Stocks in focus: Infosys, Bajaj Auto, Mindtree
Here are stocks in focus today:
Infosys: Infosys delivered a strong, double digit growth of 11.1% on-year in net profit for the fiscal second quarter, beating street estimates. The net profit came in at Rs 6,021 crore, as compared to Rs 5,421 crore in the same period previous year. The information technology behemoth’s board of directors also approved the buyback proposal for the fully paid-up equity shares of the face value of Rs 5. The fourth buyback since 2017 aggregates to Rs 9,300 crore, Infosys said while announcing its Q2 earnings.
HDFC Life Insurance Company: The insurer has received final approval from insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) for the amalgamation of Exide Life Insurance with itself. The appointed date for the scheme of amalgamation is 1 April 2022 and the scheme will be effective from end of the day on 14 October 2022.
Mindtree: Mindtree posted a sequential 7.9% rise in consolidated net profit of Rs 508.7 crore for the quarter ended 30 September, led mostly by growth across all its industry verticals. The midcap IT firm had posted a net profit of Rs 471.6 crore in the June quarter. Mindtree’s net profit on an on-year basis rose 27.5% from Rs 398.9 crore posted during the same quarter of the last financial year.
Angel One: The company announced second interim dividend of Rs 9 per share, which is equivalent to 35% of consolidated profit for the quarter. For Q2FY23, the company recorded total revenue from operations of Rs 716.73 crore compared to Rs 527.34 crore in the same quarter last year, representing an on-year growth of 35%. It reported a net profit of Rs 213.55 crore compared to Rs 134.19 crore in the same quarter last year.
Anand Rathi Wealth: Anand Rathi Wealth reported a 33% on-year growth in consolidated revenues at Rs 138 crore for the quarter ended September 2022. The wealth firm’s net profits jumped 41% to Rs 43 crore during this period. The company’s AUM has increased 16% on-year to Rs 35,842 crore as of 30 September 2022. The board has declared an interim dividend of 100% or Rs 5 per share of the face value of Rs 5.
Adani group stocks: An Adani Group firm is likely to be soon rated above India’s sovereign rating as the ports-to-energy conglomerate helmed by Gautam Adani, Asia’s richest man, sees rapid growth in business and lower debt. Adani Group CFO Jugeshinder (Robbie) Singh told a select group of investors on October 10 in New Delhi that an announcement will soon be made of one of the group firms becoming the first Indian firm with all its business in the country, to be rated higher than the sovereign.
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