HFCL's Partnership for AI-Enabled Solutions, AU Small Finance Bank's Quarterly Update, and Buzzing Stocks Today

Thu, 6 Jan Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices ended higher for the fourth consecutive session led by auto, bank, metal, realty and oil & gas stocks.

The Sensex reclaimed the crucial 60,000-mark as investors expected Covid-related restrictions to ease sooner-than-expected given the less severity of the Omicron variant.

At the closing bell yesterday, the BSE Sensex stood higher by 367 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 120 points (up 0.7%).

Bajaj Finserv and Bajaj Finance were among the top gainers.

Tech Mahindra and Infosys, on the other hand, were among the top losers.

The BSE Mid Cap index ended up by 0.4%, while the BSE Small Cap index ended down by 0.1%.

Sectoral indices ended on a mixed note with stocks in the banking sector, finance sector and metal sector witnessing most of the buying interest.

IT stocks, on the other hand, witnessed selling pressure.

Shares of Gujarat Fluorochemicals and Tata Communications hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 47,960 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about the two sectors for 2022.

Last year, Brijesh had said his top sectoral pick for 2021 was metals. This sector beat the Nifty handsomely. At one point, it was up 90% in 2021.

So, what about 2022? Which sector will outperform? Brijesh answers this question in the below video.

Top Stocks in Focus Today

Among the buzzing stocks today will be Nelco.

Nelco advanced 5% to Rs 751 after the company bagged a contract for a turnkey project from Oil and Natural Gas Corporation (ONGC) worth more than Rs 400 m.

The scope of the project entails supply, commission, and maintenance of ONGC's captive very small aperture terminal (VSAT) based network. This network will be used to enhance the communication infrastructure of ONGC's Western India offshore sites.

Nelco will revamp the existing Ku band captive network of ONGC as per their requirement, which will enable voice, and data communication between ONGC's offshore installations, and onshore locations.

The scope of the project includes upgradation of existing Ku band satellite communication infrastructure, as well as upgrading the RF and antenna systems and other necessary electronic systems at all locations. This system will enable connectivity for offshore platforms, drilling rigs, specialized vessels and onshore locations.

P J Nath, MD & CEO of Nelco, said,

• Nelco's vast experience in building and running operations and maintenance of large communication networks will help us in successfully delivering this project.
  
  We will be leveraging best-in-class technologies to fully meet the world class communication needs of ONGC, which is critical to their operations.

Vedanta share price will also be in focus today.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday set aside the approval given by NCLT Mumbai to the resolution plan submitted by Vedanta's Twinstar Technologies for Videocon Industries

The NCLAT has also remitted the matter to the committee of creditors (CoC) for completion of the process pertaining to CIRP in accordance with the law.

A two-member bench of Jarat Kumar Jain and Ashok Kumar Mishra said the provisions of the Insolvency and Bankruptcy Code (IBC) have not been complied with during the corporate insolvency resolution process of Videocon Group.

'In view of the analysis of facts and law, we have come to the conclusion that section ... of the code (IBC) has not been complied with. Hence the approval of the resolution plan is not in accordance with section 31 of the code. Accordingly, the approval of the resolution of the plan by CoC as well as the designated authority (NCLT) is set aside. The matter is remitted back to CoC', the appellate tribunal said while disposing of all the interim applications.

Bankruptcy court NCLT had in June last year allowed billionaire Anil Agarwal's Twin Star Technologies to take over Videocon Industries for about Rs 30 bn.

HFCL Partners with Aprecomm to Power its Network Offerings with AI

HFCL has announced powering its network offerings with artificial intelligence (Al) based Analytics, partnering with Aprecomm, the leading AI-powered Wi-Fi analytics technology provider.

Having successfully deployed and tested the Al based solution in its PM-WAN I deployments, the company now plans to integrate these analytics capabilities for a wider range of its products and solutions.

Henceforth, HFCL's entire 10 product portfolio will have seamlessly integrated Al-powered network analytics, enhancing the experience for network service providers as well as the end users.

With enhanced Al powered analytics, HFCL's wireless solutions ensure a consistent and optimal wireless network performance by monitoring customer experience on a real time basis and automatically calibrate the Wi-Fi network parameters through its cloud management platform cNMS. The automatic network optimization in real time is achieved using Aprecomm's VWE Al engine duly integrated in all HFCL 10 Wi-Fi products.

AU Small Finance Bank Reports Strong Provisional Numbers

Shares of AU Small Finance Bank jumped 10% on Wednesday, hitting the upper circuit at Rs 1,204.1 on the BSE after the lender reported good provisional figures while the management gave a positive commentary which also supported the stock's momentum.

The stock has been gaining for the last three days and has risen nearly 16% during the period.

The bank's total deposits grew 13% quarter on quarter (QoQ) and 49% year on year (YoY) to Rs 442.8 bn as of 31 December 2021.

As of 31 December 2021, gross advances of AU Small Finance Bank witnessed a 12% growth sequentially and a 33% rise on-year to Rs 407.2 bn.

The management said in an exchange filing that quarter of the fiscal 2022 was a near-normal quarter for the bank with strong growth seen in advances, disbursements and deposits across all businesses and customer segments supported by a good festive season.

Customer cashflows continue to improve supporting recovery trends and asset quality in December 2022 quarter.

During the quarter, the bank's digital properties like AU 0101, Video Banking, Credit cards, UPI QR etc. continued to witness strong momentum, the management added.

In the filing, the bank's management said,

• The government banking group got one large savings account mandate which has further strengthened our momentum in building a strong current account and savings account (CASA) base, excluding this, CASA ratio would have been 36% as on 31 December 2021.

The bank added that there was no Covid-related restructuring during the quarter.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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