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<ul><li>Construction and engineering behemoth <keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword> on Monday reported a consolidated net profit of ₹2,553 crore for the December quarter. </li><li>Its revenue grew 17% YoY to ₹46,390 crore during the quarter, driven by an improvement in the execution of infrastructure projects. </li><li>The company said it remains optimistic about growth prospects on the back of an expected revival in India Inc’s capex cycle.</li><li>The company’s CFO R Shankar Raman is optimistic about exceeding the order inflow guidance of 12-15% for full FY23. </li></ul>Construction and engineering behemoth Larsen &amp; Toubro (L&amp;T) on Monday reported a consolidated net profit of ₹2,553 crore for the third quarter, rising 24% over last year, boosted by infra projects and IT &amp; technology services segment. The company said it remains optimistic about exceeding its order inflow guidance for FY23. The company said it gained from an improvement in the execution of infrastructure projects as well as continued momentum in the information technology and technology services segment. Its revenue for the quarter rose 17% YoY to ₹46,390 crore. International revenues remained consistent and constituted 37% of the company’s topline. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) margin contracted slightly during the quarter – L&amp;T reported EBITDA margins of 10.92% in Q3, down from 11.4% a year ago. While Q4 is a traditionally strong quarter for L&amp;T, the company’s chief financial officer, R Shankar Raman was optimistic about exceeding the order inflow guidance of 12-15% for FY23 . “All that I can mention is we will exceed the order guidance that we have given, but by how much, I don’t know. That would be speculative, but there is no concern.” <cmsannotation type="cmsannotation" annotationid="‘Major private capex investments are likely’" comment="subhead" text="‘Major private capex investments are likely’">‘Major private capex investments are likely’</cmsannotation> L&amp;T reported a 21% YoY growth in its order inflows – at the group level, the conglomerate received orders worth ₹60,710 crore, of which international orders constituted 25%, or ₹15,294 crore. "This growth [in order inflows] was largely driven by an uptick in the orders from the domestic markets. Traditionally, Q4 is a big quarter for us for new projects, and we hope that trend continues," Raman said. The company’s consolidated order book stood at ₹3.87 lakh crore at the end of Q3, with the share of international orders at 26%. “Bulk of the order book that we have are in areas where there has been a significant attention paid for completing the projects and that augurs well for the revenue visibility of the company,” Raman said during the post-earnings call, projecting optimism about the company’s topline prospects. L&amp;T is banking on the<a href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms"> revival</a> of India Inc’s capital expenditure cycle – earlier, a report by the Reserve Bank of India underlined that the various initiatives of the government and<a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms"> improved corporate balance sheets</a> are expected to revive the capex upcycle. “Major private capex investments are likely in energy transformation, emerging tech, healthcare, logistics, industrial parks, data centres etc., which augurs well for the EPC and construction business,” L&amp;T said, expressing optimism about its growth outlook. <cmsannotation type="cmsannotation" annotationid="Infrastructure and IT segments drive growth in order inflows" comment="subhead" text="Infrastructure and IT segments drive growth in order inflows">Infrastructure and IT segments drive growth in order inflows</cmsannotation> The stars of L&amp;T’s Q3 were the infrastructure and IT segments – over half the order inflows during the quarter were in the infrastructure segment, at ₹32,530 crore, recording a growth of 28%. The EBITDA margins of the infrastructure segment contracted to 7% in Q3 from 7.1% in the same period last year. Raman said the softness in this segment’s margins is due to the inflationary pressures, but noted that much of the contracts of the company have cost variation clauses built-in, which should help it relieve the inflationary pressures to an extent. On the other hand, the IT &amp; technology services segment reported a growth of 25% YoY to ₹10,517 crore. However, EBITDA margins contracted considerably – to 19.2% in Q3, compared to 23.6% a year ago. “The segment margin was impacted mainly due to one-time merger integration expenses in LTIMindtree,” the company said, explaining the sharp decline in this segment’s margin during the quarter, noting that 93% of the segment revenue was from international markets. L&amp;T’s energy projects segment registered a growth of 12% YoY to ₹9,051 crore during Q3, primarily on account of a large domestic order in the hydrocarbon business. L&amp;T managed to reduce its net working capital during the December quarter, allowing it to deliver a better return on equity to its shareholders. Its net working capital stood at 19% in the December quarter, down from 22.9% a year ago. “Considering the scale and complexity of the organisations and businesses L&amp;T runs, this is a significant reduction in the resource deployment of the company,” said Raman. L&amp;T’s Q3 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY23 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY22 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹46,390 crore </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹42,763 crore </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹39,563 crore </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,553 crore </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,229 crore </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,055 crore </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td></tr></tbody></table> Source: Company reports SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a>

L&T reports ₹2,553 crore Q3 net profit, sees boost from major private capex investments

