Monitoring Stocks: TCS, Infosys, M&M, Ultratech Cement, LIC and HG Infra
The following list comprises the top ten stocks expected to draw attention today:
Tata Consultancy Services: The net profit of the largest IT company in the country improved by 2.7% in the December quarter, and by 7% compared to the same period last year, amounting to $1.41 billion. TCS reported revenue of $7.28 billion for the third quarter, which represents a 1% increase from the previous quarter and a 2.9% increase from the same period last year.
Infosys: The company's revenue amounted to $4.66 billion, showing a 1.2% drop from the previous quarter and a 0.1% increase from the same period last year. The net profit for the December quarter was $733 million, down by 2.3% sequentially and 8.3% year-on-year.
Wipro: The IT company is set to announce its earnings for the December quarter. According to analysts at BNP Paribas, the company's services revenue may decline by 2.5% sequentially, which is in line with the company's guidance. This decline can be attributed to seasonal furloughs and the continued impact of a slowdown related to a cut in discretionary tech spending.
HCL Tech: The company is likely to report a 6.3% growth in net profit to Rs 4,063 crore, driven by robust revenue expansion and a 5.47% sequential uptick in EBIT to Rs 5,204 crore. During the second quarter, HCL recorded a profit of Rs 3,832 crore and revenue from operations of Rs 26,672 crore.
UltraTech Cement: The company has announced the acquisition of a 26% stake in Amplus Ages by investing Rs 49 crore. The acquisition is to meet the company's green energy needs, optimize energy costs and comply with regulatory requirements for captive power consumption under electricity laws, it said.
Mahindra & Mahindra: The company has approved up to Rs 630 crore investment in Mahindra Electric Automotive Limited through a subscription to a rights issue of shares of MEAL. Each share, valued at Rs 10, will see an additional premium of Rs 4.50 per share. This investment will help MEAL meet its financial requirements for ongoing business operations.
Life Insurance Corp: LIC has stated that tax authorities have issued two demand notices totaling about Rs 3,529 crore against the insurer and that it plans to appeal these orders within the given timelines.
HG Infra: The Central Railway has declared the company as the L-1 bidder for a project worth Rs 716 crore on an engineering, procurement, and construction basis.
Bhansali Engineering Polymers: The company has received environmental clearance from the State Level Environment Impact Assessment Authority, Rajasthan for the expansion of acrylonitrile butadiene styrene (ABS) resin and saleable styrene acrylonitrile (SAN) resin at its plant at Abu Road..
Shalby Academy: Arm Shalby Academy has signed an MoU with Kaushalya, the Skill University of Gujarat Government. The MoU aims to offer certificate, diploma, and post-graduate diploma programs in clinical paramedical and allied health science segments.
