Stocks to Watch Today: The Nifty futures contract traded on the Singapore Exchange signifies a optimistic begin to home equities. The contract was buying and selling at 18,049.50, up 56.5 factors or 0.31% from the earlier shut.
Quarterly earnings in the present day
ExtremelyTech Cement, SBI Cards, IndiaMart and a slew of different corporations will announce their quarterly outcomes in the present day.
Wipro: Wipro posted a combined efficiency when it comes to profitability for Q4FY23 because it posted a consolidated internet revenue of Rs 3,074.5 crore in Q4FY23, which is a few crores decrease than a revenue of Rs 3,087.3 crore a yr in the past identical interval. However, This fall PAT inched up by 0.71% from Rs 3,052.9 crore within the previous quarter. These earnings are attributable to the house owners of the corporate. Consolidated income from operations got here in at Rs 23,190.3 crore in Q4FY23, registering a progress of 11.2% from Rs 20,860 crore in the identical quarter final yr. Revenue nonetheless is marginally down from Rs 23,229 crore in December 2023 quarter.
Axis Bank: Axis Bank reported a shock internet lack of Rs 5,728 crore within the March quarter from a year-earlier revenue as bills relating to the acquisition of Citibank’s shopper enterprise in India took a toll. Excluding the Citi deal, the personal lender would have reported a internet revenue of Rs 6,625 crore within the fiscal fourth quarter ended 31 March. The consensus estimate in a Bloomberg survey of analysts was for a internet revenue of Rs 2,532 crore. Axis Bank introduced on 1 March the completion of the acquisition of Citi India’s shopper banking enterprise for Rs 11,603 crore .
Godrej Consumer Products/Raymond: Godrej Consumer Products Ltd mentioned on Thursday it’s buying the patron items enterprise of Raymond Consumer Care Ltd for $345 million, bolstering its portfolio of manufacturers within the nation’s fast-growing retail market. Raymond Ltd will promote its widespread manufacturers such because the Park Avenue deodorant and Kamasutra condoms to Godrej as a part of the deal, which can flip it debt-free and scale back the variety of enterprise strains, its chairman Gautam Singhania mentioned in a press convention.
Maruti Suzuki: Maruti Suzuki expects a scarcity of semi-conductor chips to proceed to affect manufacturing within the fiscal yr 2024, with visibility of chip provide within the first month of the continuing quarter trying worse than the final quarter of the fiscal ended 31 March, RC Bhargava, chairman, Maruti Suzuki mentioned. “The type of enchancment we have been anticipating hasn’t occurred,” he said, adding that the situation this quarter looks comparable to the same quarter last year, implying that sales in the quarter shouldn’t be negative on a yearly basis.
Tech Mahindra: Mahindra & Mahindra group’s blue-chip IT entity, Tech Mahindra, reported a 27.2% year-on-year decline in its net profit to Rs 1,124.9 crore, as a contraction in its BFSI vertical dragged financials for the quarter-ended March (Q4FY23). Its rupee revenue rose around 13.2% y-o-y to ₹13,718.2 crore during the quarter under review, even as deal momentum slipped 44% compared to Q4FY22. Tech Mahindra reported a total contract value (TCV) or order book of $592 million this quarter against $1.01 billion during the same quarter last year, a seven-year high.
ACC: ACC Ltd,’s reported net profits for the quarter ending December at Rs 236 Crore though came substantially 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. The reported Ebitda at Rs 588 crore was down 15.5% on a year-on-year basis though on a sequential basis improved by more than 40%.
Adani Green Energy: Adani Group is mulling to raise nearly USD 800 million for new green energy projects, news agency Bloomberg reported Thursday, citing people familiar with the matter. The Indian conglomerate is in discussions with global banks, including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc, the report said. The size of the fundraise could range from about USD 700 million to some USD 800 million, the report said adding that the plan and size can vary as it is not finalised.
Indian Hotels Company: Tata group hospitality firm Indian Hotels Company Ltd on Thursday reported a 65% increase in consolidated revenue from operations at Rs 5809.9 crore in the current fiscal FY22-23, over last year’s Rs 3056.22 crore. The company has also reported a 510% increase in annual profit of Rs 1084.46 crore over the previous fiscal loss of Rs 264.9 crore in the previous year. The revenue stood at Rs 1625.4 crore versus last year’s Rs 1685.8 crore and it did see an almost doubling of year-on-year revenue of Rs 872.08 crore.
SpiceJet: Airline carrier SpiceJet on Thursday announced the appointment of Arun Kashyap as its Chief Operating Officer. The appointment of Arun Kashyap will be effective from June 12 and he will report to the airline’s Chairman and Managing Director Ajay Singh, SpiceJet said in a release. He will be rejoining SpiceJet from Air India where he is the Chief Technical Officer. Earlier, he had served as the Chief Program & Transformation Officer at SpiceJet.
Indus Towers: India’s largest mobile phone tower provider said that it had received a significant portion of dues from Vodafone Idea for the January-March quarter, even as it was engaged with the third largest carrier for recovering dues dating prior to December 2022 according to an ongoing payment plan. Top executives at the tower company said that the agreement between Vodafone Idea and Indus Towers to pay the latter in instalments would continue in FY24 and no fresh payment plan was under discussion.
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