Leading technology consulting and software services firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> hired former <keyword id="6370971" type="COMPANY" weightage="20" keywordseo="accenture">Accenture</keyword> executive <keyword id="8855735" type="PERSON" weightage="20" keywordseo="dayapatra-nevatia">Dayapatra Nevatia</keyword> as its Chief Operating Officer(COO), the L&amp;T subsidiary said on Monday. "Nevatia joins us from global software major Accenture where he was MD (Managing Director) and director of delivery for advanced technology centres in India," Mindtree Chief Executive <keyword id="214484" type="PERSON" weightage="20" keywordseo="Debashis-Chatterjee">Debashis Chatterjee</keyword> said in a statement here. In the new role, Nevatia will lead the city-based IT firm in its next phase of growth as an industry veteran. "Nevatia's rich industry experience and track record will be an asset for us to strive for customer-centric growth. His hiring testifies our focus on leadership expansion, worldwide" said Chatterjee on the occasion. Nevatia, an electronics' engineer with a master's in management, led the delivery for the portfolio, spanning system integration, digital, application outsourcing, infrastructure, and security services across industry groups. Mumbai-based infrastructure construction <keyword id="8856009" type="PERSON" weightage="20" keywordseo="behemoth-larsen">behemoth Larsen</keyword> and Toubro (L&amp;T) acquired controlling stake (60.1 per cent) in Mindtree in July 2019 from its co-founder promoters and executives.

Mindtree names former Accenture exec Dayapatra Nevatia as COO

<ul><li><keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> has halved its FY24 growth guidance as clients defer decisions.</li><li>IT majors, RIL, HUL were the other main laggards.</li><li>Larsen &amp; Toubro, SBI, Nestle and Tata Motors are among the gainers.</li></ul> Indian equity benchmark indices, the <keyword id="6354813" type="General" weightage="60" keywordseo="nifty" source="Orion">Nifty</keyword> and the <keyword id="6484188" type="General" weightage="60" keywordseo="sensex" source="Orion">Sensex</keyword>, tumbled in early trade on Friday after a non-stop record-breaking rally, dragged down by IT behemoth Infosys after the company slashed <a href="https://www.businessinsider.in/business/corporates/news/infosys-slashes-fy24-growth-guidance-as-clients-defer-decisions-and-start-dates/articleshow/101988348.cms" data-type="tilCustomLink" target="_blank">its FY24 growth outlook</a>. Decline in share prices of market bluechip firms <keyword id="10926" type="General" weightage="40" keywordseo="Reliance" source="Orion">Reliance</keyword> Industries and Tata Consultancy Services also added to the bearish trend in equities. After a record-breaking rally for the past many days, the 30-share BSE Sensex tumbled 749.75 points to 66,822.15 in early trade. The NSE Nifty fell by 203.15 points to 19,776. Both the benchmark indices began the trade on a weak note. From the Sensex pack, Infosys tanked nearly 8% after the company reported a lower-than-expected 11% rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5% on delayed decision-making by clients amid global macro uncertainties. HCL Technologies, Tata Consultancy Services, Wipro, Hindustan Unilever, Reliance Industries and Tech Mahindra were the other major laggards. Larsen &amp; Toubro, State Bank of India, Nestle, Power Grid and Tata Motors were among the gainers. In Asian markets, Tokyo traded lower while Seoul, Shanghai and Hong Kong were quoting in the green. The US markets ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.78% to USD 80.26 a barrel. The BSE benchmark had jumped 474.46 points or 0.71% to settle at its fresh all-time closing high of 67,571.90 on Thursday, extending its winning momentum to the sixth day. During the day, it rallied 521.73 points or 0.77% to hit its lifetime intra-day peak of 67,619.17. The Nifty had climbed 146 points or 0.74% to end at its record closing high of 19,979.15. During the session, it had soared 158.7 points or 0.80% to reach its fresh record high of 19,991.85. Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 3,370.90 crore, according to exchange data.

