Stocks to watch: Shares of firms like HDFC Bank, Infosys, Tata Motors, Vodafone, HCL, Zee Ent, and others will be in focus on Tuesday’s trade.
The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,788, down 83 points or 0.46% from the previous close.
Results Today
Shares of Angel One, Just Dial and TV 18 Broadcast will be in focus today as the companies will announce their fourth quarter results.
ZEE Entertainment: Openheimer is likely to sell 5.65% stake in ZEE Entertainment via block deals, according to reports.
Muthoot Finance: The company completed the pre-payment of external commercial borrowings to the tune of $225 million on April 13.
Infosys: Showcasing a sequentially weak quarter growth, Infosys recorded a 16 per cent decline in its total profit after tax (PAT) in Q4FY24. The IT giant’s Q4 PAT stood at ₹6,128 crore, which was down by 16 per cent on a sequential basis. Its revenue also dropped by 2.2 per cent on a quarterly basis to Rs 37,441 crore. The company’s revenue growth in cc terms was at 3.2 per cent QoQ and 8.8 per cent YoY. The company’s operating margins stood at 21 per cent in the fourth quarter of the previous financial year.
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HDFC Bank: Leading private sector lender, HDFC Bank posted 19.8% growth year-on-year in net profit to Rs 12,047.5 crore for the fourth quarter ending March 31, 2023 (Q4FY23). Net interest income (NII) jumped by 23.7% to f 23,351.8 crore in the quarter under review. The bank showed healthy growth in deposits and credit, while provisions dropped steeply in Q4. Also, the bank’s asset quality continued to be stable. During Q4FY23, the bank’s profit before tax stood at Rs 15,935.5 crore. However, after providing taxation of Rs 3,888.1 crore, HDFC Bank earned a net profit of Rs 12,047.5 crore, an increase of 19.8% over the quarter that ended March 31, 2022.
Tata Motors: Tata Motors has announced its decision to increase the prices of its passenger vehicles, citing rising input costs and regulatory changes that have made car production more expensive. This marks the second time in 2023 that the Indian automaker has implemented such a price hike. The Indian automaker has stated that the weighted average increase in prices for its passenger vehicles will be 0.6%, varying depending on the model and variant. The price hike is set to take effect from May 1, as per the automaker’s recent press release.
Read More:- Vedanta board approves raising Rs 2,100 crore through NCDs
Vodafone Idea: Vodafone Idea has reportedly placed an order of approximately Rs 200 crore with Chinese company ZTE for network gear, according to three sources familiar with the matter. The order pertains to broadband network equipment in the telecom circles of Gujarat, Maharashtra, and Madhya Pradesh-Chhattisgarh (MP-CG), as informed by the sources to PTI. “Vodafone Idea has awarded an order of around Rs 200 crore to ZTE,” one of the sources said. The National Security Council Secretariat (NSCS), which oversees the Trusted Telecom Portal and grants clearance for permissible telecom equipment, has been informed about the matter, according to the sources.
Zee Entertainment: Invesco Developing Markets Fund, an investor in Zee Entertainment Enterprises Ltd (ZEEL), is poised to sell its entire 5.65% stake in the company for as much as Rs 1,130 crore. In October, Invesco sold 5.51% of ZEEL for around Rs 1,395.9 crore, paring its shareholding in the Indian broadcaster to 5.65%. Two people with direct knowledge of the matter confirmed that Invesco is set to exit the company on Monday, 17 April, via bulk deals and has hired Kotak Securities as the broker for the secondary share sale.
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Tata Steel: Tata Steel’s CEO, T V Narendran, stated that the company is continuing its pursuit of a financial package from the UK government, in response to a question about their stance on exiting the UK business. Narendran, who also serves as the Managing Director of Tata Steel, made these comments. “Tata Steel is still pursuing it (request) with the government there (UK),” he told PTI on the sidelines of an event in the national capital. He noted that there has been no conclusion to the request made for a financial package.
HCL Tech: Homegrown information technology (IT) services firm, HCL Technologies Thursday said Anand Birje, head of Digital Business Services, has resigned, to pursue another opportunity. Birje, who joined HCL Technologies in 2003 in Infrastructure services sales, moved on to lead the D&A (data and analytics) practice in 2017, and later became the head of Digital Business Services in 2021. HCL Technologies continues to have a stable senior talent pipeline and would announce the new leadership shortly. Birje will continue to serve till May 5, 2023, the company said in a statement.
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Adani Green: Adani Group’s renewable energy division—Adani Green—on Friday announced a 49% increase in its operational capacity, reaching 8,086 MW by the end of the fiscal year 2023. This marks the most substantial capacity expansion by any domestic renewable energy company to date. As the nation’s leading green energy firm, Adani Green boasts a total installed capacity of 20,000 MW. The company has commissioned a 325 MW wind power facility in Madhya Pradesh, a 212 MW solar power plant in Rajasthan, and the first-ever and largest 2,140 MW solar-wind hybrid power plant in Rajasthan.
Vedanta: The board of Vedanta Ltd. authorised the issuing of non-convertible debentures (NCDs) worth up to Rs. 2,100 crore on Thursday on a private placement basis. Vedanta in its filing at the stock exchange said that it has considered and approved for raising, on a private placement basis, up to 21,000 secured, unrated, unlisted, redeemable, non‐convertible debentures of face value Rs 10,00,000/‐ each aggregating up to Rs 2,100 Crores in one or more tranche(s).
