Stocks to watch today: smelly Futures contracts traded on the Singapore Exchange indicated a positive opening for domestic equities. The contract was trading at 18,049.50, up 56.5 points or 0.31% from the previous close.
quarterly earnings today
UltraTech Cement, SBI Cards, Indiamart and many other companies will announce their quarterly results today.
Wipro: Wipro posted a mixed performance in terms of profitability for Q4FY23 as it posted a consolidated net profit of Rs 3,074.5 crore in Q4FY23, which is a few crore lower than the profit of Rs 3,087.3 crore in the same period a year ago. However, Q4 PAT grew by 0.71% from Rs 3,052.9 crore in the previous quarter. These profits are attributed to the owners of the company. Consolidated revenue from operations in Q4FY23 came in at Rs 23,190.3 crore, registering a growth of 11.2% from Rs 20,860 crore in the same quarter last year. The revenue is however marginally lower at Rs 23,229 crore in the December 2023 quarter.
axis Bank: Axis Bank reported a surprising net loss of Rs 5,728 crore in the March quarter from a year-ago profit as expenses related to the acquisition of Citibank’s consumer business in India increased. Excluding the Citi deal, the private lender would have reported a net profit of Rs 6,625 crore in the fourth quarter ended March 31. The consensus estimate in a Bloomberg survey of analysts was for a net profit of Rs 2,532 crore. Axis Bank on March 1 announced the completion of the acquisition of the consumer banking business of Citi India for Rs 11,603 crore.
Godrej Consumer Products/Raymond: Godrej Consumer Products Ltd on Thursday said it is acquiring the consumer goods business of Raymond Consumer Care Ltd for $345 million, thereby strengthening its portfolio of brands in the country’s fast-growing retail market. As part of the deal, Raymond Ltd will sell its popular brands such as Park Avenue deodorant and Kamasutra condoms to Godrej, which will make it debt-free and reduce the number of business lines, its chairman Gautam Singhania said at a press conference.
Maruti Suzuki: Maruti Suzuki expects semi-conductor chips shortage to continue to impact production in FY2024, with chip supply visibility in the first month of the current quarter looking worse than in the last quarter of the fiscal ended March 31 Yes, said RC Bhargava, Chairman, Maruti Suzuki. “The kind of reform we were expecting has not happened,” he said.
Tech Mahindra: Mahindra & Mahindra Group’s blue-chip IT unit, Tech Mahindra, reported a 27.2% decline in its net profit to Rs 1,124.9 crore for the March-ended quarter (Q4FY23), a drag in its BFSI vertical financials. was in the form of a contraction. , Its rupee revenue grew by nearly 13.2% to ₹13,718.2 crore during the quarter under review, even as the deal pace slowed by 44% compared to Q4FY22. Tech Mahindra recorded a total contract value (TCV) or order book of $592 million in the quarter, as against $1.01 billion during the same quarter last year, which was a seven-year high.
ACC: ACC Ltd reported a net profit of Rs 236 crore for the quarter ended December, though it was lower than Rs 396 crore in the year-ago quarter hit by higher costs. However, on a sequential basis, they made a good comeback and more than doubled from Rs 113 crore in the previous quarter. Reported Ebitda was Rs 588 crore, down 15.5% on a year-on-year basis, though improving by over 40% on a sequential basis.
Adani Green Energy: The Adani Group is looking to raise about USD 800 million for new green energy projects, news agency Bloomberg reported on Thursday, citing people familiar with the matter. The report added that the Indian group is in discussions with global banks including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc. The size of the fundraising could range from around USD 700 million to around USD 800 million, the report said, adding that the plan and size may vary as it has not been finalised.
Indian Hotel Company: Tata Group’s hospitality firm Indian Hotels Company Limited on Thursday reported a 65% increase in consolidated revenue from operations in the current financial year 2012-23 over Rs 3056.22 crore in the previous year. The company has registered an increase of 510% in the annual profit of Rs 1084.46 crore as against the previous financial loss of Rs 264.9 crore in the previous year. The revenue stood at Rs 1625.4 crore as against Rs 1685.8 crore in the previous year, almost doubling the year-on-year revenue to Rs 872.08 crore.
SpiceJet: Airline carrier SpiceJet on Thursday announced the appointment of Arun Kashyap as its Chief Operating Officer. Arun Kashyap’s appointment will be effective from June 12 and he will report to Ajay Singh, chairman and managing director of the airline, SpiceJet said in a release. He will rejoin SpiceJet from Air India where he is the Chief Technical Officer. Prior to this, he served as the Chief Programs and Transformation Officer at SpiceJet.
Sindhu Towers: India’s largest mobile phone tower provider said it had received a significant portion of dues from Vodafone Idea for the January-March quarter, even as it looks to recover dues before December 2022 as per the ongoing payment plan. tied with the third largest carrier for , Top tower company officials said the agreement between Vodafone Idea and Indus Towers to pay in installments would continue in FY24 and no new payment plan was under discussion.
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