Dalal Street tumbles in early morning trade as Infosys falls nearly 8%

<keyword id="2628697" type="General" weightage="50" keywordseo="billionaire-mukesh-ambani" source="Orion">Billionaire Mukesh Ambani</keyword>'s <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on <keyword id="6373044" type="General" weightage="80" keywordseo="forbes" source="Orion">Forbes</keyword>' latest Global 2000 list of public companies worldwide. The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value, Forbes said while releasing the 2023 ranking of the world's top 2,000 companies. JPMorgan, America's biggest bank with USD 3.7 trillion in assets, is at the top of the list for the first time since 2011 and has emerged stronger from this spring's regional banking crisis, with more deposits and opportunistic acquisition of the failed First Republic Bank, it said. <keyword id="6358963" type="General" weightage="50" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s Berkshire Hathaway that topped the list last year, fell to the 338th position in the latest list due to unrealised losses in its investment portfolio. Saudi oil behemoth Aramco is at 2nd position followed by three giant-sized state-owned Chinese banks. Technology giants Alphabet and Apple are at 7th and 10th place, respectively. Oil-to-telecom conglomerate Reliance, with sales of USD 109.43 billion and profit of USD 8.3 billion, is the top most-ranked Indian firm at the 45th spot, climbing from the 53rd position it had held in last year's ranking. Reliance was ranked ahead of well-known names like Germany's BMW Group, Switzerland's Nestle, China's Alibaba Group, US-based Procter &amp; Gamble and Japan's Sony. State Bank of India climbed to 77th spot from 105th in the 2022 ranking. HDFC Bank is at 128th position (153 in 2022) and ICICI Bank is at 163 (204 in 2022). Other Indian firms on the list include state-owned Oil and Natural Gas Corporation at 226 and HDFC (232). Life Insurance Corporation (LIC) made its maiden entry at 363 while <keyword id="6357585" type="General" weightage="50" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword> (TCS) slipped to 387th rank from 384 last year. Axis Bank (423), NTPC (433), Larsen &amp; Toubro (449), Bharti Airtel (478), Kotak Mahindra Bank (502), Indian Oil Corporation (540), Infosys (554), Bank of Baroda (586), Coal India (591), Tata Steel (592), Hindalco (660) and Vedanta (687) are other notable Indian firms on the list. In all, 55 Indian firms figured on the list. Three firms of the conglomerate helmed by billionaire Gautam Adani, whose group faced a scathing attack from a US short seller earlier this year that lead to him losing the world's third richest tag, figured in the list. The three Adani Group firms in the list include Adani Enterprises at 1062, Adani Power at 1488, and Adani Ports &amp; Special Economic Zones at 1598. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/xiaomi-pad-6-redmi-buds-4-active-launched-in-india-price-specifications-and-more/articleshow/100959781.cms">Xiaomi Pad 6, Redmi Buds 4 Active launched in India – price, specifications and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/iphone-users-here-are-some-ios-17-tips-and-tricks-to-note/articleshow/100960215.cms">iPhone users, here are some iOS 17 tips and tricks to note</a>

Reliance climbs 8 spots to 45th rank on Forbes' Global 2000 list

<ul><li>While analysts remain positive about 2023, multiple factors including geopolitical tensions, rising Covid-19 cases in China, monetary policy actions could have an impact on markets.</li><li>Business Insider India has examined analyses of multiple brokerages to figure out stocks that are expected to shine in 2023.</li><li>Here are some of the stocks recommended by brokerages including ICICI Direct, HDFC Securities, Sharekhan, Motilal Oswal and Religare Broking to invest in next year. </li></ul>The year 2022 has been an eventful one, with multiple headwinds in the form of rising geopolitical tensions, continued supply chain constraints, boiling crude oil prices and elevated inflation that triggered interest rates hikes by central banks around the world, causing a turmoil in equity markets globally. As we step into 2023, equity markets could be <a href="https://www.businessinsider.in/stock-market/news/psus-stage-a-comeback-in-2022-and-the-future-looks-healthy-say-analysts/articleshow/96522444.cms">driven</a> by key sectors like banking, finance and insurance services (BFSI), IT and metals, say analysts. In 2022, the Indian equity market emerged as an outlier in a world where most markets delivered negative returns. Benchmark indices Sensex and the Nifty50 rose nearly 3% this year as domestic institutional investors stepped in to fill the gap left by foreign institutional investors (FIIs) during the year. In comparison, Asian and US markets registered a steep 10-30% fall in the year. “The relatively stable equity market in India was a result of a smart economic recovery from the pandemic shock and the growing dominance of retail investors,” said a report by Quantum Mutual Fund. In 2023, however, geopolitical tensions, rising Covid-19 cases, monetary policy actions, change in commodity prices including crude oil and India’s union budget are among factors that will impact the markets. Amid all these uncertainties, the key question is which stocks would be suitable to invest in this scenario? Business Insider India has examined analyses of multiple brokerages – including ICICI Direct, HDFC Securities, Sharekhan, Motilal Oswal and Religare Broking – to give you a list of stocks that are expected to shine in 2023. Here are the stocks recommended by brokerages for investment in 2023. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year-to-date change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr></tbody></table>Note: Change as on December 27, 2022 <keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword> best placed to take advantage of a capex revival Infrastructure behemoth Larsen &amp; Toubro is amongst the top picks of brokerages as they believe the company is well poised to be the key beneficiary of a <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">capex upcycle</a> driven by investments in both public and private sectors. “With a pick-up in the capex cycle and diversified segmental exposure, we believe L&amp;T is the best capex play in the large cap capital goods segment. The company is optimistic about meeting its 15% growth guidance for revenue and order inflow in FY23,” said a report by ICICI Direct Research. Debt-free Maruti Suzuki another favourite of brokerages India’s largest carmaker Maruti Suzuki is another favourite of analysts considering it is debt free, pays consistent dividend, and has strong free cash flow and healthy financials. “Maruti is on a strong footing for a recovery in market share and margin with launches gaining traction and semiconductor shortages easing. It can gain further market share, led by an expected shift towards petrol and hybrid vehicles, resulting in ~14% volume CAGR over FY22-25E,” said a report by Motilal Oswal. In the next 2 years, the automaker intends to launch products in the utility vehicle segment, focus on premiumisation and revamp its existing product portfolio. SBI and Axis Bank among top BFSI picks State Bank of India and private lender Axis Bank are also among stocks that might do well next year. Analysts say SBI is one of the few large-cap stocks available at a reasonable valuation with high growth visibility led by strong retail loans and a pick up in the corporate segment. “Bank lending has been growing at double-digit rates as of this fiscal. Revival in consumer demand, rise in private capex followed by rise in government spending can be triggers for the growth. SBI, being a leader in the industry, could be a best play on this theme,” said analysts at HDFC Securities. Similarly, Axis Bank has also been witnessing strong growth in the retail and mid-corporate segment, which, along with micro, small and medium enterprises, would remain the key growth drivers for the bank, according to analysts at Motilal Oswal. PI Industries, Macrotech to shine The chemical manufacturer PI Industries is expected to maintain its growth momentum with better-than-expected sales growth and margin expansion. Macrotech Developers, which markets its properties under the Lodha brand, is expected to continue strong growth next year as well due to a strong pipeline, say analysts at Motilal Oswal. With the brand new year just around the corner, and several factors set to affect the markets, these commentaries from brokerages should make it easier to help build an equity portfolio in 2023. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a>

