Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade:
Tata Consumer Products, Jio Financial Services, ICICI Lombard General Insurance Company, Zee Entertainment Enterprises, Aether Industries, L&T Finance, Manba Finance, Mastek, Jindal Saw, Oberoi Realty, Hindustan Zinc, Tejas Networks, Kesoram Industries, Ashapuri Gold Ornament, Benares Hotels, Best Agrolife, Duncan Engineering, Elecon Engineering, Ganesh Housing Corporation, GNA Axles, Indostar Capital Finance, Mangalore Refinery & Petrochemicals, Mudra Financial Services, Ponni Sugars (Erode), Sarveshwar Foods, Supreme Infrastructure India, and Tree House Education will release quarterly earnings scorecard on October 18.
HDFC Bank, Kotak Mahindra Bank, Tech Mahindra, RBL Bank, Dalmia Bharat, UCO Bank, IndiaMART InterMESH, Multi Commodity Exchange of India, Netweb Technologies India, PC Jeweller, Punjab & Sind Bank, Rossari Biotech, Seshasayee Paper & Boards, SM Auto Stamping, Trident Lifeline, Eiko Lifesciences, High Energy Batteries, and Lloyds Engineering Works will announce quarterly numbers on October 19.
Infosys Q2 (Consolidated QoQ)
Profit increases 2.2% to Rs 6,506 crore Vs Rs 6,368 crore
Revenue grows 4.2% to Rs 40,986 crore Vs Rs 39,315 crore
EBIT rises 4.4% to Rs 8,649 crore Vs Rs 8,288 crore
Margin remains steady at 21.1% Vs 21.1%
Dollar revenue jumps 3.8% to $4,894 million Vs $4,714 million
Revenue growth in constant currency at 3.1%
Company raises FY25 constant currency revenue growth guidance to 3.75%-4.50% from 3-4% earlier
Company retains operating margin guidance at 20-22% for FY25
Company declares an interim dividend of Rs 21 per equity share
Wipro Q2 (QoQ)
IT services revenue grows 1.4% to Rs 22,195.7 crore Vs Rs 21,896.3 crore
EBIT increases 3.5% to Rs 3,732.2 crore Vs Rs 3,605.7 crore
Margin expands to 16.8% Vs 16.5%
Dollar IT services revenue rises 1.3% to $2,660.1 million Vs $2,625.9 million
IT services revenue growth in constant currency at 0.6%
Large deal bookings at $1.5 billion, up 28.8%
Board approves bonus share issue in the ratio of 1:1
Company sees IT services revenue in the range of $2,607 to $2,660 million for Q3, growing (-2%) to 0%
Axis Bank Q2 (Standalone YoY)
Profit jumps 18% to Rs 6,918 crore Vs Rs 5,864 crore
Net interest income rises 9% to Rs 13,483 crore Vs Rs 12,315 crore
Provisions and contingencies spike to Rs 2,204 crore Vs Rs 814.6 crore
Provisions and contingencies increase to Rs 2,204 crore Vs Rs 2,039.3 crore (QoQ)
Gross NPA drops to 1.44% Vs 1.54% (QoQ)
Net NPA remains unchanged at 0.34% Vs 0.34% (QoQ)
LTIMindtree Q2 (Consolidated QoQ)
Profit grows 10.3% to Rs 1,251.6 crore Vs Rs 1,135.1 crore
Revenue increases 3.2% to Rs 9,432.9 crore Vs Rs 9,142.6 crore
Dollar revenue soars 2.8% to $1,126.6 million Vs $1,096.2 million
EBIT jumps 6.4% to Rs 1,458.2 crore Vs Rs 1,370.9 crore
Margin expands 50 bps to 15.5% Vs 15%
Company announces interim dividend of Rs 20 per share
Polycab India Q2 (Consolidated YoY)
Profit rises 3.6% to Rs 445.2 crore Vs Rs 429.8 crore
Revenue jumps 30.4% to Rs 5,498.4 crore Vs Rs 4,217.7 crore
EBITDA increases 3.7% to Rs 631.6 crore Vs Rs 608.9 crore
Margin falls 290 bps to 11.5% Vs 14.4%
Tata Chemicals Q2 (Consolidated YoY)
Profit drops 46% to Rs 267 crore Vs Rs 495 crore
Revenue rises 0.03% to Rs 3,999 crore Vs Rs 3,998 crore
EBITDA falls 24.5% to Rs 618 crore Vs Rs 819 crore
Margin plunges 500 bps to 15.5% Vs 20.5%
Exceptional gain at Nil Vs Rs 102 crore
CEAT Q2 (Consolidated YoY)
Profit sinks 41.5% to Rs 121.5 crore Vs Rs 207.7 crore
Revenue rises 8.2% to Rs 3,304.5 crore Vs Rs 3,053.3 crore
EBITDA falls 20.6% to Rs 362.3 crore Vs Rs 456.1 crore
Margin tanks 390 bps to 11% Vs 14.9%
5Paisa Capital Q2 (Standalone YoY)
Profit increases 15% to Rs 21.9 crore Vs Rs 19 crore
Revenue rises 4% to Rs 100.8 crore Vs Rs 96.9 crore
Quick Heal Technologies Q2 (Consolidated YoY)
Profit sinks 67.8% to Rs 4.15 crore Vs Rs 12.9 crore
Revenue declines 6.2% to Rs 73.49 crore Vs Rs 78.36 crore
Stocks To Watch
The private sector lender has reduced its savings account interest rates by 50 basis points for account balances under Rs 5 lakh, bringing the new rate to 3%, down from the previous 3.5%, reports CNBC-TV18. Earlier, the bank offered two slabs for savings account interest rates: 3.5% for account balances below Rs 50 lakh and 4% for balances above Rs 50 lakh. The savings account rate slabs for balances above Rs 5 lakh remain unchanged.
