Stock Market Essentials For January 13
Photo : BCCL
Global Cues on January 13, 2023:
US Dec. Monthly Budget Statement
US University of Michigan consumer sentiment
UK GDP
UK Industrial Production
China Trade Balance
BlackRock
Citigroup
Wells Fargo
Bank of America
India Inc. Earnings:
Nifty: Wipro
Others: Choice International Ltd, Ganesh Housing Corporation Ltd, Just Dial Ltd, L&T Finance Holdings Ltd, Rajnish Wellness Ltd, Raghav Productivity Enhancers Ltd
Corporate Action:
Bharti Airtel: Listing of 83.5 lakh new shares pursuant to conversion of Foreign Currency Convertible Bonds (FCCBs)
Heritage Foods: Board meet to consider and approve the final letter of offer for the proposed rights issue of the company
Last day to buy TCS to be eligible for dividend
Last day to buy Aarti Surfactants to be eligible for right issue of equity shares
Shriram Finance
Apax Partners to sell Shriram Finance stake via its arm
Floor price of `1300/sh at a discount of 1% to CMP
Offer size is 5.30% to equity with green shoe
Total offer size at $316 mn with green shoe, base size at $150 mn
Deal size including green shoes likely at $275-300 mn
IIFL and others likely to be book runners of the deal
Other Events:
PM Modi to flag off ‘world’s longest river cruise’ on January 13: Agencies
PM Modi to inaugurate Kashi tent city virtually: Hindustan Times
Japan, US arranging summit meeting in Washington on January 13: Agencies
Oil & Gas Updates
Brent Crude at $84/bbl Vs $82.7/bbl
Singapore GRM at $9.1/bbl Vs $9.6/bbl
Asia Spot Gas prices at $26.8/mmBtu Vs $26.9/mmBtu
FII/DII Data:
FIIs net sold Rs 1662.63 cr worth shares on Jan 12 (prov)
DIIs net bought Rs 2127.65 cr worth shares on Jan 12
FII F&O Cash Data:
Index futures net sell Rs 556 cr
Index options net buy Rs 11889 cr
Stock futures net sell Rs 1416 cr
Stock options net sell Rs 75 cr
Total FII net buy Rs 9842 cr in F&O
F&O Ban:
GNFC & Indiabulls Hsg fin
Bulk/Block Deal
Paytm
ALIBABA sold 1.92 cr shares @ 536.95
GHISALLO MASTER bought 49.8 lakh shares @ 534.80
MORGAN STANLEY ASIA bought 54.95 lakh shares @ 534.80
RESULTS
INFOSYS
OVERALL-GOOD (REVENUE, PAT-BEAT; MARGINS-SLIGHT MISS)
Q3 FY23 Consol QoQ
$Revenue at 4659 mn vs 4555mn (Est $4600mn), up 2.2%
Re Revenue at 38318 cr vs 36538 cr (Est Rs 37965cr), Up 4.9%
CC Growth at 2.4% vs 4% (Est 1.2%)
EBIT Margin at 21.5% vs 21.5% (Est 21.9%)
PAT at Rs 6586cr vs 6021 cr (Est Rs 6550cr), Up 9.4%
EBIT at Rs 8242 cr vs Rs 7873cr (Est Rs 8314cr), Up 4.7%
+
FY23 Guidance
FY23 revenue guidance revised to 16.0%-16.5%. (Earlier 15-16%)
FY23 operating margin guidance retained at 21%-22%
+
Voluntary Attrition at 24.3% vs 27.1% QoQ
+
Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion
+
Appointment of Mr Govind Iyer as Independent Director of the company w.e.f. January 12, 2023.
