• Sun. Jun 4th, 2023

Stocks to watch today: The Nifty futures contract traded on the Singapore Stock Exchange signals a positive start for domestic equities. The contract was trading at 18,049.50, up 56.5 points or 0.31% from the previous close.

Quarterly results today

UltraTech Cement, SBI Cards, IndiaMart and a host of other companies will announce their quarterly results today.

Wipro: Wipro posted a mixed performance in terms of profitability for Q4FY23 as it posted a consolidated net profit of Rs 3,074.5 crore in Q4FY23, a few crores less than a profit of Rs 3,087.3 crore a year ago. one year old at the same time. However, the fourth quarter PAT increased by 0.71% from Rs 3,052.9 crore in the previous quarter. These profits are attributable to the owners of the business. Consolidated revenue from operations stood at Rs 23,190.3 crore in Q4FY23, registering a growth of 11.2% from Rs 20,860 crore in the same quarter last year. Revenue, however, is slightly down from Rs 23,229 crore in the December 2023 quarter.

Axis Bank: Axis Bank reported a surprise net loss of Rs 5,728 crore in the March quarter from a year-earlier profit as spending on the acquisition of Citibank’s consumer business in India took a hit. ravages. Excluding the deal with Citi, the private lender would have reported a net profit of Rs 6,625 crore in the fiscal fourth quarter ended March 31. The consensus estimate in a Bloomberg survey of analysts was for net profit of Rs 2,532 crore. Axis Bank announced on March 1 that it has completed the acquisition of Citi India’s consumer banking business for Rs 11,603 crore.

Godrej/Raymond Consumer Products: Godrej Consumer Products Ltd announced on Thursday that it is acquiring the consumer goods business of Raymond Consumer Care Ltd for $345 million, bolstering its portfolio of brands in the country’s fast-growing retail market. Raymond Ltd will sell its popular brands such as Park Avenue deodorant and Kamasutra condoms to Godrej as part of the deal, making it debt-free and reducing the number of business lines, its chairman Gautam Singhania said. during a press conference.

Maruti-Suzuki: Maruti Suzuki expects a shortage of semiconductor chips to continue to impact production in fiscal 2024, chip supply visibility in the first month of the current quarter looking worse than the last quarter of the fiscal year ended March 31, RC Bhargava, chairman, said Maruti Suzuki. “The kind of improvement we were expecting hasn’t happened,” he said, adding that this quarter’s situation appears comparable to the same quarter last year, implying that sales of the quarter should not be negative on an annual basis.

Tech Mahindra: Mahindra & Mahindra Group’s blue chip IT entity Tech Mahindra reported a 27.2% year-on-year decline in net profit to Rs 1,124.9 crore, due to a contraction in its BFSI vertical finances for the quarter ended March (Q4FY23) . Its rupee revenue rose by around 13.2% year-on-year to ₹13,718.2 crore in the quarter under review, even as transaction momentum fell by 44% from Q4FY22. Tech Mahindra announced a total contract value (TCV) or backlog of $592 million this quarter compared to $1.01 billion in the same quarter last year, a seven-year high.

VAC: Net profit reported by ACC Ltd for the quarter ending December at Rs 236 Crore was, however, significantly lower than Rs 396 crore in the year-ago quarter, impacted by higher costs. However, on a sequential basis, they rebounded well and more than doubled from Rs 113 Crore in the previous quarter. Ebitda reported at Rs 588 crore was down 15.5% on an annual basis, although on a sequential basis it improved by more than 40%.

Adani green energy: The Adani Group plans to raise nearly $800 million for new green energy projects, Bloomberg news agency reported Thursday, citing people familiar with the matter. The Indian conglomerate is in talks with global banks including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc, according to the report. The size of the fundraiser could range from around $700 million to some $800 million, according to the report, adding that the plan and size may vary as it is not finalized.

Indian hotel company: Tata Group’s hotel company, Indian Hotels Company Ltd, on Thursday reported a 65% increase in its consolidated operating revenue to Rs 5,809.9 crore in the current fiscal year 22-23, from Rs 3056.22 crore from last year. The company also reported a 510% increase in annual profit of Rs 1084.46 crore from the previous fiscal loss of Rs 264.9 crore the previous year. The revenue stood at Rs 1625.4 crore against Rs 1685.8 crore last year and it almost doubled the year-on-year revenue by Rs 872.08 crore.

Spice spray: Airline SpiceJet announced on Thursday the appointment of Arun Kashyap as chief operating officer. Arun Kashyap’s appointment will be effective from June 12 and he will report to the airline’s chairman and chief executive, Ajay Singh, SpiceJet said in a statement. He will join Air India’s SpiceJet where he is Technical Director. Previously, he served as Director of Programs and Transformation at SpiceJet.

Indus Towers: India’s largest mobile tower provider said it received a significant share of Vodafone Idea’s dues for the January-March quarter, even though it was contracted with the third-largest operator for the collection of contributions dating from before December 2022 according to an ongoing payment plan. . Senior executives at the tower company said the agreement between Vodafone Idea and Indus Towers to pay the latter in installments will continue through FY24 and no new payment plans are in the pipeline. discussion.

Disclaimer:Disclaimer: The views and investment advice of the experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before making any investment decision.

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