Indian equity markets are likely to open gap-up on Wednesday. Nifty futures were trading 50.5 points, or 0.31 per cent higher at 16,110.50 on the Singapore Exchange traded, signaling that Dalal Street was headed for a positive start. In the previous session, BSE Sensex ended 508.6 points, or 0.94 per cent down at 53,886.61, while the Nifty 50 ended 157.7 points, or 0.97 per cent, lower at 16,058.3. “Markets would react to the inflation data of India and the US in early trades. Besides, the earnings announcement from some of the IT majors would also be in focus. We recommend maintaining a focus on identifying stock-specific opportunities with a bias on the positive side,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 13 July, Wednesday
HCL Technologies: HCL Technologies on Tuesday reported a 2.4 per cent year-on-year increase in its net profit for the three months ended June 2022 at Rs 3,283 crore. The revenue came in at Rs 23,464 crore, which was nearly 17 per cent higher than the year-ago period. In its FY23 guidance, the company said revenue is expected to grow between 12-14 per cent in constant currency terms. The company declared an interim dividend of Rs 10 per share for FY23.
Delta Corp: The casino gaming company has reported profit of Rs 57.13 crore for quarter ended June against loss of Rs 28.93 crore in the same period last year. Revenue grew significantly to Rs 250.3 crore in the quarter under review, up from Rs 75.87 crore in the low base corresponding quarter of last fiscal which was impacted by the second Covid wave.
Axis Bank: The private lender said Reserve Bank of India (RBI) has approved the reappointment of Rakesh Makhija as the Non-Executive Chairman till October 2023. RBI vide its letter dated July 12, has approved the re-appointment of Makhija as the Non-Executive (Part Time) Chairman of the bank, with effect from July 18 up to October 26.
Adani Group: The Adani group has secured a letter of intent (LoI) from the department of communications (DoT) to provide telecom services in the Gujarat circle. After getting the formal licence, besides wireline broadband, Adani Data Networks — a 100% subsidiary of Adani Enterprises — can also provide wireless internet services. Analysts interpret the group’s move as the first step before a full-fledged entry into the telecom sector in future. The company has already stated that it is participating in the 5G spectrum auctions on July 26 to build a private network for its data usage.
Spicejet: SpiceJet’s Dubai-Madurai flight was delayed on Monday after the Boeing B737 Max aircraft’s nose wheel malfunctioned, Directorate General of Civil Aviation officials said. Monday’s incident is at least the ninth incident of technical malfunction in a SpiceJet aircraft in 24 days. On July 6, the DGCA issued a show-cause notice to SpiceJet following eight incidents of technical malfunction in its aircraft since June 19. The aviation regulator said the budget carrier had “failed” to establish safe, efficient and reliable air services.
Anand Rathi Wealth: The leading non-bank wealth solutions company reported 33.6 per cent jump in profit after tax at Rs 39.7 crore for three months ended June 2022. In comparison, the company had posted a Profit After Tax (PAT) of Rs 29.7 crore in the same quarter preceding fiscal.
NMDC: The country’s largest iron ore producer has slashed the prices of lump ore and fines by Rs 500 a tonne each. The prices were effective from Tuesday, the company which is also the largest seller of the mineral.
Q1 Results today: Mindtree, Tata Metaliks, Gujarat Hotels, International Travel House, Premier Polyfilm, Ramasigns Industries, and Jupiter Industries & Leasing will report quarterly earnings on July 13.