HCL TECH (GOOD SET- BEAT ON ALL FRONTS)
Cons rev 26700 cr vs 24686 cr; up 8.2% QoQ
EBIT 5228 cr vs 4427 cr; up 18.1% QoQ
EBIT Margin at 19.6% vs 17.9% up 165 bps QoQ
Constant Currency Revenue up 5.0% QoQ (vs 3.2% expected)
PAT at vs 4096 exp 3680 cr; up 17.4%
Declared Interim Dividend of 10 per equity share.
Record date for the purpose of Dividend is 20-Jan-2023.
+
Attrition at 21.7% vs 23.8%
TCV at $2.3 bn
+
FY Guidance narrowed (Might imply slower growth in Q4)
FY23 CC rev growth seen at 13.5% – 14.0% YoY vs 13.5-14.5% earlier
EBIT margin guidance narrowed to 18.0% – 18.5% vs 18-19% earlier
Q3FY23 vs Q3FY22:
Rev `138cr vs `106cr up 30% YoY
PAT `43cr vs `32cr, up 34% YoY
AUM `35,517cr vs `32,171cr up 20% YoY
+
Other Internals
Private Wealth (YoY basis)
Total Revenue increased by 33% to Rs 397 Cr
PAT grew by 37% to Rs 125 Cr
Net flows grew by 94% to Rs 3,715 Cr
AUM increased by 20% to Rs 37,500Cr
Share of Equity Mutual Funds in AUM increased to 48% (PY 45%)
Trail Revenue grew by 27%
No of Active client families increased by 19% to over 8,200
CYIENT (Results came during market hours but Guidance post 3:30)
Guidance:
Q4 organic revenue in constant currency will be higher than Q3
Q4 normalized EPS will be in the range of ₹15-16 vs earlier guidance of INR 14 – 15
Will add 14-15% in FY23 revenue due to acquisitions in constant currency
Expect FY23 normalized EBIT margins for the organic business to be in the range of 13-14%
FY24 EPS will be ‘at least’ ₹60 vs ‘around’ ₹60 earlier
GTPL Hathway
Cons Rev 685 Cr vs 599 cr YoY; up 14.3%
Cons EBITDA 112 cr vs 133 cr YoY; down 16%
Cons Margins 16.3% vs 22.3% YoY; down 600 bps
Cons PAT 39.8 cr vs 58.6 cr YoY; down 32%
Den Networks
Cons YoY
Rev 277 cr vs 294 cr; cown 6% YoY
EBITDA 37 cr vs 50 cr; down 26% YoY
Margins 14% vs 17%; down 300 bps YoY
PAT 49 cr vs 44 cr; up 12% YoY
CORPORATE ANNOUNCEMENT
PVR INOX
Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, has allowed the Proposed Scheme of amalgamation between PVR & INOX
Shyam Metaliks
12 lakh TPA capacity commissioned and ready for commerical production at Co’s Odisha Plant (Pellet Plant)
This expansion at Sambalpur was slated to be completed by September 2023, has come through Eight (8) months ahead of schedule.
This has resulted 40% additional capacity in the plant for producing Pellets.
+
In its growth plans, the company had envisaged a capex of Rs. 360 Crores
to increase the capacity of iron pellet production from 3.6 MTPA to 6 MTPA.
The CTO will boost the existing capacity at Sambalpur plant by 1.2 MT,
bringing the total capacity at Sambalpur to 3 MTPA and overall Pellet Capacity for the Company at 4.8 MTPA.
ITI Limited
ITI Limited bags Rs. 25 Crores worth Laptop Orders from Kerala Infrastructure and Technology for Education (KITE)
ASIAN PAINTS
FORMS UNIT ASIAN PAINTS POLYMERS
INCORPORATES Rs 100cr UNIT FOR VAE, VAM INDIA PLANT
Rail Vikas Nigam
Wins orders for Provision of Automatic Block Signaling in Chennai; project cost at 389.74m rupees
VGuard
Completed the acquisition of 100% shareholding of Sunflame Enterprises Private Limited today
for an aggregate consideration of 680.33 crores
Sunflame Enterprises Private Limited has become a Wholly Owned Subsidiary of the Company with effect from January 12, 2023.