Stock picks for 2023: L&T, SBI, Axis Bank among top brokerage picks for the new year

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s Q4 consolidated net profit rose 10% YoY to ₹3,987 crore, as its revenues grew 10.4% YoY to ₹58,335 crore. </li><li>L&amp;T’s top and bottom line both missed analyst expectations, and its order inflows grew 3% YoY due to a slowdown in infrastructure business. </li><li>In FY24, the company says it expects its order book to grow between 10-12%, while the topline is expected to grow between 12-15%. </li><li><keyword id="173852" type="General" weightage="20" keywordseo="AM-Naik" source="Orion">AM Naik</keyword> will step down as the company’s chairman on September 30, and SN Subrahmanyan will become the CMD. </li></ul>Construction and engineering behemoth Larsen &amp; Toubro (L&amp;T) on Wednesday reported a consolidated net profit of ₹3,987 crore in Q4, rising 10% over the same quarter last year. Its net profit missed analyst<a href="https://m.economictimes.com/markets/stocks/earnings/lt-q4-results-preview-heres-what-to-expect-from-indias-largest-infrastructure-company/videoshow/100106675.cms"> estimates</a> of ₹4,339 crore. Its revenue for the quarter rose 10.4% YoY to ₹58,335 crore, once again lower than analyst estimates of ₹59,256 crore. For the full FY23, L&amp;T’s net profit came in at ₹10,471 crore, registering a growth of 21%, while its revenue grew 17% to ₹1.83 lakh crore. The company said that its performance was boosted by strong execution of infrastructure projects as well as robust momentum in the information technology and technology services segment. International revenues constituted 39% of the company’s topline during the quarter, increasing from 33% a year ago. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) margin also expanded to 12.3% in Q4 from 11.7% a year ago. For the full year of FY23, L&amp;T’s EBITDA margins shrunk to 11.3% from 11.6% in FY22. The company’s chief financial officer R Shankar Raman blamed it on elevated input materials inflation. “We did an internal assessment and with the way projects are lined up, we expect a 10-12% improvement in the order book in FY24, while revenue growth is expected to be between 12-15%,” Raman said during a post-earnings call, adding that the upcoming general elections in 2024 could have an impact on its orders. The company declared a final dividend of ₹24. It also announced that AM Naik will step down as the company’s chairman on September 30, and SN Subrahmanyan will be the chairman and managing director. <cmsannotation type="cmsannotation" annotationid="L&amp;T is banking on improved tax collections to support its capex-led growth" comment="subhead" text="L&amp;T is banking on improved tax collections to support its capex-led growth">L&amp;T is banking on improved tax collections to support its capex-led growth</cmsannotation> Despite Q4 being a traditionally strong quarter, L&amp;T reported only a marginal uptick of 3% YoY in its order inflows during Q4 – at the group level, the conglomerate received orders worth ₹76,099 crore, of which international orders constituted 47%, or ₹36,046 crore. “Going forward, improved tax collections for the government will support its capex led growth aspiration,” the company said. The company’s consolidated order book stood at ₹3.99 lakh crore at the end of Q4, with the share of international orders at 28%. “While the impact [of global crises] appears to have been contained, these uncertainties continue to undermine the confidence among consumers and businesses to spend, thereby impacting global growth,” L&amp;T said. Unlike in Q3 when L&amp;T sounded optimistic about the growth outlook, it struck a note of cautious optimism this time around. “In this backdrop, the company will focus with cautious optimism on large project wins, timely execution of its large order book, growth of its services portfolio in the stated glide path and preservation of liquidity and optimum use of capital and other resources,” it said. <cmsannotation type="cmsannotation" annotationid="Infrastructure segment sees a slowdown" comment="subhead" text="Infrastructure segment sees a slowdown">Infrastructure segment sees a slowdown</cmsannotation> Infrastructure segment contributed to over half of its order inflows in Q4, at ₹41,187 crore. But the order inflows also registered a decline of 9% when compared to the same period last year. Added to that, the EBITDA margins of the infrastructure segment contracted to 7% in Q4 from 8.2% in the same period last year. Raman maintained that the softness in this segment’s margins is due to the inflationary pressures, but noted that much of the contracts of the company have cost variation clauses built-in, which should help it relieve the inflationary pressures to an extent. On the other hand, the IT &amp; technology services segment reported a growth of 21% YoY to ₹10,645 crore. However, EBITDA margins contracted considerably here too, to 20.7% in Q4, compared to 23.3% a year ago. “The segment margin was impacted mainly due to one-time merger integration expenses in LTIMindtree and elevated employee costs,” the company said, explaining the sharp decline in this segment’s margin during the quarter, noting that 93% of the segment revenue was from international markets. L&amp;T’s energy projects segment registered a growth of 17% YoY to ₹8,892 crore during Q4 thanks to multiple international orders in the hydrocarbon business. L&amp;T’s Q4 and FY23 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,83,341 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,56,521 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹58,335 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52,851 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,471 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,669 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,987 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,620 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td></tr></tbody></table> Source: Company reports SEE ALSO: <a href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a> <a href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a> <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a>

