CNBC-TV18's top stocks to watch out for on January 23

SUMMARY

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are expected to open little changed amid muted trades in global markets and as investors turned cautious due to Q3FY20 earnings and Budget 2020. Larsen and Toubro, Axis Bank and RBL Bank are among the key stocks in news today after their Q3 earnings.

By CNBC-TV18Jan 23, 2020 7:37:43 AM IST (Published)

Larsen and Toubro reported a 15 percent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019, helped by higher revenues from international contracts. Its consolidated total income increased to Rs 36,717.60 crore, against Rs 34,823.08 crore in Q3 FY19. L&T won new orders worth Rs 41,579 crore during the quarter, taking total consolidated order book to Rs 3.06 lakh crore as of December 31, 2019.

Axis Bank reported a 4.5 percent year-on-year jump in net profit at Rs 1,757 crore for Q3FY20. Net interest income grew 15 percent to Rs 6,453 crore. Total income rose to Rs 19,494.87 crore as against Rs 18,130.42 crore a year ago. Net NPAs stood at 2.09 percent of the net advances as on December 31, down from 2.36 percent at the end of December 2018. Gross GNPA also improved to 5 percent of the gross advances from 5.75 percent a year ago.

RBL Bank reported a massive 69 percent dip in its December quarter net profit at Rs 69.9 crore. The overall provisions shot up to Rs 630 crore from Rs 160 crore in the year-ago period. However, total income increased to Rs 2,644.30 crore as against Rs 1,029.20 crore for the same period year ago. Gross NPAs rose to 3.33 percent of gross advances as on December 31, 2019 from 1.38 percent in the year-ago period. Net NPAs also rose to 2.07 percent of net loans from 0.72 percent last year.

AU Small Finance Bank’s Q3FY20 net profit doubled to Rs 190.19 crore, helped by higher income. During the quarter, its total income rose to Rs 1,272.83 crore from Rs 894.29 crore earlier. Total expenses rose to Rs 959.98 crore from Rs 715.62 crore in last year.

Tata Communications has made no provision for the telecom department's demand of Rs 6,633 crore for AGR dues as the Supreme Court order did not include appeal of the company which is still pending before the court. Tata Communications posted a 66 percent fall in consolidated profit at Rs 58.85 crore in the Q3FY20. Total income declined to Rs 4,242.69 crore from Rs 4,288.65 crore in the year-ago period.

State-owned ITI fixed a price band of Rs 72-77 a share for its follow-on public offer. The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares will be reserved for employees. The issue will open on January 24 and close on January 28. At the higher end of the price band at Rs 77 per share, the company will garner Rs 1,386 crore from the FPO.

Adani Gas will invest up to Rs 9,000 crore in setting up city gas distribution network over the next 10 years to retail CNG to automobiles and piped cooking gas to households in those areas where it won licences in the recent bidding round, its CEO Suresh Manglani said.

Ceat reported a consolidated net profit of Rs 52.5 crore for Q3FY20, up from Rs 52.25 crore a year ago. Revenue from operations stood at Rs 1,761.77 crore as against Rs 1,729.75 crore last year. Ceat CFO Kumar Subbiah said the company's revenue growth and cost controls helped it deliver improved margins during the quarter.

State-owned Oil India has filed a clarificatory/modificatory petition in the Supreme Court against a Rs 48,000 crore demand raised by the telecom department on cumulative revenue of Rs 1.47 crore it had earned on an NLD telecom licence.

Ashiana Housing has obtained RERA registration of Phase 1 of 'Ashiana Amantran' project in Jaipur. The project is set to be launched for booking from 12th March 2020.

Karnataka Bank said the board will consider and approve various options for capital augmentation on January 27.

CreditAccess Grameen said the board has approved the acquisition of up to 76.34 percent of Madura Micro Finance Limit.

MRF has partly commissioned Phase 1 of its greenfield unit at Dahej Industrial Area, Vagra Taluka, Bharuch district in Gujarat.

Piramal Enterprises said that its rights issue worth Rs 3,650 crore, which closed on Tuesday, has been over-subscribed by 1.14 times. It said that the issue was subscribed by large global and domestic institutional shareholders. The capital infusion would strengthen Piramal Enterprises' balance sheet and enable the company to tap organic and inorganic growth opportunities.

Cipla said the USFDA has classified the inspection conducted at its Goa manufacturing facility from 16-27 September 2019 as Official Action Indicate.

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