Maruti Suzuki, Indus Towers, Tata Power, JSW Steel, SBI Cards, Blue Dart Express, IDBI Bank shares at a glance

Indian stock markets are expected to open slightly higher on the last trading day of the week, SGX Nifty hinted. Prior to the session, Nifty futures were trading 40 points or 0.23% higher on the Singapore Stock Exchange, signaling a flat to positive start for NSE Nifty 50 and BSE Sensex. “Nifty’s consolidation is in line with expectations and we recommend a greater focus on sector/stock selection for now. Besides banking, sectors like automotive and selectively pharmaceuticals, real estate and metals should do well in the near future. Participants should align their positions accordingly,” said Ajit Mishra, Vice President – ​​Research, Religare Broking.

Actions in the spotlight on October 28, Friday

Aditya Birla Sun Life AMC: The asset management company reported a 10.75% year-on-year increase in its consolidated profit to Rs 191.68 crore for the quarter ended September FY23, driven by other income. Operating revenue fell 6.3% year on year to Rs 311 crore for the quarter.

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Indus Towers: Indus Towers reported weak financial performance for the September quarter on Thursday, which can be attributed to the company’s collection difficulties from its customers. During the September quarter, the company’s consolidated net profit fell 44% year on year to Rs 872 crore, while its operating income rose 16% year on year to Rs 7,967 crore.

PC jeweler: The company said on Thursday that it had defaulted on loan facilities of Rs 3,466.28 crore with banks and financial institutions for the second quarter. In a stock exchange filing, the Delhi-based company said the total loan amount outstanding as of date was Rs 3,466.28 crore and that was the default amount for the second quarter.

SBI Cards: On Thursday, SBI Cards and Payment Services reported a 52% increase in its net profit for the three months ended September 30 to Rs 526 crore, driven by an increase in revenue. Total income was Rs 3,453 crore, up 6% year on year, driven by interest income, fee income and other income.

Dabour India: Dabur India will launch all its new products in a digital-first environment or through e-commerce channels in the future. This is its strategy to save on investments in establishing new products in a highly inflationary environment. Moreover, since food is an inflation-resistant category, the big FMCG company is also focusing on the segment.

IDBI Bank: The Department of Investments and Public Property Management (DIPAM) has given an additional 13 days until November 10 to interested parties to submit their written requests regarding the proposed divestment of majority stake and transfer of management control in IDBI Bank. On October 7, the Center invited expressions of interest (EOI) for IDBI Bank and offered to sell a total of 60.72% of the bank’s equity, including 30.48% held by the government and 30.24 % per LIC.

JSW steel: JSW Steel USA, a subsidiary of JSW Steel, has tied up $182 million (about Rs 1,500 crore) of long-term funding from Italian banking firms Intesa Sanpaolo and Banco BPM. The financing will be used for the modernization of its sheet metal plant project in Baytown, Texas. Of the total amount, $70 million is covered by the SACE guarantee (Italian export credit agency) and the balance of $112 million is a term loan.

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Second quarter results today: Maruti Suzuki India, Dr Reddy Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India and TTK Healthcare will be in focus ahead of the September 2023 quarter results on October 28.

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