Market at 2 PMThe Sensex was down 662.93 points or 1.09% at 60315.82, and the Nifty was down 196.70 points or 1.09% at 17921.60. About 922 shares have advanced, 2318 shares declined, and 92 shares are unchanged.
Solara Active Pharma Q3Solara Active Pharma has posted net profit at Rs 0.4 crore versus loss of Rs 139.9 crore and revenue was up at Rs 394.7 crore versus Rs 100.3 crore, YoY.
Citi View on Maruti Suzuki India
Research house has kept ‘Buy’ rating on the stock and raised the target price to Rs 13,100 per share.
The Q3 was ahead of estimates, better pricing & improving mix aided realisations & gross margin.
The management targets to gain leadership in SUV segment with 2 new models, Fronx & Jimny.
Broking house raises EBIT estimates by 10-12% & earnings estimates by 9-16% over FY23-25, reported CNBC-TV18.
Maruti Suzuki India was quoting at Rs 8,815.55, up Rs 116.95, or 1.34 percent.
Indian Bank Q3
Indian Bank has posted net profit at Rs 1,395.8 crore in the quarter ended December 2022 versus Rs 689.7 crore and net interest income was up 25.1% at Rs 5,499.12 crore against Rs 4,395.1 crore, YoY.
Indian Bank was quoting at Rs 291.50, up Rs 1.55, or 0.53 percent.
Morgan Stanley View On TVS Motor Company-Equal-weight rating, target at Rs 1,121 per share
-Q3 results in-line despite weak volumes
-Company maintained its margin driven by price hikes & commodity tailwinds
-Expect margin trend to continue in near term
-Multiples at 22 for FY25 & EV disruption risks keep us equal-weight, reported CNBC-TV18.
Alert | Debut 10-Year Green Bond coupon rate fixed at 7.29%: RBI
Jyothy Labs Q3Jyothy Labs has posted 77 percent jump in its Q3 net profit at Rs 67.4 crore versus Rs 38 crore, YoY.
Sasken Technologies Q3 profit rises 3.9%Sasken Technologies has clocked a 3.9% year-on-year growth in consolidated profit at Rs 31.3 crore for quarter ended December FY23 despite weak operating performance, driven by higher topline and other income. Revenue grew by 15.5% YoY to Rs 122.8 crore in Q3FY23.
Adani Group stocks under pressure
Short-seller Hindenburg Research said on Wednesday it holds short positions in India’s Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.
The seven listed companies of the Adani group, which is controlled by world’s third richest man Gautam Adani, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.
Adani Green Energy Limited was quoting at Rs 1,850.20, down Rs 63.35, or 3.31 percent and Adani Total Gas was quoting at Rs 3,713.00, down Rs 172.45, or 4.44 percent.
Adani Enterprises was quoting at Rs 3,345.00, down Rs 97.75, or 2.84 percent and Adani Power was quoting at Rs 261.35, down Rs 13.45, or 4.89 percent.
Adani Transmission was quoting at Rs 2,619.90, down Rs 136.25, or 4.94 percent and Adani Wilmar was quoting at Rs 544.55, down Rs 28.60, or 4.99 percent.
Adani Ports and Special Economic Zone was quoting at Rs 715.50, down Rs 45.35, or 5.96 percent.
Olectra Greentech Q3 results:
Olectra Greentech Q3 profit rose 13.5% at Rs 14.4 crore against Rs 12.7 crore and revenue was up 23.1% at Rs 256.4 crore versus Rs 208.3 crore, YoY.
Olectra Greentech was quoting at Rs 486.85, up Rs 13.70, or 2.90 percent on the BSE.
Vardhman Textiles Q3 Results
Vardhman Textiles has reported 76 percent fall in its Q3 net profit at Rs 102 crore against Rs 429 crore and revenue was up 72.1% at Rs 2,370 crore versus Rs 1,377.7 crore, YoY.
Vardhman Textiles was quoting at Rs 298.35, down Rs 12.10, or 3.90 percent on the BSE.