L&T Q4 net profit rises 10% to ₹3,987 crore, cautiously optimistic about FY24

<ul><li>L&amp;T reports net profit of ₹2,229 crore for the quarter ending September. </li><li>Revenue from operations during the quarter rose 23% at ₹42,762 crore as against ₹34,772 crore last year. </li><li>The company bagged orders worth ₹51,914 crore at the group level during the quarter. </li></ul> Larsen &amp; Toubro (L&amp;T) today reported a 22.5% jump in consolidated net profit to ₹2,229 crore for the second quarter as compared to ₹1,819 crore in the same period last year. Revenue from operations during the quarter rose 23% at ₹42,762 crore as against ₹34,772 crore last year. Its operating margin came down marginally to 11.46% in Q2 from 11.49% last year. While margins in segments like energy, high-tech manufacturing and development projects have improved y-o-y, margins narrowed in the IT services segment and the key segment of infrastructure. In the infrastructure segment, its Q2 EBIDTA margins stood at 6.6%, lower than the 8.3% that it had recorded in the same quarter last year. “The softness of EBIDTA margins can be attributed to the mix of jobs, their progress and input cost pressures due to commodity price movements in the last 12-18 months. Since there is now softness in commodity prices, we should be able to recoup what we have lost in the first half of the year,” said R Shankar Raman, CFO of L&amp;T in an earnings conference call. During the quarter, the company recorded orders worth ₹51,914 crore at the group level, growing 23% on year. Two-thirds of these orders are for domestic jobs. International orders stood at ₹17,341 crore during the quarter comprising 33% of the total order inflow. The consolidated order book of the group stood at ₹3.72 lakh crore as on September 30, 2022, with international orders having a share of 28%. Given the order booking that has been seen in the first half of the year, the company said that it’s confident of meeting its 12-15% revenue and order book guidance – at the upper end of the bracket. The company also recorded an exceptional gain of ₹300 crore from divestment of stake in subsidiary companies in July-September; as compared to ₹782 crore last year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹42,762 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35,853 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34,772 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,229 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,702 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,819 crore </td></tr></tbody></table> L&amp;T also said that the sale of its 1,400 MW Nabha power plant in Punjab might not take place this financial year. Raman said that running thermal power plants is not the ‘flavour of the season’. “Investors in the market are looking for broken power plants and Nabha is a well-running unit but it’s not causing any stress,” he said, answering questions on its divestments. The engineering and construction behemoth sees inflation and certain global headwinds impacting the country’s growth trajectory. “High inflation, coupled with threat of an adverse BoP amidst the increasing uncertain global economic environment are possible headwinds to the country’s growth trajectory. Large value private sector investments that was set for a major revival may get delayed due to the persisting geopolitical and global economic turbulence,” said the company in a release. L&amp;T believes the government may intensify its efforts on structural reforms in critical areas such as labour, logistics, health and education. “On the global front, the economic outlook is clouded by key downside risks, viz., the conflict in eastern Europe impacting food and energy supply chains, gradual polarization and possibility of stagflation resulting from supply-led inflation in an uncertain demand environment,” said L&amp;T.

