Stocks to watch: Shares of firms like TCS, HCL Tech, HDFC Bank, Wipro, Patanjali Foods, SpiceJet, and others will be in focus on Thursday’s trade.
Stocks to Watch on July 13: Nifty futures traded 10 points, or 0.05 per cent, lower at 19,555, signaling that Dalal Street was headed for a flat start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.
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Quarterly earnings today
Wipro, Angel One, Federal Bank among others will announce their first quarter results today.
Tata Consultancy Services: Tata Consultancy Services (TCS) Ltd on Wednesday reported a 16.84% year-on-year rise in its consolidated net profit for the fiscal’s first quarter ended June (Q1FY24) to Rs 11,074 crore. The company had reported a profit of Rs 9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%. The IT company’s consolidated revenue from operations stood at Rs 59,381 crores during the quarter ended June from Rs 52,758 crore in Q1FY23. Sequentially, up 0.4% from Rs 59,162 crore in Q4FY23.
HCL Tech: HCL Technologies Ltd, India’s third largest software services exporter, reported on Wednesday a 7.6% rise from a year earlier in fiscal first-quarter net profit at Rs 3,534 crore. The company posted rupee revenues of Rs 26,296 crore during the June quarter, which marked a 12.1% rise from a year earlier but fell 1.2% sequentially. Revenues grew 6.3% from a year earlier in constant currency (CC) terms. The earnings lagged expectations of the company as well as of the Street.
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HDFC Bank: On July 13, HDFC stock will be delisted and will begin trading under the name of HDFC Bank. As a result, HDFC will be removed from the stock market, and shareholders will have their shares converted to HDFC Bank. Following the conversion, shareholders of HDFC Ltd will hold a 41% stake in HDFC Bank Ltd. This transaction, which took place on April 4, 2022, is considered the largest in India’s corporate history. HDFC Bank agreed to acquire the largest domestic mortgage lender in a deal worth approximately $40 billion, leading to the creation of a formidable financial services powerhouse.
Vedanta: Vedanta has lined up partners for semiconductor ventures, its chairman Anil Agarwal said at the 58th Annual General Meeting (AGM) today. The company has a number of partners and is waiting for government approvals, he said. The announcement came days after its earlier partner Foxconn decided to discontinue the partnership with Vedanta. “We will begin our historic foray in semiconductor fab and glass fab manufacturing, post government’s approval. This will open an entirely new avenue of rapid growth for the company in a sector that is strategic for the country,” he added.
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Hindalco Industries: The board of directors of Hindalco Industries Limited has approved a proposal to sell a land parcel at Kalwa, Maharashtra, for Rs 595 crore. The land parcel is located in the Kalwa MIDC area and has a total area of 12.95 acres. The sale of the land parcel is part of Hindalco’s strategy to focus on its core businesses and reduce its debt. The proceeds from the sale will be used to repay debt and for other general corporate purposes.
Vedanta: Vedanta has lined up partners for semiconductor ventures, its chairman Anil Agarwal said at the 58th Annual General Meeting (AGM) today. The company has a number of partners and is waiting for government approvals, he said. The announcement came days after its earlier partner Foxconn decided to discontinue the partnership with Vedanta. “We will begin our historic foray in semiconductor fab and glass fab manufacturing, post government’s approval. This will open an entirely new avenue of rapid growth for the company in a sector that is strategic for the country,” he added.
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Hindalco Industries: The board of directors of Hindalco Industries Limited has approved a proposal to sell a land parcel at Kalwa, Maharashtra, for Rs 595 crore. The land parcel is located in the Kalwa MIDC area and has a total area of 12.95 acres. The sale of the land parcel is part of Hindalco’s strategy to focus on its core businesses and reduce its debt. The proceeds from the sale will be used to repay debt and for other general corporate purposes.
SpiceJet: SpiceJet on Wednesday said its promoter Ajay Singh will infuse Rs 500 crore into the company to strengthen the airline’s financial position. The fresh equity infusion will help the carrier in accessing additional credit facilities of Rs206 crore under the Emergency Credit Line Guarantee Scheme (ECLGS), the company said in a statement. The board of SpiceJet on Wednesday considered options for raising fresh capital for the company, where Ajay Singh in order to strengthen the financial position of the company, offered to infuse ₹500 crore.
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Wipro: IT services firm Wipro Ltd will invest $1 billion in artificial intelligence (AI) over the next three years. The investment will help the company advance its foundation in AI, data and analytics capabilities, build new consulting capabilities and more, Wipro said in a statement on Wednesday. The company has also launched a service—Wipro ai360, an AI-first innovation ecosystem, and said it would train all of its about 250,000 employees on AI over the next 12 months.
Patanjali Foods: Food and ayurvedic products firm Patanjali Foods Ltd on Wednesday said its primary promoter Patanjali Ayurved Ltd is planning to divest at least 7% of the stake for Rs 2,533.9 crore via an OFS on exchanges. The OFS is aimed to help Patanjali Foods adhere to the minimum public shareholding guidelines of Sebi. An exchange filing says the OFS will involve the sale of 25.3 million shares at ₹1,000 apiece by Patanjali Ayurved. The subscription for the OFS will begin on Thursday and end on Friday. Retail investors can place their bids on 14 July.
Thomas Cook India: Travel services provider Thomas Cook India on Wednesday said its UAE subsidiary DEI Holdings Limited has acquired a 50 per cent stake in 500 FT SPV Limited. Thomas Cook India did not divulge details of the quantum of investment made by DEI Holdings in 500 FT SPV Limited, a UAE-incorporated firm. DEI Holdings Limited (DEI), a 51% step-down subsidiary of the company in UAE, has invested in “500 FT SPV Limited,” a company incorporated in the UAE. Post the investment, DEI owns a 50% stake in 500 FT SPV Limited, Thomas Cook India informed the BSE in a regulatory filing.
Power Finance Corporation: State-owned Power Finance Corporation (PFC) has filed a draft shelf prospectus to raise Rs 10,000 crore through NCDs. The company filed the prospectus on 6 July with the BSE. The public issue of secured, rated, listed, and redeemable NCDs will have a face value of Rs 1,000 each and will be issued in one or more tranches. PFC plans to utilize at least 75% of the net proceeds for onward lending, financing, refinancing existing debt, and debt servicing, while up to 25% will be allocated for general corporate purposes.
