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Business News/ Markets / Stock Markets/  Stocks to Watch: Infosys, Bajaj Auto, Wipro, ICICI Securities, ITC, Suzlon, RVNL

Stocks to Watch: Infosys, Bajaj Auto, Wipro, ICICI Securities, ITC, Suzlon, RVNL

Here are a few stocks likely to be in focus on Friday, April 19:

Companies reporting results on Friday, April 19, include Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering. (Photo: HT)Premium
Companies reporting results on Friday, April 19, include Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering. (Photo: HT)

Infosys: On Thursday, April 18, Infosys reported a 30% YoY increase in its net profit for Q4FY24, at 7,975 crore, compared to a profit of 6,134 crore in Q4FY23. Its revenue for the quarter was 37,923 crore, marking a 1.3% YoY increase. In terms of constant currency (CC), the revenues remained unchanged YoY and saw a 2.2% decrease QoQ. Its operating margin at 20.1%, decreased 0.9% YoY and 0.4% QoQ. The company also projected its slowest ever growth guidance, anticipating a revenue growth of 1-3% in constant currency terms for FY25. This subdued guidance is a result of the company's historically weakest full-year dollar-revenue growth of 1.9% for FY24. Infosys also announced its biggest acquisition to date - a $480-million purchase of German engineering research and development firm In-Tech .

Wipro: Wipro is projected to announce subdued earnings for the fourth quarter of FY24 due to a soft demand environment. The company is set to release its Q4 results on Friday, April 19. For Q4FY24, Wipro is anticipated to report a consolidated net profit of 2,746 crore, marking a modest growth of 1.92% from 2,694.2 crore in Q3FY24. Its IT services revenue is predicted to witness a sequential growth of 0.18% to $2,661 million from $2,656 million. However, in rupee terms, the revenue may experience a slight drop of 0.28% to 22,141 crore from 22,205.1 crore QoQ, due to macroeconomic impacts and ongoing weakness in verticals, according to the average estimates of five brokerages. JM Financial forecasts a -0.2% constant currency (CC) revenue growth with a 25 bps cross-currency tailwind, resulting in flat QoQ USD revenue growth for IT Services. The CC growth is likely to be in the upper half of the guided band of -1.5% to 0.5%.

Bajaj Auto: The company reported an 18% increase in consolidated net profit in Q4FY24, at 2,011.43 crore, up from 1,704.74 crore in the same period last year. It reported a revenue of 11,249.8 crore for the January-March quarter, marking a 30% increase from 8,660 crore in the corresponding period last year. For the fiscal year ending on March 31, 2024, the company reported a 33% increase in net profit, reaching 7,479 crore, compared to 5,628 crore in the FY23 fiscal. The company's revenue from operations reached a record high of 44,685 crore for FY24, up from 36,428 crore in the 2022-23 fiscal. The company's EBITDA for the March quarter surged by 34.4% to 2,307 crore, while operating margins stood at 19.7%, an increase of 180 basis points. The automaker's board also approved a dividend of 80 per share.

ICICI Securities: On Thursday, April 18, ICICI Securities reported a consolidated net profit of 536.5 crore for Q4FY24, compared to the 262.7 crore profit declared in Q4FY23.Its consolidated revenue increased 74.4% YoY, at 1,543.2 crore, from 884.8 crore posted in the corresponding period last year. The company's consolidated EBITDA increased over 96%, reaching 1,079.3 crore in Q4FY24, from 550 crore in Q4FY23. The company's margin for the quarter was 69.9%, compared to the 62.2% reported in the same quarter a year ago. The company has also approved the payment of a second interim dividend of 17 per equity share, with the record date set for April 16, and the dividend amount expected to be credited on or before May 18.

Tata Motors: Tata Motors is poised to bolster its manufacturing capabilities with a proposed $1 billion investment in a new facility in Tamil Nadu, in the southern part of India. Insiders familiar with the company's strategy have disclosed that the plant will primarily focus on the production of luxury vehicles under the Jaguar Land Rover (JLR) brand, as reported by Reuters. While Tata Motors had initially made the investment announcement in March, details about the specific models to be produced were not revealed. The recent disclosure provides insight into the company's strategic initiative to further incorporate JLR into its operations, capitalizing on its acquisition of the esteemed brand in 2008.

ITC: ITC Infotech, a fully-owned subsidiary of ITC, has signed a share purchase agreement to acquire a 100% stake in Blazeclan Technologies for 485 crore, as stated in an exchange filing on April 18. The transaction is expected to be finalized in the next 6-8 weeks, subject to the fulfillment of standard closing conditions, as per the filing. The acquisition of the Pune-based IT company is set to enhance ITC Infotech's ability to serve its clients in a multi-cloud and hybrid cloud setting, with a focus on the partner ecosystem to drive future growth, the filing added.

Suzlon Energy: In an exchange filing today, Suzlon Energy announced that the Gujarat High Court has issued an ad interim stay against the 261 crore penalty levied by the National Faceless Assessment Centre, Income Tax Department, New Delhi, in March. The company was penalized 87.59 crore for disallowance of the claim of depreciation on goodwill, late payment of the provident fund, and late payment of employees' state insurance during the fiscal year 2015-16 (April–March). Additionally, a penalty of 172.76 crore was imposed for similar reasons in the fiscal year 2016–17. In response to these penalties, Suzlon Energy Ltd filed petitions against the penalty order.

Rail Vikas Nigam Ltd: RVNL, as per an exchange filing, has entered into a memorandum of understanding (MoU) with Turkish Engineering Consulting and Contracting-TUMAS India Pvt Ltd. The agreement is aimed at fostering partnership and collaboration in public transportation and infrastructure projects within India. The state-controlled railway company had previously been identified as the most competitive (L1) bidder for three contracts towards the end of March. Prior to this, in the middle of March, it was awarded a Letter of Award (LoA) for a project valued at 106.37 crore in Madhya Pradesh.

Vodafone Idea: The company's follow-on public offer (FPO), the largest in India at 18,000 crore, kicked off on a high note on Thursday. On the first day of bidding, the issue saw a 26% subscription, primarily fueled by robust demand from qualified institutional buyers (QIBs). In contrast, the non-institutional investors (NIIs) segment experienced moderate demand, and the retail segment showed relatively less interest. The QIB segment saw a promising start with a 61% subscription on the opening day. The NII segment, which includes high net worth individual investors, saw a 28% subscription, while the retail segment saw a mere 0.06% subscription. The FPO, with a price range of 10-11 per share, is set to close on Monday, April 22.

Gokaldas Exports: The company has initiated its Qualified Institutional Placement (QIP) on Thursday, April 18, with an aim to raise up to 600 crore. Its floor price has been set at 789.99 per share. By raising funds from institutional investors, the company seeks to fortify its financial standing and seize growth opportunities in the vibrant textile industry, the company said in an exchange filing.

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Pranay Prakash
My experience as a Finance Journalist has involved working as a Web Producer and Sub Editor at a wire agency and business magazine, respectively, where I have curated various domain specific news pages, and later edited long-form, in-depth pieces on everything from India's corporates to the state of the economy, and various sectors. At Mint, I am involved in the editing of market copies and the curation of the live markets blog. Apart from the financial markets, my interest encompass topics related to the economy, the political economy of a growing economy, the space of policy design, and how it affects the wider economy and the decisions of corporates and consumers alike.
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Published: 19 Apr 2024, 07:57 AM IST
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