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Business News/ Markets / Stock Markets/  Stocks to Watch: TCS, IndusInd Bank, Jindal Steel, Plaza Wires, Grasim

Stocks to Watch: TCS, IndusInd Bank, Jindal Steel, Plaza Wires, Grasim

Infosys, HCL Tech, HDFC AMC, Angel One, Anand Rathi Wealth, Sterling and Wilson Renewable, Tata Metaliks, and Kesoram Industries are reporting their quarterly earnings results on Thursday and will be among the stocks in focus.

Stocks to Watch for Thursday. Photo: ReutersPremium
Stocks to Watch for Thursday. Photo: Reuters

Here are the top stocks that could be in focus in today's trade:

TCS: TCS Q2 earnings: Information Technology (IT) services major, Tata Consultancy Services (TCS) Ltd on Wednesday reported an 8.7% year-on-year rise in its consolidated net profit (attributable to shareholders of the company) for the fiscal's second quarter ended September (Q2FY24) to 11,342 crore. The company had reported a profit of 10,431 crore in the year-ago period. Sequentially, the consolidated net profit was up 2.4%. TCS shares ended at 3,610.20 apiece, down 0.52% on BSE.

IndusInd Bank: The RBI on October 11 issued its approval to SBI Mutual Fund (SBI MF), the mutual funds arm of the SBI, to acquire 9.99% of the paid-up share capital in private lender IndusInd Bank, a regulatory filing stated on October 11. “The approval has been granted with reference to the application made by SBI MF to RBI," IndusInd Bank informed the stock exchanges. This acquisition will allow the company to also hold 9.99% voting rights in the bank.

Jindal Steel And Power: Indian insolvent airline Go First has received an expression of interest from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters. An expression of interest is the first step in the bidding process and may not result in a financial bid. "Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First.

Plaza Wires: The IPO listing date for Plaza Wires has been set for Thursday, October 12, and it will be available for trading on both the NSE and BSE. The subscription period for the Plaza Wires IPO commenced on Friday, September 29, and concluded on Thursday, October 5. Over the four days, investors exhibited a remarkable enthusiasm for the IPO. The company established the price range at 51 to 54 per equity share for its upcoming initial public offering.

Grasim: Aditya Birla Group’s flagship, Grasim Industries Ltd, announced that it will be holding a board meeting on Monday to consider a proposal to raise funds. This comes at a time when the Kumar Mangalam Birla-led textile manufacturer is set to launch its paint vertical, with a project cost of 10,000 crore before the end of the current financial year. The company launched the paints venture under the brand name, Birla Opus.

Delta Corp: Delta Corp reported a 1.68% rise in its net profit to 69.4 crore against 68.25 crore reported a year-ago period. The company reported a nominal 0.2% rise in its consolidated revenue to Rs270.6 crore in the September quarter of FY24 against 270 crore in the year-ago period. The company's EBITDA was down by 0.1% to 100.3 crore in Q2 FY24 against 100.4 crore in Q2 FY23.

JSW Steel: JSW Steel on Wednesday said it has emerged as the preferred bidder for the Jaisinghpura North Block iron ore mine in Karnataka. JSW Steel has received a communication from the Karnataka government in this regard, the company informed the exchanges. The highest final offer price by the company to become a "Preferred Bidder" is 150.3 per cent of the value of the mineral dispatched. The projected iron ore resource is 17.66 in MMT.

ACC/Ambuja Cements: Gautam Adani-led Adani Group has entered into a $3.7 billion refinance agreement with a consortium of at least 20 foreign banks, the largest such deal in the cement industry. Two people with direct knowledge of the matter confirmed this, adding the move will not only help Adani Group repay the entire loan taken for acquiring Ambuja Cements Ltd and ACC Ltd but may also reduce the group’s cost of capital.

Vedanta: Vedanta Ltd on Wednesday said India Ratings and Research has downgraded its ratings for the long-term bank facilities and debt instruments. The ratings have been downgraded to 'IND AA-' from 'IND AA', Vedanta said in a filing to the BSE. "India Ratings and Research has placed these ratings on Rating Watch with negative implications while reaffirming the ratings on the short-term debt instruments of the company at IND A1," the company said.

Sula Vineyards: Sula Vineyards Ltd on Wednesday said its net revenue from its own brands has grown to 116.2 crore in the September quarter, registering an increase of 14$. Its wine tourism business was up 26% at 12.1 crore, Sula Vineyards said in its "Sales Update Q2 & H1 FY24". According to the company, this is the "highest-ever Q2 net revenues overall as well as for the priority Own Brands and Wine Tourism businesses".

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Published: 12 Oct 2023, 07:25 AM IST
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