Strong global cues coupled with falling crude oil prices are likely to lend strength to the Indian equity markets on Friday. At 7:01 am, the SGX Nifty quoted 17,200 levels, indicating a gap-up open of 243 points.
Shree Cement, Bajaj Auto, Tata Elxsi, Federal Bank, Oberoi Realty, Just Dial, GI Engineering Solutions, Infomedia Press, and Plastiblends India will be in focus ahead of quarterly earnings on October 14.
HDFC Bank, Avenue Supermarts, ICICI Prudential Life Insurance Company, Larsen & Toubro Infotech, Butterfly Gandhimathi Appliances, Alok Industries, GTPL Hathway, Hathway Bhawani Cabletel & Datacom, Kesoram Industries, Reliance Industrial Infrastructure, and Urja Global will be in focus ahead of quarterly earnings on October 15.
Stocks to Watch
The IT major posted a better-than-estimated 11 per cent year-on-year (YoY) rise in consolidated net profit to Rs 6,021 crore in Q2FY23. The company’s revenue, too, climbed 23.4 per cent YoY to Rs 36,538 crore in Q2. That apart, they announced Rs 9,300 crore share buyback, for a price up to Rs 1,850 per share. They also declared an interim dividend of Rs 16.5 per share.
The IT services player reported a 27.5 per cent YoY surge in net profit to Rs 508.7 crore for Q2FY23. Revenue, meanwhile, was up 31.5 per cent YoY to Rs 3,400 crore. Despite wage hike across the board, the company said that they maintained an EBITDA margin at a healthy 21 per cent. However, attrition continued to be high at 24.1 per cent in the recently concluded quarter.
Power Mech Projects
The company entered into a joint venture with RITES as they bagged order worth Rs 499.41 crore from the Bangalore Metro Rail Corporation Ltd (BMRCL) to construct Depot cum workshop at Challaghatta in Reach-2 Extension of Bangalore Metro Rail Project, Phase-2. The project has been awarded to RITES- PMPL.
The private sector lender plans to diversify its asset base by raising exposure to secured loans to 70 per cent by 2025. That apart, the bank is also looking at geographical diversification and plans to increase the number of branches to 8,000 in 2025 from 5,640.
The company plans to set up a 1,190 megawatt (MW) solar power plant in Bikaner district of Rajasthan as it signed an MoU with the Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL). Around 4,846 hectare of land is earmarked by the Rajasthan government to develop the park, of which the RUVNL would set up 810 MW and the rest 1,190 MW by Coal India.
The company posted 17.7 per cent quarter-on-quarter (QoQ) rise in profit to Rs 213.6 crore for Q2FY23. The consolidated total income, too, grew 9 percent QoQ to Rs 745.9 crore, during the same period. The company shared a second interim dividend of Rs 9 per share.
The digital cable TV service provider saw consolidated net profit to grow 27.7 per cent YoY to Rs 48.12 crore for Q2FY23, on the back of lower tax expenses and associate-related losses. However, revenue declined 11.6 per cent YoY to Rs 287.3 crore, during the recently concluded quarter.
Anand Rathi Wealth
The company reported 8.15 per cent QoQ growth in consolidated profit to Rs 42.95 crore for Q2FY23, whereas operating profit saw 8.4 per cent QoQ growth to Rs 60.4 crore. Revenue, on the other hand, rose 3.4 per cent YoY to Rs 136 crore in Q2FY23.
The company received final nod from insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) to merge Exide Life Insurance with itself. The appointed date for the scheme of amalgamation is April 1, 2022 and the scheme will be effective from the end of October 14, 2022.
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