L&T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures

Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns

<ul><li>In early trade, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> gained 325 points at 61,078 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> went up 100 points at 18,111. Indices have closed above these levels on Monday and marked the last day of October.</li><li>Cues from <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> also supported the gains and investor sentiment ahead of the US Federal Reserve's policy meeting this week that will provide hints on what comes next.</li><li>Analysts say a series of events could keep the market volatile in coming weeks.</li></ul>Both the benchmark indices opened above their psychological levels tracking positive cues from global markets and amid good <keyword id="46128" type="General" weightage="20" keywordseo="corporate-earnings" source="Orion">corporate earnings</keyword>. Cues from Asian markets also supported the gains and investor sentiment ahead of the US Federal Reserve's policy meeting this week, that will provide hints on what comes next. In early trade, Sensex gained 325 points at 61,078 while Nifty50 went up 100 points at 18,111. Indices have closed above these levels on Monday and marked the last day of October. Analysts say a series of events could keep the market volatile in coming weeks. “Series of events over the next few days could keep the market volatile. Central Banks including <keyword id="117388" type="General" weightage="20" keywordseo="us-fed" source="Orion">US Fed</keyword> and Bank of England would be having their policy meet, while RBI has also scheduled an emergency meeting after it failed to contain inflation for three consecutive quarters. Apart from that, US inflation and jobs data would also be monitored closely,” Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services. On the domestic front, the primary market is about to raise more than ₹4,500 crore from four companies that have lined up their IPOs. “Going ahead, Indian markets are likely to continue with its positive momentum with strong corporate earnings, supportive global markets and healthy festive demand,” added Khemka. Crude oil prices fell more than 1% from the previous session at $93 due to strict Covid-19 curbs in China increasing fears of slowing fuel demand from the world's second-largest oil consumer. All sectoral indices were trading in the green on Tuesday led by major gains in pharma, PSU banks and IT. Besides, Tata Steel was among laggards losing more than 1% in the early trade after the steel major reported 87% on year fall in net profit at ₹1,514 crore for the quarter ended September. The engineering and construction behemoth L&amp;T was another laggard on the indices after the company released weak operating margin, <a href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms">which came down marginally</a> to 11.46% in Q2 from 11.49% last year. Further, the company sees inflation and certain global headwinds impacting the country’s growth trajectory. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.47% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.84% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.40% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.09% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.06% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.85% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> Shares of Adani Ports, Tech Mahindra, UPL, Sun Pharma, Nykaa, Cholamandalam Investment, and LIC Housing Finance among others will be in focus as these companies will release their September quarter earnings today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/number-of-gig-workers-earning-over-85000/month-rose-over-60-since-last-october-report/articleshow/95208221.cms">Number of gig workers earning over ₹85,000/month rose over 60% since last October: Report</a>

Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark

<ul class="summary-list"><li>Charge, a British startup now owned by Cannondale, wants to simplify the bike-buying process. </li><li>I tested out their high-end model, a $2,300 behemoth designed to handle off-road trails. </li><li>It's the most fun I've had on two wheels since childhood, but just not a feasible purchase for my current living situation. </li><li>If you have the space — and funds — it might be the best socially distant recreation option possible, and it's actually in stock (<a href="https://www.businessinsider.com/united-states-is-running-out-of-bikes-during-coronavirus-pandemic-2020-5">unlike many other bikes)</a>. </li></ul>There's no real reason to own an electric bike as tough as a tank, that glides over asphalt as easily as gravel or mud and bounds up hills with no struggle.But, if you can afford it, there's also no reason not to.At $2,300, the <keyword id="9888226" type="UNKNOWN" weightage="60" keywordseo="charge-xc">Charge XC</keyword> — the heaviest duty member of the British company's three-bike lineup meant to have a choice for everyone — is a seemingly perfect fit for the weekend warrior or a cycle-curious explorer. It's also great for a slightly out-of-shape journalist like me, who just wants to tear up some dirt trails to blow off steam.I took out a fully loaded version of the bike for spins around New York City to see how well it weathered rough asphalt, bumpy bike lanes, gravel paths, muddy trails, and any other obstacles I could find.<h2>Unlike some new <keyword id="24462" type="ORGANIZATION" weightage="60" keywordseo="bikes">bikes</keyword>, the Charge XC was a breeze to put together — even in a tiny apartment</h2>The box is heavy but has punched-out handles like any good box should. It also has handy pull cords that rip along perforated edges, easily exposing the bike and its parts.A cardboard stand — no plastic here! — helped keep the bike upright while installing the front wheel and other parts. Still, it's an easier job with two people."A gigantic challenge in design, really more than the bike, was to get rid of all the plastic, the zip ties, all the foam," Charge founder Nick Larsen told me in an interview. "That might seem like something that would be normal to most people — but if you saw the equivalent of what a bike would normally come like, it was a huge undertaking."From the packaging to the integrated battery, the sleek design made it clear how much thought went into the bike's creation. Larsen told me many of his design peers from school ended up at Dyson, the legendary British design shop, and the inspiration for <keyword id="9888227" type="UNKNOWN" weightage="60" keywordseo="charge-bikes">Charge bikes</keyword> was closely linked. <div type="image" title="Charge XC electric review bike" height="3024" width="4032" msid="77949934" hostid="261"></div>"Bikes are a little bit like computers used to be," he said. "They're complicated to understand and a bit of an intimidating purchase. That's what computers were before Apple and others made the user experience more simple."Within 30 minutes, it was ready to ride (but still needed to charge). Within a few hours I was ready go go explore — and had some hills in mind to put it through the gauntlet.<h2>First impression: the smoothest ride I've been on in a while</h2>This thing is like riding a motorcycle no matter how high the seat is set thanks to a 60 mm handlebar rise. The handlebars are also incredibly wide, which is nice for off-road control, but I was hesitant to squeeze through the gaps in traffic road bikes can go without a problem, but was never uncomfortably hunched over.And when the motor kicks in, it's smooth sailing. It has three settings, from "eco" mode's slight boost up to the near-whiplash-inducing "sport" mode. <div type="image" title="Charge XC electric review bike" height="3024" width="4032" msid="77949936" hostid="261"></div>I set off with two targets in mind: the oldest bike path in the United States, and the only forest in Brooklyn.First up was Ocean Parkway. This bustling road was designed by the architectural duo behind Central Park and other famous US green spaces, and has two grassy malls flanking its lanes from Prospect Park all the way down to Coney Island. It was one of the first true "highways" in the United States, and a few years after its construction it also became home to the first true bike path in the country — it's only seen a spattering of maintenance since.Jokes aside, the bike lane is notorious for bumps after years of water, ice, tree roots and other forces have buckled the asphalt. Charge XC's massive Goodyear tires and fork suspension handled the rough riding with ease.Its plastic fenders also helped keep disgusting gutter water from splashing up at intersections. However, for all their utility, the fenders shake like crazy over the smallest bumps, rattling loudly nearly constantly — and I'm not the first person to notice it. These seemed easily removable, and are a small part of otherwise perfect bike.<div type="image" title="Charge XC electric review bike" height="3024" width="4032" msid="77949938" hostid="261"></div><h2>Up hills and through mud where the bike truly shined</h2>The Charge XC isn't a mountain bike, despite having a frame that easily could. Its numerous warnings against attempting jumps seemed funny at first, until I realized just how tempting it would be to shoot for a dangerous amount of air.The bike didn't skip a beat over loose gravel or puddles of mud that would be impossible to find traction on with many other bikes. Even on steep up-hill climbs, I lost balance before its motor ever spun the back wheel. With so much power underfoot, it's easy to forget to change gears sometimes too.Down the other side of a hill is where things got interesting. I'd never used disc brakes before this very moment. I'm here to testify that the hydraulic disc brakes on the Charge work instantaneously, and well. In hindsight the near incident was hilarious, and goes to show no matter how much energy the 55-pound bike and its rider can muster, things can stop quickly.After an hour or so of taking the bike on every different earthen path I could find in the park's winding ravine, I felt the bike had been adequately put through the paces.It was when I got home that I realized an important qualifier for potential customers: the weight. It took all of my effort to get the bike up a flight of stairs, and might be more suited to someone on the ground floor or with a garage. (Though to be fair, most electric bikes are expensive and a lighter frame wouldn't be as tough.)"Compared to an analog bike it's heavy," Larsen told me, "but what you benefit from is range and performance."He wasn't wrong: my 90-minute, eight-mile adventure had only used up about 10% of the bikes battery, according to the convenient heads-up display.<div type="image" title="Charge XC electric review bike" height="3024" width="4032" msid="77949941" hostid="261"></div>And even despite the struggle to take it up my building's stairs, the folding pedals and swiveling handlebars made for easy storage in an otherwise tiny apartment.The bikes are in stock, too — or at least they were when I spoke to Larsen in late August — a major selling point these days as manufacturers rush to build bikes as fast as they can to keep up with an absolute explosion in demand."We've got stock. We've got products," he said. "How long that will last I can't tell you." <a href="https://www.chargebikes.com/">Browse the Charge bike lineup here.</a>

I put a $2,300 electric all-terrain bike to the test, and it was the most fun I've had since the pandemic began

