Stocks to Watch: Check out the companies making headlines before the opening bell
Results on October 14: Shree Cement to be in focus ahead of quarterly earnings on October 14. 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.
Results on October 15: HDFC Bank to be in focus ahead of quarterly earnings on October 15. 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.
Infosys: Infosys reports 12.3% QoQ increase in profit with constant currency revenue growth at 4% in Q2FY23 & deal wins at $ 2.7 billion. The IT services company reported earnings (except topline) above analysts’ estimates for Q2FY23 with profit climbing 12.3% sequentially to Rs 6,021 crore and revenue growing 6% QoQ to Rs 36,538 crore. Revenue in dollar terms increased by 2.5% QoQ to $ 4,555 million and constant currency revenue growth was at 4% in Q2FY23. The company recorded robust large deal total contract value for the quarter at $ 2.7 billion, the highest in the last 7 quarters, against $ 1.7 billion in the previous quarter, while it revised constant currency revenue forecast to 15-16% for the current financial year of FY23, from 14-16% earlier, and expects operating margin for FY23 in the range of 21-22%, against 21-23% earlier.
Mindtree: Mindtree Q2 earnings beat estimates, profit rises 7.9% QoQ to Rs 508.7 crore and revenue grows 8.9%. The midcap IT services company reported earnings above analysts’ estimates for the quarter ended September FY23 with profit rising 7.9% sequentially to Rs 508.7 crore and revenue in rupee terms growing 8.9% QoQ to Rs 3,400.4 crore. The revenue in dollar terms grew by 5.7% QoQ to $ 422.1 million for the quarter, while the operating profit increased by 8.8% to Rs 650.6 crore and margin dipped to 19.13% in Q2FY23, from 19.2% in Q1FY23. Attrition rate dropped to 17.7% versus 24.5% on a sequential basis.
HDFC Life Insurance Company: HDFC Life Insurance Company gets final approval of IRDAI for Exide Life Insurance merger. The company has received final approval from Insurance Regulatory and Development Authority of India (IRDAI) for the merger of Exide Life Insurance with itself. The appointed date for the scheme of amalgamation is 1 April 2022 and the scheme will be effective from the end of the day on 14 October 2022.
Chemcon Speciality Chemicals: Chemcon Speciality Chemicals purchases land for business operations. The company has purchased land in Vadodara for its business operations. The total cost of land acquisition is Rs 22.3 crore. These are related party transactions.
Power Mech Projects: Power Mech Projects bags contract from Bangalore Metro Rail Corporation. The company has received a Letter of Award worth Rs 499.41 crore from Bangalore Metro Rail Corporation. This project has been received by the company in a 49:51 joint venture with RITES.
Angel One: Angel One Q2 profit grows 17.7% sequentially to Rs 213.6 crore, total income rises 9% QoQ. The company posted a 17.7% sequential growth in profit at Rs 213.6 crore for the quarter ended September FY23, with consolidated total income growing 9 percent QoQ to Rs 745.9 crore during the same period. It reported gross addition of around 1.2 million clients in Q2FY23, crossing the 11 million mark in total client base during the quarter. The company announced second interim dividend of Rs 9 per share, which is equivalent to 35% of consolidated profit for the quarter.
Den Networks: Den Networks Q2 profit rises 28% YoY to Rs 48 on lower tax expenses, loss by associates, but revenue falls 11.6%. The digital cable TV service provider has recorded 27.7% year-on-year growth in consolidated profit at Rs 48.12 crore for the quarter ended September FY23 due to lower tax expenses and loss by associates, but revenue declined 11.6% to Rs 287.3 crore during the same period.
MAS Financial Services: MAS Financial Services raises Rs 55 crore via issuance of commercial papers. The company has raised Rs 55 crore via issuance of commercial papers. The maturity date for the commercial papers is 31 October 2022 which has credit rating of CARE A1+.
Anand Rathi Wealth: Anand Rathi Wealth reports 8% sequential growth in Q2 profit at Rs 43 crore, revenue grows 3.4%. The company reported 8.15% sequential growth in consolidated profit at Rs 42.95 crore for the quarter ended September FY23, and revenue grew 3.4% to Rs 136 crore from a year ago. Operating profit also registered 8.4% QoQ growth at Rs 60.4 crore for the quarter.
NITCO: NITCO CFO Shirish Suvagia resigns. Shirish Suvagia has resigned as Chief Financial Officer of the company with immediate effect.
Moneycontrol News
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