Stocks to Watch: IndusInd Bank, Vedanta, Adani Ent, SBI, PGCIL, Airtel
4 min read . Updated: 19 Jan 2023, 07:26 AM IST
Premium- Hindustan Unilever, Asian Paints, Havells India, AU Small Finance, LTTS, Polycab India and PVR will be among the stocks in focus as they declare their December quarter earnings today.
Here is the list of the top 10 stocks that will be in focus today:
IndusInd Bank: IndusInd Bank on Wednesday reported a 58% jump in its December quarter net profit at ₹1,964 crore, driven by improvements in asset quality and core income. The private sector lender's net interest income grew 18% to ₹4,495 crore, driven by a 19% loan growth and a 0.17% widening in the net interest margin to 4.27%. The other income grew to ₹2,076 crore during the October-December period from ₹1,877 crore in the year-ago period. This included an 11% growth in the total fee income to ₹2,077 crore, the bank said.
Vedanta: Anil Agarwal-led Vedanta Ltd on Wednesday said it has been declared a successful bidder for debt-ridden Meenakshi Energy Limited, in a regulatory filing. The company said it will acquire the debt-ridden Meenakshi Energy for a consideration of ₹1,140 crore. According to the filing, Vedanta said that of the total consideration, the company will pay ₹312 crores upfront and balance ₹1,128 crore in the form of secured unlisted non-convertible debentures issued by Meenakshi Energy to the financial creditors. The consideration will mature in five equal instalments over a period of five years.
State Bank of India: Public lender State Bank of India (SBI) on Wednesday said it has raised ₹9,718 crore through its second infrastructure bond issuance at a coupon rate of 7.70 per cent per annum for the 15-year money. This is the second fund-raising since early December when SBI had mopped up ₹10,000 crore via infrastructure bond. The fund proceeds will be utilised for enhancing long-term resources for funding infrastructure and affordable housing, the bank said in a statement.
Central Bank of India: State-owned Central Bank of India reported a 64% increase in standalone net profit to ₹458.2 crore in the December quarter of FY23. According to an exchange filing, the lender recorded an 11% increase in interest income at ₹6,716.55 crore. The bank reported a net profit of ₹458.22 crore for Q3FY23, higher than ₹278.92 crore for the same quarter last year, and interest income of ₹6,716.55 crore, up from ₹6,049.5 crore. Meanwhile, the bank’s provisions and contingencies increased 35.2% on year to ₹995.47 crore in Q3FY23.
Adani Enterprises: The Adani Group may join the upcoming auction of airports in the public-private partnership model, a top executive said. “We are waiting for government guidelines to come out like everyone else. The speculation is that there will be 11 airports which will be bid this time and we will look at the terms and conditions of the RFQ (request for qualification) and accordingly, we will make a decision if there is any property which is of value for us and if we can make a contribution for the country through that airport," Adani Airports Holding Ltd chief executive officer Arun Bansal said in an interview.
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. The change in plan comes in the backdrop of the lnvlT route facing issues regarding transparent price discovery, and those of taxation involving GST, capital gains, and stamp duty.
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. Telangana Minister for IT and Industries KT Rama Rao, Principal Secretary for Industries Jayesh Ranjan, and the Group's founder-chairman Sunil Bharti Mittal were present during the announcement, 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.
Rallis India: Tata group firm Rallis India on Wednesday reported a 43% decline in its December quarter net profit at ₹22.55 crore. The company's net profit stood at ₹39.55 crore in the year-ago period, it said in a regulatory filing. Revenue from operations marginally rose to ₹630.39 crore during the October-December period compared to ₹628.08 crore in the same period of the previous fiscal. Exports declined by 6.5%, primarily due to inventory build-up at the customer end, he added.
Hindalco: Hindalco Industries Ltd 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.
Sundaram Finance: Sundaram Alternate Assets on Wednesday said it is aiming to raise up to ₹500 crore and lend it to companies struggling to borrow money. The company, a wholly-owned subsidiary of Sundaram Assets Management Company, has already raised ₹205 crore under the Sundaram Emerging Corporate Credit Opportunities Fund - Series I (ECCO I), as per an official statement. This is the maiden corporate credit fund and the proceeds will be deployed for lending to small and mid-market borrowers struggling to access capital from regular institutional lenders, as per the statement.
