Stocks to Watch: Adani Group, ONGC, Biocon, Kotak Bank, Grasim, Paytm

Stocks to Watch: Adani Group, ONGC, Biocon, Kotak Bank, Grasim, Paytm


Here are the top 10 stocks that could be in focus in today’s trade:

Adani Group: Adani Group chairman Gautam Adani has referred to the current sell-off in Adani stocks as temporary, emphasizing that the conglomerate’s flagship will now “moderate leverage” even as it pursues growth. Adani Group companies have lost a whopping 10.4 trillion in shareholder wealth in two weeks. The group has a net debt of 1.96 trillion as of September 2022. Adani Enterprises on Tuesday reported a net profit of 820.6 crore in the quarter ended December against 11.63 crore loss from a year ago. Revenue grew 42% to 26,950.83 crore.

ONGC: Leading oil and gas producer, ONGC earned a standalone net profit of 11,044.73 crore in the third quarter of FY23, rising by around 26% from a profit of 8,763.72 crore a year ago same period. The government-owned firm recorded a decline in the production of crude oil and gas. On Tuesday, the company declared a second interim dividend of 4 per equity share for FY23. However, ONGC’s PAT dropped by 13.88% as against the profit of 12,825.99 crore seen in the September 2022 quarter.

Vodafone Idea: Debt-ridden telecom operator Vodafone Idea on Tuesday reported a widening of its consolidated loss to 7,990 crore for the third quarter ended December 31, 2022. The company had registered a loss of 7,234.1 crore in the same period a year ago. The consolidated revenue from operations of Vodafone Idea (VIL), however, increased by 9.29 per cent to 10,620.6 crore from 9,717.3 crore in the December 2021 quarter.

Biocon: The firm announced its third-quarter earnings. The company’s net revenue from operations for the quarter increased by 36% YoY to 3,020 Cr from 2,223 Cr in Q3FY22. The company’s EBITDA reached 723 Cr in Q3FY23 compared to 537 Cr in Q3FY22, representing a growth of 35% whereas the EBITDA margin remains flat at 24%. The company’s net R&D investments reached 337 Cr in Q3FY23 against 138 Cr, representing a YoY growth of 144%. The company’s net R&D investments reached 337 Cr in Q3FY23 against 138 Cr.

One97 Communications: Digital financial services firm One97 Communications, which operates under the Paytm brand, on Tuesday said it has completed the buyback of shares worth 849.83 crore at an average price of 545.93 per share. The company bought back shares in the price range of 702.65 to 480.25 apiece, according to a regulatory filing. The Paytm board had approved the buyback of shares worth 850 crore on December 13, representing 6.67 per cent of the total paid-up share capital between December 21, 2022, to February 13.

Grasim Industries: Aditya Birla Group firm Grasim Industries Ltd on Tuesday reported an increase of 67.75 per cent in its consolidated net profit at 4,454.59 crore in the third quarter ended December 2022, driven by a strong performance of its subsidiaries. The company had posted a net profit of 2,655.45 crore during the October- December quarter of the previous fiscal, Grasim Industries said in a regulatory filing. Its revenue from operations was up 17.35 per cent at 28,637.86 crore during the quarter under review as against 24,402.24 crore in the corresponding period of the previous fiscal.

Apollo Hospitals: Indian healthcare group Apollo Hospitals Enterprise Ltd reported a 33% drop in the third-quarter profit on Tuesday, hurt by weakness in its digital business. Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees, a year earlier, as total expenses surged about 22% to 40.12 billion rupees. The Chennai-based company recorded a loss of 215.4 million rupees related to its joint ventures.

Kotak Bank: A Kotak Mahindra Bank arm on Tuesday announced that it has raised USD 590 million (about 4,885 crore) for investments in the data centres in the country. Kotak Investment Advisors (KIA) said it plans to raise USD 800 million under the Kotak Data Centre Fund and this is the first close for the same, as per a statement. The statement said the fund is the first such dedicated platform to invest in data centres in the country and added that it will be domiciled in GIFT City in Gujarat where entities receive a slew of benefits.

Bata India: Footwear manufacturer, Bata India posted a 14.86% growth in net profit to 83.11 crore in December 2022 quarter compared to 72.36 crore in the same period a year ago. The company garnered an operating profit of 102.1 crore, rising by 22% year-on-year. Bata said that it is stepping ahead positively driven through portfolio premiumization and expansion. Meanwhile, revenue from operations came in at 900.2 crore, a growth of 7% over the December 2021 quarter.

Zee Entertainment: The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned the hearing on the petitions against the merger of Zee Entertainment Enterprises Ltd with Culver Max Entertainment (earlier Sony Pictures Networks India) to 9 March. The petitions were filed by Zee’s lenders and creditors IndusInd Bank, Axis Finance Ltd, IDBI Bank and the Indian Performing Right Society (IPRS). Counsels for Zee said the petitioners were trying to delay the completion of the merger.

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