Reliance, HUL, Infosys, Asian Paints, ITC, Wipro, Bajaj Finserv, Axis Bank, Future group stocks in focus | The Financial Express

Reliance, HUL, Infosys, Asian Paints, ITC, Wipro, Bajaj Finserv, Axis Bank, Future group stocks in focus

Indian equity markets are likely to open on a muted note, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 11 pts or 0.06% down at 17509 on the Singapore Exchange.

Reliance, HUL, Infosys, Asian Paints, ITC, Wipro, Bajaj Finserv, Axis Bank, Future group stocks in focus
Reliance, HUL, Infosys, Asian Paints, ITC, Wipro, Bajaj Finserv, Axis Bank, Future group stocks in focus

Indian equity markets are likely to open on a muted note, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 11 pts or 0.06% down at 17509 on the Singapore Exchange, signalling a flat to negative start for Indian equities. “Markets are digesting the recent gains however the tone is still positive, thanks to noticeable buying interest on every dip. However, we’re seeing limited participation across sectors so the focus should remain on stock selection. Needless to say, further recovery in the global indices, especially the US, would strengthen the trend and help the Nifty to inch toward the 17,800 levels,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 21 October, Friday

Reliance: Mukesh Ambani’s Reliance Industries Ltd is expected to post a robust earnings growth for the July-September quarter, helped by Reliance Jio telecom’s operating profit, a rise in ARPU (Average Revenue Per User), and strong retail sales. Analysts project Reliance Industries to report a net profit jump ranging 10-40% on-year for the fiscal second quarter, to as much as Rs 21,500 crore. A likely muted performance of RIL’s O2C (Oil-to-chemicals) business, due to subdued petrochemicals demand, is expected to be cushioned by a healthy growth in gross refining margins.

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Infosys: Infosys has allowed its employees to take up external gig work, after obtaining prior approval of their managers, thus becoming the first major IT firm in the country to do so. “Any employee, who wishes to take up gig work, may do so, with the prior consent of their manager and BP-HR, and in their personal time, for establishments that do not compete with Infosys or Infosys’ clients,” according to an email sent by the company to its employees.

Future group: The Future Group on Thursday moved the Delhi High Court against the Singapore arbitral tribunal’s order that dismissed its plea for termination of the arbitration proceedings initiated by Amazon against the Rs 24,500-crore merger deal between Future Retail (FRL) and Reliance Retail.

Asian Paints: Asian Paints will invest about Rs 2,650 crore for manufacturing of key raw materials including Vinyl Acetate Ethylene Emulsion (VAE) and white cement. Separately, the company has also entered into a deal to acquire a majority stake in Harind Chemicals and Pharmaceuticals.

ITC: ITC reported a 20.79% on-year rise in its standalone net profit to Rs 4,466.06 crore for the second quarter this fiscal, aided by a 27.07% on-year growth in its gross revenue from sale. The cigarette-to-FMCG-to-hotel major had posted Rs 3,697.18 crore net profit for the second quarter last fiscal. The revenue growth for the July-September period this year came from across markets and channels, and all businesses contributed to both revenue and profitability.

Wipro: The IT major has appointed Suzanne Dann as chief executive officer of Americas 2 strategic market unit, effective immediately. Dann will also join the Wipro Executive Board. In her new role, Dann will focus on increasing bookings, large deal signings, and revenue in high-growth strategic areas. She will also direct operational changes to improve margins and continue investments in talent to serve clients’ changing needs, Wipro said.

Axis Bank: The private lender reported a jump of 70% on-year jump in its standalone net profit at Rs 5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans. The bank had posted a net profit of Rs 3,133.32 crore in the year-ago same quarter ended September 2021.

ICICI Securities: The company’s consolidated profit fell 14.5% on-year to Rs 300.41 crore during the quarter ended September FY23 due to muted topline and weak operating performance. Revenue from operations increased by 0.2% to Rs 858.46 crore supported by interest income but dented by lower brokerage income.

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Q2 results today: Reliance Industries, Hindustan Unilever, Bajaj Finserv, HDFC Life Insurance Company, JSW Steel, SBI Life Insurance Company, Ambuja Cements, Hindustan Zinc, Amber Enterprises India, CSB Bank, DLF, Finolex Industries, IDBI Bank, IRB Infrastructure Developers, and United Spirits will report their quarterly earnings on October 21.

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First published on: 21-10-2022 at 07:14:04 am
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