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SGX Nifty Up 68 Points | Bharti Airtel Q3 Results | Why Adani Enterprises Share Price is Rising | Top Buzzing Stocks Today
Wed, 8 Feb Pre-Open

Bharti Airtel Q3 Results | Why Adani Enterprises Share Price is Rising | Top Buzzing Stocks Today

On Tuesday, Indian share markets gave up gains amid volatility in the afternoon session and ended lower.

Benchmark indices closed in the red as weak earnings from some companies played a spoilsport.

The key indices kept see-sawing with a small optimism among investors that the Reserve Bank of India (RBI) will pause rate hikes today.

At the closing bell on Tuesday, the BSE Sensex stood higher by 910 points (up 1.5%).

Meanwhile, the NSE Nifty closed up by 243 points (up 1.4%).

Adani Enterprises, Dr Reddy's Laboratories, Kotak Mahindra were among the top gainers.

Tata Steel, ITC, and Hindalco, on the other hand, were among the top losers.

Broader markets settled on a mixed note. The BSE Midcap ended marginally higher while the BSE SmallCap index fell 0.2%.

Sectoral indices ended on a mixed note with stocks in the banking sector, finance sector and realty sector witnessing buying.

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While stocks in the telecom sector, FMCG sector, and metal sector witnessed selling.

Shares of Britannia, M&M, and Blue Star hit their 52-week high on Tuesday.

The rupee was trading at 82.7 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 57,120 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the SGX Nifty was trading up by 68 points or 0.4% higher at 17,800 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, the recent market volatility has caused a lot of concern among traders who were expecting a smooth rise to a new life-high in the Nifty post budget.

The Adani saga has played its part but there are other reasons too.

In the below video, Chartist Brijesh Bhatia analyses the charts of Nifty to find out where the index will go next.

Tune in to the video below to know more.

Top Buzzing Stocks Today

Balaji Amines will be among the top buzzing stocks today.

The company's EBITDA margin contracted to 22.1% in the December 2022 quarter, down from 27.9% a year ago.

The fall in operating margin was primarily on account of degrowth in the pharma and active pharmaceutical ingredients sector.

Ambuja Cement will also be in focus today.

The company on Tuesday reported 46% jump in net profit at Rs 3.7 billion (bn) for the December 2022 quarter.

This was due to relentless focus on reduction in fuel and logistics costs by leveraging synergies with Group Companies

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Pause in Adani Rout

Shares of Adani Enterprises surged, leading gains in the group stocks after the conglomerate's founders pre-paid some debt and traders covered short positions.

The group's flagship stock rallied as much as 25%, while three of its peers jumped by their 5% limit in early trading.

This helped trim the slump in the group's market capitalization to US$ 112 billion (bn) since US-based Hindenburg Research released a report on 24 January 2023 alleging market manipulation and accounting fraud claims Adani group has repeatedly denied. The loss was US$ 118 bn as of Monday.

The reprieve came as Gautam Adani and his family prepaid US$ 1.1 bn worth of debt in a bid to calm a selloff that sparked fears of contagion across the economy.

Concerns had grown over the billionaire's access to funding amid the turmoil and scheduled release of four group companies' earnings on Tuesday.

Hindenburg's accusations have propelled long-held concerns about the group's debt-fueled expansion onto the global stage.

According to value investor Aswath Damodaran, Adani Enterprises has around 40% more downside. To know why, check out our editorial What should you think about Aswath Damodaran's views on Adani enterprises?

Bharti Airtel Q3 profit surges 91%

Bharti Airtel, India's second-largest telecom company on Tuesday, recorded a 91% YoY surge in consolidated net profit at Rs 15.9 bn for the December 2022 quarter from Rs 8.3 bn a year back.

Its total revenue stood at Rs 358 bn, up 20% YoY from Rs 298.7 bn reported in the corresponding quarter last year.

Consolidated EBITDA was at Rs 186 bn during the quarter, up 25% YoY. EBITDA margin for the quarter was at 52% against 49.9% in the corresponding quarter last year.

Its India average revenue per user (ARPU) per month was at Rs 193 during the quarter, up 18% YoY.

Company's 5G rollout is on track to cover all towns and key rural areas by March 2024.

Overall, India revenues - including mobile services, home services, digital TV services and B2C services for the quarter stood at Rs 249.6 bn, up 19% from Rs 243.3 bn in the corresponding quarter last year.

Bharti Airtel Limited is an Indian multinational telecommunications services corporation. It is India's second-largest network operator.

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Adani Green Reports two-fold jump in Q3 profits

Adani Green Energy's consolidated net profit more than doubled to Rs 1 bn in the December 2022 quarter, mainly on the back of higher revenues.

The consolidated net profit of the company was at Rs 490 million (m) in the year-ago period

Total income in the quarter rose to Rs 22.6 bn from Rs 14.7 bn in the same period a year ago.

The company's solar CUF (Capacity Utilisation Factor) and sale of energy improved with the integration of a high-quality SB Energy portfolio having a CUF of 26% in the April-December 2022 period.

Its sale of energy from the wind portfolio has increased significantly backed by strong capacity addition.

However, the wind CUF has reduced primarily due to a one-off disruption in the transmission line (force majeure) for a 150 MW plant in Gujarat, which is now fully restored.

Adani Green Energy's operating capacity is now set to increase to 8,300 MW, the largest in India, by the end of the financial year 2023.

The company is a part of the Adani group and has an overall portfolio of 20.4 GW, including operating, under-construction and awarded projects catering to investment-grade counterparties.

However, After witnessing a massive rally in the past two years, the fastest-growing stock of 2022 - Adani Green Energy has seen a steep fall. The stock has lost over 50% of its value in the past two weeks.

The selloff comes after Bloomberg reported a US activist firm Hindenburg Research LLC taking a short position on the group stocks.

To know whether it is time to buy the dip in the Adani Group stocks. Read our editorial: Adani Group stocks: should you catch this falling knives?

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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