Stocks to Watch: Infosys, HUL, L&T, IndusInd Bank, M&M, IndiaMart
JSW Steel, HDFC Life Insurance Company, Hindustan Zinc, Ashok Leyland, CreditAccess Grameen, Atul, Glenmark Life Sciences, PNB Gilts, 20 Microns, UltraTech Cement, Tejas Networks, and Ramkrishna Forgings are some of the companies that will declare their earnings today
PremiumHere are the top ten stocks that could be in news on Friday:
Infosys: The IT services company announced an 11% increase in its consolidated net profit for the June quarterto ₹5,945 crore. The firm's revenue showed a 10% rise, climbing to ₹37,933 crore. Due to macroeconomic uncertainties, it has reduced its full-year growth forecast to 1-3.5% in constant currency, down from 4-7% projected earlier.
Hindustan Unilever: The FMCG giant reported a 6.9% increase in its consolidated profit to ₹2,556 crore for the first quarter ended June amid gradual recovery in the FMCG industry, despite a challenging operating environment. The consolidated total income for the quarter stood at ₹15,679 crore against ₹14,757 crore. Total expenses increased to ₹12,167 crore, up from ₹11,531 crore a year ago.
Mahindra & Mahindra: The company said a US court has allowed its subsidiary Mahindra Automotive North America to keep producing and selling the post-2020 version of its off-road vehicle Roxor in the US. The Eastern District Court of Michigan issued its order on Fiat Chrysler Automobile's (FCA) renewed motion to enjoin the Post-2020 Roxor. The court has on the basis of its analysis declined to apply the safe distance rule to this case as sought by FCA.
Larsen and Toubro: The engineering and construction behemoth plans to launch the first-ever share buyback offer in the company’s 85-year history. The board will meet on 25 July to consider the buyback and offer a special dividend on equity for fiscal 2023-24.
IndusInd Bank: The private sector lender announced that its board has given the approval to raise up to ₹20,000 crore through debt securities. The bank is set to raise these funds via any permitted mode on a private placement basis, amounting to an aggregate of ₹20,000 crore, or a corresponding amount in foreign currencies.
Persistent Systems: The IT company reported a consolidated net profit of ₹228.8 crore for the quarter ended June against ₹211.6 crore profit in the same period the previous year. The company reported its revenue from operations at ₹2,321.2 crore in Q1 against ₹1,878.1 crore in the quarter ended June. The company announced the appointment of Ajit Ranade as an independent director to its board.
IndiaMart: The online B2B marketplace reported a 78% surge in its net profit to ₹83 crore for the April-June quarter. The significant rise was attributed to a boosted user base, which resulted in 26% higher revenue. The company also revealed its plan to buy back 12,50,000 shares, valued at ₹500 crore.
Hindustan Aeronautics: The company and the defence ministry of Argentina have entered into a Letter of Intent (LoI) for productive cooperation and procurement of Light and Medium Utility Helicopters for Argentina's armed forces.
Jindal Stainless: The company said it has purchased the outstanding 74% stake in Odisha's Jindal United Steel Limited for ₹958 crore. Previously holding a 26% stake, the acquisition now renders JUSL a wholly-owned subsidiary of Jindal Stainless.
Union Bank of India: The state-owned bank recorded a more than 100% surge in net profit to ₹3,236 crore in the June quarter, powered by a reduction in bad loans and a rise in interest income. Its total income rose to ₹27,381 crore from ₹20,991 crore. The bank's interest income for the quarter increased to ₹23,478 crore from ₹18,174 crore in June 2022.
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