The Singapore Exchange’s Nifty futures traded 58.5 points, or 0.34 percent, lower at 17,046.5, indicating that Dalal Street will have a bad start to the day on Thursday.
The stocks that will be the focus of today’s focus are listed below:
HCL Technologies: HCL Technologies increased the full-year sales outlook and reported a 7% year-over-year increase in consolidated net profit to Rs 3,489 crore for the September quarter. The net profit for the last fiscal year was Rs 3,259 crore. The revenue for the three months that concluded on September 30, 2022, were Rs 24,686 crore, which is 19.5% more than it was during the same time last year.
Wipro: Due to higher employee costs and lower non-US earnings, the leading provider of IT services announced a 9.3% decline in net profit for the September quarter. In the period from July to September, the company’s profit attributable to equity shareholders decreased by 9.27% to Rs 2,659 crore from Rs 2,930 crore.
Hindustan Zinc: According to Department of Investment and Public Asset Management (Dipam) Secretary Tuhin Kanta Pandey, the government will sell a portion of its remaining ownership in Vedanta-controlled Hindustan Zinc (HZL) in the current fiscal. By November or December, a request for expressions of interest (EoI) would be made in relation to the strategic sales of Container Corporation (ConCor) and the two former Air India subsidiaries, Air Transport Services and Air India Engineering Services.
Tata Power: The business will build a seven MW solar plant for Tata Motors at its Pantnagar manufacturing location in Uttarakhand. Over 1.7 lakh tonnes of carbon emissions could be reduced by the 215 million units of electricity that this project is anticipated to produce.
Adani Wilmar: The company anticipates low single-digit revenue increase for the September FY23 quarter compared to the same period last year, while low double-digit revenue growth is anticipated for the first half of FY23. The food and FMCG basket maintained a growth trajectory similar to that of earlier quarters, growing by more than 40%. Nearly 20% growth was also seen in its core industries business during both the quarter and H1.
IOC, BPCL, and HPCL: To ease financial strains and make up for losses on LPG sales in the domestic market over the previous two years, the Union Cabinet has approved a one-time grant of Rs 22,000 crore for the three oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation (HPCL). The award will help the fuel merchants address the under-recoveries that emerged over the course of these two years.
BHEL: According to a press statement from the firm, Bharat Heavy Electricals Limited (BHEL) has engaged into strategic MoUs with Coal India Limited (CIL) and NLC India Limited (NLCIL) for the construction of coal gasification-based plants. According to the press release, BHEL will establish two projects under these MoUs: a lignite-based gasification pilot plant with NLCIL for electricity production, and a coal-to-ammonium nitrate project with CIL based on the gasification of high ash Indian coal.