Stocks to Watch: Infosys, HCL Tech, PVR, Inox, Cyient, Shriram Fin, Zee Ent

Market


Here is the list of the top 10 stocks that will be in focus today:

Infosys: India’s second-largest information technology (IT) services company, Infosys, on Thursday reported a 13.4% year-on-year rise in net profit for Q3FY23 to 6,586 crore, up from 5,809 crore, in turn raising its revenue growth guidance for this financial year (FY). The company upped its FY23 revenue growth guidance to 16-16.5% from the earlier forecast of 15-16%, beating analyst expectations of guidance remaining constant. Operating margin guidance for FY23 was retained at 21-22%.

HCL Tech: HCL Tech posted a 19% rise in net profit in the December quarter to 4,096 crore, up from 3,442 crore in the year ago, growing at a faster clip than peers Infosys and TCS. HCL also announced a dividend of 10 a share. Q3 FY22 is the 80th straight quarter for the tech major, announcing a dividend payout. HCL, however, trimmed the upper end of services revenues and EBIT margin guidance by 50 basis points, each. EBIT is earnings before interest and taxes. The company’s revenue guidance for FY23 now stands at 13.5-14% against the earlier 13.5-14.5%.

PVR/Inox: The National Company Law Tribunal (NCLT) has approved the merger of PVR Ltd and Inox Leisure Ltd. The merged entity — PVR Inox Ltd — will be India’s largest film exhibition entity with a network of more than 1,500 screens. While existing multiplex screens will retain their brands, new cinemas opened post the merger will be branded as PVR Inox. The merged entity will be named PVR Inox Ltd. After the merger, Inox promoters will own a 16.66% stake in the combined entity, while PVR founders will own 10.62%. PVR’s chairman and managing director Ajay Bijli would serve as managing director of the merged entity, and Sanjeev Kumar Bijli would be the executive director.

Cyient: Hyderabad-based technology firm, Cyient beats estimates across all parameters for the quarter ending December 31, 2022 (Q3FY23) period. On a quarter-on-quarter basis, the company registered a strong growth of 97.2% during Q3FY23 with profitability coming at 156 crore. Cyient posted a net profit of 79.1 crore in September 2022 quarter. Cyient posted a growth of 18.4% compared to a profit of 131.8 crore recorded in the December 2021 quarter. Cyient posted a consolidated revenue from operations of 1,618.2 crore in Q3FY23, registering a growth of 36.7%.

Shriram Finance: Private equity major Apax Partners LLP is likely to sell its entire 4.63% stake in non-bank lender Shriram Finance in a block deal on Friday, a person aware of the development said. The deal is valued at approximately 2,250 crore and is being offered at a discount of about 6% to the current market price. Apax Partners, through unit Dynasty Acquisition, will sell up to 17.3 million shares in the publicly traded firm through the secondary market transaction, the person said.

Zee Entertainment: The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday adjourned the matter related to applications filed by some of the lenders and creditors, against the proposed merger of media and entertainment company Zee Entertainment Enterprises Ltd (ZEE) with Culver Max Entertainment (earlier Sony Pictures Networks India) to 2 February. Arguing for ZEE, senior advocates Janak Dwarkadas and Navroz Seervai maintained that the applications filed to oppose the merger are tactics being used to delay the merger completion process.

L&T Technology Services: IT company L&T Technology Services will acquire the Smart World & Communication (SWC) Business of its parent firm Larsen & Toubro Limited in an all-cash deal worth 800 crore. Smart World & Communication (SWC) was founded in 2016 to cater to the demands in smart cities, address opportunities and provide smart solutions in the areas of end-to-end communications, city surveillance and intelligent traffic management system for the Government as well as enterprises.

Allcargo Logistics: Allcargo Logistics, the largest integrated player in the private sector, has picked up a 75 per cent stake in the European rival Fair Trade for 12 million euros, valuing the German company at 16 million euros. The Mumbai-based company in a statement said the acquisition is being carried out through its European subsidiary Allcargo Belgium, which is operating as ECU Worldwide. The existing owner will retain the balance 25 per cent stake in the company, it added without offering a value of the deal

Coal India: The consultancy arm of state-owned CIL Central Mine Planning and Design Institute Ltd has invented a system and method to control the generation and movement of fugitive dust and achieved the patent for the same. Fugitive dust is a form of particulate matter that contributes to air pollution that is generated from various sources which are exposed to air and not discharged into the atmosphere through a confined flow stream.

Anand Rathi Wealth: Leading non-bank wealth solutions firm Anand Rathi Wealth Ltd on Thursday reported a 35 per cent jump in consolidated profit after tax (PAT) to 43.2 crore for the three months ended December 2022. In comparison, the company had posted a PAT of 32 crore in the year-ago period, Anand Rathi Wealth said in a statement. The company’s total revenues rose 29 per cent to 140.2 crore in the quarter under review, from 108.7 crore in the year-ago period.


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