*Good Morning*
• Economic Advisor
• More Expensive Cars Help Maruti Suzuki Beat Profit Forecasts
o Suzuki Rises Most in 7 Months After Maruti Profit Beats Est.
• Tanker Scrapping Jumped 242% Y/y in 2021: VesselsValue
• Indian Stocks Snap 5-Day Losing Streak to Outperform Asian Peers
• Ukraine Risks Prompt India to Look Elsewhere for Sunflower Oil
• Asia Ex- Japan 4Q GDP Forecast Steady; Philippines Seen at 5.5%
• Foreigners Cash Out of Key Asian Emerging Markets Before Fed
• Global Funds Sell Net INR70.9B of Indian Stocks on Jan. 25: NSE
o Domestic funds sell net 45.3b rupees of stocks
• Foreign Investors Sell Net INR39B of Indian Equities on Jan. 24
• Foreigners Sell Net INR50.2B of India Equity Derivatives Jan. 25
• Reliance Among Firms to Invest 120B Rupees in Broadcasting: ET
• DDMA meet on Thursday likely to decide on weekend curfew: PTI
• DNEG Reaches $1.6b SPAC Merger to Go Public: Dow Jones
• Vedanta to Announce Restructuring Details by End-March, PTI Says
• Can Fin Homes 3Q net income -12% y/y to 1.16b rupees, est. 1.2b
• Cipla (CIPLA): 3Q net income -2.5% y/y to 7.29b rupees, beats est. 7.07b; Sees meeting FY Ebitda margin view
• Federal Bank (FB): 3Q net income +29% y/y to 5.22b rupees, beats est. 4.86b. provisions -27% q/q to 2.14b; Gross NPA 3.06% vs. 3.24% q/q
• Finolex Industries (FNXP): 3Q net income -30% y/y to 1.78b rupees, revenue -6% y/y to 10.1b
• GE T&D India (GETD): To sell global engineering operations division to related party GEIIPL for INR1.41b
• HG Infra (HGINFRA): Wins highways order; co. is lowest bidder at INR8.44b for Karnataka road project
• Indiabulls Real Estate (IBREL): 3Q net loss 872.2m rupees vs. profit 805.9m y/y; revenue -55% y/y to 3.23b; to sell 3-unit for INR5.8b to Elan Ltd.
• Macrotech (LODHA): 3Q net income 2.86b rupees vs. 2.2b q/q; revenue -3% q/q to 20.6b
• Pidilite Industries (PIDI): 3Q net income -19% y/y to 3.58b rupees, misses est. 4.29b; revenue +24% y/y to 28.5b
• SRF (SRF): To spend INR4.25b to set up 21,000 MTPA aluminium foil facility; to set up pharma intermediates plant at INR1.98b cost
o SRF 3Q net income INR5.05b, beats est. 4.52
• TeamLease (TEAM): 3Q net income +31% y/y to 299.7m rupees, est. 306.9m; revenue +38% y/y to 17.6b
• Torrent Pharma (TRP): 3Q net income -16% y/y to 2.49b rupees, misses est. 3.2b; revenue +6% y/y to 21.1b
• United Spirits (UNSP): 3Q net income +27% y/y to 2.91b rupees, beats est. 2.84b
• Wipro (WPRO): Acquires additional 13.3% stake in Encore Theme