Stocks to Watch: Check out the companies making headlines before the opening bell
Results on October 13: Infosys will be in focus ahead of quarterly earnings on October 13. Infosys, Mindtree, Angel One, Anand Rathi Wealth, Aditya Birla Money, Cyient, and Den Networks will be in focus ahead of quarterly earnings on October 13.
HCL Technologies: HCL Technologies reports 6.3% QoQ growth in Q2 profit, expects FY23 revenue to grow 13.5–14.5% YoY in constant currency. The IT services company recorded 6.3% sequential growth in consolidated profit at Rs 3,489 crore and revenue increased by Rs 5.2% QoQ to Rs 24,686 crore. Constant currency revenue growth stood at 3.8% QoQ and the top line in dollar terms increased 1.9% QoQ to $ 3,082 million. Total contract value bookings (new deal wins) stood at $ 2,384 million, up 16% QoQ. HCL Tech expects revenue to grow 13.5–14.5% YoY in constant currency and EBIT margin guidance has been revised to 18-19% in FY23.
Wipro: Wipro reports 4.1% QoQ growth in IT services revenue in constant currency, operating margin expands 16 basis points QoQ. The company said IT services segment revenue in constant currency increased by 4.1% QoQ in Q2FY23 and dollar revenue rose by 2.27% QoQ to $ 2,797.7 million for the quarter ended September FY23. IT services operating margin for the quarter was at 15.1%, an increase of 16 basis points QoQ. Profit during the quarter grew by 3.7% QoQ to Rs 2,659 crore.
Tata Power: Tata Power to develop 7 MW solar project at Pantnagar manufacturing facility. The company is going to develop 7 MW solar project at its Pantnagar manufacturing facility in Uttarakhand. This installation is expected to generate 215 million units of electricity, potentially reducing carbon emissions by over 1.7 lakh tonnes.
ITC: ITC Infotech incorporates subsidiary in Brazil. The company said its subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Brazil under the name of ITC Infotech Do Brasil LTDA. ITC Infotech has received registration certificate for incorporation of the subsidiary.
Mishtann Foods: Mishtann Foods plans to set up ethanol project in Gujarat, expects annual revenue of Rs 3,500 crore. The company plans to set up a 1,000 kilolitres per day (KLPD) grain-based ethanol manufacturing facility in Gujarat. It estimates annual revenue of Rs 3,500 crore through this project and is aiming to commence operations of the plant from the second quarter of 2024.
Sterling and Wilson Renewable Energy: Sterling and Wilson Renewable Energy posts loss of Rs 299 crore in Q2FY23, wins order worth Rs 2,212 crore from NTPC REL. The company has won an order from NTPC Renewable Energy (NTPC REL) for its proposed 1,255 MWac and 1,568 MWdc solar PV project at Khavda RE power park, Gujarat. The total value of the project is Rs 2,212 crore. In addition, the company posted consolidated loss of Rs 298.71 crore for the quarter ended September FY23, widening from loss of Rs 284.35 crore in same period last year, whereas revenue for the quarter stood at Rs 312.69 crore against Rs 1,438.42 crore a year ago.
Panacea Biotec: Serum Institute of India offloads 2.2% stake in Panacea Biotec. Investor Serum Institute of India offloaded 2.2% equity stake in the company via open market transactions on October 11. With this, its shareholding in the company has reduced to 7.63% from 9.83%.
CESC: CESC to consider fundraising of Rs 300 crore on October 15. The company said the board of directors will consider a proposal for issue of secured unlisted non-convertible debentures up to Rs 300 crore on October 15.
Adani Wilmar: Adani Wilmar expects revenue to grow in low single digit in Q2FY23. The company expects its revenue for September FY23 quarter to grow in low single digit compared to year-ago period, whereas first half of FY23 revenues and volumes are expected to register low double-digit growth. Food & FMCG basket continued its growth trajectory similar to previous quarters registering growth of over 40%. Its industry essential business also grew close to 20% during the quarter and H1.
Suven Life Sciences: Suven Life Sciences gets board nod to raise Rs 400 crore via rights issue. The company said the board of directors has approved rights issue size of 7,26,91,239 shares for Rs 399.80 crore. The issue price is Rs 55 per share. The rights entitlement ratio is (1:2) one rights equity share for every two shares held by eligible shareholders of the company.
Power Grid Corporation of India: LIC offloads 2% stake in Power Grid Corporation of India. Life Insurance Corporation of India has offloaded 2% stake in the company via open market transactions. With this, LIC’s shareholding in the company has reduced to 3.3% from 5.3%.
Jubilant Ingrevia: Jubilant Ingrevia raises Rs 100 crore via commercial papers. The company has issued commercial papers of Rs 100 crore with tenure of 49 days. The coupon rate for the commercial papers is 6.5 percent per annum.
Moneycontrol News
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