Stocks to Watch: TCS, Adani Energy, Infosys, India Cements, Bajaj Auto
- Delta Corp, GM Breweries, and Supreme Infrastructure India will be in focus as they declare the September quarter earnings today.
Here is the list of the top 10 stocks that will be in focus today:
Tata Consultancy Services: TCS' net profit for Q2 FY23 rose by 8% to ₹10,431 crore from the year-ago quarter and the company also declared a second interim dividend of ₹8 per share. TCS shares closed nearly 2% higher at ₹3,121 apiece on the BSE ahead of its Q2 results. TCS said it was seeing some softness in long-term deal decision-making after India's top IT exporter reported a bigger-than-expected rise in second-quarter profit today.
Inox Wind/Adani Green: Inox Wind through its subsidiary arm, Inox Green Energy Services Limited (IGESL) has sold the entire equity shareholding held in three special purpose vehicles (SPV) -- Wind One Renergy Ltd, Wind Three Renergy Ltd and Wind Five Renergy Ltd to Adani Green Energy Limited, a part of the Adani Group. Post the transaction, IGESL shall provide long-term operations and maintenance services for these projects.
Infosys: India's second-largest IT services provider Infosys Ltd will consider a buyback proposal when its board will meet on 13 October, the company informed the stock exchanges. The outcome of the board meeting will be disseminated to the stock exchanges after the conclusion of the board meeting on 13 October 2022, the company said. Infosys will also declare its financial results for the September quarter (Q2FY23) on 13 October. The company's board will also consider its first interim dividend for FY23.
Bajaj Auto: Bajaj Auto Ltd on Monday said it has bought back over 64 lakh shares from public shareholders for ₹2,499.97 crore under its share buyback exercise. The company, which had commenced the share buyback on July 4, 2022, said its Buyback Committee at its meeting held on Monday approved the completion and closure of the exercise from October 10, 2022. In a regulatory filing, Bajaj Auto said it has bought back 64,09,662 equity shares, utilising an aggregate amount of ₹2,499.97 crore.
Adani Ports: Adani Ports and Special Economic Zone Ltd, India's largest ports and logistics company, on Monday, said it has received approvals from the National Company Law Tribunal (NCLT) for acquiring the remaining 58.1 per cent stake in Gangavaram Port Limited. With this stake purchase, GPL will become a 100 per cent subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ).
India Cements: India Cements Ltd on Monday said it has entered into a pact to sell its entire stake in Springway Mining Private Limited (SMPL) to JSW Cement for a total consideration of ₹476.87 crore. SMPL owns limestone-bearing land in the Panna district and is in the process of setting up a cement plant in the Damoh district in Madhya Pradesh. Consequently, SMPL has ceased to be a wholly-owned subsidiary of ICL, it added.
GVK Power and Infrastructure: GVK Power & Infrastructure said that the National Company Law Tribunal (NCLT) Hyderabad bench has admitted an insolvency proceeding petition filed by Axis Bank against its arm GVK Power (Goindwal Sahib) Ltd on Monday. GVK Power (Goindwal Sahib) Ltd has a 540 MW (2X270MW) coal-fired thermal power plant near Goindwal Sahib village in the district Tarn Taran of Punjab. Its Unit 1 was commissioned on April 1, 2016, while Unit 2 was made operational on April 14, 2016.
Panacea Biotech: Biotechnology firm Panacea Biotec on Monday said it has bagged a long-term supply order worth USD 127.3 million (over ₹1,040 crore) from UNICEF and Pan American Health Organisation for the supply of its pentavalent vaccine Easyfive-TT. The order from UNICEF is worth USD 98.755 million (about ₹813 crore) for the supply of 99.7 million doses during calendar years 2023-2027, Panacea Biotec said in a statement.
NMDC: State-owned mining giant NMDC has left the prices of lump ore and fines unchanged for the third time in a row. In a regulatory filing on Monday, NMDC said it has fixed the prices of lump ore at ₹4,100 per tonne and that of fines at ₹2,910 a tonne with effect from October 8, 2022. Iron ore is one of the key raw materials used in the manufacturing of steel. Any movement in the prices of the mineral has a direct impact on the rates of steel, which has been a matter of concern for user industries for the past few months.
JSW Steel: JSW Steel has reported a 12 per cent year-on-year growth in its combined steel production at 5.68 million tonne (MT) in the quarter ended September 2022. In the year-ago period, its combined steel output was at 5.07 MT, JSW Steel said in a statement. "JSW Steel reported its group combined crude steel production at 5.68 million tonne, registering a growth of 12 per cent y-o-y, including the production at jointly controlled entities," it said.
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