In today’s article, we will take a look at the latest news and updates from the stock market. Several companies have been making headlines for various reasons, including leadership changes, financial results, and new business developments. Let’s dive into the details and explore what’s happening in the world of stocks.
Reliance Home Finance
Reliance Home Finance has seen a recent change in its leadership. Prashant Utreja, the Chief Executive Officer and key managerial personnel of the company, has resigned, effective from January 11. This development will have an impact on the company’s operations and future strategies.
Mahindra and Mahindra
Mahindra and Mahindra, a prominent automobile company, reported its production and sales figures for December 2023. The company recorded a production of 44,348 units, which is a 2.1 percent decline compared to the same period last year. However, the total sales grew by 8.9 percent year-on-year to 58,369 units. On the other hand, exports witnessed a sharp decline of 41.3 percent to 1,819 units during the same period.
Apart from these figures, Mahindra and Mahindra has also announced an investment of up to Rs 630 crore in Mahindra Electric Automobile (MEAL) through a rights issue. This investment will support MEAL’s fund requirements for its business operations.
Infosys, the country’s second-largest IT services provider, has released its financial results for the quarter ended December FY24. The company reported a 1.7 percent quarter-on-quarter decline in net profit, amounting to Rs 6,106 crore. The revenue also saw a slight dip of 0.4 percent to Rs 38,821 crore.
Despite these declines, Infosys’s dollar revenue stood at $4,663 million, which was above estimates. However, revenue in constant currency slipped by 1 percent. The company’s EBIT declined by 3.8 percent sequentially to Rs 7,961 crore, and the margin dropped by 70 basis points to 20.5 percent for the quarter.
Infosys has revised its full-year revenue growth guidance to 1.5–2 percent, down from the previous range of 1-2.5 percent. However, the company has maintained its margin guidance in the range of 20–22 percent. Additionally, Infosys has announced its acquisition of Insemi, a leading semiconductor design services provider, for Rs 280 crore.
Tata Consultancy Services
Tata Consultancy Services (TCS), one of the leading IT services majors, has reported its financial results for the quarter ended December FY24. The company witnessed an 8.2 percent year-on-year growth in net profit, amounting to Rs 11,735 crore. The revenue also grew by 4 percent to reach Rs 60,583 crore.
In terms of revenue growth in constant currency, TCS recorded a 1.7 percent year-on-year increase. The company’s total contract value (TCV) for Q3 FY24 was reported at $8.1 billion, a decline compared to $11.2 billion in the previous quarter. TCS has announced an interim dividend of Rs 9 per share and a special dividend of Rs 18 per share.
Tata Power Company
Tata Power Company’s subsidiary, Tata Power Renewable Energy, has signed a memorandum of understanding (MoU) with the Government of Gujarat. The MoU aims to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat.
This collaboration between Tata Power and the Government of Gujarat will support the ambitious goal of generating 50 percent of power from renewable sources by 2030. The project has a total investment potential of Rs 70,000 crore and is expected to generate employment for over 3,000 people.
Foreign investor Lexdale International is likely to sell 2.62 crore shares of Nykaa via a block deal. The total value of the block deal is estimated to be around Rs 490 crore. This development in Nykaa’s shareholding may have an impact on the company’s stock performance.
Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) has received demand orders worth Rs 3,528.75 crore from the Income Tax authorities in Mumbai. LIC plans to file an appeal before the Commissioner (Appeals), Mumbai, against these orders. The outcome of this appeal will have financial implications for LIC.
Quarterly Earnings Focus
Today, several companies will be in focus as they announce their quarterly earnings. Investors will closely watch the financial results of HCL Technologies, Wipro, HDFC Life Insurance Company, Tata Metaliks, Anand Rathi Wealth, Artson Engineering, Bharat Bijlee, Aditya Birla Money, Den Networks, Just Dial, Harshil Agrotech, Hathway Bhawani Cabletel & Datacom, Hi-Tech Pipes, JTL Industries, LKP Finance, Mishka Exim, and Neueon Towers. These results will provide insights into the performance of these companies and may impact their stock prices.
UltraTech Cement has entered into a Share Subscription and Shareholders Agreement to acquire 26 percent equity shares of Amplus Ages for Rs 49 crore. Amplus Ages is engaged in the generation and transmission of renewable energy. This strategic acquisition will help UltraTech Cement meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption.
Indian Overseas Bank
Indian Overseas Bank has increased the marginal cost of funds-based lending rate on most tenures, excluding overnight and three-month, by 5–10 basis points. This rate hike will be effective from January 15 and may impact the borrowing costs for individuals and businesses availing loans from the bank.
Container Corporation of India
Container Corporation of India has recorded total volumes of 11,50,808 TEUs (twenty feet equivalent units) for the quarter ended December FY24. This represents a 6.05 percent year-on-year growth. The company’s EXIM volumes rose by 8.25 percent to 9,02,582 TEUs, while domestic volumes witnessed a slight decline of 1.25 percent to 2,48,226 TEUs during the same period.
Quess Corp, a business solutions provider, has signed a Memorandum of Understanding (MoU) with the Department of Gujarat Technical University. This collaboration aims to bridge the skill gap of employees in line with industry requirements. Quess Corp will offer services such as skill assessment, employment enablement, entrepreneurship development programs, and technology integration to enhance the employability of individuals.
RPSG Ventures has announced that its board of directors will meet on January 17 to consider a proposal for raising funds through the issue of one or more instruments or securities. The determination of the issue price will also be discussed during the meeting. This development may have an impact on the company’s future expansion plans.
Shalby Academy, a division of Shalby, has signed a memorandum of understanding with Kaushalya, the Skill University of the Government of Gujarat. As part of this collaboration, Shalby Academy will offer certificate, diploma, and post-graduate diploma programs focusing on clinical paramedical and allied health science segments. This initiative will contribute to the development of skilled healthcare professionals.
HG Infra Engineering
HG Infra Engineering has been declared the lowest bidder by Central Railway for a project worth Rs 716.11 crore. The company will be responsible for constructing a new broad gauge line between Dhule (Borvihir) and Nardana on the Central Railway. This project will contribute to the expansion and improvement of railway infrastructure in the region.
Bajel Projects has received a Letter of Intent (LOI) for the supply of plant and installation services for engineering, procurement, construction, and commissioning of transmission lines and GIS substations in Uttar Pradesh. The LOI comes from Tata Power Company, on behalf of their project-specific SPV, Jalpura-Khurja Power Transmission. The project is valued at Rs 487.64 crore and is expected to be completed within 18 months.
Bhansali Engineering Polymers
Bhansali Engineering Polymers has received environmental clearance from the State Level Environment Impact Assessment Authority in Rajasthan. This clearance is for the expansion of ABS (acrylonitrile butadiene styrene) resin capacity up to 2,00,000 TPA and saleable SAN (styrene acrylonitrile) resin capacity up to 25,000 TPA at Sirohi, Rajasthan. This development will enhance Bhansali Engineering Polymers’ production capabilities and capacity.
In conclusion, these buzzing stocks have been making headlines in the stock market due to various reasons such as leadership changes, financial results, and new business developments. Investors and stakeholders will closely monitor these developments as they have the potential to impact the overall performance and stock prices of these companies.