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Wipro, Reliance, HCL Technologies, Infosys, IDBI Bank, Delta Corp, Adani Group stocks in focus on 12 Oct 2022

12 Oct , 2022   By : Monika Singh

Wipro, Reliance, HCL Technologies, Infosys, IDBI Bank, Delta Corp, Adani Group stocks in focus on 12 Oct 2022

Indian benchmark indices NSE Nifty 50 and BSE Sensex are likely to open in green amid mixed global cues. SGX Nifty hinted at a flat to positive start for Indian equities as Nifty futures were trading 54 pts or 0.3% up on the Singapore Exchange. “As we’re not seeing any respite on the global front, any disappointment on earnings or the macroeconomic front may put further pressure. On the index front, we are now eyeing 16,800 in Nifty and its decisive break would reverse the recovery trend. Traders should align their positions accordingly,”

Stocks in focus on 12 October, Wednesday

Reliance: Reliance Industries’ arm Jio-BP will lay a network of charging stations at Mahindra & Mahindra dealerships and workshops across the country, initially starting with 16 cities. Jio-BP – a JV between Mukesh Ambani’s RIL and London-based BP – will install DC fast chargers for Mahindra’s e-SUV production line. These stations will be open to the public, hence benefiting all stakeholders in the electric vehicles chain.

Infosys: The IT services major on Tuesday said its president Ravi Kumar S has resigned from his post. The company did not give any reason for the move which comes just days ahead of its second quarter earnings announcement. “The board of directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S. for his contributions to the company,” Infosys said in a regulatory filing.

Delta CorpThe casino operator has clocked 19.5 percent sequential growth in consolidated profit at Rs 68.25 crore for the quarter ended September FY23 and revenue during the same period increased by 8 percent to Rs 270 crore. The business is very resilient and has bounced back much stronger. The company has surpassed the pre-COVID set of numbers and has registered strong growth.

Wipro: The IT company is expected to post a muted show for the September 2022 quarter, according to analysts when it announces its earnings on Wednesday. It is expected to report a 3-5% rise in the quarterly revenue, with some contraction in the margins on a on-year basis, thus denting the profitability. The bottom line is likely to remain flat for the IT exporter. 4% on-quarter CC revenue growth is expected in Q2FY23.

Adani Group: Adani Data Networks, a unit of Adani Group, has received a unified licence from the Department of Telecommunications in six circles of Andhra Pradesh, Gujarat, Karnataka, Rajasthan, Tamil Nadu, and Mumbai. The company was earlier issued the letter of intent for a unified license. Now, it is eligible to carry long-distance calls on its network and offer internet services.

IDBI Bank: Large corporates have been disallowed from being even a minority shareholder in consortium wanting to bid for 61 per cent stake in IDBI Bank, as the current RBI norms bar industrial houses from becoming bank promoters. Currently, RBI guidelines allow industrial houses to hold a maximum of 10 per cent stake in private sector banks, but they cannot be a promoter.

L&T Finance Holdings: The company has received approval from Sebi for the sale of 100 percent shareholding in subsidiary L&T Investment Management to HSBC Asset Management (India). With this approval, all necessary actions are being taken to ensure the completion of the proposed transaction, said the company.

Company Q2 results: Wipro, HCL Technologies, Sterling and Wilson Renewable Energy, 7NR RetailArtson Engineering, Mangalam Industrial Finance, Mega Nirman and Industries, National Standard (India), Nxtdigital, Sanathnagar Enterprises, Standard Capital Markets, and Yash Chemex will announce their quarterly earnings on Wednesday.

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