Reliance, HUL, Infosys, Asian Paints, ITC, Wipro, Bajaj Finserv, Axis Bank, Future group stocks in focus
时间:2024-06-26 09:13:53 阅读(143)
Indian equity markets are likely to open on a muted note, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 11 pts or 0.06% down at 17509 on the Singapore Exchange, signalling a flat to negative start for Indian equities. “Markets are digesting the recent gains however the tone is still positive, thanks to noticeable buying interest on every dip. However, we’re seeing limited participation across sectors so the focus should remain on stock selection. Needless to say, further recovery in the global indices, especially the US, would strengthen the trend and help the Nifty to inch toward the 17,800 levels,” said Ajit Mishra, VP – Research, Religare Broking.Stocks in focus on 21 October, Friday
Reliance: Mukesh Ambani’s Reliance Industries Ltd is expected to post a robust earnings growth for the July-September quarter, helped by Reliance Jio telecom’s operating profit, a rise in ARPU (Average Revenue Per User), and strong retail sales. Analysts project Reliance Industries to report a net profit jump ranging 10-40% on-year for the fiscal second quarter, to as much as Rs 21,500 crore. A likely muted performance of RIL’s O2C (Oil-to-chemicals) business, due to subdued petrochemicals demand, is expected to be cushioned by a healthy growth in gross refining margins.
Infosys: Infosys has allowed its employees to take up external gig work, after obtaining prior approval of their managers, thus becoming the first major IT firm in the country to do so. “Any employee, who wishes to take up gig work, may do so, with the prior consent of their manager and BP-HR, and in their personal time, for establishments that do not compete with Infosys or Infosys’ clients,” according to an email sent by the company to its employees.
Future group: The Future Group on Thursday moved the Delhi High Court against the Singapore arbitral tribunal’s order that dismissed its plea for termination of the arbitration proceedings initiated by Amazon against the Rs 24,500-crore merger deal between Future Retail (FRL) and Reliance Retail.
Asian Paints: Asian Paints will invest about Rs 2,650 crore for manufacturing of key raw materials including Vinyl Acetate Ethylene Emulsion (VAE) and white cement. Separately, the company has also entered into a deal to acquire a majority stake in Harind Chemicals and Pharmaceuticals.
ITC: ITC reported a 20.79% on-year rise in its standalone net profit to Rs 4,466.06 crore for the second quarter this fiscal, aided by a 27.07% on-year growth in its gross revenue from sale. The cigarette-to-FMCG-to-hotel major had posted Rs 3,697.18 crore net profit for the second quarter last fiscal. The revenue growth for the July-September period this year came from across markets and channels, and all businesses contributed to both revenue and profitability.
Wipro: The IT major has appointed Suzanne Dann as chief executive officer of Americas 2 strategic market unit, effective immediately. Dann will also join the Wipro Executive Board. In her new role, Dann will focus on increasing bookings, large deal signings, and revenue in high-growth strategic areas. She will also direct operational changes to improve margins and continue investments in talent to serve clients’ changing needs, Wipro said.
Axis Bank: The private lender reported a jump of 70% on-year jump in its standalone net profit at Rs 5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans. The bank had posted a net profit of Rs 3,133.32 crore in the year-ago same quarter ended September 2021.
ICICI Securities: The company’s consolidated profit fell 14.5% on-year to Rs 300.41 crore during the quarter ended September FY23 due to muted topline and weak operating performance. Revenue from operations increased by 0.2% to Rs 858.46 crore supported by interest income but dented by lower brokerage income.
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Q2 results today: Reliance Industries, Hindustan Unilever, Bajaj Finserv, HDFC Life Insurance Company, JSW Steel, SBI Life Insurance Company, Ambuja Cements, Hindustan Zinc, Amber Enterprises India, CSB Bank, DLF, Finolex Industries, IDBI Bank, IRB Infrastructure Developers, and United Spirits will report their quarterly earnings on October 21.
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The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)
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