Adani Enterprises, Ultratech Cement, ICICI Lombard, IndusInd Bank, L&T Tech, HDFC AMC stocks in focus

Adani Enterprises, Ultratech Cement, ICICI Lombard, IndusInd Bank, L&T Tech, HDFC AMC stocks in focus

Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open on a muted note, hinted SGX Nifty on Wednesday. Nifty futures were trading 1.50 pts or 0.01% up at 17496 on the Singapore Exchange, signalling that Dalal Street is headed for a flat start amid positive global cues. “We expect positive momentum in domestic markets to continue, as they have formed a strong base and even global markets have turned supportive. Upcoming festive season and good earning results so far have further added sparkle in the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.Stocks in focus on 19 October, Wednesday

L&T Technology Services: The company recorded a 23 per cent on-year growth in consolidated profit at Rs 283.2 crore for the quarter ended September FY23, supported by strong topline growth. Revenue increased 24 per cent on-year to Rs 1,995 crore in Q2FY23, with deal wins at $60 million plus. Revenue in dollar terms increased by 13.6 per cent on-year to $247.1 million and revenue growth in constant currency was 18 per cent on-year.

Adani Enterprises: Adani Enterprises’ arm Adani Defence Systems & Technologies Ltd (ADSTL) has signed a definitive agreement to acquire Air Works for an enterprise value of Rs 400 crore. “From the first P-8I aircraft Phase 32 checks to Phase 48 checks and MRO on the landing gear of the Indian Air Force’s 737 VVIP aircraft, Air Works undertakes base maintenance for ATR 42/72, A320 and B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur and Kochi,” ADSTL said.

Suzlon Energy: The company has secured an order to develop 48.3 MW wind power project from Adani Green Energy. Suzlon Energy will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.

ICICI Lombard General Insurance: The company reported a 32 per cent on-year growth in profit after tax at Rs 590.5 crore for Q2FY23. Net premium earned jumped 18 per cent to Rs 3,836.55 crore, compared to the corresponding period last fiscal. The company has declared an interim dividend of Rs 4.50 per share for the financial year ended March 2023.

Harsha Engineers International: The company has issued Letter of Intent (LOI) to Clean Max Enviro Energy Solutions for setting up of hybrid power project with a configuration of wind turbine generator of 2.7 MW along with solar power plant at Pipaliya, in Gujarat.

Ambuja Cements: The company on Tuesday said it has issued 47.74 crore warrants to Adani family firm Harmonia Trade and Investment and raised Rs 5,000 crore. Ambuja Cement, now a part of Adani Cement, has issued 47.74 crore warrants at a price band of Rs 418.87, said a regulatory filing by the company. As per the terms and conditions, the Adani group family has contributed Rs 5,000.15 crore, which is “25 per cent of the Limited issued price”, it added.

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Q2 results today: IndusInd Bank, UltraTech Cement, HDFC Asset Management Company, Nestle India, 5paisa Capital, AU Small Finance Bank, CG Power and Industrial Solutions, Havells India, Home First Finance Company India, Inox Leisure, Metro Brands, Max Financial Services, Nippon Life India Asset Management, Navin Fluorine International, Persistent Systems, Shoppers Stop, and Syngene International stocks will be in focus ahead of their September FY23 quarter earnings.