BackStocks to Watch: Wipro, Infosys, SAIL, M&M, Hindustan Aeronautics, NHPC
Infosys and Wipro reported soaring quarterly sales and profit, leading a group of software services companies that have seen their businesses thrive because of a surge in demand for digital services that helped mitigate the unprecedented disruptions caused by the pandemic
PremiumHere’s a list of top ten stocks that may be in news on Thursday:
Wipro: The IT major reported nearly 21% rise in consolidated net profit to ₹2,967 crore for the quarter ended December. Revenue rose 1.3% to ₹15,670 crore. In dollar terms, revenue grew 3.9% to $2.07 billion from the preceding three months. Wipro forecast revenue growth in the March quarter to be in the range of 1.5-3.5%.
Infosys: The company recorded better-than-expected earnings performance in the third quarter with revenues rising 12% to ₹25,927 crore, while profit increased 16.6% to ₹5,197 crore. Infosys raised FY21 revenue growth guidance to 4.5%-5.0% in constant currency, while increasing operating margin guidance to 24.0%-24.5%.
Steel Authority of India Ltd: The government has proposed to sell 206.5 million shares of the company via offer for sale. It also has a greenshoe option to sell up to 20.65 crore additional shares in the company. The floor price has been set at ₹64 per share. The OFS for non-retail investors opens on Thursday, while for retail investors, it will start on Friday.
Mahindra & Mahindra: The automaker’s North American unit, Mahindra Automotive North America (MANA) has shed some jobs to make the company leaner and optimize performance and productivity. A Reuters story claimed MANA had cut over half its workforce owing to covid-19 related challenges.
Hindustan Aeronautics: A Cabinet panel has cleared the ₹48,000-crore purchase of 83 light combat aircraft (LCA-Tejas) from the state-run company, in the biggest contract awarded to India’s homegrown military aviation industry. HAL is to deliver 73 fighters and 10 trainers by 2026.
NHPC: The company has signed an agreement for implementation of the approved resolution plan for takeover of Jalpower Corporation Ltd, which is implementing the 120MW Rangit stage-IV hydropower project in Sikkim. NHPC will make upfront payment of ₹165 crore for the resolution plan of JPCL.
Bank of Baroda: The state-run lender said it has raised over ₹969 crore through a private placement of bonds. The fund was raised through unsecured subordinated non-convertible fully paid up Basel III compliant additional tier I bonds.
Adani Green: Adani Trading Services LLP, a promoter entity sold 2 crore shares of the company worth over ₹1,840 crore through open market transactions. Adani Trading Services had divested 2,00,96,000 scrips of the company in the price range of ₹906 to 916.15.
Power Grid Corp: The company has signed termination deal among Reliance Infrastructure and Parbati Koldam Transmission. Reliance Infrastructure had earlier said it has completed the sale of its entire 74%stake in Parbati Koldam to India Grid Trust for ₹900 crore.
Advanced Enzyme Technologies: The company has completed the acquisition of controlling stake of 51% in SciTech Specialities Private Ltd. The acquisition is by way of subscription to the issue of 492,630 shares of SSPL and purchase of 27,778 equity from a few shareholders of SSPL. Accordingly, SSPL has become a subsidiary of the company, effective 11 January.
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