranches to acquire a 100 percent stake to be completed by the end of FY26, Greaves will pay at 7.5 times of FY23 the Ebidta which is around Rs 51.3 crore, subject to the selling company meeting certain criteria.

* Adani Enterprises, Adani Total Gas, Adani Transmission and ACC: Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group, a move which analysts have warned could impact their index weightings.

GLOBAL MARKETS

Global Market Update

US stock indexes ended lower on Thursday, erasing earlier gains as Treasury yields rose after an auction of 30-year bonds went poorly and overshadowed strong earnings from corporate giants like Disney and PepsiCo. The Dow Jones Industrial Average fell 249.13 points on Thursday, or 0.73 percent, to 33,699.88, the S&P 500 lost 36.36 points, or 0.88 percent, to 4,081.5 and the Nasdaq Composite dropped 120.94 points, or 1.02 percent, to 11,789.58.

Crude Oil

Crude prices eased on Thursday as oil infrastructure appeared to have escaped serious damage from the earthquake that devastated parts of Turkey and Syria, while US inventories swelled and investors worried about Federal Reserve rate hikes. Brent crude settled at $84.50 a barrel, losing 59 cents, or 0.7 percent. US West Texas Intermediate (WTI) crude futures settled at $78.06 a barrel, down 41 cents, or 0.5 percent. Both benchmarks have gained more than 5 percent so far this week.

SGX Nifty:

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 102 points. The Nifty futures were trading around 17,828 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap up on Thursday at 17885, made a high of 17917, made a low of 17780, and closed on a positive note at 17893 levels. For the day, support for the Nifty exists at 17800 and 17700 levels, whereas resistance for the Nifty stands at 18000 and 18200 levels.

Bank Nifty Outlook: Bank Nifty opened gap up on Thursday at 41634 made a high of 41634, made a low of 41253, and closed on a flat note at 41554 levels. For the day, support for Bank Nifty exists at 41200 and 41000 levels, whereas resistance for Bank Nifty stands at 41800 and 42000 levels.

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