Stocks to Focus
Maruti Suzuki India, IndiGo, ITC, and PNB Housing Finance are among the 87 companies which are slated to declare their September quarter results. We could see the results impact on stocks such as HCL Tech, L&T, JSW Steel, Hero Moto Corp, and Biocon. Here is a list of stocks to watch out today.
On Wednesday, IT major HCL Technologies reported a net income of Rs 2, 651 Cr, up by 4.4% in Q2FY20 as against Rs 2,220 Cr in June Quarter. While the revenue rose 6.7% QoQ to Rs 17,528 Cr in Q2. At the operating level, EBIT surged 24.6% to Rs 3,497 Cr and margin expanded by 290 bps to 20% in the quarter ended September results which were ahead of analyst estimates. The company improved full-year constant currency revenue growth guidance 15-17% from 14-16% earlier.
Larsen & Toubro(L&T) reported a 13% YoY growth in consolidated net profit at Rs 2,527 Cr in Q2FY20 as against Rs 2,230.49 Cr reported during the corresponding period last year. While Revenue zoomed 15% YoT at 35,328.4 Cr in Q2FY20 as against Rs 30,678.13 Cr in Q2FY19. It posted EBITDA for Q2FY20 at 4,021.4 Cr.
On Wednesday, Hero Moto Corp registered a 10.4% YoY fall at 874.8 Cr in Q2FY20. The lower tax expenses aided the company in reducing a steep fall in profit. The company reported a net profit of Rs 976.3 Cr. Revenue from operations declined 16.7% to Rs 7,570 Cr YoY due to volumes fell 20.7% to 16.91 Lakh units against the corresponding period last year.
In Q2FY20, consolidated net profit of JSW Steel rose 21.51% to Rs 2,536 Cr. The company had registered Rs 1,976 in the corresponding quarter of the previous financial year.
Biocon reported a net profit of Rs 215.7 Cr for the July-September quarter of the financial year 2020 on October 23 against Rs 354.7 crore reported in the year-ago period.
SEBI initiated a preliminary probe against Infosys post the allegations of unethical practices by a whistleblower. Moreover, Infosys audit committee may ask the company’s CEO Salil Parekh and CFO Nilanjan Roy to depose before it.
The Supreme Court is slated to declare its judgment in the contentious issue of the definition of Adjusted Gross Revenue(AGR) on Thursday. The 14-year-old case locked mobile operators in a legal battle with the Govt over the definition of AGR.
A forensic audit conducted by KPMG on DHFL has confirmed siphoning of funds from the beleaguered NBFC to a host of promoter-led entities.
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