Linde India
Linde Commences Construction of its New Air Separation Plant at Ludhiana, Punjab
This will be Linde’s second plant in northern region of India, the other one being at Selaqui, Uttarakhand
This 250 TPD new ASU is expected to start up towards the end of 2023
Rama Steel
“RAMA STEET TUBES LTD. SIGNED ‘MOU’ WITH GOVERNMENT OF UTTAR PRADESH
TO SET UP A STEET PROCESSING UNIT
INCLUDING MS PIPES, STP POLES, GI PIPES, CR COILS, GP COILS, COTOUR COATED COILS
PROPOSED INVESTMENT : Rs.600 Cr
PTC India (News Item Clarification)
PTC is not aware of any such developments of stake sale by the promotor companies.
Alert:
News item: Gautam Adani races for PTC India stake.
LTTS
L&T Technology Services agrees to acquire Smart World & Communication business of L&T
Acquisition is a continuation of LTTS’ 6 Big Bets strategy in 5G, Sustainability and Digital Products & AI
+
Consideration + Funding
Transaction consideration of Rs 800 Cr
LTTS to fund transaction using internal cash reserves
Closing is expected to be achieved within 3 months
+
Objective
Acquisition will enhance LTTS’ end-to-end offerings playbook across Next-Gen Communications, Sustainable Spaces & Cybersecurity
Jyoti Structures
Board Enabled resolution for raising funds upto Rs. 200 crores
through issue of Equity shares or any other equity linked instruments or securities,
including convertible preference shares / convertible debentures or by way of Rights Issue or by way of a Private Placement or by way of Preferential Issue
Websol Energy System Limited (392 cr MCAP)
Proposal to raise resources by way of fresh issue of Equity Shares /Convertible Debentures/Equity Share Warrants etc. or any combination thereof
to Promoters, Domestic Investors, Institutional Buyers, FIIs, NRIs & Corporate Bodies etc. on Preferential Allotment basis
IFGL Refractories Limited (991 cr MCAP)
Co has informed the Exchange that Securities Appellate Tribunal by passing an Order on 6th January, 2023
has quashed, on payment of cost of Rs 50,000/- , Adjudication Order dated 18th October, 2022
whereby penalty of Rs. 5 lakhs was levied on the Company. ”
FROM AGENCIES
SEBI Allows Bourses to Launch Multiple Contracts on a Commodity
India’s December Consumer Prices Rise 5.72% Y/y; Est. 5.9%
Industrial production rose 7.1% y/y (estimate +2.8%) in November; Estimates range +0.1% to +5.1%, 28 economists
Navi Mumbai Airport to Be Operational by Original Target 2024
India Considers Long-Term Crude Oil Purchases from Guyana
India SEBI Allows AIFs to Participate in Credit Default Swaps
India plans to seek bids for 8 gigawatt of wind power generation capacity each year through 2030
INSIDER TRADE
ANALYST MEETS
On 25th January, 2023 at 05:30 P.M. to discuss the financial performance of the Company
Aether Industries
Earnings Conference Call is scheduled on Friday, January 20, 2023 from 14.30 Hrs
Aegis Logistics
Company will be interacting with Analysts / Investors in person on 13th January, 2023.
Satia Industries
On 13 Jan with Kotak & Motilal
Central Bank of India
Bank”s Conference Call with the Analysts on 18th January, 2023
LTTS
Business Update Call on January 12, 2023, for investors/analysts
Federal Bank
On Monday, January 16,2023 at 04.30 PM IST.
HUL
On 19 Jan- Results
5PAISA
On Thursday, January 12, 2023
S Chand And Company Limited
Co has informed the Exchange about one on one video call held today with ””Aequitas Investments””
Bank of Maharashtra
Analysts / Investors on Monday, 16th January, 2023 at 04.00 pm (IST).
