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Stocks to watch in Friday’s trade
Stocks to watch: Shares of firms like Infosys, HCL Tech, Wipro, Shriram Finance, Paytm and others will be in focus in Friday’s trade.
January futures contract of smelly 50 on the Singapore Exchange indicates a positive start for domestic equities on Friday. The contract was trading at 17981, up 63 points or 0.35 per cent from its previous close.
Earnings Today: Wipro, Just Dial, L&T Finance Holdings, Aditya Birla Money, Choice International, Ganesh Housing Corporation, International Travel House and Rajneesh Wellness will announce third quarter results on Friday.
Infosys: The IT major reported strong third quarter numbers beating Street estimates on both net profit and revenue. The company’s net profit grew 13.4 per cent YoY to Rs 6,586 crore for Q3FY23, and grew 9.4 per cent sequentially. Revenue increased by 20.2 percent to Rs 38,318 crore.
In addition, the company raised its revenue guidance for FY23 on the back of a strong deal pipeline. It now expects revenue growth in the range of 16-16.5 per cent, as against the earlier estimate of 15-16 per cent.
HCL Technologies: 3rd largest IT services firm in India 4,096 crore in Q3 net, registering a growth of 18.8 percent. However, the company cut its high-end revenue guidance for FY23 to 14.5 per cent from 13.5 per cent earlier, owing to seasonal weakness in Q4FY23.
Wipro: IT major Wipro is expected to report revenue growth of 3 per cent quarter-on-quarter (QoQ) to Rs 23,497 crore in Q3FY23, in line with management’s guidance in the range of 0.5-2 per cent.
One97 Communications: China’s Alibaba Group on Thursday sold 2.95% stake in Paytm parent One97 Communications for Rs 1,031 crore through the open market. Bulk deal data shows that it sold 1,92,00,000 shares of the company at Rs 536.95 per share. The stake was sold at a steep discount of over 7% from Wednesday’s closing price.
Shriram Finance: Private equity firm Apax Partners plans to sell its entire stake in Shriram Finance through a block deal on Friday.
Paytm: Chinese conglomerate Alibaba has reportedly sold half its stake in One97 Communications up to 3.1 per cent in a sign of exit from the Indian market. However, Alibaba Group firm Ant Financial has not diluted its stake in Paytm and retains 25 per cent stake in the company.
Rail Vikas Nigam: Received an award letter of Rs 38.97 crore from the state-run Southern Railway.
Mahindra & Mahindra: The Indian auto major was named the fastest growing brand in South Africa for the year 2022 as the company’s local subsidiary created several records. According to the National Association of Automobile Manufacturers of South Africa (NAAMSA), Mahindra SA increased its sales volume by a whopping 78 percent compared to 2021, the highest among all vehicle brands reporting their sales to NAAMSA.
Anand Rathi Wealth: The brokerage firm reported 35 per cent YoY growth in Q3FY23 net worth at Rs 43.22 crore. Consolidated revenue was up 30.6 percent YoY at Rs 138 crore.
Jewelery manufacturers: The Bureau of Indian Standards (BIS) will add 43 more districts to mandate jewelery hallmark standards. At present, hallmarking of jewelery items is mandatory in about 288 districts across India.
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