Stocks to watch today: Infosys, Reliance, ONGC, Tata Steel, HDFC Life and more

Bajaj Auto, Shree Cements, Federal Bank, Tata Elxsi, and Oberoi Realty will be in the spotlight, as they disclose their September quarter profits today.

Indian equity markets are set to gain strength on Friday as a result of positive global cues and declining crude oil prices. The Nifty dropped 109 points to 17,014 while the BSE Sensex dropped 390 points to 57,235.

The top 10 stocks that will be the focus of today’s focus are listed below:


Infosys: On Thursday, the second-largest provider of IT services in India reported a better-than-anticipated 11% increase in consolidated net profit at ₹6,021 billion for the quarter ending in September and announced a buyback of shares worth ₹9,300 billion. The Bengaluru-based company increased its projection for FY23 sales growth to 15-16%. The board of Infosys also announced an interim dividend of ₹16.50 rupees per share. Approximately ₹6,940 crore will be paid out in interim dividends.

Mindtree: On Thursday, the IT business Mindtree announced that its consolidated net profit for the September quarter increased by 27.5% year over year to ₹508.7 crore. When compared to the June quarter, the net profit increased by nearly 8% when viewed sequentially. The Q2 revenue was estimated to be ₹3,400.4 crore, up 31.5% annually and 8.9% over the prior sequential quarter. In the first half of the fiscal year, the total contract value, or TCV, for the first time exceeded USD 1 billion.

Reliance Industries: As the conglomerate run by billionaire Mukesh Ambani aims to dominate India’s enormous retail market, Reliance Industries Ltd. is reportedly in advanced talks to buy the Indian wholesale business of German firm Metro AG. The only company left to pursue the carry business is Ambani’s Reliance because Charoen Pokphand Group Co. is no longer engaged in discussions with Metro.

ONGC: According to two people with knowledge of the situation, a consortium led by ONGC Videsh Ltd (OVL) and including other state-run firms Indian Oil Corp. Ltd (IOCL), Bharat PetroResources Ltd (BPRL), and Oil India Ltd (OIL) is looking to purchase a stake in a producing hydrocarbon asset of the Abu Dhabi National Oil Co. (Adnoc), the largest oil company in the United Arab Emirates (UAE). Through government-to-government negotiations between India and the UAE, the planned transaction is being facilitated.

HDFC Life: The governing body for the insurance industry, Irdai, has given the go-ahead for HDFC Life Insurance Company Ltd (HDFC Life) to incorporate Exide Life into the business. In order to strengthen its position in the south Indian market, HDFC Life purchased a 100% share in Exide Life Insurance Company from its parent company Exide Industries in January of this year for ₹6,687 crore.

MTNL: State-owned MTNL announced on Thursday that its shareholders had accepted a proposal to raise up to ₹17,571 crore through privately placed, government-guaranteed debt bonds. According to the outcome of the closely scrutinised report from MTNL’s annual general meeting conducted on October 10, shareholders of the loss-making public sector telecom giant have also increased the board’s authority to borrow up to 35,000 crore from banks and other financial institutions.

Tata Steel: On Thursday, Tata Steel Long Products, a division of Tata Steel, announced that it had paid ₹300 crore for equity shares in its subsidiary Neelachal Ispat Nigam Limited. At a premium of ₹54 per share, the business has purchased 4,68,75,000 equity shares at 10 cents each. As of right now, the business will possess 95.81% of Neelachal Ispat Nigam Ltd.

Coal India: On Thursday, the Rajasthan Vidyut Utpadan Nigam Limited (RRVUNL) and Coal India Limited (CIL) signed a Memorandum of Understanding (MoU) for the development of a 1190 MW solar power plant in the state as part of CIL’s diversification programme for clean energy, according to a statement from the Ministry of Coal. The project would support CIL’s efforts to increase solar power production as part of its clean coal energy diversification programme.

Anand Rathi Wealth: The company’s consolidated profit increased by 8.15% QoQ to Rs 42.95 crore for Q2FY23, while operating profit increased by 8.4% QoQ to Rs 60.4 crore. In contrast, revenue increased 3.4% YoY to Rs 136 crore in Q2FY23.

Bandhan Bank: By increasing its exposure to secured loans to 70% by 2025, the private sector lender intends to diversify its asset base. Aside from that, the bank also aims to geographically diversify and will have 8,000 branches, up from 5,640, by 2025.

Stocks in F&O ban: On Friday, October 14, the stocks of Delta Corporation and Indiabulls Housing Finance were subject to the F&O restriction.