Here are the top 10 stocks that will be the focus of today’s scrutiny.
Infosys: The second-largest provider of IT services in India has reduced average variable compensation to approximately 70% for the June quarter due to margin pressure and high staff expenditures, sources said. Employees have been advised that the company has cut variable compensation for the June quarter or Q1 FY23 to around 70%. Recently, Wipro and TCS put a hold on employee variable compensation, mostly because of margin pressure, inefficiency in its personnel supply chain, and technological investment.
TVS Electronics: On Monday, TVS Electronics signed a business transfer agreement with GTID Solutions Development to enter the mobile POS software and authentication solutions markets. TVS Electronics will supply hardware and the necessary applications, as well as digital payment and cloud computing software solutions, among other things, to markets like retail, banks, and government. The company and IP rights of GTID Solutions will be purchased by TVS Electronics. TVS Electronics anticipates that the deal will close on or around October 31, 2022.
TCS: On Monday, the Indian IT behemoth said that Absa Corporate and Investment Bank (CIB) of South Africa has hired it to digitally revamp its investment banking services. To provide on-cloud trading and investing services for Absa CIB’s clients, TCS will make available its “BaNCS” platform. TCS will power Absa CIB’s front- and mid-end operational services, including trade management, clearing and settlement of trades, and other “operational and administrative” services, according to a joint announcement from the two businesses.
Gillette India: For the fourth quarter that concluded on June 30, 2022, Gillette India, a manufacturer of shaving products, recorded a net profit of 67.59 crore, a more than twofold rise over the previous quarter. In the same quarter of the prior fiscal, the company, which uses a July-June financial year, had declared a profit of 27.53 crore. In comparison to the corresponding period, its revenue from operations increased by 26.81% to 552.89 crore during the quarter under review.
NTPC: The first phase of the 20 MW Gandhar Solar PV Project in Gujarat has been put into service by the public sector company NTPC Limited in Gandhar. On Monday, the company made the announcement in a stock market regulatory filing. The first portion of the 20 MW Gandhar Solar PV Project was successfully put online by NTPC, making it the fourth successful renewable energy project put online this month.
Bank of Baroda: State-owned Bank of Baroda announced on Monday that it will issue bonds to raise 2,500 crores of rupees to finance commercial expansion. The issuing of Basel III compliant Additional Tier 1 (AT1) bonds for a total issue size of Rs. 2,500 crore in single or multiple tranches has been approved by the bank’s Capital Raising Committee, according to a regulatory filing from the lender.
Sobha Ltd.: Following a settlement in a case involving alleged fraudulent trading and disclosure violations, the market regulator Sebi has concluded the adjudication procedures against the real estate company Sobha Ltd. and four individuals. The four people have paid a total of Rs 2,92,50,000 as part of the settlement. It was alleged, among other things, that Sobha Ltd had falsely declared the service tax/GST dues of a certain D K Shivakumar (DKS) in three financial years—2016–17, 2017–18, and 2018–19—as well as the receivables for the construction of the individual’s dwelling.
RBL Bank: On Monday, RBL Bank announced that its board has authorised funding up to 3,000 crore to support the lender’s commercial expansion. According to the bank’s regulatory filing, the shareholders must approve the fundraising. Additionally, in addition to the residual/remaining options that are still pending under the ESOP 2018, the board has approved the issuance of 1.75 crore additional equity stock options, exercisable into an equivalent number of fully paid up equity shares of 10 apiece.
Godrej Agrovet: Governments of Assam, Manipur, and Tripura have inked Memorandums of Understanding (MoUs) with leading diversified agribusiness company Godrej Agrovet to develop and promote oil palm planting in those three states under the National Mission on Edible Oils-Oil Palm initiative. Palm oil is a net importer into India.
IIFL Finance: According to sources, the allocation of 53,76,457 of its equity shares to the affiliate of the Abu Dhabi Investment Authority was approved by the board of directors of IIFL Home Finance, a subsidiary of IIFL. After the aforementioned transaction, the investor will possess a 20% interest in IIFL Home Finance. The investor gave the corporation 2,200 crore in exchange for the deal.