<ul><li>India’s defence manufacturing industry will have more contracts coming its way with the Indian government banning the import of 101 defence items. </li><li>The share price of companies like L&amp;T, BHEL, Bharat Forge and others rallying in the stock market today. </li><li>Hindustan Aeronautics Limited’s (HAL) share price was up by over 8% in early morning trade.</li></ul>The Indian government’s ban on the import of 101 defence weapons and military platforms could bring an additional impetus for India’s defence companies. The share prices of companies like Bharat Heavy Electronics Limited (BHEL), Larsen &amp; Toubro (L&amp;T), Hindustan Aeronautics Limited (HAL), Bharat Forge and others are rallying in the stock market today. HAL opened a whopping 8% above Friday’s closing. The ban on big-ticket items like the Light Combat Aircraft (LCA) MK I A is a huge boon for the aircraft manufacturing company. <div type="image" title="HAL" msid="77455556" hostid="261" caption="&amp;lt;p&amp;gt;HAL&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> The other behemoth in the defence space, L&amp;T, saw its share price go up by over 2% in early morning trade. It has the most to gain from this new move coupled with the overarching Defence Production and Export Promotion Policy (DPEPP) 2020. Not only does the company manufacture for the Army but for the Navy as well. <div type="image" title="L&amp;amp;T" msid="77455576" hostid="261" caption="&amp;lt;p&amp;gt;L&amp;amp;amp;T&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> Bharat Forge's chairman and managing director, Baba Kalyani, welcomed the India's government's move to ban 101 defence items. "This strategic step will propel the Atmanirbhar Bharat " he said. As markets opened today morning, the Bharat Forge's shared price jump by over 5%. <div type="image" title="Bharat Forge" msid="77455611" hostid="261" caption="&amp;lt;p&amp;gt;Bharat Forge&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> Cochin Shipyard also saw its stock in the green, up by nearly 4%. Its one of the few companies that manufactures items for the Indian Navy. Even though the company was not immune to the effects of the coronavirus pandemic and the ensuing lockdown, it still managed to post a 44% jump in profits year-on-year in the fourth quarter. The true impact of the uncertainty with be reflected in its first quarter earnings, which are set to be announced later today. <div type="image" title="Cochin Shipyard" msid="77455589" hostid="261" caption="&amp;lt;p&amp;gt;Cochin Shipyard&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> BHEL’s share price saw a jumped of nearly 3%. The company saw a troubled fourth quarter will sales dipped by 54% and a net loss of ₹ 1,532 crore. Due to the impact of COVID 19 and the uncertain circumstances, the board of BHEL also refrained from recommending the final dividend for the financial year. <div type="image" title="BHEL" msid="77455623" hostid="261" caption="&amp;lt;p&amp;gt;BHEL&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> The publicly owned BEML's share price also saw a surge of over 4%. Just last month, the company bagged a ₹ 557 crore order from the Ministry of Defence (MoD) to supply 1,512 Track Width Mine Ploughs (TWMPs). Its a demining piece of equipment used by India's Bhishma T-90 tanks. <div type="image" title="BEML" msid="77456083" hostid="261" caption="&amp;lt;p&amp;gt;BEML&amp;#39;s share price since 1 January 2020&amp;lt;/p&amp;gt;"></div> Even though the ban will be implemented in a phased manner with a deadline of coming into full effect by December 2025, many items will be shunned as soon as December this year. This includes big-ticket items like the Light Combat Aircraft (LCA) MK I A and smaller tit-bits like bulletproof jackets and ballistic helmets. Boon for India’s domestic defence manufacturing <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Branch of the Armed Forces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies to Benefit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Army </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T, BHEL, Bharat Forge, BEML, BEL and Bharat Dynamic </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Navy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Garden Reach, Cochin Shipyard, and L&amp;T </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Air Force </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HAL and Dynamatics Technologies </td></tr></tbody></table>Source: Reliance Securities According to Rajnath Singh, India’s Minister for Defence, the aim is not only to reduce India’s dependence on imports and boost the domestic market but also to one day export defence items to the rest of the world. He estimates that contracts worth nearly ₹4 lakh crore will be placed upon the domestic industry within the next six to seven years. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/indias-defence-ministry-introduces-import-embargo-on-101-items-to-boost-atmanirbhar-bharat-abhiyan/articleshow/77442031.cms">India’s Defence Ministry introduces “import embargo” on 101 items to boost Atmanirbhar Bharat Abhiyan</a> <a href="https://www.businessinsider.in/india/news/all-the-101-items-that-indias-defence-ministry-will-put-under-import-embargo/articleshow/77442138.cms">All the 101 items that India's Defence Ministry will put under "import embargo"</a>

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I put a $2,300 electric all-terrain bike to the test, and it was the most fun I've had since the pandemic began

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