15 Nov , 2022 By : Monika Singh
Indian benchmark indices BSE Sensex, NSE Nifty 50 are likely to see a muted start on Tuesday amid mixed global cues. Ahead of the session, SGX Nifty was marginally up in green with Nifty futures trading 54 pts or 0.29% higher on the Singapore Exchange. “Though we’re just inches away from the record high, the absence of momentum is keeping the participants, especially traders, on their toes. Besides, the lack of broader participation is further adding to their worries. Amid all, we reiterate our view to focus on identifying the top performers from across sectors and utilise intermediate pauses & dips to add them gradually,”
Adani group, NDTV: The Securities and Exchange Board of India (Sebi) on Monday approved the Adani Group’s open offer for 26% shares of New Delhi Television (NDTV). The market regulator has allowed Adani to buy more equity from the media firm’s minority shareholders. The Gautam Adani-led conglomerate has revised the offer’s rollout date. Now, it will open on November 22 and close on December 5.
L&T Infotech, Mindtree: L&T Infotech and Mindtree have received merger approval and will begin operating as a merged entity on 14 November, becoming the country’s fifth-largest IT provider by market capitalisation and sixth-largest by revenue. LTIMindtree, the combined entity, will benefit from scale. Mindtree will be delisted from stock exchanges and LTI will be rebranded as LTIMindtree effective 24 November, said Vinit Teredesai, the combined entity’s Chief Financial Officer. Mindtree shareholders will be issued LTI shares at a ratio of 73 LTI shares for every 100 Mindtree shares.
Zomato: Rahul Ganjoo, head of new initiatives at Zomato, has resigned from his post according to the company’s regulatory filings after a five-year stint. “We wish to inform you that Mr. Rahul Ganjoo, Head of New Initiatives at the Company has tendered his resignation today,” the company shared. Ganjoo’s resignation comes a week after another senior executive, Siddharth Jhawar, announced his exit from the company on the professional networking app, LinkedIn.
LIC: Life Insurance Corporation (LIC) reported a net profit of Rs 15,952 crore for the September quarter of the financial year 2022-23, a multifold increase from Rs 1,433 crore in the year-ago period. LIC’s assets under management (AUM) increased to Rs 42.93 lakh crore as on September 30, 2022, from Rs 39.50 lakh crore in the year-ago quarter. The insurer is slowly increasing its market share in non-participating products, too.
NBCC India: The PSU reported a massive 34% on-year increase in consolidated profit at Rs 95.5 crore for quarter ended September 2022 led by healthy operating performance. Revenue from operations for the quarter grew by 8% to Rs 2,029.7 crore and EBITDA surged 74% to Rs 88.4 crore compared to same period last year. The company secured total business of Rs 332 crore in October.
Greaves Cotton: The company recorded consolidated profit at Rs 28.9 crore for quarter ended September FY23 against loss of Rs 23.3 crore in same period last year, supported by healthy top line and operating profit. Revenue for the quarter grew by 87% to Rs 698.8 crore compared to year-ago period with electric mobility business recording highest ever quarterly revenues at Rs 318 crore. EBITDA for the quarter stood at Rs 42.86 crore against EBITDA loss of Rs 10.2 crore in corresponding period last fiscal.
Apollo Tyres: The tyre maker reported 12% on-year growth in consolidated profit at Rs 194.5 crore for the quarter ended September FY23, supported by top line. Revenue from operations grew by 17% on-year to Rs 5,956 crore and EBITDA rose 11.6% to Rs 712 crore, though margin contracted 60 bps due to higher input cost.
Q2 Results today: Rajesh Exports, Advance Syntex, Bhanderi Infracon, Constronics Infra, Hanman Fit, MRC Agrotech, NINtec Systems, Riddhi Steel and Tube, Shahlon Silk Industries, and SSPN Finance will report their September FY23 quarter earnings on 15 November.