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CORPORATE AND ECONOMY NEWS

* Vodafone Idea Q3 FY23 (Consolidated, QoQ): Revenues up 0.06% at Rs 10,620.6 crore, Ebitda up 2.03% at Rs 4,180.8 crore, Ebitda margin at 39.37% vs 38.6%, Net loss widens to Rs 7,990 crore from Rs 7,595.5 crore and ARPU up 3.1% at Rs 135.

* ONGC Q3 FY23 (Consolidated, YoY): Revenues up 16.2% at Rs 1,69,212.63 crore, Ebitda up 2.4% at Rs 21,870.79 crore, Ebitda margin at 12.9% vs 14.7% and Net profit up 5.1% at Rs 11,488.99 crore.

* Biocon Q3 FY23 (Consolidated, YoY): Revenue up 35% at Rs 2,941 crore, EBITDA up 30% at Rs 634 crore, Ebitda margin at 21.6% vs 22.5% and Net loss of Rs 42 crore vs net profit of Rs 187 crore.

* Apollo Hospitals Q3 FY23 (Consolidated, YoY): Revenue up 17% at Rs 4,264 crore, Ebitda down 14% at Rs 505 crore, Ebitda margin at 11.9% vs 16.1% and Net profit down 33% at Rs 153 crore.

* Torrent Power Q3 FY23 (Consolidated, YoY): Revenue up 71% at Rs 6,442.79 crore, Ebitda up 54.58% at Rs 1,443.67 crore, Ebitda margin at 22.4% vs 24.8% and Net profit up 86% at Rs 684.6 crore.

* Bata India Q3 FY23 (Consolidated, YoY): Revenue up 7% at Rs 900.20 crore, Ebitda up 21% at Rs 204.11 crore, Ebitda margin at 22.67% vs 20% and Net profit up 15% at Rs 83.11 crore.

* PI Industries Q3 FY23 (Consolidated, YoY): Revenue up 18.9% at Rs 1,613.2 crore, Ebitda up 40% at Rs 415.1 crore, Ebitda margin at 25.73% vs 21.86% and Net profit up 58 % at Rs 351.8 crore.

* LT Foods: The Competition Commission of India approved acquisition of certain equity share capital of LT Foods Limited by Riyadh-based SALIC International Investment Corporation.

* Reliance Industries: The Ahmedabad bench of NCLT approved the resolution plan jointly submitted by Reliance Industries and Assets Care & Reconstruction Enterprise for Sintex Industries.

* Adani Enterprises: The company repaid commercial paper worth Rs 15 crore, due on Feb. 14, in full.

* Vodafone Idea: The company appointed Murthy GVAS as interim chief financial officer, effective Feb. 15.

* Biocon: The company has entered into an agreement with Kotak Strategic Situations Fund for a structured funding up to Rs 1,200 crore.

* Hindustan Aeronautics Limited : Company has set a target of 20 to 25% of revenue from export in the next 2 to 3 years. Its revenue is growing at 8 percent, and it aims to push this growth to above 10 percent with the kind of order book it holds. It has enough current capacity to deliver the order book without delay.

* Thermax: Company's management in December quarter earning call expects largeticket orders to moderate. It could dent investor sentiments. The stock is trading still at higher valuation.

* Kotak Bank: A Kotak Mahindra Bank arm on Tuesday announced that it has raised USD 590 million (about ?4,885 crore) for investments in the data centres in the country. Kotak Investment Advisors (KIA) said it plans to raise USD 800 million under the Kotak Data Centre Fund and this is the first close for the same, as per a statement. The statement said the fund is the first such dedicated platform to invest in data centres in the country and added that it will be domiciled in GIFT City in Gujarat where entities receive a slew of benefits.

* Zee Entertainment: The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned the hearing on the petitions against the merger of Zee Entertainment Enterprises Ltd with Culver Max Entertainment (earlier Sony Pictures Networks India) to 9 March. The petitions were filed by Zee’s lenders and creditors IndusInd Bank, Axis Finance Ltd, IDBI Bank and the Indian Performing Right Society (IPRS). Counsels for Zee said the petitioners were trying to delay the completion of the merger.

GLOBAL MARKETS

Global Market Update

Wall Street stocks ended mixed on Tuesday after US consumer price data for January offered little to change expectations about the Federal Reserve's path forward on interest rate hikes. The S&P 500 declined 0.03 percent to end at 4,136.17 points. The Nasdaq gained 0.57 percent at 11,960.15 points, while Dow Jones Industrial Average declined 0.46 percent to 34,089.40 points.

Crude Oil

Oil prices settled 1 percent lower on Tuesday as traders worried about mounting supplies, and prices extended losses in postsettlement trading after sources said data from the American Petroleum Institute showed a large build in US crude oil and distillate inventories. Sources said the industry group reported a crude oil build of 10.5 million barrels in the week ended February 10. Brent futures for April delivery fell $1.03, or 1.2 percent, to $85.58 a barrel by 1:05pm EST (1805 GMT). US West Texas Intermediate crude futures for March fell by $1.08, or 1.4 percent, to $79.06 a barrel.

SGX Nifty: Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 14 points. The Nifty futures were trading around 17,913 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap up on Tuesday at 17840, made a high of 17955, made a low of 17800, and closed on a positive note at 17930 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 Tuesday at 41410 made a high of 41718, made a low of 41196, and closed on a positive note at 41648 levels. For the day, support for Bank Nifty exists at 41500 and 41000 levels, whereas resistance for Bank Nifty stands at 41800 and 42000 levels.

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