Airtel Q3 Results, Maharashtra Accelerates EV Adoption, and Buzzing Stocks Today

Wed, 9 Feb Pre-Open

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On Tuesday, Indian share markets witnessed volatile trading activity and ended in green.

Benchmark indices swung between gains and losses and gyrated in a tight range. While FII selling kept indices under pressure, investors back home were seen bargain hunting after a 3-day fall.

At the closing bell on Tuesday, the BSE Sensex stood higher by 187 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 53 points (up 0.3%).

Tata Steel and Bajaj Finance were among the top gainers.

Power Grid and UltraTech Cement, on the other hand, were among the top losers.

Broader markets faced heat and ended with losses. The BSE MidCap index fell 0.5% while the BSE SmallCap index plunged 1.4%.

Sectoral indices ended on a mixed note with stocks in the metal sector and energy sector witnessing buying interest.

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

Shares of SIS and Gujarat Narmada hit their 52-week highs yesterday.

Gold prices for the latest contract on MCX were trading at Rs 48,270 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, in his latest video, Brijesh Bhatia discusses whether this is the beginning of the end for IT stocks.

Brijesh, who was bullish on IT stocks so far, explains how things are changing and the charts don't look so positive anymore.

Top Buzzing Stocks Today

Wockhardt share price will be among the top buzzing stocks today. The company has received the nod from the Drugs Controller General of India (DCGI) to export up to 100 m doses of Sputnik vaccines.

It received permission to export up to 80 m doses of Sputnik Light and up to 20 m doses of Sputnik V Component I vaccine.

Tata Elxsi share price will also be in focus today.

Tata Elxsi, Tube Investments and Deepak Nitrite are among a dozen stocks seen benefiting from the semi-annual rebalancing of FTSE India indices. According to a report, 15 companies are set to migrate from FTSE All-Cap index to FTSE All-World.

Market participants will also track shares of ACC, Berger Paints, Tata Power, TTK Healthcare and Bosch as these companies will announce their quarterly results later today.

Key Q3 Results

Auto ancillary firm Sansera Engineering's net profit more-than-halved to Rs 239 m in the December 2021 quarter.

This was due to its weak operational performance. The auto component company had posted profit of Rs 506 m in the year-ago quarter.

During the quarter, the company's total revenue declined 3% to Rs 4.9 bn while EBITDA margin contracted 520 bps at 15.6%, driven by a fall in gross profit and higher employee cost.

Bharti Airtel's consolidated net profit after exceptional items fell 2.8% year-on-year (YoY) to Rs 8.3 bn for the December quarter compared with Rs 8.5 bn in the corresponding quarter last year.

Total revenues for the quarter rose 12.6% YoY to Rs 298.7 bn from Rs 265.2 bn in the year-ago quarter.

The mobile average revenue per user (ARPU) increased to Rs 163 in the quarter compared with Rs 146 in the year-ago quarter.

TVS Motor Company registered highest-ever operating EBITDA of Rs 5.7 bn during December quarter.

The company also reported highest ever operating revenue of Rs 57.1 bn as against Rs 53.9 bn in the corresponding quarter of previous fiscal.

Profit after tax (PAT) grew 9% YoY to Rs 2.9 bn from Rs 2.7 bn reported in the previous year quarter.

Maharashtra Accelerates EV Adoption

In news from the electric vehicle (EV) space, in a big push towards green shift, Maharashtra will offer companies like Amazon.com Inc and Uber new incentives to electrify their delivery fleets ahead of a 2025 target for cleaner air.

Home to the financial hub of Mumbai, Maharashtra is an important market for e-commerce, ride-hailing and food delivery companies. Last year, it set a target for such companies to electrify 25% of their fleet by 2025.

Now it wants to bring the target forward by offering companies higher incentives for bulk purchase of EVs, state minister Aaditya Thackeray told in an interview.

Companies the state is likely to approach in the next month include Amazon, Uber, Walmart's Flipkart, Softbank Group-backed ridesharing firm Ola and food-delivery companies Zomato and Swiggy.

Amazon, Flipkart, Zomato and Swiggy have previously set out EV targets for 2025 and 2030, and Uber is working with EV companies to introduce electrification in its fleet.

Thackeray, who is spearheading Maharashtra's broader climate-change agenda, says he is aware of the challenges and has plans to make Maharashtra a leading EV manufacturer.

He added, to increase EV supply and demand, India needs to lower import taxes on cars to allow companies like Tesla Inc to test the market.

The state is already a major auto hub and home to domestic carmakers like Tata Motors that will invest in building more EVs, as well as global players like Mercedes Benz, which will assemble its luxury electric sedan there.

Note that Maharashtra offers some of the highest incentives of any Indian state to EV manufacturers and buyers in the form of lower taxes. It is also building a network of charging stations along highways and in state-owned parking lots in Mumbai.

Adani Wilmar Zooms Post Debut

Yesterday, FMCG company Adani Wilmar debuted with a minor loss at Rs 227, down 1.3% compared with its issue price of Rs 230 per share.

However, the stock bounced back and rallied to Rs 265.20 intraday.

It ended at Rs 265.20, up 15.30% over the IPO price, with a market capitalisation of Rs 344.7 bn.

The Rs 36 bn initial public offer (IPO) of Adani Wilmar had received a decent response with the issue subscribed 17.37 times.

Adani Wilmar is the seventh listed company of the Adani Group.

The company is a joint venture between the Adani group and Wilmar group, and is India's leading manufacturer of edible oil under the Fortune brand. Besides oil, the company offers products like wheat flour, rice, pulses, sugar and packaged food.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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