The Board will meet on October 22 to consider raising funds via a qualified institutional placement (QIP) issue and to review the unaudited financial results for the quarter and half year ended September 2024.
Reliance Brands Holding UK, a wholly-owned subsidiary of Reliance Brands, has deepened its partnership with Mothercare Plc by forming a new joint venture that will own the Mothercare brand and its intellectual property assets across India, Nepal, Sri Lanka, Bhutan, and Bangladesh. Reliance Brands first acquired the rights to the UK-based Mothercare brand for the Indian market in 2018. Reliance Brands Holding will hold a 51% stake in the new joint venture, while Mothercare will own a 49% interest.
The company has entered into a one-time settlement (OTS) with Life Insurance Corporation of India (LIC) for its debt facilities. LIC has approved the OTS proposal, and accordingly, the company paid the one-time settlement amount on October 16 towards its entire dues outstanding with LIC.
The company has completed the Qualified Institutional Placement (QIP) amounting to Rs 4,200 crore ($500 million). The proceeds from the QIP will be utilized for funding capital expenditure, debt repayment, and general corporate purposes.
The company has executed and commissioned another 5 MW solar power project (auto-tracker modules) facility out of the total 15 MW solar power project. With this, a cumulative 10 MW is now operational. The remaining execution is scheduled to be completed in the coming month.
The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture Fludrocortisone Acetate tablets USP, 0.1 mg. Fludrocortisone acetate tablets are used as partial replacement therapy for primary and secondary adrenocortical insufficiency in Addison's disease and for the treatment of salt-losing adrenogenital syndrome.
The company has incorporated its wholly-owned subsidiary, Coromandel Vietnam Company, in Vietnam. The subsidiary will help the company carry out export, import, wholesale, and retail distribution of agricultural inputs such as crop nutrition, crop protection chemicals, and bio-products.
Indraprastha Gas (IGL)
According to communication from GAIL India (the nodal agency for domestic gas allocation), there has been a major reduction in domestic gas allocation to Indraprastha Gas effective October 16. The revised domestic gas allocation to the company is approximately 21% less than the previous allocation, which will adversely impact its profitability. The company is in discussion with key stakeholders to minimize the impact. Mahanagar Gas (MGL)
The CNG transport allocation to the company has been reduced by 20%, effective October 16, compared to the previous average quarterly APM allocation. This major reduction in allocation will have an adverse impact on the company's profitability. To bridge this shortfall, the company is exploring options for sourcing gas through domestically produced high pressure high temperature (HPHT) gas, new well/well intervention gas (NWG) from ONGC, and benchmark-linked long-term gas contracts.
Punjab and Sind Bank has classified the accounts of MTNL as non-performing assets (NPA), effective October 8.
Network People Services Technologies (NPST)
The Board has appointed Deepak Chand Thakur as Chief Executive Officer of the company, effective October 17. Before becoming CEO, Deepak Chand Thakur was the Chairman and Managing Director of the company. Furthermore, the Board has sought member approval for migrating the company from the NSE Emerge SME exchange to the main board of the National Stock Exchange (NSE) and simultaneously to the BSE.
Stocks Trade Ex-Date for Split
HEG, Humming Bird Education, Sacheta Metals
Stocks Turn Ex-Dividend
Tata Consultancy Services, Anand Rathi Wealth
Stocks Trade Ex-Date for Rights
Bella Casa Fashion & Retail, IGC Industries, Thinkink Picturez
Stock Trades Ex-Date for Resolution Plan -Suspension
Sumeet Industries
F&O Ban
Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Granules India, Hindustan Copper, IDFC First Bank, Indian Energy Exchange, L&T Finance, Manappuram Finance, National Aluminium Company, Punjab National Bank, RBL Bank, SAIL, Tata Chemicals
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