Stocks To Watch: Infosys, Mindtree, Anand Rathi, Den Networks, Cyient, MTNL, Inox Leisure
Stocks to watch before going into trade today.
Asian equities advanced in the wake of a shock rebound in US stocks that roared back from losses sparked by a hot inflation reading.
Benchmark indexes jumped around 2% in Japan, Australia and South Korea while futures pointed higher in Hong Kong. The S&P 500 index defied expectations to rally 2.6% after consumer price data cemented bets for the Federal Reserve to deliver another jumbo rate hike in November.
At 7:15 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 1.67% to 17,241.
Elsewhere, oil headed for a weekly loss as signs of a global economic slowdown and tighter monetary policy threaten to sap energy consumption. The International Energy Agency earlier warned production cuts agreed by OPEC+ risked causing oil prices to spike and tipping the global economy into recession.
Stocks To Watch
Infosys: The company announced a buyback programme worth Rs 9,300 crore where it will buy 5.03 crore shares at Rs 1,850 apiece, a premium of 30% over Thursday’s closing price.
National Highways Infra Trust: The InvIT is looking to raise additional Rs 3,800 crore, out of which Rs 1,500 crore will be raised via non-convertible debentures.
Mahanagar Telephone Nigam: Shareholders approved plans to raise Rs 17,571 crore through government-guaranteed debt bonds on private placement basis, and enhanced power of the board to borrow up to Rs 35,000 crore from banks and other financial institutions.
Tata Steel Long Products: The company subscribed 4.69 crore shares of its subsidiary Neelachal Ispat Nigam for Rs 300 crore, taking its shareholding to 95.81% from 95.65%. NINL will use the funds for meeting its capital and capex requirements.
Karnataka Bank: The board of the bank considered the request of Mahabaleshwara MS, managing director and CEO, not to offer himself for reappointment. He will continue in the office till the completion of his tenure on April 14, 2023. The Board decided to constitute a search and selection committee to identify and evaluate candidates for the post.
HDFC Life Insurance Company: Insurance regulator Irdai approved the merger of Exide Life Insurance Company into HDFC Life Insurance Company.
Power Mech Projects: The company received a letter of award worth Rs 499.41 crore from Bangalore Metro Rail Corporation.
Inox Leisure: The company executed an agreement with Jazz Cinemas for transfer of its theatre business, Luxe Cinemas, on a going concern basis, by means of a slump sale.
KPI Green Energy: The company received commissioning certificate from Gujarat Energy Development Agency for capacity of 6 MW solar power project for three clients—Parag Syntex, Murlidhar Texprints and Shabnam Petrofils.
Chemcon Speciality Chemicals: The company purchased land parcels worth Rs 22.2 crore in different parts of Vadodra, Gujarat for business purposes.
Pricol: Crisil has assigned ‘Crisil A-/Stable’ rating to long-term credit facilities of the company.
Ceat: The has subscribed the entire paid-up capital of wholly owned subsidiary Taabi Mobility.
Earnings Post Market Hours
Infosys Q2 FY23 (Consolidated, QoQ)
Revenue up 6% at Rs 36,538 crore Vs Rs 34,470 crore
EBIT up 14% at Rs 7,873 crore Vs Rs 6,914 crore
EBIT margin 21.5% Vs 20.06%
Net profit up 12% at Rs 6,021 crore Vs Rs 5,360 crore
Mindtree Q2 FY23 (Consolidated, QoQ)
Revenue up 8.9% at Rs 3,400.4 crore Vs Rs 3,121.1 crore
EBIT up 8.8% at Rs 650.6 crore Vs Rs 598.2 crore
EBIT margin 19.13% Vs 19.16%
Net profit up 7.9% at Rs 508.7 crore Vs Rs 471.6 crore
Anand Rathi Wealth Q2 FY23 (Consolidated, QoQ)
Revenue up 3% at Rs 136 crore Vs Rs 132 crore
EBITDA up 8% at Rs 60.41 crore Vs Rs 55.69 crore
EBITDA margin 44% Vs 42%
Net profit up 8% at Rs 42.92 crore Vs Rs 39.7 crore
Declared interim dividend of Rs 5 per share of face value of Rs 5 each
Den Networks Q2 FY23 (Consolidated, QoQ)
Revenue up 1% at Rs 287 crore Vs Rs 283 crore
EBITDA fell 8% at Rs 37.76 crore Vs Rs 40.91 crore
EBITDA margin 13% Vs 14%
Net profit up 3.7x at Rs 47.5 crore Vs Rs 12.82 crore
Cyient Q2 FY23 (Consolidated, QoQ)
Revenue up 12% at Rs 1396 crore Vs Rs 1,250 crore
EBIT down 0.35% at Rs 141.6 crore Vs Rs 142.1 crore
EBIT margin 10.14% Vs 11.37%
Net profit down 32% at Rs 79.1 crore Vs Rs 116.1 crore
Declared interim dividend of Rs 10 per equity share on par value of Rs 5 each
Angel One Q2 FY23 (Consolidated, QoQ)
Revenue up 7% at Rs 716.73 crore Vs Rs 669.76 crore
EBITDA up 13% at Rs 287.85 crore Vs Rs 254.23 crore
EBITDA margin 40.2% Vs 38%
Net profit up 6% at Rs 213.56 crore Vs Rs 181.51 crore
Bajaj Auto, Tata Elxsi, Shree Cement, Federal Bank
Who’s Meeting Whom:
Mahindra Lifespace Developers: To meet investors and analysts on Nov. 4.
Ganesha Ecosphere: To meet investors and analysts on Oct. 14 and Oct. 15.
Just Dial: To meet investors and analysts on Oct. 17.
Meghmani Finechem: To meet investors and analysts on Oct. 20.
JSW Steel: To meet investors and analysts on Oct. 21.
D B Corp: To meet investors and analysts on Oct. 19.
Kotak Mahindra Bank: To meet investors and analysts on Oct. 22.
HDFC Bank: To meet investors and analysts on Oct. 15.
Laurus Labs: To meet investors and analysts on Oct. 21.
Navin Fluorine International: To meet investors and analysts on Oct. 20.
Pledge Share Details:
Ajanta Pharma: Promoter Aayush M Agrawal, trustee Aayush Agrawal Trust created a pledge of 4.5 lakh shares on Oct. 11.