Stocks to watch in Friday’s trade
Stocks to watch: Shares of firms like Infosys, HCL Tech, Wipro, Shriram Finance, Paytm, and others will be in focus in Friday’s trade.
The January futures contract of Nifty 50 on the Singapore Exchange indicates a positive start for domestic equities on Friday. The contract was trading at 17981 up 63 points or 0.35 per cent from the previous close.
Earnings Today: Wipro, Just Dial, L&T Finance Holdings, Aditya Birla Money, Choice International, Ganesh Housing Corporation, International Travel House and Rajnish Wellness to announce Q3 results on Friday.
Infosys: The IT major reported strong Q3 numbers beating Street estimates on both net profit and revenue. The company’s net profit for Q3FY23 rose 13.4 per cent YoY to Rs 6,586 crore, and was up 9.4 per cent sequentially. Revenue grew 20.2 per cent YoY to Rs 38,318 crore.
Further, the company raised its revenue guidance for FY23 on the back of a strong deal pipeline. It it now expects revenue growth in the range of 16-16.5 per cent, as against the earlier projection of 15-16 per cent.
HCL Technologies: The third-largest IT services firm in India reported a 18.8 per cent YoY growth in Q3 net at Rs 4,096 crore. However, the company lowered its higher-end revenue guidance for FY23 13.5 per cent to 14 per cent, down from the earlier 13.5 per cent to 14.5 per cent due to seasonal weakness expected in the Q4FY23.
Wipro: IT major Wipro is expected to register revenue growth up to 3 per cent quarter-on-quarter (QoQ) to Rs 23,497 crore in Q3FY23, in-line with the management’s guidance set in the range of 0.5-2 per cent.
One97 Communications: China’s Alibaba Group on Thursday sold 2.95% stake in Paytm parent One97 Communications through the open market for Rs 1,031 crore. It sold 1,92,00,000 shares of the company at Rs 536.95 a share, bulk deals data showed. The stake was sold at a steep discount of over 7% to Wednesday’s closing price.
Shriram Finance: Private equity firm Apax Partner is planning to sell its entire stake in Shriram Finance via block deals on Friday.
Paytm: Chinese conglomerate Alibaba has reportedly sold half its shareholding to the tune of 3.1 per cent in One97 Communications, in an indication of exiting the Indian market. However, Alibaba group firm Ant Financial has not diluted its stake in Paytm and continues to hold 25 per cent of the company.
Rail Vikas Nigam: The state-run received letter of award worth Rs 38.97 crore from Southern Railway.
Mahindra & Mahindra: The Indian auto major was named the fastest-growing brand in South Africa for the year 2022 as the company’s local subsidiary set several records. According to the National Association of Automobile Manufacturers of South Africa (NAAMSA) Mahindra SA increased its sales volume by a massive 78 per cent compared to 2021, the highest of all the vehicle brands that report their sales to NAAMSA.
Anand Rathi Wealth: The brokerage firm reported a 35 per cent YoY growth in Q3FY23 consolidated net at Rs 43.22 crore. Consolidated revenue was up 30.6 per cent YoY at Rs 138 crore.
Jewellery makers: The Bureau of Indian Standards (BIS) will add 43 more districts to mandate the jewellery hallmark standards. At present, hallmarking of jewellery items are mandatory in around 288 districts across India.
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