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Corporate and Economy News

IndusInd Bank Q3FY23 (Consolidated): NII up 18.51% at Rs 4,495 crore (YoY) Net profit up 58.18% at Rs 1,963 crore (YoY) Gross NPA at 2.06% Vs 2.11% (QoQ) Net NPA at 0.62 Vs 0.61% (QoQ).

* Persistent Systems Q3 FY23 (Consolidated, QoQ): Revenues up 5.89% at Rs 2,169.37 crore (Bloomberg estimate: Rs 2,160.60 crore) Ebit up 11.57% at Rs 333.21 crore (Bloomberg estimate: Rs 315.60 crore) Ebit margin at 15.36% vs 14.58% (Bloomberg estimate: 14.61%) Net profit up 8.15% at Rs 237.95 crore.

* Oracle Financial Services Software (Consolidated, QoQ): Revenue up 5.33% at Rs 1,449.3 crore (Bloomberg estimate: Rs 1,475 crore) Ebit up 7.41% at Rs 585.61 crore Ebit margin at 40.41% vs 39.62% Net profit up 9.96% at Rs 437.33 crore (Bloomberg estimate: Rs 488 crore).

* Adani Enterprises: The company filed the RHP for its Rs 20,000-crore follow-on public offering, with floor price at Rs 3,112 apiece and cap price at Rs 3,276 per share. The company also announced a discount of Rs 64 per share for retail buyers.

* Vedanta: The company will acquire the debt-laden Meenakshi Energy for Rs 1,440 crore.

* State Bank of India: The bank raised Rs 9,718 crore through 15-year infrastructure bonds at 7.7% coupon rate

* Aurobindo Pharma: The company’s subsidiary APL Health Care received Form 483 with two observations from U.S. FDA following an inspection of its unit I and III, an orals and derma manufacturing facility in Jadcherla, Telangana.

* Coal India: In a coal ministry review, the company was found to have produced 513 million tonnes of coal so far in fiscal 2023, and is expected to surpass the target of 700 million tonnes for the current fiscal. The ministry has pegged the production target for the company during 2023-24 at 780 million tonnes.

* Kotak Mahindra Bank: The board in its meeting scheduled on Jan. 21 will consider raising funds via non-convertible debentures during the remaining period of FY 2022-23, and by the way of NCDs, bonds or other debt securities during FY24.

* Bharti Airtel: Bharti Airtel Group announced on Wednesday that it will be investing ?2,000 crore to set up a hyperscale data centre in Hyderabad. The announcement was made at the Telangana lounge of the World Economic Forum (WEF) in Davos, Switzerland, according to an official release. The official release also said that the Bharti Airtel Group, through its data centre arm, Nxtra Data Centers, will invest the amount as capital investment for the infrastructure which will further attract investments from their customers.

* Hindalco Industries Ltd: The company on 18 January announced the public issue of non-convertible debentures (NCDs) worth ?700 crore. The capital raising committee has approved an allotment of 70,000, that is 7.60% per annum, rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of ?1,00,000 each aggregating to ?700 crore, on private placement basis, it said in a regulatory filing. According to the firm, the debentures will be redeemed at par at the end of the 14 months from the date of allotment, i.e. 18 January 2023. The redemption or maturity date has been fixed as 18 March 2014.

* Power Grid Corporation: State-run Power Grid Corp. of India Ltd (PGCIL) has dropped plans for its second infrastructure investment trust (InvIT) tranche in the current fiscal under the government’s National Monetisation Pipeline (NMP), and is instead exploring monetising receivables from specific projects by securitising their cash flow, said two people aware of the development.

* Key Results: Hindustan Unilever, Asian Paints, Hindustan Zinc, Havells India, Polycab India, Mphasis, L&T Technology Services, AU Small Finance Bank, PVR, ICICI Securities, IIFL Wealth Management, Datamatics Global Services, Can Fin Homes, IndiaMART InterMESH, Anant Raj, Happiest Minds Technologies, Hatsun Agro Products, Kuabntum Papers, Meghmani Finechem, Sterling and Wilson Renewable Energy.

GLOBAL MARKETS

Global Market Update

The S&P 500 and the Dow lost almost 2 percent on Wednesday, their biggest daily drops in more than a month, after weak economic data fuelled recession worries while hawkish comments from Federal Reserve officials soured investor moods further. The Dow Jones Industrial Average fell 613.89 points, or 1.81 percent, to 33,296.96 and the S&P 500 lost 62.11 points, or 1.56 percent, to 3,928.86. The Nasdaq Composite dropped 138.10 points, or 1.24 percent, to 10,957.01.

Crude Oil

Oil prices fell about 1 percent on Wednesday, surrendering early gains as worries about a possible US recession outweighed optimism that China's lifting of COVID-19 curbs will fuel demand for crude in the world's top oil importer.Brent futures fell 94 cents, or 1.1 percent, to settle at $84.98 a barrel. US West Texas Intermediate (WTI) crude fell 70 cents, or 0.9 percent, to settle at 79.48.

SGX Nifty:

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 99 points. The Nifty futures were trading around 18,122 levels on the Singaporean exchange

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap up on Wednesday at 18074, made a high of 18184, low of 18032, and closed on a positive note at 18165 levels. For the day, support for the Nifty exists at 18000 and 17900 levels, whereas resistance for the Nifty stands at 18300 and 18400 levels.

Bank Nifty Outlook: Bank Nifty opened gap up on Wednesday at 42272, made a high of 42556, low of 42120, and closed on a positive note at 42458 levels. For the day, support for Bank Nifty exists at 42000 and 41880 levels, whereas resistance for Bank Nifty stands at 42700 and 43000 levels

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