Indian equity markets are likely to extend losses on Tuesday as trends on SGX Nifty indicated a negative start for the broader index in India, with a loss of 107.50 points or 0.66%. In the previous session, benchmark indices snapped three-day gaining streak and ended flat with a negative bias. BSE Sensex fell 87 points or 0.16% down at 54,395, while NSE Nifty 50 settled at 16216, down 4 points. “Amid the mixed global sentiment, the focus should be on the upcoming macroeconomic data and earnings for cues. We reiterate our positive view and expect Nifty to test 16,500 soon. Participants should align their positions accordingly and continue with the “buy on dips” approach till the Nifty holds 15,900 levels,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 12 July, Tuesday
HCL Technologies: HCL Technologies is scheduled to declare its results on July 12 for the quarter ended June 2022. Ranked among the top four IT companies in the country, experts expect HCL Tech to report a soft revenue growth during the quarter because of seasonal weakness and moderation in demand. The prevailing cross-currency headwinds are also likely to play spoilsport in the dollar revenue growth for the company. The Noida-based firm posted a net profit of Rs 3,593 crore for the March quarter, up 24% from a year earlier. Revenue for the March quarter rose 15%.
Paytm: One97 Communications, which owns and operates fintech platform Paytm, has posted a 779% increase in loan disbursements for the quarter ended June 30 to Rs 5,554 crore. On a sequential basis, its lending operations grew 56%, the company said in an exchange filing. Paytm has disbursed 8.5 million loans during the quarter, an improvement of nearly 500% on year. The Vijay Shekhar Sharma-led company’s credit portfolio annualised run rate improved to Rs 24,000 crore.
Star Health: To increase health insurance penetration in rural India, Star Health and Allied Insurance Co. and Common Services Centers (CSC), under Ministry of Electronics & Information Technology, have partnered to provide over 5 lakh CSCs access to a select range of Star Health insurance products, specially designed to meet the needs of rural customers, across tier-II, tier-III cities and rural markets pan India. The CSCs will provide a host of special features to the rural customers, including a large bouquet of eservices though a single delivery platform, localized help-desk support, and sustainability of VLEs through a maximum commission sharing model of operation.
Eureka Forbes: Private equity firm Advent International announced that it will be partnering with Pratik Pota to lead its portfolio company, Eureka Forbes, to transform the company and take it to the next level of growth. Pota will have the title of Managing Director and CEO of Eureka Forbes. He will lead the management team to continue scaling the business, solidifying Eureka Forbes’ market leadership position, and delivering innovative products for a growing customer base. He will join Eureka Forbes on 16 August 2022.
HFCL: The company has received purchase orders aggregating to Rs 59.22 crores from one of the leading private telecom operators of the country for providing services to rollout their fiber to the home (FTTH) network and long distance fiber network in various telecom circles.
Coal India: Coal India scaled up its capex to Rs 3,034 crore for the first quarter of 2022-23, higher by 65% over a year back, driven by the government’s push to expand capacity as the country faced yet another power crisis around the same time, the company said in a statement. CIL’s capex witnessed growth for ninth successive quarter. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the first quarter’s total capex basket. This represents close to 2.3 fold increase compared to Rs 268 crore spent under this head during April-June FY21. The expenditure was spread across all the subsidiaries of CIL.
SBI: Days after the Reserve Bank of India (RBI) eased the buffer norms and interest rate caps on foreign currency non-resident [FCNR(B)] deposits, State Bank of India (SBI) raised rates on such deposits by up to 105 basis points (bps). The sharpest hike was effected in the maturity bucket of one year to less than two years in the US dollar category, which will now yield 2.85% per annum. Dollar deposits maturing in two years to less than three years will now earn 3%, while those maturing in three years to less than four years will yield 80 bps higher at 3.1%. The maturity bucket of four years to less than five years will earn 80 bps more at 3.15% and five-year dollar deposits will yield 3.25%.
Q1 Results today: HCL Technologies, Delta Corp, Anand Rathi Wealth, Artson Engineering, Sterling and Wilson Renewable Energy, Trident Texofab, Virinchi, Goa Carbon, Plastiblends India, Roselabs Finance, Shree Ganesh Remedies, and Swiss Military Consumer Goods will announce quarterly earnings today.