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Here are the top stories from the F&O corner to start your day.
⭐Bank of Baroda jumps on strong Q3
₹163 ▲9 (+6.2%)
Bank Of Baroda shares surged more than 6% on Friday and OI of its February futures contract fell 8.4%, indicating short-covering. This came after the bank released its Q3 results where its net profit surged 75% YoY to ₹3,852 crore for the December quarter, led by strong gains in its net interest income. After announcing results, the bank said its exposure to Adani Group is one fourth of the large exposure framework of RBI.
⭐HDFC rises on merger update
₹2,696 ▲82 (+3.1%)
Shares of HDFC rose over 3% on Friday, while the OI of February futures contract also advanced 2%, indicating long buildup. In addition, the OTM call option OI on the 2,700-2,800 contracts fell between 9% and 40%. This comes after CEO Keki Mistry said he expects the merger with HDFC Bank to be completed by July 2023.
⭐Sun Pharma confident of sales momentum
₹1,027 ▲19 (+1.9%)
Shares of Sun Pharma closed higher on Friday, while the February OI of its futures contract advanced 2.5%, indicating long build-up. Meanwhile, the call option OI on the 1,030-1,050 contracts fell between 12% and 22%. This comes after Group CFO CS Muralidharan said that the company is on track to achieve its revenue growth guidance of high single-digits to low double-digits.
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