SGX Nifty Up 30 Points | Metro Brands Interim Dividend | Bharti Airtel Expands 5G Services | Top Buzzing Stocks Today

Wed, 18 Jan Pre-Open

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On Tuesday, Indian share markets ended on a firm note.

Despite a tepid global mood, domestic markets edged higher after wholesale inflation dropped to a 2-year low of 4.9% in December and oil refiners rose in trade after the government slashed windfall tax on crude and aviation fuel.

At the closing bell on Tuesday, the BSE Sensex stood higher 563 points (up 0.9%).

Meanwhile, the NSE Nifty edged higher by 158 points (down 0.9%).

L&T, HUL, and HDFC were among the top gainers.

SBI, Bajaj Finserv, and Wipro, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE Midcap and BSE SmallCap index ended 0.1% lower.

Sectoral indices ended on mixed note with stocks in the healthcare sector and consumer durables sector witnessing heavy selling pressure.

While stocks in energy sector, power sector, and realty sector witnessed buying.

Shares of  L&T, IDFC, and Jindal Stainless hit their 52-week high on Tuesday.

The rupee was trading at 81.78 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.2% at Rs 56,372 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the SGX Nifty was trading up by 30 points or 0.2% higher at 18,110 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, Yazad Pavri talks about a corporate business group set to grow by leaps and bounds, in his latest video.

This business group seems to be in a much better position than ever before and is now at an inflection point. In a way, one could compare it to where the Tata group was in 2017 when Chandrasekaran took over the reins to head the conglomerate.

Tune in to the below video to know more.

Top Buzzing Stocks Today

Glenmark Pharma will be among the top buzzing stocks today.

Glenmark Pharmaceuticals on Tuesday launched the generic version of Novartis heart failure drug.

The company's sacubitril + valsartan tablets for the treatment of heart failure will be marketed under the brand name Sacu V.

Bank of India will also be in focus today.

The state lender reported just a 12% rise in net profit for the December quarter to Rs 11.5 bn from a year ago.

Net interest income, or the income a bank earns by giving loans, jumped 64% YoY to Rs 55.9 bn. Other income dropped nearly 22% YoY to Rs 14.3 bn from Rs 18.3 bn.

Metro Brands Q3 result

The footwear retailer Metro Brand recorded a 24% YoY rise in consolidated revenue to Rs 5.9 bn.

The net profit came in 10.8% higher to Rs 1.1 bn, but the profit margin contracted by more than 2% to 18.9%.

At the operating level, consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) increased 21.3% YoY to Rs 2.1 bn in the October-December 2022 quarter, but the margin fell by 0.6% YoY to 34.3% for the quarter.

The company, for December 2022 quarter, opened 48 stores, the highest-ever store openings in a quarter till date.

As of December 2022, the company operated 720 stores across 164 cities spread across 30 states and Union Territories in India.

For the nine months ended December 2022, Metro Brands registered a 105% growth in profit at Rs 2.9 bn and a 68% increase in revenue from operations at Rs 15.8 bn compared to the corresponding period last year.

The company has also announced an interim dividend of Rs 2.5 per share for the current financial year.

It is one of the largest Indian footwear specialty retailers.

Sugar exports rise

According to data published by Indian Sugar Mills Association (ISMA), Sugar mills have entered into contracts to export 5.5 million tonnes of the sweetener in the current marketing year ending September 2023. Out of that, 1.8 m tonnes have been shipped already.

The government has allowed sugar mills to export 6 million tonnes of sugar till May in the 2022-23 marketing year (October-September).

In the previous marketing year, the mills had exported around 11.2 m tonnes, an all-time high.

Till 15 January 2023, the sugar production in India is 15.7 m tonne as against 15.1 m tonne in the corresponding period of the previous year.

Ashoka Buildcon receives a provisional certificate for NHAI 

Ashoka Kandi Ramsanpalle Road, the special purpose vehicle (SPV) of Ashoka Buildcon, has received a provisional certificate for completion of 37.92 KMs out of the total project highway length of 39.980 KMs in Telangana.

Also, the company informed the declaration of 19 November 2022 as the commercial operation date for the said HAM project of NHAI under Bharatmala Pariyojna on hybrid annuity mode.

After the declaration of the commercial operation date, the SPV is eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of the commercial operation date.

The company is engaged in the business of construction of infrastructure facilities on engineering procurement and construction basis (EPC) and built operate and transfer (BOT) basis and sale of ready-mix concrete.

Network 18 Media Q3 results

Network18 Media & Investments reported a 12% YoY, rise in revenue for December 2022 quarter to Rs 18.5 bn, driven by its entertainment segment.

The rise was seen despite a challenging macro environment that dampened advertising demand, in contrast to the strong festival season demand seen a year ago.

Not only the TV impressions were down 5% from a year ago, but the digital segment also faced headwinds as brands pulled back on performance marketing spending.

The company reported a consolidated net loss of Rs 76.8 m compared to a net profit of Rs 97.1 m in the corresponding period of the last fiscal year.

The expense climbed 45% to Rs 19.4 bn as it ramped up its spending on news shows, movies, and sports programs.

Network18 is one of India's most diversified media and entertainment conglomerates. It has interests across television, print, Internet, digital content, filmed entertainment, e-commerce mobile content magazines and allied businesses.

Airtel 5G plus now live in 3 more cities

Bharti Airtel on Tuesday announced the launch of its cutting-edge 5G services in Jaipur, Udaipur and Kota and also deployed the ultrafast 5G services at the Jaipur Literature Festival (JLF) venue.

Airtel 5G Plus services will be available to customers in a phased manner as the company continues to construct its network and complete the rollout.

Customers with 5G-enabled devices will enjoy a high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

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

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