BackStocks to Watch: ITC, BoI, ICICI Prudential, ICICI Lombard, Adani Ent, Nalco
IndusInd Bank, Persistent Systems, Central Bank of India, Oracle Financial Services Software, CCL Products and PSP Projects will be among the stocks in focus as they declare their December quarter earnings today.
PremiumHere is the list of the top 10 stocks that will be in focus today:
ITC: Cigarette-to-hotel conglomerate ITC Limited on Tuesday announced plans to acquire D2C health food brand Yoga Bar, a health snack company based in Bengaluru. The FMCG major will acquire 100% of Sproutlife Foods Private Limited (SFPL) over a period of three to four years. The company will initially buy a 39.4% stake for ₹175 crore. Further infusion of ₹80 crore for a total 47.5% stake will be done by 31 March 2025; and the balance stake will be acquired, basis pre-defined valuation criteria, subject to other conditions agreed to in the binding documents.
Bank of India: Public sector lender Bank of India on Tuesday posted a rise by 20% sequentially (quarter-on-quarter) in net profit to ₹1,151 crore in the quarter ended December 31, 2022, (Q3FY23). The lender in a statement said it demonstrated significant improvement in various important parameters during the third quarter. The bank said its operating profit jumped to ₹3,652 crore, up by 74 per cent year-on-year (YoY) and by 8 per cent sequentially. The return on assets (RoA) stood at 55 bps.
ICICI Prudential: ICICI Prudential Life Insurance reports outstanding results for 9M-FY2023 as the business maintained a solid YoY growth of 23.2% in the Value of New Business (VNB). The VNB, which represents profitability, grew from ₹13.88 billion in the same period last year to ₹17.10 billion in 9M-FY2023. Strong growth at VNB has been fueled by the 4P strategy's effective implementation, which includes growth in the premium and protection business as well as advancements in persistency and productivity. The annualised premium equivalent (APE) for the Annuity and Protection business divisions grew by 56.0% and 22.7% YoY, respectively, during 9M-FY2023.
Adani Enterprises: Adani Enterprises on Tuesday signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland, India, and Ballard Power, Canada. “This collaboration marks Asia’s first planned hydrogen-powered mining truck. The demonstration project will be led by AEL, a company focused on both mining operations and developing green hydrogen projects for sourcing, transporting, and building out hydrogen refuelling infrastructure," the company said in a statement.
Tata Investments: Tata Investment Corporation Ltd on Tuesday reported a 12.55% decline in consolidated profit after tax at ₹34.74 crore for the third quarter ended December 31, 2022. The company had posted a consolidated profit after tax (PAT) of ₹39.73 crore in the same quarter last fiscal, Tata Investment Corporation Ltd said in a regulatory filing. Consolidated total income during the quarter under review stood at ₹37.69 crore as against ₹50.97 crore in the year-ago period.
ICICI Lombard: Leading general insurer ICICI Lombard on Tuesday reported an 11% growth in net income at ₹353 crore in the three months ended December boosted by capital gains of ₹152 crore and higher sales. The company's gross direct premium income for the quarter rose 16.9%, lower than the industry growth of 18.1%, at ₹5,493 crore. In the year-ago period, the same stood at ₹4,699 crore. Excluding the crop segment, the gross direct premium income growth was 17.1%, which is higher than the industry growth of 16.6%, the company said in a statement.
Eris Lifesciences/Glenmark: To deepen its presence in the anti-fungal and anti-psoriasis segments, Indian drugmaker Eris Lifesciences Ltd on 17 January said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for ₹3.4 billion. Through Eris' dermatology-focused unit, the deal is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal, Eris said.
National Aluminium Company: For the fiscal year 2022–2023, the National Aluminium Company Limited (NALCO), a Schedule ‘A' Navratna CPSE, has announced an interim dividend. NALCO informed stock exchanges that the Board of Directors in their meeting held on 17.01.2023 have approved payment of interim dividend at ₹1/- per share (20% on the face value of Rs.5/- each) on the paid-up equity share capital of ₹918.32 crores for the financial year 2022-23. The company has fixed Friday, the 27 January 2023 as the record date to ascertain the eligibility of shareholders who are entitled to the interim dividend.
Angel One: The brokerage company's consolidated net profit surged 38.62% YoY to ₹228.04 crore in Q3FY23 from ₹164.5 Cr posted in the year-ago quarter. The company reported a net income of ₹759.66 crore in Q3FY23 compared to ₹605.25 Cr posted in Q3FY22, representing a YoY growth of 25.51%. In the third quarter, the company's clientele climbed by 60.7% to ₹1.25 crore. Consolidated EBDAT grew 6.8%. The company said in a stock exchange filing that the board has declared 3rd interim dividend for the financial year 2022-23 at the rate of ₹9.60 per share on equity shares having a face value of Rs. 10 per share, as on the record date.
Sundram Fasteners: Auto components maker Sundram Fasteners Ltd on Tuesday said it has bagged a USD 250 million (nearly ₹2,045 crore) contract from a 'leading global automobile manufacturer' to supply sub-assemblies for the latter's electric vehicle (EV) platform. To support the new orders under a six-year-long purchase package involving the supply of input and stator shaft sub-assemblies and drive gear sub-assemblies the company plans to invest ₹200 crore, Sundram Fasteners Ltd (SFL) said in a statement.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
